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Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹15086 Cr.
Stock P/E
95.2
P/B
6.1
Current Price
₹1136.5
Book Value
₹ 185.2
Face Value
10
52W High
₹1274.2
52W Low
₹ 723.2
Dividend Yield
0%

Aether Industries Overview

Business

Aether Industries Ltd. is an Indian specialty chemical manufacturer focusing on advanced intermediates and specialty chemicals. The company operates an R&D-driven business model, specializing in complex and differentiated chemistry. It manufactures a diversified portfolio of products, serving various end-user industries globally, including Pharmaceuticals, Agrochemicals, Material Science, Coatings, and other fine and specialty chemicals. Aether makes money by selling these value-added specialty chemicals, primarily through two business models: large-scale manufacturing (LSM) of its own developed products and contract research and manufacturing services (CRAMS) for global clients.

Revenue Mix

Aether Industries does not typically provide a strict segment breakdown by business model (LSM vs. CRAMS) or product type with exact percentages in public domain consistently. However, their revenue is derived from:

Large Scale Manufacturing (LSM): Production of their own proprietary products, which constitutes the majority of revenue. These products are often advanced intermediates or specialty chemicals used across diverse industries.

Contract Research and Manufacturing Services (CRAMS): Custom synthesis and manufacturing for specific clients, often involving complex and exclusive chemistry projects.

While specific proportions can vary, LSM products generally contribute a larger share of the total revenue. Their products find applications across several industries, with Pharmaceuticals, Agrochemicals, and Material Science being significant contributors.

Industry

Aether operates in the Indian specialty chemicals industry, which is characterized by growing domestic demand and increasing global export opportunities, particularly due to the "China Plus One" strategy. The industry is competitive, with both large established players and numerous smaller firms. Aether positions itself as an R&D-focused, technology-driven manufacturer capable of handling complex and niche chemistry. The company often aims to be the sole or dominant manufacturer for specific advanced intermediates, thereby holding a strong position in its chosen product areas and often catering to global customers with high quality and regulatory compliance needs.

MOAT

R&D and Chemistry Expertise: A strong focus on in-house R&D and process innovation, enabling the development and scaling up of complex, multi-step synthesis products. This leads to a diverse and specialized product portfolio.

Process Efficiency & Cost Competitiveness: Continuous optimization of manufacturing processes to achieve cost efficiencies while maintaining quality.

Customer Stickiness: Due to the specialized nature of its products, long qualification cycles, and critical application in client's value chains, Aether often enjoys long-term relationships with customers.

Diversified Product Portfolio: A wide range of products (over 40 commercialized products) across multiple industries reduces dependence on any single product or sector.

Growth Drivers

"China Plus One" Strategy: Global manufacturers increasingly diversifying their supply chains away from China, benefiting Indian specialty chemical producers like Aether.

Capacity Expansion: Ongoing capital expenditure to debottleneck existing facilities and set up new manufacturing blocks will increase production volumes.

New Product Development: Continuous introduction of new and advanced intermediates and specialty chemicals driven by R&D, expanding addressable markets.

Growing CRAMS Business: Increasing demand for custom synthesis and manufacturing services from global pharmaceutical and agrochemical companies.

Industry Tailwinds: Growing demand from end-user industries like Pharmaceuticals, Agrochemicals, and Material Science, both domestically and internationally.

Risks

Raw Material Price Volatility: Fluctuations in crude oil prices and other key raw material costs can impact profitability.

Environmental & Regulatory Risks: Strict and evolving environmental regulations in the chemical industry necessitate continuous compliance and potential capital expenditure.

Intense Competition: Competition from both domestic and international players in a fragmented market can pressure margins.

Forex Fluctuations: A significant portion of revenue comes from exports, making the company susceptible to adverse currency movements.

Technological Obsolescence: The need to continuously innovate and upgrade processes to remain competitive.

Customer Concentration: While diversified, dependence on a few key customers for specific products could pose a risk if relationships deteriorate.

Management & Ownership

Aether Industries is a promoter-driven company. The management team includes Dr. Aman Desai (Chairman & Managing Director) and Mr. Rohan Desai (Whole-Time Director & CFO), who are part of the promoter family and have strong technical backgrounds and significant experience in the chemical industry. The promoters hold a substantial stake in the company, aligning their interests with long-term growth. The company has a strong focus on R&D and operational excellence, reflecting the technical orientation of its leadership.

Outlook

Aether Industries appears well-positioned to capitalize on the secular growth trends in the global specialty chemicals sector, particularly driven by India's increasing role in the chemical supply chain. Its core strengths in R&D, process innovation, and a diversified product portfolio provide a solid foundation for future growth through planned capacity expansions and new product introductions. However, the company faces inherent risks associated with raw material price volatility, stringent environmental regulations, and intense competition. While demand drivers remain robust, successful execution of its expansion plans and adept management of operational costs will be crucial for sustaining its growth trajectory and profitability.

