Aarti Surfactants Limited
NSE: AARTISURF · Specialty Chemicals · sector
₹453.45NSE close 2026-10-26
Key numbers
Market cap₹385 cr
Price₹453.45
52w high / low₹678 / ₹316
P/E20.9xSector median 22.6x
P/B1.6xSector median 2.6x
Book value₹288.7
Dividend yield0.22%Sector median 0.60%
ROE7.7%Sector median 10.6%
ROCE10.9%Sector median 12.9%
OPM6.1%Sector median 12.1%
Debt / equity0.42xSector median 0.18x
EV/EBITDA8.5xSector median 15.1x
Interest cover3.0x
Current ratio1.32x
Sales growth 3y+12.6%Sector median +5.0%
Profit growth 3y-1.0%Sector median +0.9%
PEG–
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 107 companies in Specialty Chemicals (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹13 cr vs borrowings ₹103 cr (FY26): borrowings are higher by ₹89 cr.
- Operating profit covered interest 3.0x in the last 12 months.
- Operating cash flow was below net profit in 0 of the last 5 years.
- Revenue was higher than a year earlier in 4 of the last 4 quarters.
- Other income was 2% of net profit in the last 12 months.
- Dividend paid in 2 of the last 5 financial years.
- Price ₹453.45 on 2026-10-26: -33.1% from the 52-week high, +43.5% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹841.05 · low ₹337.90
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 151 | 163 | 202 | 216 | 179 | 208 | 256 | 273 |
| EBITDA | 8 | 9 | 20 | 12 | 9 | 13 | 13 | 20 |
| OPM % | 5.3% | 5.5% | 9.7% | 5.4% | 5.2% | 6.1% | 5.2% | 7.4% |
| Other income | 2 | -0 | 1 | 0 | 0 | 0 | 0 | 0 |
| Net profit | 2 | 1 | 10 | 3 | 2 | 4 | 4 | 9 |
| EPS (₹) | 2.14 | 0.95 | 11.50 | 3.48 | 1.84 | 4.32 | 4.95 | 10.63 |
| Revenue YoY | +18.8% | +27.7% | +26.8% | +26.4% | ||||
| Profit YoY | -13.8% | +357.5% | -56.9% | +206.1% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 576 | 601 | 590 | 659 | 859 | 916 |
| EBITDA | 32 | 48 | 62 | 46 | 47 | 56 |
| Net profit | 5 | 13 | 21 | 15 | 12 | 18 |
| EPS (₹) | 7.24 | 16.64 | 26.63 | 17.20 | 14.59 | 21.74 |
| Revenue growth | +4.5% | -1.9% | +11.7% | +30.4% | +25.2% | |
| Profit growth | +131.3% | +68.0% | -31.8% | -15.1% | +20.5% | |
| Dividend / share (₹) | 3.00 | – | – | – | 1.00 |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +12.6% | +13.0% | +25.2% |
| Net profit | -1.0% | -10.6% | +20.5% |
| EPS | -4.3% | -12.5% | – |
| Share price | – | -20.1% (2y) | -5.3% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 168 | 218 | 233 | 245 |
| Borrowings | – | 149 | 97 | 109 | 103 |
| Cash & equivalents | – | 8 | 6 | 1 | 13 |
| Total assets | – | 402 | 422 | 477 | 517 |
| Fixed assets | – | 207 | 206 | 202 | 198 |
| Capital work in progress | – | 8 | 7 | 13 | 41 |
| Investments | – | 0 | 0 | 0 | 0 |
| Receivables | – | 65 | 70 | 76 | 105 |
| Inventory | – | 77 | 99 | 134 | 119 |
| Payables | – | 57 | 67 | 92 | 122 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 23 | 25 | 52 | 15 | 77 |
| Cash from investing | -23 | 9 | -16 | -20 | -46 |
| Cash from financing | -6 | -27 | -37 | -0 | -20 |
| Capex | 23 | 11 | 16 | 20 | 45 |
