Aether Industries
Aether Industries
ChemicalsKey Fundamentals
SmallcapSpecialty ChemicalsChemicalsTapetide Score
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Key Insights
Strengths
1- Company is expected to give good quarter
Weaknesses
3- Stock is trading at 9.05 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.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 5d agoAether Industries trades at a market cap of ₹21,445 Cr with a PE of 91.3x and PB of 8.75x, reflecting premium valuations. The company has delivered TTM sales growth of 34% and profit growth of 30%, but its 3-year average ROE remains modest at ~8%, and it pays no dividend despite consistent profitability.
- Strong TTM revenue growth of 34%, significantly above the 3-year compounded sales CAGR of 21%, indicating accelerating top-line momentum
- TTM profit growth of 30% demonstrates healthy earnings expansion and improving operating leverage
- 3-year compounded profit CAGR of 20% shows sustained earnings growth over a multi-year period
- Stock has delivered a 1-year return of 119%, reflecting strong market confidence and momentum
- 3-year stock CAGR of 18% indicates consistent wealth creation for longer-term holders
- Company is expected to deliver a good upcoming quarter, suggesting near-term earnings visibility remains intact
- Last year ROE of 10% shows improvement over the 3-year average of 8%, indicating a trend toward better capital efficiency
- PE ratio of 91.3x is extremely elevated compared to the broader chemicals sector average of ~30-40x, leaving limited margin of safety
- PB ratio of 8.75x is steep, meaning the stock trades at nearly 9 times its book value, pricing in significant future growth
- 3-year average ROE of just 8% is low for a company commanding such premium valuations, indicating modest capital efficiency
- Zero dividend yield despite reporting repeated profits suggests shareholders receive no income return, with all reinvestment risk borne by equity holders
- At a 91.3x PE, even the 30% TTM profit growth yields a PEG ratio above 3x, suggesting the stock may be priced well ahead of its growth rate
- 52-week high and low data are unavailable (reported as 0), limiting visibility into recent price range and drawdown risk
- Debt-to-equity ratio is not reported, creating uncertainty about the company's leverage and balance sheet health
- 5-year and 10-year growth track records are unavailable, making it difficult to assess long-term consistency and durability of the business model
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- Institutional dissent on key directors Sep 12
Institutional investors opposed reappointment of promoter Kamalvijay Tulsian by 22.08% and MD Ashwin Desai by 17.63% at the 14th AGM on September 11, signaling governance concerns among large shareholders.
- All AGM resolutions passed Sep 12
All 8 ordinary resolutions passed at the 14th AGM on September 11, 2026 with 91.74% turnout (121.77 million votes polled). Promoter group voted 100% in favour across all resolutions.
- AGM scheduled for September 11 Aug 19
Aether Industries set its 14th AGM for September 11, 2026 with agenda covering re-appointment of key promoters and ratification of cost auditor fees.
TL;DR: Recent newsflow for Aether Industries is limited to AGM-related procedural updates with no operational or financial catalysts. The notable development is meaningful institutional dissent (17-22%) against two key promoter-directors, which could flag emerging governance friction. No business headwinds or growth triggers are visible in the current news cycle. Investors should watch whether institutional pushback translates into board-level changes or shareholder activism going forward.
Quarterly Results
| Particulars | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 161 | 164 | 155 | 118 | 180 | 199 | 220 | 240 | 257 | 280 | 319 | 305 | 327 |
| Expenses | 116 | 118 | 124 | 107 | 137 | 145 | 155 | 161 | 175 | 192 | 207 | 222 | 224 |
| Operating Profit | 45 | 46 | 31 | 10 | 43 | 54 | 65 | 80 | 81 | 88 | 112 | 83 | 103 |
| OPM % | 28% | 28% | 20% | 9% | 24% | 27% | 29% | 33% | 32% | 31% | 35% | 27% | 31% |
| Other Income | 2 | 14 | 5 | 4 | 9 | 8 | 11 | 2 | -1 | 6 | -4 | 10 | 8 |
| Interest | 1 | 2 | 2 | 4 | 3 | 2 | 3 | 5 | 5 | 3 | 4 | 6 | 6 |
| Depreciation | 9 | 10 | 10 | 10 | 10 | 11 | 11 | 13 | 14 | 17 | 17 | 18 | 21 |
| PBT | 37 | 49 | 24 | 0 | 39 | 49 | 61 | 64 | 62 | 74 | 87 | 68 | 83 |
| Tax % | 19% | 25% | 27% | 486% | 24% | 28% | 29% | 21% | 24% | 27% | 26% | 21% | 25% |
| Net Profit | 30 | 37 | 17 | -1 | 30 | 35 | 43 | 50 | 47 | 54 | 64 | 54 | 63 |
| EPS in Rs | 2.25 | 2.77 | 1.31 | -0.11 | 2.26 | 2.63 | 3.27 | 3.79 | 3.55 | 4.07 | 4.86 | 4.07 | 4.73 |
Profit & Loss
| Particulars | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|
| Sales | 590 | 651 | 598 | 841 | 1,160 | 1,231 |
| Expenses | 422 | 465 | 466 | 598 | 796 | 845 |
| Operating Profit | 168 | 186 | 132 | 243 | 364 | 386 |
| OPM % | 28% | 29% | 22% | 29% | 31% | 31% |
| Other Income | 7 | 17 | 25 | 28 | 12 | 20 |
| Interest | 13 | 5 | 9 | 13 | 18 | 19 |
| Depreciation | 15 | 23 | 40 | 45 | 66 | 74 |
| PBT | 146 | 174 | 110 | 213 | 291 | 313 |
| Tax % | 26% | 25% | 25% | 26% | 25% | — |
| Net Profit | 109 | 130 | 82 | 158 | 219 | 235 |
| EPS in Rs | 9.67 | 10.47 | 6.22 | 11.95 | 16.54 | 17.73 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Equity Capital | 113 | 125 | 133 | 133 | 133 |
| Reserves | 274 | 1,120 | 1,931 | 2,093 | 2,323 |
| Borrowings | 291 | 16 | 183 | 200 | 458 |
| Other Liabilities | 92 | 120 | 154 | 218 | 288 |
| Total Liabilities | 770 | 1,380 | 2,401 | 2,644 | 3,201 |
| Fixed Assets | 257 | 646 | 853 | 1,117 | 1,496 |
| CWIP | 58 | 37 | 232 | 363 | 516 |
| Investments | 17 | 1 | 0 | 0 | 0 |
| Other Assets | 438 | 695 | 1,315 | 1,163 | 1,189 |
| Total Assets | 770 | 1,380 | 2,401 | 2,644 | 3,201 |
Cash Flow
| Particulars | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Operating | -5 | -7 | -16 | 100 | 142 |
| Investing | -151 | -348 | -424 | -418 | -619 |
| Financing | 169 | 439 | 894 | 1 | 244 |
| Net Cash Flow | 12 | 84 | 453 | -317 | -233 |
| Free Cash Flow | -157 | -363 | -444 | -352 | -481 |
| CFO/OP | 17 | 14 | 1 | 64 | 54 |
Ratios
| Particulars | 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
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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Documents
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Company Information
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]
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