AARTIIND

Aarti Industries share price & financials

Price
₹493.95
Market cap
₹18.2k Cr
Sector
Chemicals
Calls analysed
7
Latest concall · Q1 FY27 · call held 07 Aug 2026

Aarti Industries Limited Q1 FY27

Revenue ₹2,627 cr +41%EBITDA ₹385 cr +79%PAT ₹155 cr +260%

What went well

  • Revenue increased by 41% Y-o-Y to ₹2,627 crores, primarily driven by higher input prices passed on to customers.
  • EBITDA grew by 79% Y-o-Y to ₹385 crores, supported by product mix optimization and monetization of low-cost inventories.
  • Profit After Tax surged by 260% Y-o-Y to ₹155 crores.

What to watch

  • Geopolitical tensions in the Middle East temporarily halted Energy business exports, reducing the region's revenue share from 15% to 2%.
  • Zone 4 project experienced 3-6 months of delays due to labor constraints and war-related issues, impacting ramp-up timelines for some chemistry blocks.
Read the full call →

What Aarti Industries Limited does

Aarti Industries Limited is an integrated speciality and commodity chemicals manufacturer established in 1984, built on backward-integrated benzene- and toluene-based value chains including Nitro Chloro Benzenes, Di-Chlorobenzenes, Phenylenediamines, Nitro Toluene and Sulphuric Acid & downstream products. It converts these building blocks into intermediates and speciality chemicals supplied to agrochemical, pharmaceutical, polymer, dyes & pigments, printing inks, fuel additives and FMCG customers, largely under long-term contracts and joint ventures with global majors. Operations are strategically located in western India with proximity to ports, supported by in-house R&D for customised, IPR-backed products.

Segments

  • Agrochemicals & Fertilizers
  • Energy & Additives
  • Dyes, Pigments & Printing Inks
  • Pharmaceuticals
  • Polymers & Additives
Manufacturing plants
16
Zero Liquid Discharge plants
11
Exporting countries
60+
Domestic & global customers
1,100+
R&D centres
2 state-of-the-art centres with 250+ scientists
Co-generation power plants
5
Founded 1984Headquarters Mumbai, Maharashtra Company website

Guidance record · Q1 FY27

what the last two calls moved 17 tracked 3 delivered 4 missed 10 open
  • MMA Capacity delivered said Q3 FY26 Promised: 360 KT by Q4 FY26 Q1 FY27: Management confirmed the completion of the fuel additives capacity expansion to 360 KTPA.
  • FY25 Capital Expenditure delivered said Q3 FY25 Promised: ₹1,300 to ₹1,500 crore for FY25 Q1 FY27: FY25 period is complete. Not discussed.
  • Absolute EBITDA at risk said Q3 FY25 Promised: ₹1,800 crore to ₹2,200 crore in next 3 years (by FY28) Q1 FY27: Management acknowledged that delays in 5 chemistry blocks in Zone IV 'might lead to a bit slower ramp-up compared to our original anticipation that we had given in our target aspirations for FY27, '28.'

All 17 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 37.0%, net profit up 227.3% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue1,717 1,749 1,992 1,636 2,084 +21%2,276 +30%2,439 +22%2,241 +37%
EBITDA199 230 265 212 284 +43%318 +38%349 +32%366 +73%
Net profit55 47 99 44 102 +85%131 +179%147 +48%144 +227%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +26.7% 1Y

₹350₹400₹450₹500₹550Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 14 Nov 2025Q3 FY26 — 3 Feb 2026Q4 FY26 — 5 May 2026Q1 FY27 — 7 Aug 2026

1Y: ₹388.9 on 10 Sept 2025 → ₹492.7. High ₹543.15 (24 Aug 2026), low ₹340 (21 Jan 2026).

How the price took the results

close before → close after

Q1 FY27
+0.2%
7 Aug
Q4 FY26
−4.9%
5 May
Q3 FY26
+15.2%
3 Feb
Q2 FY26
−0.1%
14 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 8.5% a year over 3 years, FY23 to FY26. Operating margin narrowed to 13.8%.

Year endingFY23FY24FY25FY26
Revenue₹6.6k Cr₹6.3k Cr₹7.3k Cr₹8.4k Cr
Operating profit₹1.1k Cr₹977 Cr₹1.0k Cr₹1.2k Cr
Operating margin16.5%15.4%13.7%13.8%
Interest₹169 Cr₹211 Cr₹275 Cr₹338 Cr
Depreciation₹311 Cr₹377 Cr₹433 Cr₹473 Cr
Net profit₹545 Cr₹418 Cr₹339 Cr₹424 Cr
Net margin8.3%6.6%4.6%5.0%
Cash from operations₹1.3k Cr₹1.2k Cr₹1.3k Cr₹610 Cr
Free cash flow₹-19 Cr₹-104 Cr₹-93 Cr₹-511 Cr
ROCE10.0%7.0%6.0%7.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹87 Cr₹181 Cr₹181 Cr₹181 Cr₹181 Cr₹181 Cr
Reserves₹3.3k Cr₹4.3k Cr₹4.7k Cr₹5.1k Cr₹5.5k Cr₹5.8k Cr
Borrowings₹2.9k Cr₹2.6k Cr₹2.9k Cr₹3.6k Cr₹4.0k Cr₹5.0k Cr
Other liabilities₹1.3k Cr₹748 Cr₹762 Cr₹1.2k Cr₹2.0k Cr₹2.2k Cr
Total liabilities₹7.5k Cr₹7.8k Cr₹8.6k Cr₹10.1k Cr₹11.7k Cr₹13.2k Cr
Fixed assets₹3.5k Cr₹3.6k Cr₹4.8k Cr₹5.6k Cr₹6.6k Cr₹6.5k Cr
Capital work in progress₹1.3k Cr₹1.3k Cr₹1.1k Cr₹1.2k Cr₹1.6k Cr₹2.0k Cr
Investments₹36 Cr₹3 Cr₹12 Cr₹19 Cr₹81 Cr₹189 Cr
Other assets₹2.7k Cr₹2.9k Cr₹2.7k Cr₹3.3k Cr₹3.4k Cr₹4.4k Cr
Total assets₹7.5k Cr₹7.8k Cr₹8.6k Cr₹10.1k Cr₹11.7k Cr₹13.2k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public trimmed −0.84 pp while DIIs added +0.73 pp. The shareholder count shrank 13% to 3,70,868.

