NSE: AARTISURF · BSE: 543210
AARTI SURFACTANTS LIMITED
Makes surfactants and other specialty chemicals. Aarti Surfactants reported FY26 revenue of Rs 859.13 crore, up 30.3% from Rs 659.09 crore in FY25, while standalone net profit fell to Rs 1,268 lakhs from Rs 1,499 lakhs as operating margin compressed to 5.49% from 7.50%. Raw materials dominate the cost base at 83.9% of revenue, with other operating expenses (7.6%) and capex (5.3%) the next largest lines. The company runs a manufacturing facility in Dadra and Nagar Haveli and Daman and Diu (the site of a Rs 17.40 lakh environmental compensation order in June 2026) and consolidates a wholly-owned subsidiary, Aarti HPC Limited. Q1 FY27 (Apr-Jun 2026) showed revenue of Rs 272.87 crore, up 26.4% YoY, with operating margin recovering to 7.49% and net profit at Rs 9.08 crore. The Board recommended a Rs 1 per share dividend for FY26 and is redeeming 10,82,387 non-convertible redeemable preference shares at Rs 167.70 each (about Rs 18.15 crore total payout) from FY26 profits. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Specialty chemicals / surfactants. Specialty chemicals / surfactants manufacturer, raw-material intensive with low operating margin
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 576 | 601 | 590 | 659 | 859 |
| EBITDA (ex other income) | 32 | 48 | 62 | 46 | 47 |
| margin % | 5.6 | 7.9 | 10.5 | 7.0 | 5.5 |
| Owners' profit | 0 | 13 | 21 | 0 | 12 |
| EPS, as reported (₹) | 7.24 | 16.64 | 26.63 | 17.20 | 14.59 |
| ROE % · ROCE % | 4.0 · 7.9 | 7.6 · 12.7 | 9.8 · 15.8 | 6.3 · 11.1 | 5.0 · 9.3 |
| Debt / equity (x) | 1.19 | 0.89 | 0.45 | 0.47 | 0.42 |
| Cash from operations | 23 | 25 | 52 | 15 | 77 |
| Capex | (23) | (11) | (16) | (20) | (45) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 151 | 163 | 202 | 216 | 179 | 208 | 256 | 273 |
| Profit before tax | 3 | 1 | 13 | 4 | 2 | 5 | 6 | 12 |
| Net profit | 2 | 1 | 10 | 3 | 2 | 4 | 4 | 9 |
| EPS (₹) | 2.14 | 0.95 | 11.50 | 3.48 | 1.84 | 4.32 | 4.95 | 10.63 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PIDILITE INDUSTRIES LTD | 1,42,095 | 53.6 | 12.86 | 37.6 | 22.4 | 28.0 | 14.9 | 28.6 |
| SRF LTD | 69,659 | 32.2 | 4.96 | 21.6 | 13.1 | 13.1 | 13.4 | 25.2 |
| GUJARAT FLUOROCHEM LTD | 47,075 | 76.8 | 5.95 | 37.4 | 7.3 | 8.7 | 13.5 | 27.7 |
| NAVIN FLUORINE INT. LTD | 43,610 | 55.1 | 10.97 | 39.3 | 16.7 | 16.4 | 23.0 | 37.5 |
| AETHER INDUSTRIES LIMITED | 20,905 | 88.6 | 8.51 | 56.8 | 8.9 | 11.4 | — | 33.8 |
| DEEPAK NITRITE LTD | 20,257 | 25.9 | 3.45 | 21.0 | 9.4 | 10.2 | 12.6 | 21.5 |
| AARTI INDUSTRIES LTD | 15,871 | 29.9 | 2.67 | 17.1 | 7.0 | 4.4 | 13.0 | 16.2 |
| FINE ORGANIC IND. LTD. | 15,604 | 35.6 | 5.86 | 25.5 | 15.7 | 20.0 | 15.9 | 28.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 20.7 | 23.1 | 41 of 99 | 59% |
| P/B | 1.6 | 2.8 | 27 of 99 | 72% |
| ROCE | 5.4 | 10.1 | 72 of 106 | 32% |
| ROE | 5.0 | 8.1 | 69 of 99 | 31% |
| Debt / Equity | 0.4 | 0.2 | 75 of 99 | 25% |
| EBITDA margin | 7.5 | 15.5 | 81 of 99 | 18% |
| Revenue growth | 26.4 | 24.4 | 40 of 94 | 58% |
| Profit growth | 205.8 | 55.1 | 16 of 92 | 84% |
| Market cap | 382 | 699 | 61 of 108 | 44% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 6 Oct 2026 · Routine compliance certificate filed for quarter ended September 2026 | compliance | minimal | — | — |
| 1 Oct 2026 · Aarti Surfactants shareholders approve MOA amendment to widen business scope | business updates | medium | — | — |
| 1 Oct 2026 · Aarti Surfactants board re-appoints CEO and ED, adds Independent Director | management changes | high | — | — |
| 1 Oct 2026 · AGM voting results: all 10 resolutions passed, Re. 1 per share dividend approved | compliance | low | — | — |
| 29 Sept 2026 · AGM presentation: Revenue up 30 percent but margins under pressure | investor communications | medium | — | — |
| 29 Sept 2026 · Aarti Surfactants 8th AGM: Dividend, Director Appointments and Borrowing Hike | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Trading window closed for Q2 and H1 results ending Sept 30, 2026 | compliance | minimal | — | — |
| 25 Sept 2026 · Customs authority imposes penalty on Aarti Surfactants and MD | regulatory legal | high | — | — |
| 12 Sept 2026 · Independent Director Nisha B. Shah resigns citing time constraints | management changes | medium | — | — |
| 7 Sept 2026 · AGM notice: Annual Report dispatched, meeting on Sep 29 | compliance | minimal | — | — |
How to read this document
| 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 | 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 |
Sources, method and disclosures
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.