Aether Industries Ltd
Aether Industries Ltd
ChemicalsKey Fundamentals
SmallcapSpecialty ChemicalsChemicalsInsights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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49 extracted metrics + investor summaries across FY13–FY26.
Tapetide Score
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Technical Indicators
Key Insights
Strengths
1- Company is expected to give good quarter
Weaknesses
3- Stock is trading at 8.78 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
anthropic claude-opus-4.6 4d agoAether Industries Ltd, with a market cap of ₹22,049 Cr, is a specialty chemicals company showing TTM sales growth of 34% and profit growth of 30%. However, it trades at a PE of 95.8x and 9.17x book value with a 3-year average ROE of roughly 8%, reflecting a significant premium relative to its current return profile.
- Strong TTM revenue growth of 34%, indicating accelerating top-line momentum compared to the 3-year sales CAGR of 21%
- TTM profit growth of 30% demonstrates the company's ability to scale earnings alongside revenue
- 3-year compounded profit CAGR of 20% shows consistent earnings expansion over a meaningful period
- Stock has delivered a 1-year return of 131%, reflecting strong market re-rating and investor confidence in the business trajectory
- 3-year stock CAGR of 20% indicates sustained wealth creation for longer-term holders
- ROE has improved from 8% on a 3-year average to 10% in the last year, suggesting improving capital efficiency
- Company is expected to deliver a good upcoming quarter, which could sustain earnings momentum
- PE ratio of 95.8x is extremely elevated, leaving little margin of safety if growth disappoints even marginally
- Price-to-book ratio of 9.17x is very high, meaning the stock trades at a steep premium to its net asset value
- 3-year average ROE of approximately 8% is low for a company commanding such a high valuation multiple
- Zero dividend yield — the company pays no dividend despite reporting repeated profits, offering no income return to shareholders
- Last year ROE of 10% remains modest and does not justify a near-100x PE in the context of specialty chemicals peers
- 3-year sales CAGR of 21% is healthy but not exceptional enough to warrant a 95.8x PE without significant acceleration ahead
- Limited long-term track record — 5-year and 10-year growth data for sales, profit, and stock CAGR are not available, making it difficult to assess durability of performance
- A 131% stock price rally in one year significantly raises the risk of mean reversion if quarterly results fall short of elevated expectations
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 1d ago- 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.
- Landmark R&D tie-up with Dow Aug 7
The company announced an exclusive R&D partnership with Dow Chemical focused on silicones, signaling deepening relationships with global majors.
- AGM scheduled for September 11 Aug 19
Aether Industries has set its 14th AGM for September 11, 2026, with routine agenda items including re-appointment of promoters and cost auditor fee ratification.
- 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.
TL;DR: Aether Industries is executing well, delivering 27% revenue growth and 33% profit growth in Q1FY27 alongside a strategic R&D partnership with Dow Chemical. No notable headwinds emerged in the recent news cycle. The combination of strong financials and a marquee global partnership suggests an improving trajectory for the specialty chemicals player heading into the rest of FY27.
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 | 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
| 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
| 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
| 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% |
Documents
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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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