Aether Industries
Aether Industries
ChemicalsKey Fundamentals
SmallcapSpecialty ChemicalsChemicalsTapetide Score
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Key Insights
Strengths
1- Company is expected to give good quarter
Weaknesses
3- Stock is trading at 9.02 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has a low return on equity of 7.91% over last 3 years.
Growth Rate
AI Analysis — Bull vs Bear
Aether Industries is a specialty chemicals company with a market capitalisation of about Rs 22,724 crore. Revenue has grown 34% and profit 30% on a TTM basis, faster than its 3-year compounded rates of 21% and 20%. The stock trades at 98.8x earnings and 9.47x book value, while return on equity has averaged about 8% over 3 years and 10% in the last year, and the stock has risen 133% over the past year.
- Top-line growth is speeding up. TTM sales growth of 34% is well above the 3-year compounded sales growth of 21%, which suggests capacity additions or new business are starting to contribute.
- Profit growth is strong. TTM compounded profit growth is 30% and 3-year compounded profit growth is 20%, so earnings have grown steadily across both periods.
- Return on equity is improving. Last-year ROE of 10% is up from a 3-year average of about 8% (7.91%), which points to better use of the capital raised in earlier years.
- Sales and profit have grown at a similar pace over 3 years (21% vs 20%). This suggests revenue growth has not come at the cost of steadily shrinking margins over that period.
- Near-term earnings momentum is flagged as positive, with the company expected to report a good quarter. This could support the current 30% TTM profit growth trend.
- The 3-year stock CAGR of 22% is roughly in line with 3-year profit CAGR of 20%. Over the longer period, returns have broadly tracked underlying earnings growth rather than running only on re-rating.
- With a 0% dividend yield, all profits are being reinvested. For a company growing sales at 34% TTM, that keeps internal funding available for expansion.
- A market cap of about Rs 22,724 crore places the company among the larger listed specialty chemical names. That scale can help with institutional investor interest and liquidity.
- The valuation is demanding. A P/E of 98.8 implies an earnings yield of about 1.0%, so the price already assumes years of high growth.
- The price-to-growth ratio is high. At 98.8x earnings against 20% 3-year profit CAGR, the PEG is about 4.9. Even on 30% TTM profit growth, it is about 3.3.
- Price-to-book of 9.47 is high for a business with ROE of about 8% over 3 years and 10% last year. Book value (about Rs 2,400 crore implied) is earning a low return compared with the premium the market is paying for it.
- Returns on equity are low. The 3-year ROE of 7.91% is likely below a typical cost of equity for Indian mid-caps, so value creation per rupee of equity has been limited so far.
- Profit is growing more slowly than revenue. TTM profit growth of 30% trails TTM sales growth of 34%, which may point to margin pressure or rising costs as the business scales.
- Recent returns have been sharp. The 133% gain over one year compares with a 3-year CAGR of 22%, which suggests a sizeable recent re-rating that could be vulnerable if growth disappoints.
- Shareholders get no cash return. The dividend yield is 0% even though the company reports repeated profits, so returns depend entirely on price appreciation.
- The track record is short. There is no 5-year or 10-year data for sales, profit, ROE or stock returns, which makes it hard to judge how the business performs across a full chemical industry cycle.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Institutional investor meet on Sep 23 Sep 16
Aether Industries will hold one-on-one physical meetings with multiple institutional investors in Mumbai on September 23, 2026. The company confirmed no unpublished price-sensitive information (UPSI) will be shared.
- 14th AGM approves FY26 accounts Sep 11
Aether concluded its 14th Annual General Meeting on September 11, 2026, where shareholders adopted the FY26 financial statements. They also reappointed key directors, including the Chairman and Managing Director.
