Aarti Industries Ltd

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Aarti Industries Ltd

₹ 489 -0.39%
24 Sep - close price
aarti-industries.com BSE: 524208 NSE: AARTIIND
About

Aarti Industries Ltd, the flagship company of the Aarti group, manufacturing organic and inorganic chemicals at its major facilities in Vapi, Jhagadia, Dahej and Kutch, in Gujarat and in Tarapur in Maharashtra. The company has a strong market position in the NCB-based specialty chemicals segment.[1]

Key Points

Product Portfolio[1]
The company’s key product value chains include Nitro Chloro Benzenes (NCB), Di-Chloro Benzenes (DCB), Phenylenediamines (PDA), Nitro Toluene derivatives, and Sulphuric Acid & downstream products, with a portfolio of over 100 products.

Website BSE NSE
  • Market Cap ₹ 17,765 Cr.
  • Current Price ₹ 489
  • High / Low ₹ 552 / 338
  • Stock P/E 34.4
  • Book Value ₹ 165
  • Dividend Yield 0.20 %
  • ROCE 6.84 %
  • ROE 7.17 %
  • Face Value ₹ 5.00
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Pros

Cons

  • Stock is trading at 2.96 times its book value
  • Tax rate seems low
  • Company has a low return on equity of 7.19% over last 3 years.
  • Dividend payout has been low at 9.32% of profits over last 3 years
  • Debtor days have increased from 58.4 to 80.8 days.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Commodities Chemicals Chemicals & Petrochemicals Specialty Chemicals

Part of Nifty MidSmallcap 400 Nifty Smallcap 250 Nifty 500 Multicap 50:25:25 Nifty Total Market Nifty500 Multicap India Manufacturing 50:30:20

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

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
1,404 1,450 1,724 1,769 1,845 1,717 1,749 1,992 1,636 2,084 2,276 2,439 2,241
1,202 1,217 1,465 1,486 1,539 1,518 1,519 1,727 1,424 1,800 1,958 2,090 1,875
Operating Profit 202 233 259 283 306 199 230 265 212 284 318 349 366
OPM % 14% 16% 15% 16% 17% 12% 13% 13% 13% 14% 14% 14% 16%
0 0 8 0 6 8 6 4 4 23 -13 0 3
Interest 40 58 54 59 64 62 85 64 60 98 68 112 82
Depreciation 89 93 97 98 102 108 110 113 114 120 121 118 124
Profit before tax 73 82 116 126 146 37 41 92 42 89 116 119 163
Tax % 3% -11% -7% -5% 5% -49% -15% -8% -5% -15% -13% -24% 12%
71 91 124 132 138 55 47 99 44 102 131 147 144
EPS in Rs 1.96 2.51 3.42 3.64 3.81 1.52 1.30 2.73 1.21 2.81 3.61 4.05 3.97
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
2,853 2,934 3,050 3,699 4,025 3,994 4,317 6,040 6,565 6,346 7,302 8,422 9,040
2,396 2,404 2,442 3,043 3,108 3,065 3,382 4,329 5,477 5,368 6,300 7,259 7,723
Operating Profit 456 530 608 657 917 930 935 1,711 1,088 978 1,002 1,163 1,317
OPM % 16% 18% 20% 18% 23% 23% 22% 28% 17% 15% 14% 14% 15%
5 10 3 2 5 11 2 1 0 7 23 14 13
Interest 137 116 117 131 179 122 86 102 166 211 275 339 360
Depreciation 79 93 115 136 151 173 218 244 310 377 433 473 483
Profit before tax 246 331 379 392 591 646 632 1,366 613 396 316 365 487
Tax % 24% 24% 19% 19% 19% 19% 19% 13% 11% -5% -7% -16%
188 252 307 316 481 523 514 1,182 546 417 340 422 524
EPS in Rs 5.30 7.58 9.34 9.73 13.88 15.02 14.74 32.61 15.06 11.51 9.37 11.65 14.44
Dividend Payout % 26% 28% 3% 3% 20% 12% 10% 11% 17% 9% 11% 9%
Compounded Sales Growth
10 Years: 11%
5 Years: 14%
3 Years: 9%
TTM: 27%
Compounded Profit Growth
10 Years: 5%
5 Years: -4%
3 Years: -9%
TTM: 111%
Stock Price CAGR
10 Years: 13%
5 Years: -10%
3 Years: 0%
1 Year: 28%
Return on Equity
10 Years: 14%
5 Years: 12%
3 Years: 7%
Last Year: 7%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 44 42 41 41 43 87 87 181 181 181 181 181
Reserves 864 1,052 1,269 1,475 2,517 2,815 3,325 4,320 4,740 5,111 5,437 5,791
1,201 1,275 1,545 2,047 2,366 2,073 2,851 2,581 2,907 3,622 3,846 4,965
710 467 485 620 702 1,115 1,251 748 762 1,228 1,651 2,222
Total Liabilities 2,819 2,836 3,341 4,182 5,628 6,089 7,514 7,830 8,590 10,143 11,115 13,159
936 1,170 1,567 1,844 1,979 2,302 3,511 3,635 4,824 5,605 6,330 6,355
CWIP 188 307 267 431 795 1,418 1,298 1,303 1,096 1,229 1,457 2,187
Investments 63 56 62 56 33 37 36 3 12 19 90 189
1,632 1,304 1,446 1,850 2,820 2,333 2,669 2,889 2,658 3,289 3,239 4,428
Total Assets 2,819 2,836 3,341 4,182 5,628 6,089 7,514 7,830 8,590 10,143 11,115 13,159

