NSE: ARIES · BSE: 532935
ARIES AGRO LTD.
Makes and sells micronutrient fertilizers in India as a single-segment company, alongside plant nutrition and crop protection products. FY26 revenue from operations was Rs. 740.06 crore as reported in F_SCALE, while a press release also cited gross revenue of Rs. 956.88 crore. EBITDA margin was 12.01% for FY26. The business is seasonal because of cropping cycles and weather, which is why Q4 FY26 posted a loss. Materials are the biggest cost line at 33.4% of revenue, followed by other operating expenses at 26.2% and employee costs at 10.7%, with capex at 6.6% of revenue and FY26 capex reported at Rs. 4,862.10 lakhs. Working capital efficiency improved during the year: the cycle fell from 89 to 64 days, trade receivable days from 53 to 35, and inventory days from 60 to 55. The company has 3 subsidiaries and 1 associate and appointed Sourav Ganguly as brand ambassador for three years. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Micronutrient fertilizers. Seasonal, single-segment fertilizer and agro-input business with a Q4 loss pattern tied to cropping cycles and weather.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 440 | 472 | 516 | 622 | 740 |
| EBITDA (ex other income) | 47 | 48 | 55 | 67 | 76 |
| margin % | 10.6 | 10.1 | 10.7 | 10.8 | 10.3 |
| Owners' profit | 13 | 17 | 19 | 34 | 43 |
| EPS, as reported (₹) | 10.22 | 13.17 | 14.94 | 26.16 | 32.95 |
| ROE % · ROCE % | 5.0 · 17.3 | 6.4 · 17.3 | 7.0 · 16.6 | 11.4 · 18.2 | 12.5 · 19.9 |
| Debt / equity (x) | 0.46 | 0.39 | 0.27 | 0.15 | 0.15 |
| Cash from operations | 69 | 55 | 77 | 105 | 86 |
| Capex | (6) | (16) | (30) | (33) | (49) |
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 | 192 | 168 | 127 | 160 | 200 | 201 | 179 | 186 |
| Profit before tax | 24 | 15 | (5) | 14 | 28 | 24 | (6) | 20 |
| Net profit | 19 | 11 | (4) | 10 | 20 | 17 | (5) | 15 |
| EPS (₹) | 14.51 | 8.91 | (2.84) | 7.71 | 15.39 | 13.26 | (3.40) | 11.47 |
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. % |
|---|---|---|---|---|---|---|---|---|
| COROMANDEL INTERNTL. LTD | 50,253 | 27.4 | 3.83 | 14.5 | 14.5 | 18.6 | 17.2 | 9.9 |
| FACT LTD | 43,930 | 1578.8 | 31.95 | 135.4 | 1.8 | 1.8 | — | (0.2) |
| CHAMBAL FERTILIZERS LTD | 14,451 | 7.5 | 1.39 | 5.4 | 18.8 | 20.7 | 10.3 | 17.5 |
| PARADEEP PHOSPHATES LTD | 14,327 | 13.4 | 2.11 | 9.2 | 14.7 | 16.5 | — | 12.5 |
| MADHYA BHARAT AGRO P. LTD | 7,399 | 11.5 | 13.46 | — | 27.3 | 16.6 | — | 17.1 |
| KRISHANA PHOSCHEM LIMITED | 6,708 | 8.4 | 11.96 | — | 32.1 | 30.2 | — | 17.9 |
| GUJ STATE FERT & CHEM LTD | 5,459 | 7.9 | 0.44 | 5.0 | 5.5 | 6.5 | 7.5 | 7.4 |
| RASHTRIYA CHEMICALS & FER | 5,327 | 11.9 | 1.04 | 7.8 | 8.3 | 8.2 | 17.4 | 7.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 11.9 | 10.7 | 12 of 20 | 42% |
| P/B | 1.7 | 0.9 | 16 of 23 | 32% |
| ROCE | 15.4 | 8.8 | 10 of 23 | 59% |
| ROE | 12.5 | 8.3 | 9 of 23 | 64% |
| Debt / Equity | 0.1 | 0.3 | 6 of 23 | 77% |
| EBITDA margin | 14.6 | 8.0 | 5 of 21 | 80% |
| Revenue growth | 16.3 | 16.3 | 11 of 21 | 50% |
| Profit growth | 49.5 | 6.4 | 7 of 23 | 73% |
| Market cap | 569 | 805 | 13 of 23 | 46% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 9 Oct 2026 · Aries Agro 56th AGM: All 7 resolutions passed, Rs 2.50 dividend declared | board shareholder meetings | low | — | — |
| 7 Oct 2026 · Monthly Report on Re-Lodgement of Physical Shares - September 2026 | compliance | minimal | — | — |
| 5 Oct 2026 · Routine SEBI Regulation 74(5) certificate filed for Q2 FY27 | compliance | minimal | — | — |
| 30 Sept 2026 · AGM 2026: All 7 resolutions passed, dividend declared, MD re-appointed | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Aries Agro 56th AGM: Dividend of Rs 2.50 per share, key re-appointments approved | board shareholder meetings | medium | — | — |
| 29 Sept 2026 · Aries Agro FY26 revenue up 17.87% to ₹917.64 Cr; FY27 guidance about ₹1,010 Cr | investor communications | medium | — | — |
| 23 Sept 2026 · Trading Window Closure for Q2 FY26 Results | compliance | minimal | — | — |
| 7 Sept 2026 · Monthly Report on Re-Lodgement of Physical Shares - August 2026 | compliance | minimal | — | — |
| 4 Sept 2026 · Aries Agro faces about Rs 3.96 Cr GST demand upheld; to appeal further | regulatory legal | high | — | — |
| 2 Sept 2026 · Aries Agro FY26 revenue up 17.87% to Rs 917 Cr, PAT rises, 25 percent dividend declared | results | high | — | — |
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.