Manufactures and exports specialty chemicals and pharmaceutical intermediates from Indian plants to customers across the US, Europe, Africa, the Middle East, and India. Two segments earn revenue: Specialty Chemicals (~81.5% of segment revenue disclosed) covering nitration and sulfonation chemistry including the nitro-chlorobenzene (NCB) value chain, fuel additives, agrochemical intermediates and methyl methacrylate (MMA); and Pharmaceuticals (~18.5%) covering APIs and intermediates for drug formulators. Fuel additives capacity was raised to 360 KTPA from 290 KTPA in Q1 FY27, with portfolio diversification beyond MMA across geographies. A $150 million multi-year agrochemical supply agreement runs through March 2030, the Ojin JV is commissioning in Q2 FY27 with a Rs 300-400 crore steady-state revenue target, and the Zone IV expansion is delayed 3-6 months due to labour and West Asia-related issues. FY27 capex is guided at Rs 700-800 crore against Rs 1,125 crore in FY26. Raw materials (benzene, sulphur, aniline, toluene, methanol) made up 63.4% of FY26 revenue, rising over 60% during the year, while net debt stood near Rs 4,300 crore (~3.6x EBITDA). Middle East revenue exposure is ~9-10% of revenue, which fell to ~2% in Q1 FY27 as volumes were redirected to other regions. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Specialty Chemicals (82%), Pharmaceuticals (19%). Asset-heavy, export-oriented specialty chemicals and pharmaceutical intermediates manufacturer with significant commodity-input exposure.
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 7,000 | 6,619 | 6,372 | 7,271 | 8,286 |
| EBITDA (ex other income) | 1,929 | 1,089 | 977 | 1,003 | 1,174 |
| margin % | 27.6 | 16.5 | 15.3 | 13.8 | 14.2 |
| Owners' profit | 1,307 | 545 | 416 | 331 | 419 |
| EPS, as reported (₹) | 36.06 | 15.04 | 11.49 | 9.13 | 11.56 |
| ROE % · ROCE % | 22.1 · 22.4 | 11.1 · 13.4 | 7.9 · 8.6 | 5.9 · 7.6 | 7.0 · 8.5 |
| Debt / equity (x) | 0.37 | 0.58 | 0.60 | 0.68 | 0.83 |
| Cash from operations | 471 | 1,310 | 1,204 | 1,242 | 781 |
| Capex | (1,307) | (1,326) | (1,328) | (1,386) | (1,124) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,628 | 1,840 | 1,949 | 1,676 | 2,100 | 2,319 | 2,206 | 2,387 |
| Profit before tax | 34 | 40 | 88 | 42 | 94 | 118 | 111 | 180 |
| Net profit | 52 | 46 | 96 | 43 | 106 | 133 | 137 | 155 |
| EPS (₹) | 1.44 | 1.27 | 2.64 | 1.19 | 2.91 | 3.67 | 3.79 | 4.27 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PIDILITE INDUSTRIES LTD | 1,59,479 | 60.2 | 14.43 | 42.3 | 22.4 | 28.0 | 14.9 | 28.6 |
| SRF LTD | 73,583 | 34.0 | 5.24 | 22.7 | 13.1 | 13.1 | 13.4 | 25.2 |
| GUJARAT FLUOROCHEM LTD | 52,514 | 85.7 | 6.64 | 41.5 | 7.3 | 8.7 | 13.5 | 27.7 |
| NAVIN FLUORINE INT. LTD | 43,836 | 55.4 | 11.03 | 39.5 | 16.7 | 16.4 | 23.0 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 7 Sept 2026 · Aarti Industries commissions Phase I of Zone IV at Jhagadia, Gujarat | compliance | low | — | — |
| 7 Sept 2026 · Aarti Industries commissions Phase I of Zone IV at Jhagadia | capex operations | high | — | — |
| 28 Aug 2026 · 43rd AGM on Sep 21, 2026; Re.1 Dividend Declared for FY26 | compliance | minimal | — | — |
| 27 Aug 2026 · 43rd AGM notice and Integrated Annual Report FY26 shared | board shareholder meetings | medium | — | — |
| 27 Aug 2026 · Record Date Set for FY26 Dividend - Sept 14, 2026 | corporate actions | high | — | — |
| 27 Aug 2026 · Aarti Industries files BRSR for FY 2025-26 | compliance | medium | — | — |
| 27 Aug 2026 · Aarti Industries 43rd AGM notice and FY26 Integrated Annual Report filed | board shareholder meetings | low | — | — |
| 27 Aug 2026 · Aarti Industries files FY26 Annual Report, AGM on Sep 21 | board shareholder meetings | low | — | — |
| 24 Aug 2026 · Aarti Industries to attend Elara India Dialogue 2026 on Sept 1 | board shareholder meetings | low | — | — |
| 20 Aug 2026 · Newspaper ad for 43rd AGM on Sept 21, 2026 via video conferencing | compliance | minimal | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions |
| 37.5 |
| AETHER INDUSTRIES LIMITED | 22,229 | 94.3 | 9.05 | 60.4 | 8.9 | 11.4 | — | 33.8 |
| DEEPAK NITRITE LTD | 21,769 | 27.8 | 3.71 | 22.4 | 9.4 | 10.2 | 12.6 | 21.5 |
| ATUL LTD | 18,401 | 23.1 | 2.92 | 14.9 | 10.9 | 13.3 | 10.9 | 23.1 |
| AARTI INDUSTRIES LTD ◆ | 17,846 | 33.6 | 3.00 | 18.8 | 7.0 | 4.4 | 13.0 | 16.2 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 33.6 | 23.4 | 69 of 103 | 33% |
| P/B | 3.0 | 2.9 | 56 of 99 | 44% |
| ROCE | 4.4 | 10.3 | 80 of 108 | 26% |
| ROE | 7.0 | 8.1 | 60 of 101 | 41% |
| Debt / Equity | 0.8 | 0.2 | 90 of 101 | 11% |
| EBITDA margin | 16.2 | 15.5 | 47 of 99 | 53% |
| Revenue growth | 42.5 | 24.4 | 21 of 94 | 79% |
| Profit growth | 258.0 | 55.1 | 12 of 92 | 88% |
| Market cap | 17846 | 732 | 8 of 107 | 93% |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
