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%. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. CRAMS, CEM, LSM. Asset-heavy, R&D-intensive specialty chemicals manufacturer operating three models — CRAMS, CEM and LSM
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 651 | 598 | 839 | 1,160 |
| EBITDA (ex other income) | 186 | 118 | 229 | 355 |
| margin % | 28.6 | 19.8 | 27.3 | 30.6 |
| Owners' profit | 130 | 82 | 158 | 219 |
| EPS, as reported (₹) | 10.47 | 6.22 | 11.95 | 16.55 |
| ROE % · ROCE % | 10.5 · 14.0 | 4.0 · 5.6 | 7.1 · 9.9 | 8.9 · 12.2 |
| Debt / equity (x) | 0.00 | 0.08 | 0.09 | 0.18 |
| Cash from operations | (7) | (16) | 135 | (145) |
| Capex | (401) | (248) | (304) | (91) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 199 | 220 | 240 | 256 | 275 | 317 | 305 | 327 |
| Profit before tax | 49 | 61 | 64 | 62 | 74 | 87 | 68 | 83 |
| Net profit | 35 | 43 | 50 | 47 | 54 | 64 | 54 | 63 |
| EPS (₹) | 2.63 | 3.27 | 3.79 | 3.55 | 4.07 | 4.86 | 4.07 | 4.77 |
| 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 | 37.5 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 11 Sept 2026 · Proceedings of 14th AGM held on September 11, 2026 | board shareholder meetings | medium | — | — |
| 19 Aug 2026 · Aether Industries files BRSR for FY 2025-26 | compliance | low | — | — |
| 19 Aug 2026 · Notice of 14th AGM on Sep 11, 2026 with director re-appointments | board shareholder meetings | low | — | — |
| 19 Aug 2026 · Annual Report FY 2025-26 filed; revenue up 38%, EBITDA up 53%, PAT up 39% | results | high | — | — |
| 11 Aug 2026 · Aether Industries allots 15,269 shares under ESOS 2021 | capital market events | low | — | — |
| 10 Aug 2026 · Aether Industries to attend Ambit-Daiwa India Access conference in Singapore | board shareholder meetings | low | — | — |
| 7 Aug 2026 · Q1 FY27 earnings call: 27% revenue growth, Dow Chemical silicones partnership | investor communications | medium | — | — |
| 1 Aug 2026 · SBI Mutual Fund trims Aether Industries stake by 0.05% | ownership changes | high | — | — |
| 31 Jul 2026 · Audio recording of Q1 FY26-27 earnings call uploaded on website | investor communications | low | — | — |
| 31 Jul 2026 · Aether Industries partners with Dow India on silicone tech research | compliance | low | — | — |
| 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 |
| 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) | 94.3 | 23.4 | 96 of 103 | 7% |
| P/B | 9.1 | 2.9 | 89 of 99 | 10% |
| ROCE | 11.4 | 10.3 | 49 of 108 | 55% |
| ROE | 8.9 | 8.1 | 48 of 101 | 53% |
| Debt / Equity | 0.2 | 0.2 | 52 of 101 | 49% |
| EBITDA margin | 33.8 | 15.5 | 7 of 99 | 94% |
| Revenue growth | 27.5 | 24.4 | 38 of 94 | 60% |
| Profit growth | 33.5 | 55.1 | 53 of 92 | 43% |
| Market cap | 22229 | 732 | 5 of 107 | 96% |
| 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.
