AARTIIND

Aarti Industries Limited

Specialty chemicals manufacturer of fuel additives, agrochemicals and pharma intermediates

Commodities›Chemicals›Chemicals & Petrochemicals›Specialty Chemicals

aarti-industries.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹503.00
Market cap
18,259 Cr
Stock P/E
34.4
P/B
3.06
Dividend yield
0.2%
ROE (FY26)
7.0%
ROCE (FY26)
6.5%
Operating margin (FY26)
8.4%
Debt / equity (FY26)
0.83
OCF / EBITDA (FY26)
66.9%
OCF / EBITDA (3Y)
102.6%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Aarti Industries makes specialty chemicals, selling fuel additives (its Energy business) and chemicals used in agrochemicals, pharma, dyes and pigments and polymers (its Non-Energy business) to customers in India and overseas.

Company snapshot

6thBy market cap

Ranked among 68 companies in Specialty Chemicals.

Segment mix

Reportable segments as of 2022-03-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 83.7% of revenue

SegmentRevenue shareRevenuePBTAssets
a) Speciality Chemicals
83.7%
5,858 Cr1,614 Cr—
b) Pharmaceuticals
16.3%
1,142 Cr220 Cr—

What we see

Positives
  • ✓103% of operating profit came in as cash over the last three years — profits are backed by real cash.

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales1,454 Cr1,732 Cr1,773 Cr1,855 Cr1,628 Cr1,840 Cr1,949 Cr1,676 Cr2,100 Cr2,319 Cr2,206 Cr2,387 Cr
Operating expenses (approx.)1,221 Cr1,472 Cr1,490 Cr1,550 Cr1,430 Cr1,609 Cr1,680 Cr1,463 Cr1,809 Cr1,997 Cr1,863 Cr2,005 Cr
EBITDA233 Cr260 Cr283 Cr305 Cr197 Cr232 Cr269 Cr212 Cr291 Cr321 Cr343 Cr382 Cr
OPM %16.0%15.0%16.0%16.4%12.1%12.6%13.8%12.7%13.9%13.9%15.5%16.0%
Other income0.01 Cr8 Cr-0.05 Cr6 Cr5 Cr5 Cr-3 Cr4 Cr0.30 Cr2 Cr-0.83 Cr3 Cr
Interest58 Cr54 Cr59 Cr64 Cr62 Cr85 Cr64 Cr60 Cr100 Cr69 Cr112 Cr83 Cr
Depreciation93 Cr97 Cr98 Cr102 Cr108 Cr111 Cr113 Cr114 Cr120 Cr121 Cr119 Cr124 Cr
Profit before tax82 Cr117 Cr126 Cr145 Cr34 Cr40 Cr88 Cr42 Cr94 Cr119 Cr111 Cr180 Cr
Tax %-11.1%-6.4%-4.9%5.5%-53.9%-15.0%-8.2%-3.4%-12.8%-12.1%-23.6%13.9%
Net profit91 Cr124 Cr132 Cr137 Cr52 Cr46 Cr96 Cr43 Cr106 Cr133 Cr137 Cr155 Cr
EPS (₹)₹2.50₹3.42₹3.64₹3.77₹1.44₹1.27₹2.64₹1.19₹2.91₹3.67₹3.79₹4.27

