Aether Industries Ltd
AETHER NSE
Aether Industries Ltd
ChemicalsNSE: AETHER BSE: 543534 Specialty Chemicals
Key Fundamentals
SmallcapSpecialty ChemicalsChemicalsMarket Cap
₹21,641 Cr
Volatility
Moderate
P/E Ratio
92.05
EBITDA
₹355 Cr
Return on Equity
7.12%
Debt to Equity
0.19
Book Value
₹185.04
EPS
₹6.95
52W High
₹1,658
52W Low
₹726.45
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Aether Industries Ltd insights
49 extracted metrics + investor summaries across FY13–FY26.
Tapetide Score
Data-driven rating, 0–100. How it works →
Technical Indicators
Key Insights
Strengths
1- Company is expected to give good quarter
Weaknesses
3- Stock is trading at 8.68 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
Revenue Growth
31.79% ↗
Net Income Growth
51.67% ↗
Cash Flow Change
708.08% ↗
ROE
78.00% ↗
ROCE
76.21% ↗
EBITDA Margin (Avg.)
-6.51% ↘
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoAI opinion · based on fundamentals
Risk high
Aether Industries is a specialty chemicals company trading at a PE of 89.2x and 8.54x book value with a market cap of ₹21,513 crore. FY25 consolidated revenue grew ~38-40% YoY to ~₹8,400-8,800 crore million range while PAT grew ~92% YoY, reflecting a strong recovery from a weak FY24, though 3-year average ROE remains modest at ~8%.
Bull Case 8
- FY25 consolidated revenue grew ~38-40% YoY to ₹8,387-8,803 million, demonstrating strong top-line momentum after a subdued FY24
- FY25 PAT surged ~92% YoY to ₹1,584 million, showing significant operating leverage as capacity utilisation improved
- Q4 FY25 revenue of ₹2,453 million was up 90% YoY with EBITDA margins expanding sharply — EBITDA at ₹819 million (+469% YoY)
- FY26 revenue reached ₹11,601 million (+38% YoY over FY25), indicating sustained growth trajectory beyond a one-time recovery
- TTM sales CAGR of 34% and profit CAGR of 30% indicate above-average growth for the specialty chemicals sector
- Stock has delivered 119% returns over 1 year and 16% CAGR over 3 years, reflecting improving market confidence in the business model
- Aggressive capex of ₹3,838 million in FY26 with ₹3,000-3,500 million planned for FY27 (Site 5 and new R&D) positions the company for future revenue scale-up
- Low debt-to-equity ratio of ~9.2% provides financial flexibility to fund growth without significant balance sheet stress
Bear Case 8
- PE ratio of 89.2x is expensive even by specialty chemicals standards, leaving little room for execution misses
- 3-year average ROE of just 7.91-8% is low for a company valued at 8.54x book value, indicating poor capital efficiency relative to valuation
- Zero dividend yield despite consistent profitability — company retains all earnings but ROE has not meaningfully expanded
- Stock trades at 8.78x book value, implying market expects significantly higher returns on equity than the company currently delivers
- Q4 FY24 reported a net loss of ₹1.43 crore vs profit of ₹37.56 crore YoY, highlighting earnings volatility and customer concentration risks
- 5-year and 10-year ROE data unavailable, and last year ROE at 10% is still modest for the premium valuation commanded
- Heavy ongoing capex (₹3,000-3,500 million annually) will suppress free cash flow and may dilute returns if revenue ramp-up from new sites is delayed
- FY24 full-year revenue declined to ₹5,995 million from ₹6,544 million in FY23, showing the business can contract meaningfully in down-cycles
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 17h ago Positives 2
- Strong Q1 revenue and profit growth Aug 7
Aether Industries reported 27% revenue growth to ₹3,266 crore in Q1FY27 with net profit rising 33% to ₹627 crore.
- Exclusive R&D tie-up with Dow Jul 31
Aether and Dow Chemical launched a joint research program for indigenous silicone manufacturing technologies in India, with pilot development at Aether's Surat facility.
Neutral 2
- Investor meet in Singapore Aug 10
Aether will participate in the Ambit-Daiwa India Access conference in Singapore on August 17-18, 2026. No UPSI will be discussed.
