ARIES
Aries Agro financials
- Market cap
- ₹623 Cr
- Sector
- Chemicals
- Calls analysed
- 1
Aries Agro FY25 Annual General Meeting Speech Analysis
What went well
- Consolidated Gross Revenue grew 19.54% to ₹804.39 crores in FY25.
- Standalone Gross Revenue increased 17.22% to ₹778.35 crores in FY25, driven by robust international sales.
- EBITDA grew 23.77% to ₹72.28 crores (7,228.21 Lakhs) in FY25.
What to watch
- Challenges in global supply chains and price volatility impacted FY25.
- Erratic monsoon patterns for Kharif 2025 are expected to impact demand timing and intensity.
What Aries Agro does
Aries Agro manufactures speciality plant-nutrition products — primary, secondary and micronutrient fertilizers, chelated formulations and other speciality nutrients — along with animal and fisheries nutrition products, sold under its own brands to farmers through a dealer and distributor network. It also makes agricultural equipment through subsidiary Aries Agro Equipments Private Limited and other agri-inputs through subsidiary Mirabelle Agro Manufacturing Private Limited. The group has a UAE manufacturing presence via associate/subsidiary units (Golden Harvest Middle East FZC and the Amarak Chemicals FZC facility at Fujairah) producing sulphur-based products for India and global markets, and has been substituting imported raw materials with in-house manufacturing (e.g. the Aries HD range replacing water-soluble fertilizer imports from China).
Segments
- Primary Nutrients
- Secondary Nutrients
- Micronutrients
- Other Speciality Nutrients
- Animal and Fisheries Nutrition
- Agricultural Equipment
- Manufacturing locations
- 6 units in India (Mumbai, Hyderabad/Pashamylaram, Chhatral, Lucknow, Vijayawada, Raipur) + 1 associate unit in Fujairah, UAE
- Installed capacity (India)
- 95,400 MT per annum
- Domestic capacity utilisation
- 76.32% (FY25)
- Employees
- 1,203 (India & UAE)
- Dealer / distributor network
- 6,800+ registered distributors & dealers; 86,000+ dealer counters serviced
- Farmers reached
- ~17.9 lakh (1.79 million) farmers across 26 states, FY25
Guidance record · Q4 FY25
what the last two calls moved 2 tracked 0 delivered 0 missed 2 open- Gross Revenue open said Q4 FY25 Promised: Targeting ₹950 crores in gross revenue for FY26. Q4 FY25: We are targeting Rs. 950 crores in gross revenue for the current year.
All 2 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 16.8%, net profit up 50.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 194 | 170 | 128 | 161 | 204 +5% | 202 +19% | 185 +45% | 188 +17% |
| EBITDA | 34 | 22 | 1 | 22 | 38 +12% | 29 +32% | 0 −100% | 27 +23% |
| Net profit | 19 | 11 | -4 | 10 | 20 +5% | 17 +55% | -5 −25% | 15 +50% |
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 +13.6% 1Y
1Y: ₹418.8 on 10 Sept 2025 → ₹475.6. High ₹503.7 (26 Aug 2026), low ₹290.3 (20 Jan 2026).