| Free cash flow | 1 | 14 | 36 | -5 | 32 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 7.6% | 9.8% | 6.3% | 5.0% |
| ROCE % | – | 10.3% | 14.7% | 9.4% | 8.5% |
| Debtor days | – | 40 | 43 | 42 | 44 |
| Inventory days | – | 60 | 81 | 92 | 60 |
| Payable days | – | 44 | 55 | 63 | 62 |
| Cash conversion cycle (days) | – | 56 | 69 | 71 | 42 |
| Working capital days | – | 23 | 43 | 36 | 27 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 49.84% |
| FIIs | 0.27% |
| DIIs | 0.00% |
| Government | 0.01% |
| Public (non-institutions) | 49.88% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 49.92% | 49.92% | 49.92% | 49.92% | 49.88% | 49.87% | 49.84% | 49.84% |
| Promoter group | % |
|---|---|
| Nikhil Holdings Private Limited | 14.85% |
| Jaya Chandrakant Gogri | 13.60% |
| Rashesh Chandrakant Gogri | 4.53% |
| Nikhil Parimal Desai | 3.13% |
| Hetal Gogri Gala | 3.09% |
| Anushakti Enterprise Private Limited | 2.94% |
| Indira Madan Dedhia | 1.70% |
| Parimal Hasmukhlal Desai | 1.41% |
| Tarla Parimal Desai | 1.32% |
| Alchemie Financial Services Limited | 0.79% |
| Manisha Rashesh Gogri | 0.65% |
| Aarnav Rashesh Gogri | 0.65% |
| Aashay Rashesh Gogri | 0.65% |
| Gogri Finserv Pvt. Ltd. | 0.31% |
| Bhanu Pradip Savla | 0.21% |
| Public holders above 1% | % |
|---|---|
| Nishant Pradip Shah | 1.21% |
| Mulraj Chandulal Gala | 1.17% |
| Pradeep Kumar Sonthalia | 1.11% |
34,286 shareholders. Pledged: – of promoter shares.
Peers in Specialty Chemicals
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| PIDILITIND | ₹1,50,431 cr | 56.8x | 13.9x | 25.7% | 33.4% | 24.5% | +7.4% | 1.01% |
| FLUOROCHEM | ₹46,168 cr | 75.4x | 5.9x | 8.1% | 10.0% | 25.6% | -4.2% | 0.07% |
| NAVINFLUOR | ₹39,306 cr | 49.7x | 9.9x | 23.9% | 22.2% | 33.7% | +16.8% | 0.18% |
| DEEPAKNTR | ₹19,676 cr | 25.1x | 3.4x | 14.0% | 15.3% | 15.4% | -0.4% | 0.52% |
| AETHER | ₹19,529 cr | 82.8x | 8.0x | 10.1% | 11.4% | 30.9% | +21.2% | – |
| ATUL | ₹15,762 cr | 19.8x | 2.5x | 11.9% | 16.9% | 17.9% | +7.9% | 0.47% |
| AARTIIND | ₹15,539 cr | 29.3x | 2.6x | 9.2% | 8.0% | 14.9% | +7.8% | 0.24% |
| FINEORG | ₹15,328 cr | 35.0x | 5.8x | 17.7% | 21.3% | 21.7% | -7.8% | 0.22% |
| BASF | ₹13,174 cr | 20.5x | 3.3x | 16.9% | 22.0% | 5.9% | +3.1% | 0.66% |
| AARTISURF | ₹385 cr | 20.9x | 1.6x | 7.7% | 10.9% | 6.1% | +12.6% | 0.22% |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-09-22 | Dividend | Dividend - Re 1 Per Share |
| 2025-09-16 | Dividend | Dividend - Re 1 Per Share |
| 2023-01-17 | Rights | Rights 2:17 @ Premium Rs 545/- |
| 2021-08-02 | Dividend | Dividend - Rs 3 Per Share |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
| Sector | Commodities |
| Industry | Specialty Chemicals |
| Sub-industry | Specialty Chemicals |
| Symbol | AARTISURF |
| BSE code | 543210 |
| ISIN | INE09EO01013 |
| Face value | ₹10.0 |
| Incorporated | – |
| Website | – |
| Plants (India / abroad) | – |
Data built 2026-10-23 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.