Aether Industries Share Price

Live · BSE / NSE · Inception: 2013
| |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Aether Industries Quarterly Results

#(Fig in Cr.) Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Net Sales 155 118 180 199 220 240 256 275 317 305
Other Income 11 12 12 11 14 5 3 9 0 11
Total Income 167 129 192 210 233 245 259 284 317 316
Total Expenditure 124 107 137 145 155 161 175 187 207 222
Operating Profit 43 22 55 65 78 85 83 97 111 94
Interest 2 4 3 2 3 5 5 3 4 6
Depreciation 10 10 10 11 11 13 14 17 17 18
Exceptional Income / Expenses -6 -7 -3 -3 -3 -3 -3 -3 -2 -1
Profit Before Tax 24 0 39 49 61 64 62 74 87 68
Provision for Tax 6 2 9 14 18 13 15 20 23 14
Profit After Tax 17 -1 30 35 43 50 47 54 64 54
Adjustments 0 0 0 0 0 0 -0 0 0 0
Profit After Adjustments 17 -1 30 35 43 50 47 54 64 54
Adjusted Earnings Per Share 1.3 -0.1 2.3 2.6 3.3 3.8 3.5 4.1 4.9 4.1

Aether Industries Profit & Loss

#(Fig in Cr.) Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 590 651 598 839 1153
Other Income 7 17 39 42 23
Total Income 597 668 637 880 1176
Total Expenditure 422 465 466 598 791
Operating Profit 175 203 171 283 385
Interest 13 5 9 13 18
Depreciation 15 23 40 45 66
Exceptional Income / Expenses 0 0 -14 -12 -9
Profit Before Tax 146 174 110 213 291
Provision for Tax 38 44 27 55 72
Profit After Tax 109 130 82 158 219
Adjustments 0 0 0 0 0
Profit After Adjustments 109 130 82 158 219
Adjusted Earnings Per Share 9.7 10.5 6.2 11.9 16.6

Aether Industries Balance Sheet

#(Fig in Cr.) Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 387 1245 2063 2226
Minority's Interest 0 0 0 0
Borrowings 122 0 0 0
Other Non-Current Liabilities 19 41 48 68
Total Current Liabilities 242 94 289 351
Total Liabilities 770 1380 2401 2644
Fixed Assets 257 646 853 1117
Other Non-Current Assets 103 59 245 389
Total Current Assets 410 675 1303 1138
Total Assets 770 1380 2401 2644

Aether Industries Cash Flow

#(Fig in Cr.) Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 6 18 102 556
Cash Flow from Operating Activities -5 -7 -16 100
Cash Flow from Investing Activities -151 -348 -424 -418
Cash Flow from Financing Activities 169 439 894 2
Net Cash Inflow / Outflow 12 84 453 -316
Closing Cash & Cash Equivalent 18 102 556 240

Aether Industries Ratios

# Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 9.67 10.47 6.22 11.95
CEPS(Rs) 11.04 12.34 9.22 15.34
DPS(Rs) 0 0 0 0
Book NAV/Share(Rs) 34.28 99.83 155.31 167.38
Core EBITDA Margin(%) 28.48 28.61 22.08 28.74
EBIT Margin(%) 27.04 27.58 19.7 26.92
Pre Tax Margin(%) 24.81 26.8 18.28 25.38
PAT Margin (%) 18.45 20.03 13.77 18.88
Cash Profit Margin (%) 21.08 23.6 20.39 24.24
ROA(%) 14.15 12.13 4.36 6.28
ROE(%) 28.2 16.01 5 7.41
ROCE(%) 23.75 18.74 6.79 9.74
Receivable days 101.09 118.42 149.84 113.43
Inventory Days 100.63 115.35 180.42 161.02
Payable days 94.44 93.25 113.03 100.66
PER(x) 0 89.52 125.44 69.53
Price/Book(x) 0 9.39 5.03 4.96
Dividend Yield(%) 0 0 0 0
EV/Net Sales(x) 0.64 17.77 16.65 13.06
EV/Core EBITDA(x) 2.17 57.06 58.09 38.74
Net Sales Growth(%) 0 10.34 -8.13 40.21
EBIT Growth(%) 0 12.51 -34.27 91.41
PAT Growth(%) 0 19.72 -36.75 92.05
EPS Growth(%) 0 8.36 -40.58 91.99
Debt/Equity(x) 0.74 0 0.08 0.08
Current Ratio(x) 1.69 7.18 4.51 3.25
Quick Ratio(x) 1.02 4.54 3.32 2.11
Interest Cover(x) 12.16 35.26 13.86 17.47
Total Debt/Mcap(x) 0 0 0.02 0.02

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +40% +12%
Operating Profit CAGR +65% +17%
PAT CAGR +93% +13%
Share Price CAGR +40% +5%
ROE Average +7% +9% +14% +14%
ROCE Average +10% +12% +15% +15%

Aether Industries Shareholding Pattern

Latest · Mar 2026
100% held
Promoters 74.95 %
FII 6.29 %
DII (MF + Insurance) 12.66 %
Public (retail) 25.05 %
# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 81.7981.7981.7981.7981.7781.77757574.9874.95
FII 1.982.222.93.173.333.345.044.645.816.29
DII 11.811.8211.5611.6311.4911.4313.4112.9712.2512.66
Public 18.2118.2118.2118.2118.2318.23252525.0225.05
Others 0000000000
Total 100100100100100100100100100100

Aether Industries Peer Comparison

Chemicals Edit Columns

Aether Industries Quarterly Price

10-year quarterly close · BSE
Show Value Show %

News & Updates

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Aether Industries Pros & Cons

Pros

  • Debtor days have improved from 113.03 to 100.66days.
  • Company is almost debt free.

Cons

  • Company has a low return on equity of 9% over the last 3 years.
  • Stock is trading at 6.1 times its book value.
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