How the price took the results
close before → close after
- Q4 FY25
- −2.5%
- 26 Sept
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 16.2% a year over 3 years, FY23 to FY26. Operating margin held at 11.8%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹479 Cr | ₹519 Cr | ₹627 Cr | ₹752 Cr |
| Operating profit | ₹56 Cr | ₹58 Cr | ₹72 Cr | ₹89 Cr |
| Operating margin | 11.7% | 11.2% | 11.5% | 11.8% |
| Interest | ₹23 Cr | ₹22 Cr | ₹19 Cr | ₹18 Cr |
| Depreciation | ₹8 Cr | ₹8 Cr | ₹9 Cr | ₹11 Cr |
| Net profit | ₹16 Cr | ₹19 Cr | ₹33 Cr | ₹42 Cr |
| Net margin | 3.3% | 3.7% | 5.3% | 5.6% |
| Cash from operations | ₹54 Cr | ₹77 Cr | ₹105 Cr | ₹86 Cr |
| Free cash flow | ₹39 Cr | ₹46 Cr | ₹74 Cr | ₹38 Cr |
| ROCE | 14.0% | 15.0% | 18.0% | 21.0% |
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 ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹13 Cr | ₹13 Cr | ₹13 Cr | ₹13 Cr | ₹13 Cr | ₹13 Cr |
| Reserves | ₹198 Cr | ₹211 Cr | ₹230 Cr | ₹247 Cr | ₹307 Cr | ₹321 Cr |
| Borrowings | ₹143 Cr | ₹112 Cr | ₹100 Cr | ₹74 Cr | ₹67 Cr | ₹56 Cr |
| Other liabilities | ₹148 Cr | ₹173 Cr | ₹177 Cr | ₹184 Cr | ₹272 Cr | ₹249 Cr |
| Total liabilities | ₹501 Cr | ₹509 Cr | ₹520 Cr | ₹518 Cr | ₹658 Cr | ₹639 Cr |
| Fixed assets | ₹55 Cr | ₹68 Cr | ₹75 Cr | ₹96 Cr | ₹114 Cr | ₹116 Cr |
| Capital work in progress | ₹13 Cr | ₹0 Cr | ₹0 Cr | ₹2 Cr | ₹21 Cr | ₹40 Cr |
| Investments | ₹57 Cr | ₹57 Cr | ₹62 Cr | ₹63 Cr | ₹106 Cr | ₹84 Cr |
| Other assets | ₹376 Cr | ₹384 Cr | ₹382 Cr | ₹357 Cr | ₹417 Cr | ₹398 Cr |
| Total assets | ₹501 Cr | ₹509 Cr | ₹520 Cr | ₹518 Cr | ₹658 Cr | ₹639 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 added +1.41 pp while FIIs trimmed −1.16 pp. The shareholder count shrank 7% to 18,136.
- Promoters
- 52.7%
- FIIs
- 3.1%
- DIIs
- 0.0%
- Public
- 44.2%
Since Jun 2025
- Public +1.41 pp
- FIIs −1.16 pp
- DIIs −0.24 pp
How it drifted, 12 quarters
Over this window FIIs went from 2.1% to 3.1% — +1.0 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 52.7%, FIIs 2.1%, Public 45.2%.Dec '23: Promoters 52.7%, FIIs 2.4%, Public 45.0%.Mar '24: Promoters 52.7%, FIIs 3.3%, Public 44.0%.Jun '24: Promoters 52.7%, FIIs 3.1%, Public 44.3%.Sep '24: Promoters 52.7%, FIIs 2.5%, Public 44.8%.Dec '24: Promoters 52.7%, FIIs 3.4%, Public 44.0%.Mar '25: Promoters 52.7%, FIIs 3.0%, Public 44.4%.Jun '25: Promoters 52.7%, FIIs 4.3%, DIIs 0.3%, Public 42.8%.Sep '25: Promoters 52.7%, FIIs 3.2%, Public 44.1%.Dec '25: Promoters 52.7%, FIIs 2.9%, Public 44.5%.Mar '26: Promoters 52.7%, FIIs 3.3%, Public 44.1%.Jun '26: Promoters 52.7%, FIIs 3.1%, DIIs 0.0%, Public 44.2%.
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.
- Investor Education And Protection newly disclosed 1.44% held
The same filing shows 0 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 Aries Agro above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Rahul Mirchandani | 28.67% | unchanged |
| Jimmy Mirchandani | 20.18% | unchanged |
| Akshay J Mirchandani | 3.24% | unchanged |
| Acadian Emerging Markets Micro-Cap Equity Master Fund Global fund house | 1.99% | unchanged |
| Investor Education And Protection | 1.44% | newly disclosed |
| Prudent Equity | 1.23% | unchanged |
| Amol Mirchandani | 0.54% | unchanged |
| Nitya Mirchandani | 0.02% | unchanged |
| Investor Education And Protection Fund Authority Ministry Of Corporate Affairs | — | off the list |
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.
Learn to analyse Aries Agro
Guides on how to read this kind of business and the numbers that matter.