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Aarti Industries

AARTIIND NSE
₹447.55 No trade today
P/E
30.57
View as Markdown
MCP
Close 4 Nov 2026 ₹447.55 +57.05 +14.6% 1Y
Start ₹390.50

Key Fundamentals

SmallcapChemicals & PetrochemicalsChemicals

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
6.86%
Debt to Equity
0.83
EPS (TTM)
₹14.64
Book Value
₹172.70
Market Cap
—
P/E (TTM)
30.57
P/B
2.59
ROE
7.13%
Dividend Yield
0.23%
EBITDA
₹1,172 Cr
52W High
₹551.75
52W Low
₹338.05
Volume
0

Peer Comparison

Commodities › Chemicals › Specialty Chemicals

Aarti Industries peer comparison
Pidilite Industries
₹1,510.2058.04₹1,54,107 Cr13.721.42%23.90%31.00%₹15,399 Cr₹2,677 Cr
Gujarat Fluorochemicals
₹4,613.3083.76₹49,073 Cr6.040.07%7.82%9.64%₹5,303 Cr₹600 Cr
Navin Fluorine International
₹8,785.0057.03₹44,060 Cr10.100.09%19.60%21.00%₹3,634 Cr₹789 Cr
Deepak Nitrite
₹1,578.4027.48₹20,919 Cr3.320.49%9.82%11.40%₹8,575 Cr₹784 Cr
Aether Industries
₹1,540.7086.90₹20,030 Cr7.880.00%9.66%11.90%₹1,231 Cr₹235 Cr
Aarti Industries (this company)
₹447.5530.57₹15,838 Cr2.590.23%7.13%6.86%₹9,010 Cr₹531 Cr
Atul
₹5,156.5019.67₹14,827 Cr2.310.59%11.50%14.90%₹6,969 Cr₹788 Cr
Median 7 companies₹1,578.4057.03₹20,919 Cr6.040.23%9.82%11.90%₹6,969 Cr₹784 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

46 Average

Data confidence 100/100

Category scores

Quality
47
Average
Returns, margins, earnings quality 22% weight
Valuation
43
Weak
Cheap vs sector & own history 24% weight
Growth
81
Strong
Sales & profit trajectory 9% weight
Financial Health
23
Poor
Solvency, leverage, coverage 9% weight
Momentum
38
Weak
Trend strength, vol-adjusted 12% weight
Ownership
44
Weak
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

No strengths listed

Weaknesses

6
  • Stock is trading at 3.06 times its book value
  • Tax rate seems low
  • Company has a low return on equity of 7.10% over last 3 years.
  • Company might be capitalizing the interest cost
  • Dividend payout has been low at 9.44% of profits over last 3 years
  • Debtor days have increased from 50.1 to 61.8 days.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bearish1072
OscillatorsBearish270
Moving AveragesStrong Bearish802

Key readings

RSI (14)
44.45
Neutral
MACD (12,26,9)
−13.58
Bearish
SMA (50)
483.17
Bearish
SMA (200)
462.26
Bearish

As of

Analyst Rating

Based on 23 analysts
BUY78%

18 of 23 analysts rate Buy, 2 Hold, 3 Sell.

As of

BUY
18
78%
HOLD
2
9%
SELL
3
13%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+10.67%
5Y+12.96%
3Y+7.77%
1Y+13.99%
TTM+26.99%

Net profit

Net profit growth by window
10Y+4.57%
5Y−4.77%
3Y−8.39%
1Y+26.59%
TTM+124.05%

Operating cash flow

Operating cash flow growth by window
10Y+3.13%
5Y−2.20%
3Y−16.03%
1Y−36.91%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−4.93 pp
5Y−7.69 pp
3Y−2.35 pp
1Y+0.38 pp
TTM+2.11 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹3,163 Cr
Mar 2018₹3,806 Cr
Mar 2019₹4,168 Cr
Mar 2020₹4,186 Cr
Mar 2021₹4,506 Cr
Mar 2022₹6,086 Cr
Mar 2023₹6,619 Cr
Mar 2024₹6,371 Cr
Mar 2025₹7,269 Cr
Mar 2026₹8,286 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹328 Cr
Mar 2018₹346 Cr
Mar 2019₹504 Cr
Mar 2020₹547 Cr
Mar 2021₹535 Cr
Mar 2022₹1,186 Cr
Mar 2023₹545 Cr
Mar 2024₹416 Cr
Mar 2025₹331 Cr
Mar 2026₹419 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹387 Cr −7.3% vs Sep 26
Reported High Mean Low