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
357 550 411 312 700 1,065 844 507 1,272 1,159 1,229 608
-323 -424 -470 -574 -768 -1,109 -1,307 -1,162 -1,301 -1,317 -1,382 -1,141
-20 -128 57 264 839 -520 635 417 55 421 -74 746
Net Cash Flow 14 -2 -3 2 771 -564 173 -239 27 263 -227 213
Free Cash Flow 64 115 -61 -266 -68 -49 -463 -656 -19 -104 -146 -513
CFO/OP 91% 119% 82% 62% 89% 131% 100% 44% 125% 128% 122% 52%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 60 65 66 69 73 72 69 68 54 51 43 81
Inventory Days 124 104 124 132 139 167 186 137 115 121 119 94
Days Payable 57 66 67 67 53 69 121 53 47 79 105 122
Cash Conversion Cycle 126 103 123 135 159 169 135 153 122 93 56 52
Working Capital Days 11 7 -4 6 -14 -15 -38 23 -28 -35 -43 -55
ROCE % 19% 20% 19% 16% 18% 15% 13% 22% 10% 7% 6% 7%

Insights

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Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
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Manufacturing Plants
count
DCB Capacity Utilization
%
MMA Production Volume
kT
NCB Capacity Utilization
%
Energy Application Revenue Share
%
MMA Capacity Utilization
%

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Shareholding Pattern

Numbers in percentages

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
43.57% 43.54% 43.43% 43.24% 42.61% 42.35% 42.24% 42.24% 42.18% 42.14% 42.09% 41.82%
10.58% 10.83% 10.93% 10.61% 9.68% 7.25% 6.29% 6.44% 6.40% 6.70% 7.38% 7.00%
16.14% 15.82% 17.24% 18.55% 18.11% 17.93% 19.96% 20.38% 18.21% 18.22% 20.12% 21.11%
0.01% 0.02% 0.03% 0.03% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01%
29.72% 29.78% 28.38% 27.58% 29.58% 32.46% 31.48% 30.92% 33.20% 32.94% 30.39% 30.08%
No. of Shareholders 4,23,1404,18,1233,77,9533,49,4153,94,1544,50,5884,39,2274,25,3994,28,9314,18,4923,84,2103,70,868

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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