AETHER

Aether Industries share price & financials

Price
₹1,475.3
Market cap
₹21.1k Cr
Sector
Chemicals
Calls analysed
6
Latest concall · Q1 FY27 · call held 31 Jul 2026

Aether Industries Limited Q1 FY27

Revenue ₹326.6 cr +27%EBITDA ₹102.8 cr +31%EBITDA Margin 31% PAT ₹62.7 cr +33%

What went well

  • Consolidated revenue of INR 326.6 crores, up 27.2% YoY.
  • EBITDA of INR 102.8 crores, up 31% YoY, with EBITDA margin at 31% (up 100 bps YoY).
  • PAT of INR 62.7 crores, up 33.4% YoY, with PAT margin at 19% (up 100 bps YoY).

What to watch

  • Inventory levels remain elevated due to strategic raw material positioning and semi-finished materials for new sites.
  • LSM (Large Scale Manufacturing) volume declined 22.5% YoY due to reallocation of production lines to higher-margin CEM contracts.
Read the full call →

What Aether Industries Limited does

Aether Industries designs, develops and manufactures advanced intermediates and specialty chemicals for pharmaceutical, agrochemical, oil & gas, material science, coatings, additives and high-performance photography customers worldwide. Its business model runs on in-house R&D: molecules are conceived and developed by its own research team, scaled through its pilot plant, and then produced commercially, so it can make products such as ones never previously produced in India and compete with established Chinese suppliers. Revenue is earned across three business models — Contract Research & Manufacturing Services (CRAMS), Contract & Exclusive Manufacturing (CEM), and Large Scale Manufacturing (LSM) — serving both domestic and export customers, including via a subsidiary, Aether Speciality Chemicals Limited, that runs one of its manufacturing sites.

Segments

  • Contract Research & Manufacturing Services (CRAMS)
  • Contract & Exclusive Manufacturing (CEM)
  • Large Scale Manufacturing (LSM)
Manufacturing facilities
7 sites (Facility 1, 2, 3, 3++, 4, 5, 5+) across Surat and Panoli, Gujarat
R&D / pilot plant
In-house R&D team with what the company describes as the world's largest pilot plant, used to scale lab chemistry to full production
Warehouses
9, for raw material, finished goods and packing material storage in Surat, Gujarat
Overseas offices
USA (Midland, Michigan) and Europe (Geldern, Germany)
Captive solar power capacity
31 MW (16 MW static panels + 15 MW auto-tracker)
New customers onboarded (FY26)
19, across all business models
Founded 2013Headquarters Surat, Gujarat, IndiaEmployees 987 (2025-03-31) Company website

Guidance record · Q1 FY27

what the last two calls moved 24 tracked 6 delivered 5 missed 13 open
  • Site 5 Production Blocks Commissioning delivered, diluted said Q1 FY26 Promised: Commission first two blocks by end of Q3 FY26 Q1 FY27: Promise achieved in prior quarters. Commercial sales from Site 5 confirmed in Q1 FY27.
  • Working Capital Cycle missed said Q1 FY26 Promised: 165-170 days by end of FY26 Q1 FY27: Promise missed in FY26 and has been superseded by a new FY27 target.
  • CEM/CRAMS Sales Mix on track said Q2 FY26 Promised: 70%+ in the next couple of years Q1 FY27: Management revised target upwards to '70%+' in the 'next couple of years'. However, the current mix was stated as 'approximately 50%', a dip from 55% in Q4 FY26.

All 24 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 27.2%, net profit up 34.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue199 220 240 257 280 +41%319 +45%305 +27%327 +27%
EBITDA54 65 80 81 88 +63%112 +72%83 +4%103 +27%
Net profit35 43 50 47 54 +54%64 +49%54 +8%63 +34%
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 +124.9% 1Y

₹0.8k₹1.0k₹1.2k₹1.4k₹1.6kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 13 Nov 2025Q3 FY26 — 3 Feb 2026Q4 FY26 — 15 May 2026Q1 FY27 — 31 Jul 2026

1Y: ₹744.7 on 10 Sept 2025 → ₹1,674.7. High ₹1,696.8 (28 Aug 2026), low ₹730.8 (17 Sept 2025).

How the price took the results

close before → close after

Q1 FY27
+3.3%
31 Jul
Q4 FY26
+0.5%
15 May
Q3 FY26
−3.0%
3 Feb
Q2 FY26
+4.0%
13 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 21.3% a year over 3 years, FY23 to FY26. Operating margin widened to 31.4%.

Year endingFY23FY24FY25FY26
Revenue₹651 Cr₹598 Cr₹839 Cr₹1.2k Cr
Operating profit₹186 Cr₹132 Cr₹242 Cr₹364 Cr
Operating margin28.6%22.1%28.8%31.4%
Interest₹5 Cr₹9 Cr₹13 Cr₹18 Cr
Depreciation₹23 Cr₹39 Cr₹45 Cr₹66 Cr
Net profit₹131 Cr₹83 Cr₹158 Cr₹219 Cr
Net margin20.1%13.9%18.8%18.9%
Cash from operations₹-7 Cr₹-16 Cr₹100 Cr₹142 Cr
Free cash flow₹-363 Cr₹-444 Cr₹-352 Cr₹-390 Cr
ROCE18.0%7.0%10.0%12.0%
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₹10 Cr₹113 Cr₹125 Cr₹133 Cr₹133 Cr₹133 Cr
Reserves₹164 Cr₹274 Cr₹1.1k Cr₹1.9k Cr₹2.2k Cr₹2.3k Cr
Borrowings₹211 Cr₹291 Cr₹16 Cr₹183 Cr₹165 Cr₹458 Cr
Other liabilities₹67 Cr₹92 Cr₹120 Cr₹154 Cr₹275 Cr₹288 Cr
Total liabilities₹453 Cr₹770 Cr₹1.4k Cr₹2.4k Cr₹2.8k Cr₹3.2k Cr
Fixed assets₹216 Cr₹257 Cr₹646 Cr₹853 Cr₹1.1k Cr₹1.5k Cr
Capital work in progress₹0 Cr₹58 Cr₹37 Cr₹232 Cr₹529 Cr₹516 Cr
Investments₹22 Cr₹17 Cr₹1 Cr₹0 Cr₹100 Cr₹0 Cr
Other assets₹214 Cr₹438 Cr₹695 Cr₹1.3k Cr₹1.1k Cr₹1.2k Cr
Total assets₹453 Cr₹770 Cr₹1.4k Cr₹2.4k Cr₹2.8k Cr₹3.2k 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, DIIs trimmed −2.92 pp while FIIs added +2.39 pp. The shareholder count shrank 10% to 65,336.

