Aether Industries Limited
NSE: AETHER · Specialty Chemicals · sector
₹1,471.50NSE close 2026-10-26
Key numbers
Market cap₹19,529 cr
Price₹1,471.50
52w high / low₹1,814 / ₹728
P/E82.8xSector median 22.6x
P/B8.0xSector median 2.6x
Book value₹185.1
Dividend yield–Sector median 0.60%
ROE10.1%Sector median 10.6%
ROCE11.4%Sector median 12.9%
OPM30.9%Sector median 12.1%
Debt / equity0.18xSector median 0.18x
EV/EBITDA52.9xSector median 15.1x
Interest cover17.6x
Current ratio1.78x
Sales growth 3y+21.2%Sector median +5.0%
Profit growth 3y+18.9%Sector median +0.9%
PEG5.02x
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 ₹6 cr vs borrowings ₹442 cr (FY26): borrowings are higher by ₹436 cr.
- Borrowings rose in each of the last 3 years (₹0 cr → ₹442 cr).
- Operating profit covered interest 17.6x in the last 12 months.
- Operating cash flow was below net profit in 4 of the last 4 years (FY26, FY25, FY24, FY23).
- Revenue was higher than a year earlier in 4 of the last 4 quarters.
- Other income was 12% of net profit in the last 12 months.
- Debtor days went from 142 (FY24) to 123 (FY26).
- No dividend in the last 4 financial years.
- Price ₹1,471.50 on 2026-10-26: -18.9% from the 52-week high, +102.1% 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 ₹1,748.10 · low ₹732.05
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 199 | 220 | 240 | 256 | 275 | 317 | 305 | 327 |
| EBITDA | 50 | 62 | 77 | 78 | 85 | 108 | 81 | 103 |
| OPM % | 25.3% | 28.2% | 32.0% | 30.5% | 31.0% | 34.1% | 26.7% | 31.5% |
| Other income | 11 | 14 | 5 | 3 | 9 | 0 | 11 | 8 |
| Net profit | 35 | 43 | 50 | 47 | 54 | 64 | 54 | 63 |
| EPS (₹) | 2.63 | 3.27 | 3.79 | 3.55 | 4.07 | 4.86 | 4.07 | 4.77 |
| Revenue YoY | +38.4% | +44.4% | +27.0% | +27.5% | ||||
| Profit YoY | +55.1% | +48.6% | +7.4% | +33.5% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|
| Revenue | 651 | 598 | 839 | 1,160 | 1,224 |
| EBITDA | 186 | 118 | 229 | 355 | 378 |
| Net profit | 130 | 82 | 158 | 219 | 235 |
| EPS (₹) | 10.47 | 6.22 | 11.95 | 16.55 | 17.77 |
| Revenue growth | -8.1% | +40.2% | +38.3% | +33.8% | |
| Profit growth | -36.7% | +92.0% | +38.5% | +34.0% | |
| Dividend / share (₹) | – | – | – | – |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +21.2% | – | +33.8% |
| Net profit | +18.9% | – | +34.0% |
| EPS | +16.5% | – | – |
| Share price | – | +30.2% (2y) | +92.9% |
Balance sheet
| ₹ cr | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Shareholders' equity | 1,245 | 2,063 | 2,226 | 2,456 |
| Borrowings | 0 | 169 | 197 | 442 |
| Cash & equivalents | 103 | 556 | 240 | 6 |
| Total assets | 1,380 | 2,401 | 2,644 | 3,201 |
| Fixed assets | 533 | 693 | 944 | 1,236 |
| Capital work in progress | 37 | 226 | 355 | 506 |
| Investments | 0 | 0 | 0 | 0 |
| Receivables | 259 | 233 | 289 | 390 |
| Inventory | 249 | 343 | 397 | 537 |
| Payables | 82 | 104 | 128 | 197 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Cash from operations | -7 | -16 | 134 | -145 |
| Cash from investing | -348 | -424 | -452 | -327 |
| Cash from financing | 439 | 894 | 2 | 239 |
| Capex | 401 | 248 | 304 | 91 |
| Free cash flow | -408 | -265 | -170 | -237 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| ROE % | 10.5% | 4.0% | 7.1% | 8.9% |
| ROCE % | 14.4% | 5.3% | 9.3% | 10.7% |
| Debtor days | 145 | 142 | 126 | 123 |
| Inventory days | 286 | 391 | 324 | 326 |
| Payable days | 94 | 118 | 104 | 120 |
| Cash conversion cycle (days) | 337 | 415 | 346 | 329 |
| Working capital days | 326 | 618 | 343 | 162 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 74.92% |
| FIIs | 8.49% |
| DIIs | 9.70% |
| of which Mutual funds | 8.85% |
| of which Insurance | 0.25% |
| Government | 0.00% |
| Public (non-institutions) | 6.89% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 81.77% | 81.77% | 75.00% | 75.00% | 74.98% | 74.95% | 74.93% | 74.92% |
| Promoter group | % |
|---|---|
| Purnima Ashwin Desai | 17.39% |
| RAD Family Trust (Trustees: Ashwin Jayantilal Desai and Purnima Ashwin Desai) | 15.08% |
| AAD Business Trust (Trustees: Ashwin Jayantilal Desai and Purnima Ashwin Desai) | 15.08% |
| AJD Family Trust (Trustees: Ashwin Jayantilal Desai and Purnima Ashwin Desai) | 10.22% |
| PAD Family Trust (Trustees: Purnima Ashwin Desai and Ashwin Jayantilal Desai) | 10.22% |
| Ashwin Jayantilal Desai | 5.06% |
| Rohan Ashwin Desai | 1.67% |
| Aman Ashwinbhai Desai | 0.08% |
| Dr Ruchira Surendra Manjrekar | 0.03% |
| Dr Surendra Keshav Manjrekar | 0.03% |
| Sourabh Manjrekar | 0.02% |
| Pooja Prayank Agarwal | 0.02% |
| Kamalvijay Ramchandra Tulsian | 0.01% |
| Jayshree Dilip Shah | 0.00% |
| Kamalvijay Ramchandra Huf | 0.00% |
| Public holders above 1% | % |
|---|---|
| Sbi Multicap Fund | 4.20% |
| Amansa Holdings Private Limited | 1.64% |
| Abakkus Flexi Cap Fund | 1.15% |
| Invesco India Manufacturing Fund | 1.11% |
70,093 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% |
| PRIVISCL | ₹13,109 cr | 37.5x | 9.3x | 27.6% | 22.6% | 24.9% | +16.8% | 0.15% |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY25
- Annual report FY25
- Annual report FY24
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Manufacturing of chemicals: Aether Industries Limited is a specialty chemical manufacturer based in India, focused on producing advanced intermediates and specialty chemicals that involve complex, differentiated chemistry and proprietary technology developed in-house. The Company's core competencies span chemistry, technology and process systems, supporting sustainable, scalable growth across its manufacturing operations.
| Sector | Commodities |
| Industry | Specialty Chemicals |
| Sub-industry | Specialty Chemicals |
| Symbol | AETHER |
| BSE code | 543534 |
| ISIN | INE0BWX01014 |
| Face value | ₹10.0 |
| Incorporated | 2013-01-23 |
| Website | www.aether.co.in |
| Plants (India / abroad) | 5 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-22 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.