NSE: AETHER · BSE: 543534
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%. 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
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ 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) |
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 | 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 |
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 | 1,47,581 | 55.7 | 13.36 | 39.1 | 22.4 | 28.0 | 14.9 | 28.6 |
| SRF LTD | 69,214 | 32.0 | 4.93 | 21.4 | 13.1 | 13.1 | 13.4 | 25.2 |
| GUJARAT FLUOROCHEM LTD | 46,552 | 76.0 | 5.88 | 37.0 | 7.3 | 8.7 | 13.5 | 27.7 |
| NAVIN FLUORINE INT. LTD | 42,476 | 53.7 | 10.69 | 38.3 | 16.7 | 16.4 | 23.0 | 37.5 |
| AETHER INDUSTRIES LIMITED ◆ | 20,367 | 86.4 | 8.29 | 55.4 | 8.9 | 11.4 | — | 33.8 |
| DEEPAK NITRITE LTD | 19,572 | 25.0 | 3.33 | 20.3 | 9.4 | 10.2 | 12.6 | 21.5 |
| ATUL LTD | 15,853 | 19.9 | 2.52 | 12.9 | 10.9 | 13.3 | 10.9 | 23.1 |
| AARTI INDUSTRIES LTD | 15,833 | 29.8 | 2.66 | 17.1 | 7.0 | 4.4 | 13.0 | 16.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 86.4 | 23.0 | 91 of 99 | 8% |
| P/B | 8.3 | 2.8 | 89 of 99 | 10% |
| ROCE | 11.4 | 10.1 | 47 of 106 | 56% |
| ROE | 8.9 | 8.1 | 47 of 99 | 53% |
| Debt / Equity | 0.2 | 0.2 | 50 of 99 | 50% |
| 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 | 20367 | 697 | 5 of 108 | 96% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Aether to host Q2 FY27 earnings call on October 30, 2026 | board shareholder meetings | low | — | — |
| 16 Oct 2026 · Board Meeting on Oct 30, 2026 to Approve Q2 FY27 Results | results | low | — | — |
| 2 Oct 2026 · Tax demand of Rs 4.26 cr dropped, no financial impact | regulatory legal | high | — | — |
| 29 Sept 2026 · Crisil upgrades Aether Industries ESG rating to 58 from 51 | business updates | medium | — | — |
| 24 Sept 2026 · Aether Industries gets Crisil AA- rating, upgrade from ICRA A+ | credit debt | medium | — | — |
| 16 Sept 2026 · Intimation of Investor Meetings Schedule | board shareholder meetings | low | — | — |
| 12 Sept 2026 · 14th AGM voting results: all 8 resolutions passed with strong support | board shareholder meetings | medium | — | — |
| 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 | — | — |
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.