TL;DR: Recent news flow for Aether Industries is routine corporate governance and investor relations activity, with no material positive or negative business developments. Shareholders adopted the FY26 accounts and reappointed the Chairman and MD, which points to stable leadership. Institutional meetings in Mumbai on Sep 23 suggest continued investor interest, though they will not include price-sensitive disclosures. These articles do not show whether the trend is improving or deteriorating, so the next quarterly results, capacity utilisation updates and specialty chemicals demand trends will matter more for the stock's direction.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 161 | 164 | 155 | 118 | 180 | 199 | 220 | 240 | 257 | 280 | 319 | 305 | 327 |
| Expenses | 116 | 118 | 124 | 107 | 137 | 145 | 155 | 161 | 175 | 192 | 207 | 222 | 224 |
| Operating Profit | 45 | 46 | 31 | 10 | 43 | 54 | 65 | 80 | 81 | 88 | 112 | 83 | 103 |
| OPM % | 28% | 28% | 20% | 9% | 24% | 27% | 29% | 33% | 32% | 31% | 35% | 27% | 31% |
| Other Income | 2 | 14 | 5 | 4 | 9 | 8 | 11 | 2 | -1 | 6 | -4 | 10 | 8 |
| Interest | 1 | 2 | 2 | 4 | 3 | 2 | 3 | 5 | 5 | 3 | 4 | 6 | 6 |
| Depreciation | 9 | 10 | 10 | 10 | 10 | 11 | 11 | 13 | 14 | 17 | 17 | 18 | 21 |
| PBT | 37 | 49 | 24 | 0 | 39 | 49 | 61 | 64 | 62 | 74 | 87 | 68 | 83 |
| Tax % | 19% | 25% | 27% | 486% | 24% | 28% | 29% | 21% | 24% | 27% | 26% | 21% | 25% |
| Net Profit | 30 | 37 | 17 | -1 | 30 | 35 | 43 | 50 | 47 | 54 | 64 | 54 | 63 |
| EPS in Rs | 2.25 | 2.77 | 1.31 | -0.11 | 2.26 | 2.63 | 3.27 | 3.79 | 3.55 | 4.07 | 4.86 | 4.07 | 4.73 |
Profit & Loss
| Particulars | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|
| Sales | 590 | 651 | 598 | 841 | 1,160 | 1,231 |
| Expenses | 422 | 465 | 466 | 598 | 796 | 845 |
| Operating Profit | 168 | 186 | 132 | 243 | 364 | 386 |
| OPM % | 28% | 29% | 22% | 29% | 31% | 31% |
| Other Income | 7 | 17 | 25 | 28 | 12 | 20 |
| Interest | 13 | 5 | 9 | 13 | 18 | 19 |
| Depreciation | 15 | 23 | 40 | 45 | 66 | 74 |
| PBT | 146 | 174 | 110 | 213 | 291 | 313 |
| Tax % | 26% | 25% | 25% | 26% | 25% | — |
| Net Profit | 109 | 130 | 82 | 158 | 219 | 235 |
| EPS in Rs | 9.67 | 10.47 | 6.22 | 11.95 | 16.54 | 17.73 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Equity Capital | 113 | 125 | 133 | 133 | 133 |
| Reserves | 274 | 1,120 | 1,931 | 2,093 | 2,323 |
| Borrowings | 291 | 16 | 183 | 200 | 458 |
| Other Liabilities | 92 | 120 | 154 | 218 | 288 |
| Total Liabilities | 770 | 1,380 | 2,401 | 2,644 | 3,201 |
| Fixed Assets | 257 | 646 | 853 | 1,117 | 1,496 |
| CWIP | 58 | 37 | 232 | 363 | 516 |
| Investments | 17 | 1 | 0 | 0 | 0 |
| Other Assets | 438 | 695 | 1,315 | 1,163 | 1,189 |
| Total Assets | 770 | 1,380 | 2,401 | 2,644 | 3,201 |
Cash Flow
| Particulars | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Operating | -5 | -7 | -16 | 100 | 142 |
| Investing | -151 | -348 | -424 | -418 | -619 |
| Financing | 169 | 439 | 894 | 1 | 244 |
| Net Cash Flow | 12 | 84 | 453 | -317 | -233 |
| Free Cash Flow | -157 | -363 | -444 | -352 | -481 |
| CFO/OP | 17 | 14 | 1 | 64 | 54 |
Ratios
| Particulars | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Debtor Days | 101 | 145 | 142 | 125 | 123 |
| Inventory Days | 221 | 301 | 411 | 356 | 345 |
| Days Payable | 95 | 99 | 124 | 114 | 126 |
| Cash Conversion Cycle | 227 | 348 | 429 | 367 | 341 |
| Working Capital Days | 82 | 268 | 279 | 239 | 160 |
| ROCE % | — | 18% | 7% | 10% | 12% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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Company Information
Incorporated in 2013, Aether Industries Limited is a manufacturer of specialty chemicals. The company is sole Indian manufacturer for chemicals such as 4-(2-Methoxyethyl) Phenol (4MEP), and 3-Methoxy-2-Methylbenzoyl Chloride (MMBC), Thiophene-2-Ethanol (T2E), Ortho Tolyl Benzo Nitrile (OTBN), N-Octyl-D-Glucamine, Delta-Valerolactone, and Bifenthrin Alcohol.[1]
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