Aether Industries Ltd

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Aether Industri. Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents
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Aether Industries Ltd

₹ 1,636 2.88%
11 Nov - close price
aether.co.in BSE: 543534 NSE: AETHER
About

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]

Key Points

Business Segments[1] [2]
a) Contract / Exclusive Manufacturing (46% in FY26 vs 31% in FY25): [3]
The company produces products for its customers under contractual supply agreements that can be either short-term or long-term, and may be exclusive or non-exclusive in nature. It has entered into long-term take-or-pay contracts with global clients such as Baker Hughes, SEQENS, and Saudi Aramco.

Website BSE NSE
  • Market Cap ₹ 21,658 Cr.
  • Current Price ₹ 1,636
  • High / Low ₹ 1,814 / 731
  • Stock P/E 85.9
  • Book Value ₹ 195
  • Dividend Yield 0.00 %
  • ROCE 11.9 %
  • ROE 9.66 %
  • Face Value ₹ 10.0
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Pros

Cons

  • Stock is trading at 8.37 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.
  • Company might be capitalizing the interest cost

* 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 BSE 500 Nifty 500 BSE Commodities BSE 250 SmallCap Index BSE 400 MidSmallCap Index

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026 Sep 2026
164 155 118 180 199 220 240 257 280 319 305 327 347
118 124 107 137 145 155 161 175 192 207 222 224 237
Operating Profit 46 31 10 43 54 65 80 81 88 112 83 103 110
OPM % 28% 20% 9% 24% 27% 29% 33% 32% 31% 35% 27% 31% 32%
14 5 4 9 8 11 2 -1 6 -4 10 8 5
Interest 2 2 4 3 2 3 5 5 3 4 6 6 5
Depreciation 10 10 10 10 11 11 13 14 17 17 18 21 22
Profit before tax 49 24 0 39 49 61 64 62 74 87 68 83 89
Tax % 25% 27% 486% 24% 28% 29% 21% 24% 27% 26% 21% 25% 23%
37 17 -1 30 35 43 50 47 54 64 54 63 68
EPS in Rs 2.77 1.31 -0.11 2.26 2.63 3.27 3.79 3.55 4.07 4.86 4.07 4.73 5.12
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
590 651 598 841 1,160 1,298
422 465 466 598 796 890
Operating Profit 168 186 132 243 364 408
OPM % 28% 29% 22% 29% 31% 31%
7 17 25 28 12 19
Interest 13 5 9 13 18 21
Depreciation 15 23 40 45 66 79
Profit before tax 146 174 110 213 291 327
Tax % 26% 25% 25% 26% 25%
109 130 82 158 219 249
EPS in Rs 9.67 10.47 6.22 11.95 16.54 18.78
Dividend Payout % 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: %
5 Years: %
3 Years: 21%
TTM: 30%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: 20%
TTM: 24%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: 22%
1 Year: 123%
Return on Equity
10 Years: %
5 Years: 10%
3 Years: 8%
Last Year: 10%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 Sep 2026
Equity Capital 113 125 133 133 133 133
Reserves 274 1,120 1,931 2,093 2,323 2,461
291 16 183 200 458 675
92 120 154 218 288 333
Total Liabilities 770 1,380 2,401 2,644 3,201 3,602
257 646 853 1,117 1,496 1,510
CWIP 58 37 232 363 516 705
Investments 17 1 0 0 0 0
438 695 1,315 1,163 1,189 1,387
Total Assets 770 1,380 2,401 2,644 3,201 3,602

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
-5 -7 -16 100 142
-151 -348 -424 -418 -619
169 439 894 1 244
Net Cash Flow 12 84 453 -317 -233
Free Cash Flow -157 -363 -444 -352 -481
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit 17% 14% 1% 64% 54%

Ratios

Consolidated / View Standalone

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%

Insights

In beta
Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
CRAMS Revenue as % of Total Revenue
%

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R&D as % of Revenue
%
R&D Expenditure
INR MM
Capacity Utilization - Manufacturing Facility 2 (Site 2)
%
Products in Portfolio
count
Total Customers
count
Capacity Utilization - Manufacturing Facility 3 (Site 3)
%
CEM and CRAMS Revenue as % of Total Revenue
%
Capacity Utilization - Manufacturing Facility 4 (Site 4)
%
R&D Expenditure (Percentage of Turnover)
% ・Standalone data

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Shareholding Pattern

Numbers in percentages

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
81.79% 81.79% 81.79% 81.78% 81.77% 81.77% 74.99% 74.99% 74.98% 74.94% 74.92% 74.92%
1.97% 2.22% 2.90% 3.17% 3.32% 3.33% 5.03% 4.64% 5.81% 6.29% 7.42% 8.49%
11.79% 11.82% 11.55% 11.63% 11.49% 11.43% 13.41% 12.97% 12.25% 12.66% 10.49% 9.69%
4.44% 4.16% 3.74% 3.40% 3.41% 3.47% 6.55% 7.39% 6.96% 6.10% 7.17% 6.89%
No. of Shareholders 84,00078,65571,68367,25166,67764,03472,62873,80667,80665,56265,33670,093

* 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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Documents

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