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Aether Industries

AETHER NSE
₹1,540.70 +39.60 (+2.64%)
P/E
86.90
View as Markdown
MCP
Close 4 Nov 2026 ₹1,540.70 +789.95 +105% 1Y
Start ₹750.75

Key Fundamentals

SmallcapChemicals & PetrochemicalsChemicals

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

ROCE
11.90%
Debt to Equity
0.19
EPS (TTM)
₹17.73
Book Value
₹195.42
Market Cap
—
P/E (TTM)
86.90
P/B
7.88
ROE
9.66%
Dividend Yield
0.00%
EBITDA
₹385 Cr
52W High
₹1,814.10
52W Low
₹728.00
Day Range
₹1,491.20 – ₹1,551.00
Volume
1,83,315

Peer Comparison

Commodities › Chemicals › Specialty Chemicals

Aether 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 (this company)
₹1,540.7086.90₹20,030 Cr7.880.00%9.66%11.90%₹1,231 Cr₹235 Cr
Aarti Industries
₹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

51 Average

Data confidence 98/100

Category scores

Quality
40
Weak
Returns, margins, earnings quality 22% weight
Valuation
14
Poor
Cheap vs sector & own history 24% weight
Growth
98
Strong
Sales & profit trajectory 9% weight
Financial Health
76
Strong
Solvency, leverage, coverage 9% weight
Momentum
90
Strong
Trend strength, vol-adjusted 12% weight
Ownership
51
Average
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

Strengths

1
  • Company is expected to give good quarter

Weaknesses

3
  • Stock is trading at 8.31 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.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallNeutral676
OscillatorsNeutral171
Moving AveragesNeutral505

Key readings

RSI (14)
45.77
Neutral
MACD (12,26,9)
−33.65
Bearish
SMA (50)
1,634.40
Bearish
SMA (200)
1,305.55
Bullish

As of

Analyst Rating

Based on 7 analysts
BUY57%

4 of 7 analysts rate Buy, 1 Hold, 2 Sell.

As of

BUY
4
57%
HOLD
1
14%
SELL
2
29%

Growth Rate

From the financial statements below. 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
3Y+21.23%
1Y+37.93%
TTM+34.39%

Net profit

Net profit growth by window
3Y+18.99%
1Y+38.61%
TTM+34.29%

Operating cash flow

Operating cash flow growth by window
3YTurned positive
1Y+42.00%
TTM—

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

Operating margin· change in pp

Operating margin growth by window
3Y+2.81 pp
1Y+2.49 pp
TTM+0.79 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2022₹590 Cr
Mar 2023₹651 Cr
Mar 2024₹598 Cr
Mar 2025₹841 Cr
Mar 2026₹1,160 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2022₹109 Cr
Mar 2023₹130 Cr
Mar 2024₹82.00 Cr
Mar 2025₹158 Cr
Mar 2026₹219 Cr

Analyst Forecasts

Forecast For
FY27 consensus · EBITDA
₹469 Cr +21.8% vs FY26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 2 Nov 2026
AI opinion · based on fundamentals
Risk high

Aether Industries Ltd trades at ₹1,521.8 as of 2026-11-02 with a market cap of ₹20,116 crore. The stock commands a premium valuation at 85.83x TTM P/E and 7.79x P/B, supported by strong revenue and profit growth of 34% and 30% TTM respectively, while maintaining a conservative balance sheet with a debt-to-equity ratio of 0.19.

Bull Case 8
  • TTM sales growth of 34% indicates strong top-line momentum and rising demand for the company's specialty chemical products
  • TTM profit growth of 30% demonstrates the company's ability to translate revenue gains into meaningful bottom-line expansion
  • 3-year compounded sales CAGR of 21% reflects sustained, multi-year revenue growth rather than a one-off spike
  • 3-year compounded profit CAGR of 20% shows consistent earnings compounding over a meaningful period
  • Debt-to-equity ratio of just 0.19 indicates a conservatively financed balance sheet with limited leverage risk
  • Stock has delivered a 1-year return CAGR of 106%, significantly outperforming broader market indices, with the price rising from a 52-week low of ₹728 to ₹1,521.8
  • ROCE of 12.15% suggests the company generates reasonable returns on total capital deployed, supporting reinvestment-led growth
  • The company is expected to deliver a good upcoming quarter, which could act as a near-term positive catalyst
Bear Case 8
  • TTM P/E of 85.83x is extremely elevated, implying the stock prices in years of flawless execution and leaves minimal margin for earnings disappointment
  • Stock trades at 8.31 times book value, a steep premium that demands consistently high growth to justify the valuation
  • Zero dividend yield means shareholders receive no cash return; despite repeated profitability the company has chosen not to distribute any profits
  • 3-year average ROE of approximately 8% is modest for a company commanding such premium multiples, suggesting capital is not being deployed at high-return rates
  • Last year ROE of 10% and current ROE of 8.94% remain below the 15%+ levels typically expected of high-quality specialty chemical franchises trading at these valuations
  • The stock is already 16.1% below its 52-week high of ₹1,814.1, indicating recent selling pressure even after a strong rally from the ₹728 low
  • 3-year stock CAGR of 19% lags the TTM profit CAGR of 30%, suggesting returns have been volatile and back-end loaded rather than steady
  • EPS of ₹17.73 TTM relative to the ₹1,521.8 share price means every rupee of current earnings is being valued at nearly ₹86, leaving significant downside risk if growth decelerates