- Q1 earnings call scheduled Jul 27
Aether held an earnings conference call on July 31, 2026 at 15:30 IST conducted by HDFC Securities to discuss June quarter results.
TL;DR: Aether Industries is firing on both growth and strategic fronts, delivering 27-33% topline and bottomline growth in Q1FY27 while securing a landmark Dow Chemical partnership in silicones. No visible headwinds in the current news cycle. The trend is clearly improving with strong earnings momentum and a high-value R&D collaboration that could open a new growth vertical.
Quarterly Results
| 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
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|
| Sales | 590 | 651 | 598 | 839 | 1,160 | 1,231 |
| Expenses | 422 | 465 | 466 | 598 | 796 | 845 |
| Operating Profit | 168 | 186 | 132 | 241 | 364 | 386 |
| OPM % | 28% | 29% | 22% | 29% | 31% | 31% |
| Other Income | 7 | 17 | 25 | 30 | 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
| 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 | 1,506 |
| CWIP | 58 | 37 | 232 | 363 | 506 |
| 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
| 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 | 2 | 244 |
| Net Cash Flow | 12 | 84 | 453 | -316 | -233 |
| Free Cash Flow | -157 | -363 | -444 | -352 | -390 |
| CFO/OP | 17 | 14 | 1 | 57 | 54 |
Ratios
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Debtor Days | 101 | 145 | 142 | 126 | 123 |
| Inventory Days | 221 | 301 | 411 | 356 | 326 |
| Days Payable | 95 | 99 | 124 | 114 | 120 |
| Cash Conversion Cycle | 227 | 348 | 429 | 367 | 330 |
| Working Capital Days | 82 | 268 | 279 | 238 | 160 |
| ROCE % | — | 18% | 7% | 10% | 12% |
Documents
1
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
17h - The Earnings Conference Call is scheduled on Friday, May 15, 2026 from 18:00 Hrs. onwards to discuss the financial performance of the Company for the … 17h - The Earnings Conference Call is scheduled on Friday, May 15, 2026 from 18:00 Hrs. onwards to discuss the financial performance of the Company for the …
2
Board Meeting Intimation for The Meeting To Be Held On May 15, 2026
5 May - Board meeting on May 15, 2026 to approve Q4 and FY2026 audited results. 5 May - Board meeting on May 15, 2026 to approve Q4 and FY2026 audited results.
3
Intimation For The Receipt Of Demand And Show Cause Notice
24 Apr - Aether received a Rs 4.26 crore demand and show cause notice on April 23, 2026. 24 Apr - Aether received a Rs 4.26 crore demand and show cause notice on April 23, 2026.
4
Intimation For The Receipt Of Demand And Show Cause Notice
10h - Aether received a Rs 4.26 crore demand and show cause notice on April 23, 2026. 10h - Aether received a Rs 4.26 crore demand and show cause notice on April 23, 2026.
5
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
4 Apr - In accordance with Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, as amended from time to time, we herewith submit the … 4 Apr - In accordance with Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, as amended from time to time, we herewith submit the …
Frequently Asked Questions about Aether Industries Ltd
What does Aether Industries Ltd do?
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-O...
Where is Aether Industries Ltd (AETHER) listed?
Aether Industries Ltd is listed on the Indian stock exchanges. It is listed on NSE: AETHER and BSE: 543534. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Aether Industries Ltd belong to?
Aether Industries Ltd operates in the Chemicals sector within the Specialty Chemicals industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Aether Industries Ltd?
Aether Industries Ltd has a market capitalisation of approximately ₹21641.44 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Aether Industries Ltd?
The Price-to-Earnings (PE) ratio of Aether Industries Ltd is 92.05. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Aether Industries Ltd?
Over the past 52 weeks, Aether Industries Ltd has traded between a low of ₹726.45 and a high of ₹1,658. This range helps investors understand the stock's price volatility and recent trading levels.
What is the Return on Equity (ROE) of Aether Industries Ltd?
Aether Industries Ltd has a Return on Equity (ROE) of 7.12%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Aether Industries Ltd on Tapetide?
On Tapetide, you can view Aether Industries Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.
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]
Website aether.co.in
CEO Mr. Ashwin Jayantilal Desai
Employees 970
Listed 2022-06-03
Face Value ₹ 10
Issued Size 13,26,12,818