AI News Digest

9h ago

TL;DR: Aarti Industries is in a constructive phase, anchored by a ₹1,500 crore, 10+ year global supply deal that adds revenue visibility through FY29 and beyond with modest capex. The ₹1,000 crore fundraise approval with near-unanimous shareholder support positions the company to invest in capacity expansion. No material headwinds emerged in the recent news cycle. The trend is improving, with the stock up 30% in 2026, and execution on the new dedicated facility will be the key catalyst to watch.

Positives 2
  • ₹1,500 cr long-term supply deal Oct 13

    Signed a 10+ year dedicated manufacturing and supply agreement with a leading global specialty chemical company, with cumulative revenue potential of ~₹1,500 crore (~US$150 million). Commercial operations expected to commence in FY 2028-29, with capex under US$25 million.

  • ₹1,000 cr capital raise approved Nov 2

    Shareholders approved ₹1,000 crore capital raise with 97.6% votes in favour. Promoters voted unanimously and public institutions supported at 93.2%, signalling strong backing for growth funding.

Neutral 2
  • EGM notice for fundraise dispatched Oct 8

    EGM notice dispatched for October 31, 2026 meeting to approve up to ₹1,000 crore fundraise. Remote e-voting opened October 28 via NSDL with cut-off date of October 24.

  • Promoter reclassification cleared Oct 7

    BSE and NSE granted no-objection for reclassifying Ratanben Premji Gogri from Promoter Group to Public under SEBI LODR Regulations.

Quarterly Results

₹ Cr
AARTIIND quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
1,414
1,454
1,732
1,773
1,851
1,628
1,843
1,949
1,676
2,100
2,319
2,206
2,387
3,668
Expenses
1,214
1,221
1,473
1,489
1,546
1,431
1,612
1,687
1,463
1,809
1,997
1,864
2,005
3,258
Operating Profit
200
233
259
284
305
197
231
262
212
291
321
341
382
411
OPM %
14%
16%
15%
16%
16%
12%
13%
13%
13%
14%
14%
15%
16%
11%
Other Income
0
0
8
−0.05
6
7
5
3
4
22
−13
−0.83
5
—
Interest
40
58
54
59
64
62
85
64
60
100
69
112
83
88
Depreciation
89
93
97
98
102
108
111
113
114
120
121
119
124
125
PBT
71
82
117
126
145
34
40
88
42
93
118
111
180
203
Tax %
1%
−11%
−7%
−5%
6%
−53%
−15%
−9%
−2%
−14%
−13%
−23%
14%
17%
Net Profit
70
91
124
132
137
52
46
96
43
106
133
137
155
169
EPS (₹)
1.93
2.51
3.42
3.64
3.78
1.43
1.27
2.65
1.19
2.92
3.67
3.78
4.27
—

Sep 2026: from the results filed on 30 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
AARTIIND profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
2,890
3,006
3,163
3,806
4,168
4,186
4,506
6,086
6,619
6,371
7,269
8,286
9,010
Expenses
2,424
2,434
2,509
3,106
3,202
3,209
3,525
4,365
5,530
5,393
6,272
7,118
7,675
Operating Profit
466
572
654
700
965
977
982
1,720
1,089
978
997
1,168
1,335
OPM %
16%
19%
21%
18%
23%
23%
22%
28%
16%
15%
14%
14%
15%
Other Income
9
6
2
7
2
9
1
1
1
7
20
11
15
Interest
138
117
117
132
183
125
86
102
168
211
275
340
364
Depreciation
82
98
123
146
163
185
231
246
310
378
434
474
484
PBT
255
363
416
429
622
676
665
1,372
611
395
307
365
502
Tax %
24%
26%
21%
19%
19%
19%
19%
14%
11%
−5%
−8%
−15%
—
Net Profit
208
268
328
346
504
547
535
1,186
545
416
331
419
531
EPS (₹)
5.81
7.71
9.62
10.24
14.18
15.39
15.02
32.71
15.04
11.49
9.13
11.56
14.64
Div. Payout %
24%
28%
3%
2%
19%
11%
10%
11%
17%
9%
11%
9%
—