Promoters
74.9%
FIIs
7.4%
DIIs
10.5%
Public
7.2%

Since Jun 2025

  • DIIs −2.92 pp
  • FIIs +2.39 pp
  • Public +0.62 pp

How it drifted, 12 quarters

Over this window promoters fell from 81.8% to 74.9% — −6.9 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 81.8%, FIIs 2.4%, DIIs 13.0%, Public 2.8%.Dec '23: Promoters 81.8%, FIIs 2.0%, DIIs 11.8%, Public 4.4%.Mar '24: Promoters 81.8%, FIIs 2.2%, DIIs 11.8%, Public 4.2%.Jun '24: Promoters 81.8%, FIIs 2.9%, DIIs 11.6%, Public 3.7%.Sep '24: Promoters 81.8%, FIIs 3.2%, DIIs 11.6%, Public 3.4%.Dec '24: Promoters 81.8%, FIIs 3.3%, DIIs 11.5%, Public 3.4%.Mar '25: Promoters 81.8%, FIIs 3.3%, DIIs 11.4%, Public 3.5%.Jun '25: Promoters 75.0%, FIIs 5.0%, DIIs 13.4%, Public 6.5%.Sep '25: Promoters 75.0%, FIIs 4.6%, DIIs 13.0%, Public 7.4%.Dec '25: Promoters 75.0%, FIIs 5.8%, DIIs 12.3%, Public 7.0%.Mar '26: Promoters 74.9%, FIIs 6.3%, DIIs 12.7%, Public 6.1%.Jun '26: Promoters 74.9%, FIIs 7.4%, DIIs 10.5%, Public 7.2%.

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 1 holder trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

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

HolderStakeChange
Purnima Ashwin Desai 17.39%unchanged
AAD Business Trust (Trustees: Ashwin Jayantilal Desai and Purnima Ashwin Desai) 15.08%unchanged
RAD Family Trust (Trustees: Ashwin Jayantilal Desai and Purnima Ashwin Desai) 15.08%unchanged
PAD Family Trust (Trustees: Purnima Ashwin Desai and Ashwin Jayantilal Desai) 10.22%unchanged
AJD Family Trust (Trustees: Ashwin Jayantilal Desai and Purnima Ashwin Desai) 10.22%unchanged
SBI Multicap Fund Mutual fund5.28%−2.53 pp
Ashwin Jayantilal Desai 5.06%unchanged
Rohan Ashwin Desai 1.67%unchanged
Amansa Holdings Private Limited FPI fund1.64%unchanged
Invesco India Manufacturing Fund Mutual fund1.12%+0.08 pp
Aman Ashwinbhai Desai 0.08%unchanged
Surendra Keshav Manjrekar 0.03%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 AETHER

Filings to Aug 2026

0 new, 0 added, 4 trimmed, 0 sold out — net −4.12 L shares (−6.0%).

Held by funds
₹1.1k Cr
5 schemes
Biggest holder
SBI MultiCap Fund
₹609 Cr · 2.5% of that fund
SchemeHoldingLast month
SBI MultiCap Fund SBI Mutual Fund₹609 Cr−3.00 L
SBI MNC Fund SBI Mutual Fund₹223 Cr−0.40 L
SBI Healthcare Opportunities Fund SBI Mutual Fund₹135 Cr−0.00 L
HDFC Business Cycle Fund HDFC Mutual Fund₹84 Crheld
SBI Conservative Hybrid Fund SBI Mutual Fund₹26 Cr−0.72 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

0 added, 4 trimmed — net −4.12 L shares (−6.0%)

Funds are sitting on
+68%
vs est. average cost
Held by funds
₹1.1k Cr
5 schemes · ≈ 4.5% of the company
Biggest holder
SBI MultiCap Fund
₹609 Cr · 2.5% of that fund
Longest holder
SBI MNC Fund
4y 4m · since May '22

Shares held by these funds −43%

Aug '23 68.32 L shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹1675, this stock must grow earnings at 44% every year for 7 years. Our analysis caps realistic growth at ~16%. At that growth it is worth ₹428 — downside of 74%.

Growth the price implies
44.4% a year
for 7 years, fading to 4%
It has actually compounded at
18.7% a year
net profit, FY23–FY26 · EPS 16.5%
The gap
0.3 pp
-74% downside if it only repeats history
Price today ₹1,674.7 Value at the reference growth ₹427.73

Change the assumptions yourself →

All earnings calls (5)

Read the Q1 FY27 call →

Learn to analyse Aether Industries Limited

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