AETHER

Aether Industries Limited

Specialty chemicals and contract research and manufacturing services provider

Commodities›Chemicals›Chemicals & Petrochemicals›Specialty Chemicals

aether.co.in(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹1538.60
Market cap
20,419 Cr
Stock P/E
86.8
P/B
8.31
ROE (FY26)
8.9%
ROCE (FY26)
10.7%
Operating margin (FY26)
25.6%
Debt / equity (FY26)
0.18
OCF / EBITDA (FY26)
-40.0%
OCF / EBITDA (3Y)
-3.7%

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

Aether (Aether Industries) makes specialty chemicals and supplies contract research and manufacturing services (CRAMS) and contract or exclusive manufacturing (CEM) to domestic and global customers.

Company snapshot

5thBy market cap

Ranked among 68 companies in Specialty Chemicals.

What we see

Positives
  • ✓Net margin of 19.8% — the business keeps a healthy share of every rupee it earns.
Concerns
  • ✗Over the last three years operations used more cash than they brought in, despite an operating profit — the business is not yet turning its profit into cash.
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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
Sales164 Cr155 Cr118 Cr180 Cr199 Cr220 Cr240 Cr256 Cr275 Cr317 Cr305 Cr327 Cr
Operating expenses (approx.)118 Cr124 Cr107 Cr137 Cr145 Cr155 Cr161 Cr175 Cr187 Cr207 Cr222 Cr224 Cr
EBITDA46 Cr31 Cr10 Cr43 Cr54 Cr65 Cr80 Cr81 Cr88 Cr111 Cr83 Cr103 Cr
OPM %28.0%20.2%8.7%24.0%27.0%29.5%33.2%31.5%32.0%34.9%27.1%31.5%
Other income14 Cr11 Cr12 Cr12 Cr11 Cr14 Cr5 Cr3 Cr9 Cr0.11 Cr11 Cr8 Cr
Interest2 Cr2 Cr4 Cr3 Cr2 Cr3 Cr5 Cr5 Cr3 Cr4 Cr6 Cr6 Cr
Depreciation10 Cr10 Cr10 Cr10 Cr11 Cr11 Cr13 Cr14 Cr17 Cr17 Cr18 Cr21 Cr
Profit before tax49 Cr24 Cr0.38 Cr39 Cr49 Cr61 Cr64 Cr62 Cr74 Cr87 Cr68 Cr83 Cr
Tax %24.7%26.8%476.8%23.9%28.3%29.3%21.1%23.7%27.3%26.0%20.6%24.8%
Net profit37 Cr17 Cr-1 Cr30 Cr35 Cr43 Cr50 Cr47 Cr54 Cr64 Cr54 Cr63 Cr
EPS (₹)₹2.77₹1.32₹-0.11₹2.26₹2.63₹3.27₹3.79₹3.55₹4.07₹4.86₹4.07₹4.77

Profit & loss (annual)

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

MetricMar 2023Mar 2024Mar 2025Mar 2026TTM
Sales651 Cr598 Cr839 Cr1,160 CrSign in free for the trailing twelve months
Operating expenses (approx.)465 Cr466 Cr598 Cr797 CrSign in free for the trailing twelve months
EBITDA186 Cr132 Cr241 Cr364 CrSign in free for the trailing twelve months
OPM %28.6%22.1%28.8%31.3%Sign in free for the trailing twelve months
Other income17 Cr39 Cr42 Cr21 CrSign in free for the trailing twelve months
Interest5 Cr9 Cr13 Cr18 CrSign in free for the trailing twelve months
Depreciation23 Cr40 Cr45 Cr66 CrSign in free for the trailing twelve months
Profit before tax174 Cr110 Cr213 Cr291 CrSign in free for the trailing twelve months
Tax %25.3%24.7%25.6%21.1%Sign in free for the trailing twelve months
Net profit130 Cr82 Cr158 Cr230 CrSign in free for the trailing twelve months
EPS (₹)₹10.47₹6.22₹11.95₹16.55Sign in free for the trailing twelve months
Dividend payout %0.0%0.0%0.0%0.0%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 2023Mar 2024Mar 2025Mar 2026
Equity capital125 Cr133 Cr133 Cr133 Cr
Reserves1,120 Cr1,931 Cr2,093 Cr2,323 Cr
Borrowings0.11 Cr169 Cr197 Cr442 Cr
Other liabilities135 Cr169 Cr221 Cr304 Cr
Total liabilities1,380 Cr2,401 Cr2,644 Cr3,201 Cr
Fixed assets (net)533 Cr693 Cr944 Cr1,236 Cr
CWIP37 Cr226 Cr355 Cr506 Cr
Investments1 Cr0.21 Cr0.21 Cr0.21 Cr
Loans & advances1 Cr1 Cr2 Cr1 Cr
Inventories249 Cr343 Cr397 Cr537 Cr
Trade receivables259 Cr233 Cr289 Cr390 Cr
Cash & bank71 Cr5 Cr17 Cr6 Cr
Other assets229 Cr898 Cr640 Cr525 Cr
Total assets1,380 Cr2,401 Cr2,644 Cr3,201 Cr

Cash flows

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

MetricMar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity-7 Cr-16 Cr135 Cr-145 Cr
Cash from investing-348 Cr-424 Cr-452 Cr-327 Cr
Cash from financing439 Cr894 Cr2 Cr239 Cr
Net cash flow84 Cr453 Cr-316 Cr-233 Cr
Free cash flow (OCF − Capex)-408 Cr-265 Cr-170 Cr-237 Cr

Ratios

MetricMar 2023Mar 2024Mar 2025Mar 2026
ROCE %14.4%5.3%9.3%10.7%
ROE %10.5%4.0%7.1%8.9%
Debtor days145142125122
Inventory days239332285287
Days payable7810092105
Cash conversion cycle305374319304
OCF / EBITDA %-3.5%-12.4%55.8%-40.0%
OCF / EBITDA % (3 years)——19.9%-3.7%
Debt / equity0.00010.080.090.18
Current ratio7.184.513.251.78
Net debt / EBITDA-0.381.230.751.20