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales3,163 Cr3,806 Cr5,014 Cr4,186 Cr4,506 Cr7,000 Cr6,619 Cr6,372 Cr7,271 Cr8,286 CrSign in free for the trailing twelve months
Operating expenses (approx.)2,510 Cr3,107 Cr4,044 Cr3,209 Cr3,525 Cr5,071 Cr5,530 Cr5,396 Cr6,271 Cr7,119 CrSign in free for the trailing twelve months
EBITDA653 Cr699 Cr971 Cr977 Cr982 Cr1,929 Cr1,089 Cr977 Cr1,000 Cr1,168 CrSign in free for the trailing twelve months
OPM %20.7%18.4%19.4%23.3%21.8%27.6%16.5%15.3%13.8%14.1%Sign in free for the trailing twelve months
Other income2 Cr8 Cr2 Cr9 Cr0.70 Cr0.80 Cr0.86 Cr8 Cr14 Cr5 CrSign in free for the trailing twelve months
Interest117 Cr132 Cr184 Cr125 Cr86 Cr114 Cr168 Cr211 Cr275 Cr340 CrSign in free for the trailing twelve months
Depreciation123 Cr146 Cr171 Cr185 Cr231 Cr289 Cr310 Cr378 Cr434 Cr474 CrSign in free for the trailing twelve months
Profit before tax416 Cr429 Cr617 Cr676 Cr665 Cr1,527 Cr611 Cr395 Cr307 Cr365 CrSign in free for the trailing twelve months
Tax %21.2%19.3%19.2%19.1%19.5%14.4%10.8%-5.3%-7.7%-14.9%Sign in free for the trailing twelve months
Net profit328 Cr346 Cr499 Cr547 Cr535 Cr1,307 Cr545 Cr416 Cr331 Cr419 CrSign in free for the trailing twelve months
EPS (₹)₹38.45₹40.95₹59.35₹30.77₹30.04₹36.06₹15.04₹11.49₹9.13₹11.56Sign in free for the trailing twelve months
Dividend payout %————8.4%9.7%16.6%13.1%11.0%8.7%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital41 Cr41 Cr43 Cr87 Cr87 Cr181 Cr181 Cr181 Cr181 Cr181 Cr
Reserves1,321 Cr1,538 Cr2,719 Cr2,892 Cr3,416 Cr5,733 Cr4,739 Cr5,109 Cr5,424 Cr5,774 Cr
Borrowings1,436 Cr1,921 Cr2,136 Cr1,811 Cr2,492 Cr2,218 Cr2,874 Cr3,184 Cr3,790 Cr4,921 Cr
Other liabilities637 Cr751 Cr1,080 Cr1,449 Cr1,634 Cr1,540 Cr786 Cr1,141 Cr1,719 Cr2,424 Cr
Total liabilities3,499 Cr4,327 Cr6,070 Cr6,333 Cr7,642 Cr9,673 Cr8,581 Cr9,616 Cr11,114 Cr13,300 Cr
Fixed assets (net)1,695 Cr1,996 Cr2,283 Cr2,468 Cr3,592 Cr4,418 Cr4,859 Cr5,641 Cr6,329 Cr6,265 Cr
CWIP270 Cr436 Cr799 Cr1,418 Cr1,298 Cr1,490 Cr989 Cr1,052 Cr1,274 Cr2,030 Cr
Investments47 Cr47 Cr65 Cr37 Cr64 Cr73 Cr17 Cr23 Cr48 Cr170 Cr
Loans & advances——146 Cr136 Cr187 Cr0 Cr0 Cr8 Cr6 Cr5 Cr
Inventories571 Cr747 Cr825 Cr836 Cr936 Cr1,411 Cr1,031 Cr1,160 Cr1,454 Cr1,732 Cr
Trade receivables525 Cr591 Cr805 Cr753 Cr794 Cr1,391 Cr940 Cr826 Cr786 Cr1,403 Cr
Cash & bank29 Cr32 Cr221 Cr0.60 Cr55 Cr57 Cr167 Cr42 Cr199 Cr583 Cr
Other assets363 Cr478 Cr927 Cr685 Cr716 Cr833 Cr576 Cr863 Cr1,018 Cr1,113 Cr
Total assets3,499 Cr4,327 Cr6,070 Cr6,333 Cr7,642 Cr9,673 Cr8,581 Cr9,616 Cr11,114 Cr13,300 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity470 Cr335 Cr736 Cr1,102 Cr873 Cr471 Cr1,310 Cr1,204 Cr1,242 Cr781 Cr
Cash from investing-529 Cr-610 Cr-797 Cr-1,124 Cr-1,322 Cr-1,305 Cr-1,330 Cr-1,310 Cr-1,398 Cr-1,142 Cr
Cash from financing58 Cr279 Cr833 Cr-535 Cr614 Cr679 Cr47 Cr35 Cr-73 Cr745 Cr
Net cash flow-0.49 Cr4 Cr772 Cr-557 Cr165 Cr-155 Cr27 Cr-71 Cr-229 Cr383 Cr
Free cash flow (OCF − Capex)-60 Cr-280 Cr-57 Cr-51 Cr-442 Cr-836 Cr-16 Cr-124 Cr-144 Cr-343 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %18.6%15.7%16.1%16.4%12.5%20.2%10.0%7.2%6.2%6.5%
ROE %22.1%20.9%16.9%17.4%14.9%22.1%11.1%7.9%5.9%7.0%
Debtor days60565866647252473962
Inventory days124125106171176157108112121120
Days payable65604071108554350103127
Cash conversion cycle1191221241661321751181095754
OCF / EBITDA %71.9%47.9%75.8%112.8%88.9%24.4%120.3%123.2%124.1%66.9%
OCF / EBITDA % (3 years)——66.3%82.1%92.5%62.9%66.3%74.7%122.5%102.6%
Debt / equity1.051.220.770.610.710.370.580.600.680.83
Current ratio1.001.021.331.050.991.400.880.960.840.83
Net debt / EBITDA2.15—1.971.852.481.122.493.223.593.72