AETHER INDUSTRIES LIMITED

Manufactures specialty chemicals through three operating models: CRAMS (custom research and manufacturing for global innovators), CEM (exclusive specialty manufacturing), and LSM (large-scale manufacturing). CRAMS and CEM together made up 60% of Q1 FY27 revenue, with CRAMS up 20% YoY and CEM up 75% YoY; management targets 70%+ over the medium term. End-market exposure in Q1 FY27 included pharma at 32.2% and material science at 16.6%, with oil & gas crossing ₹1,000 million. Manufacturing runs across multiple Gujarat sites; Magnum Site 5 Phase 1 commenced commercial operations on June 26, 2026, with a longer-term plan for 20 blocks on 46 acres and total project spend of ₹2,200–2,300 crore. The company is also positioning upstream in 5G/AI electronic materials — 45 tons/month of semiconductor capacity is targeted by end-September 2026, starting at 400 tons and projected to triple by 2030 — and launched an exclusive silicones R&D partnership with Dow in July 2026. The biggest cost line is raw materials at 58.8% of FY26 revenue, followed by other operating expenses at 11.5% and depreciation at 5.7%.