Balance Sheet

₹ Cr
AARTIIND balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
44
42
41
41
43
87
87
181
181
181
181
181
Reserves
972
1,096
1,321
1,538
2,587
2,892
3,416
4,335
4,739
5,109
5,424
5,774
Borrowings
1,202
1,292
1,564
2,083
2,401
2,098
2,857
2,587
2,907
3,623
3,848
4,966
Other Liabilities
719
538
573
730
826
1,256
1,282
748
754
1,203
1,661
2,379
Total Liabilities
2,938
2,966
3,499
4,391
5,858
6,332
7,642
7,851
8,581
10,115
11,114
13,300
Fixed Assets
967
1,246
1,697
1,998
2,147
2,468
3,593
3,595
4,861
5,649
6,377
6,399
CWIP
193
313
270
436
795
1,418
1,298
1,346
1,096
1,229
1,454
2,187
Investments
139
41
47
47
33
37
64
28
17
23
48
132
Other Assets
1,639
1,366
1,486
1,910
2,884
2,409
2,688
2,882
2,607
3,214
3,235
4,582
Total Assets
2,938
2,966
3,499
4,391
5,858
6,332
7,642
7,851
8,581
10,115
11,114
13,300

Cash Flow

₹ Cr
AARTIIND cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
340
574
470
335
736
1,102
873
519
1,319
1,210
1,238
781
Investing
−298
−452
−529
−610
−797
−1,124
−1,322
−1,169
−1,330
−1,369
−1,393
−1,142
Financing
−23
−128
58
279
833
−535
614
412
38
420
−73
745
Net Cash Flow
19
−7
0
4
772
−557
165
−239
27
261
−229
383
Free Cash Flow
45
124
−60
−279
−55
−23
−442
−646
−8
−96
−137
−340
CFO/EBITDA
85
117
87
62
90
130
99
44
129
132
123
67

Ratios

AARTIIND financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
55
64
61
63
68
66
64
65
52
49
39
62
Inventory Days
123
108
136
144
152
174
190
143
115
121
126
129
Days Payable
55
67
71
69
55
72
117
53
24
76
107
137
Cash Conversion Cycle
123
105
125
138
165
168
137
155
143
94
58
54
Working Capital Days
10
10
−4
6
−14
−14
−36
22
−29
−36
−44
−64
ROCE %
19%
20%
19%
16%
18%
15%
13%
22%
10%
7%
6%
7%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Aarti Industries insights

61 extracted metrics across FY10–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 41.82%
  • Public 25.54%
  • DIIs 20.89%
  • FIIs 6.96%
  • Others 4.78%
  • Government 0.01%

3.57% of promoter holding pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Aarti Industries

What does Aarti Industries Ltd do?
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.
Where is Aarti Industries Ltd (AARTIIND) listed?
Aarti Industries Ltd trades as AARTIIND on the NSE and under code 524208 on the BSE.
Which sector does Aarti Industries Ltd belong to?
Aarti Industries Ltd is classified under the Chemicals sector, in the Specialty Chemicals industry.
What is the PE ratio of Aarti Industries Ltd?
Aarti Industries Ltd trades at a PE ratio of 30.57 as of 4 Nov 2026, on earnings per share of ₹14.64, against a book value of ₹172.7 per share.
What is the 52-week high and low of Aarti Industries Ltd?
Over the last 52 weeks Aarti Industries Ltd has traded between ₹338.05 and ₹551.75 as of 4 Nov 2026.
Does Aarti Industries Ltd pay dividends?
Aarti Industries Ltd has a dividend yield of 0.23%.
What is the Return on Equity (ROE) of Aarti Industries Ltd?
Aarti Industries Ltd reported a return on equity of 7.13%. Its debt-to-equity ratio is 0.83.

Company Information

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.

Website aarti-industries.com
CEO Mr. Rajendra Vallabhaji Gogri
Employees 5,868
Listed 8 Feb 1995
Face Value ₹5

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