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: Aether Industries delivered a strong Q2 FY27 with 26% profit growth and 24% revenue growth, driven by its CEM and CRAMS verticals which now contribute nearly two-thirds of revenue. Margins remain stable above 31% at the EBITDA level, and a lower tax rate provided an additional tailwind to net profitability. The trend is clearly improving, with CEM and CRAMS scaling toward the 70% revenue target, positioning Aether well for sustained specialty chemicals growth.

Headwinds 2
  • Stock dips 2% post results Oct 30

    Aether Industries shares traded around 2% lower following the Q2 FY27 results announcement, despite the strong earnings beat.

  • LSM segment growth modest Oct 30

    Large Scale Manufacturing showed only modest growth as production lines were strategically redeployed to the CEM business, with LSM accounting for part of the remaining ~34% of revenue outside CEM and CRAMS.

Positives 5
  • Q2 profit jumps 26% YoY Oct 30

    Net profit rose 26% YoY to ₹68 crore in Q2 FY27, while revenue from operations grew 24% to ₹347.2 crore. EBITDA expanded 25.6% to ₹110.4 crore with a stable 31.8% margin.

  • CEM business surges 50% YoY Oct 30

    The Contract Exclusive Manufacturing vertical recorded ~50.03% YoY growth, while CRAMS expanded ~23.91%, together contributing 65.97% of total revenue and tracking toward a 70% combined target.

  • Sequential momentum continues Oct 30

    Revenue rose 6.3% and net profit increased 8.4% quarter-on-quarter from Q1 FY27, demonstrating consistent sequential growth momentum.

Neutral 1
  • Shift toward higher-value segments Oct 30

    Aether strategically redeployed certain production lines from LSM to the higher-growth CEM business, which now accounts for 33.35% of sales, reflecting a deliberate portfolio mix shift.

Quarterly Results

₹ Cr
AETHER quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
161
164
155
118
180
199
220
240
257
280
319
305
327
347
Expenses
116
118
124
107
137
145
155
161
175
192
207
222
224
237
Operating Profit
45
46
31
10
43
54
65
80
81
88
112
83
103
110
OPM %
28%
28%
20%
9%
24%
27%
29%
33%
32%
31%
35%
27%
31%
32%
Other Income
2
14
5
4
9
8
11
2
−1
6
−4
10
8
5
Interest
1
2
2
4
3
2
3
5
5
3
4
6
6
5
Depreciation
9
10
10
10
10
11
11
13
14
17
17
18
21
22
PBT
37
49
24
0
39
49
61
64
62
74
87
68
83
89
Tax %
19%
25%
27%
486%
24%
28%
29%
21%
24%
27%
26%
21%
25%
23%
Net Profit
30
37
17
−1
30
35
43
50
47
54
64
54
63
68
EPS (₹)
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
—

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

Profit & Loss

₹ Cr
AETHER profit and loss, annual, ₹ crore
Particulars Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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 (₹)
9.67
10.47
6.22
11.95
16.54
17.73
Div. Payout %
0%
0%
0%
0%
0%
—

Balance Sheet

₹ Cr
AETHER balance sheet, annual, ₹ crore
Particulars Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

₹ Cr
AETHER cash flow, annual, ₹ crore
Particulars Mar 2022Mar 2023Mar 2024Mar 2025Mar 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/EBITDA
17
14
1
64
54

Ratios

AETHER financial ratios, annual
Particulars Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

Beta

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

Log in to view Aether Industries insights

60 extracted metrics across FY18–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 74.92%
  • DIIs 9.70%
  • FIIs 8.49%
  • Public 5.09%
  • Others 1.81%

No promoter shares pledged as of 14 Oct 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 Aether Industries

What does Aether Industries Ltd do?
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)…
Where is Aether Industries Ltd (AETHER) listed?
Aether Industries Ltd trades as AETHER on the NSE and under code 543534 on the BSE.
Which sector does Aether Industries Ltd belong to?
Aether Industries Ltd is classified under the Chemicals sector, in the Specialty Chemicals industry.
What is the PE ratio of Aether Industries Ltd?
Aether Industries Ltd trades at a PE ratio of 86.90 as of 4 Nov 2026, on earnings per share of ₹17.73, against a book value of ₹195.42 per share.
What is the 52-week high and low of Aether Industries Ltd?
Over the last 52 weeks Aether Industries Ltd has traded between ₹728 and ₹1,814.1 as of 4 Nov 2026.
What is the Return on Equity (ROE) of Aether Industries Ltd?
Aether Industries Ltd reported a return on equity of 9.66%. Its debt-to-equity ratio is 0.19.

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.

Website aether.co.in
CEO Mr. Ashwin Jayantilal Desai
Employees 970
Listed 3 Jun 2022
Face Value ₹10

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