Promoters
41.8%
FIIs
7.0%
DIIs
21.1%
Government
0.0%
Public
30.1%

Since Jun 2025

  • Public −0.84 pp
  • DIIs +0.73 pp
  • FIIs +0.56 pp

How it drifted, 12 quarters

Over this window DIIs went from 16.1% to 21.1% — +5.0 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 43.6%, FIIs 10.6%, DIIs 16.1%, Government 0.0%, Public 29.7%.Dec '23: Promoters 43.5%, FIIs 10.8%, DIIs 15.8%, Government 0.0%, Public 29.8%.Mar '24: Promoters 43.4%, FIIs 10.9%, DIIs 17.2%, Government 0.0%, Public 28.4%.Jun '24: Promoters 43.2%, FIIs 10.6%, DIIs 18.6%, Government 0.0%, Public 27.6%.Sep '24: Promoters 42.6%, FIIs 9.7%, DIIs 18.1%, Government 0.0%, Public 29.6%.Dec '24: Promoters 42.4%, FIIs 7.3%, DIIs 17.9%, Government 0.0%, Public 32.5%.Mar '25: Promoters 42.2%, FIIs 6.3%, DIIs 20.0%, Government 0.0%, Public 31.5%.Jun '25: Promoters 42.2%, FIIs 6.4%, DIIs 20.4%, Government 0.0%, Public 30.9%.Sep '25: Promoters 42.2%, FIIs 6.4%, DIIs 18.2%, Government 0.0%, Public 33.2%.Dec '25: Promoters 42.1%, FIIs 6.7%, DIIs 18.2%, Government 0.0%, Public 32.9%.Mar '26: Promoters 42.1%, FIIs 7.4%, DIIs 20.1%, Government 0.0%, Public 30.4%.Jun '26: Promoters 41.8%, FIIs 7.0%, DIIs 21.1%, Government 0.0%, Public 30.1%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 2 holders trimming and 1 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Aarti Industries Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Life Insurance Corporation Of India Insurer6.80%unchanged
ICICI Prudential Mutual fund4.46%+0.93 pp
Rashesh Chandrakant Gogri 4.09%unchanged
Renil Rajendra Gogri 3.08%unchanged
Mirik Rajendra Gogri 3.08%unchanged
Hetal Gogri Gala 2.75%unchanged
Anushakti Enterprise Private Limited 2.75%unchanged
Jaya Chandrakant Gogri 2.70%unchanged
Sarla Shantilal Shah 2.56%unchanged
HDFC Mutual Fund Mutual fund2.50%unchanged
LABDHI BUSINESS TRUST(Saswat Trusteeship Private Limited) 2.07%unchanged
TULIP FAMILY TRUST (Gloire Trusteeship Services Private Limited) 1.82%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in AARTIIND

Filings to Aug 2026

0 new, 4 added, 1 trimmed, 0 sold out — net +0.06 L shares (+0.1%).

Held by funds
₹374 Cr
7 schemes
Biggest holder
Nippon India Small Cap Fund
₹297 Cr · 0.4% of that fund
SchemeHoldingLast month
Nippon India Small Cap Fund Nippon India Mutual Fund₹297 Crheld
HDFC Large and Mid Cap Fund HDFC Mutual Fund₹50 Crheld
Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund₹17 Cr+0.04 L
SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund₹9 Cr+0.02 L
Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund₹1 Cr+0.00 L
SBI Nifty 500 Index Fund SBI Mutual Fund₹0 Cr−0.00 L
SBI Nifty Small Cap 250 ETF SBI Mutual Fund₹0 Cr+0.00 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

4 added, 1 trimmed — net +5,880 shares (+0.1%)

Funds are sitting on
-2%
vs est. average cost
Held by funds
₹374 Cr
7 schemes · ≈ 2.0% of the company
Biggest holder
Nippon India Small Cap Fund
₹297 Cr · 0.4% of that fund
Longest holder
HDFC Large and Mid Cap Fund
3y 8m · since Dec '22

Shares held by these funds −32%

Aug '23 72.03 L shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹493, this stock must grow earnings at 22% every year for 7 years. Our analysis caps realistic growth at ~-8%. At that growth it is worth ₹96 — downside of 81%.

Growth the price implies
22.5% a year
for 7 years, fading to 4%
It has actually compounded at
-8.0% a year
net profit, FY23–FY26 · EPS -8.0%
The gap
0.3 pp
-81% downside if it only repeats history
Price today ₹492.7 Value at the reference growth ₹95.84

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Aarti Industries Limited

Guides on how to read this kind of business and the numbers that matter.