Announcement
Announcement under Regulation 30 (LODR)-Change in Management 1 Oct - AGM approved reappointment of CEO Nikhil P. Desai, Executive Director Santosh M. Kakade, and appointment of Prof. Vandana B. Patravale.
Source: Bse
Aarti Surfactants Limited (AARTISURF)
Small CapIndustrials stocks · Small cap · NSE
Aarti Surfactants Limited (ASL), incorporated in 2018 following the demerger of Aarti Industries' Home and Personal Care segment, is a leading manufacturer of speciality surfactants. It serves 100+ customers in 30+ countries across Asia, Europe, Africa, and the Americas, offering 50+ products for home and personal care industries.
₹492.7
-6.15 · -1.23%
Market cap ₹421 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals06 Oct 2026 · screener
Latest result01 Aug, 09:49 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
51NeutralSMA20 -5.8% / mo · MACD +
Stock trend: 51
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
AARTISURFD candles · FIT view+26.5%Latest close ₹492.70 on 2026-10-19
Bar
-1.0%
RSI
46
MACD hist
0.28
52W pos
49%
2026-10-19O ₹497.50H ₹499.45L ₹485.60C ₹492.70Vol 2,769 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
AARTISURFNifty India ManufacturingNifty 500
- AARTISURF
- +25.8%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- +31.3 pp
Chart stats
19 Oct 2026- From 52W high
- -27.3%
- 52W range position
- 49%
- ATR (14)
- 4.2%
- Volume vs 20D
- 0.38x
- Avg traded value
- ₹0.4 Cr
- 20D price channel
- ₹475.2 - ₹541
₹677.7
₹316 - ₹677.7
₹20.6
Latest completed session
20-session average
30.9% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED27
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent100
Revenue +26.4% · PAT +206.1% YoY
Technical
Neutral51
Price trend and sector-relative-strength timing.
Valuation
Legacy model-524.5%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence69
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 100/100Rev +26% YoY · PAT +206% YoY · margin expansion · +6% QoQ · operating leverage
Filed 01 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹272.9 Cr | +26.4% | +6.5% |
| EBITDA | ₹20.3 Cr | +74.5% | +53.6% |
| Operating margin | 7.4% | +205 bps | +229 bps |
| PAT | ₹9 Cr | +206.1% | +114.8% |
| PAT margin | 3.3% | +194 bps | +167 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 22.90
- P/B
- 1.71
- EV/EBITDA
- 7.09
- Market Cap
- 421.00Cr
Profitability
- ROE
- 5.16%
- ROCE
- 8.53%
- ROA
- 3.48%
- Dividend Y
- 0.20%
Growth (CAGR)
- Revenue 5Y
- 13.00%
- EPS 5Y
- -11.00%
- Revenue 3Y
- 13.00%
- EPS 3Y
- -1.00%
Balance Sheet
- Debt/Equity
- 0.43
- Interest Coverage
- 4.31×
- Altman Z
- 3.86
- Book Value
- 289.00
Cash Flow
- FCF Yield
- 7.36%
- FCF Positive Y
- 4/5
- OCF
- 77.00 Cr
- EPS TTM
- 21.73
Shareholding
- Promoter Hold
- 49.84%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 49%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 859+30.3% vs prev
Net Profit
₹ CrLatest: 12.0-20.0% vs prev
Return on Equity
%Latest: 4.9-24.0% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
NeutralTrend is undirectional — long-term uptrend intact. RSI 46.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~6.1% over last month) — short-term momentum negative.
- RSI(14) at 46 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 27% off 52W high · 56% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
77
RS percentile
Stage 2 UptrendEstablished S2
1M return
-8.1%
3M return
+25.8%
6M return
+23.2%
1Y return
+5.4%
RS 1D
0
RS 20D
-4
Sector rank
#2
Industry rank
#9
Stage evidence
- Price is 12.6% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +3.9%.
- Both 3-month and 6-month returns are positive.
50-DMA
price below
200-DMA
price above
S2 entered
07 Aug 2026
S2 age
50 trading sessions
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 110.17-0.22%
RS vs Nifty 500110
Valuation & peers
U-Score 27 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 27 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation6/30
Growth5/25
Quality0/20
Balance Sheet8/15
Cash Flow8/10
Piotroski
6/9 (+3)
Penalties
-3
Raw sum
27
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
27/100 · legacy band OVERVALUED
Positive drivers
- FCF yield is supportive at 7.4%.
- Cash flow contributes 8/10 to the score.
- Balance sheet contributes 8/15 to the score.
Main drags
- Penalty bucket subtracts 3 points.
- Fair-value margin of safety is negative at -524.5%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
22.9
PB
1.7
EV/EBITDA
7.1
ROE
5.2%
ROCE
8.5%
FCF Yield
7.4%
Debt/Equity
0.4
MoS
-524.5%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
27
Previous: 27
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-524.5%
Previous: -524.5%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
27
27
27
27
27
27
27
27
27
27
27
27
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹375.9
-31.1% MoS
Growth-justified P/E
3.6
Growth-justified Value
₹78.88
-524.5% MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
GALAXYSURF
Small
Galaxy Surfactants Limited
Specialty Chemicals
match 146
29
22.8
10.9%
-287%
OVERVALUED
ASAHISONG
Small
Asahi Songwon Colors Limited
Specialty Chemicals
match 135
38
12.4
7.1%
-206%
WATCHLIST
MANORG
Small
Mangalam Organics Limited
Specialty Chemicals
match 135
24
15.8
8.4%
-768%
OVERVALUED
CHEMFAB
Small
Chemfab Alkalis Limited
Specialty Chemicals
match 134
23
—
-2.5%
—
OVERVALUED
AKSHARCHEM
Small
AksharChem India Limited
Specialty Chemicals
match 133
40
11.6
20.6%
-171%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-10-07T07:21:37.519Z
Management commentary snapshot
Aarti Surfactants reported 12% YoY operational revenue growth to INR 65,908.54 lakhs in FY25. However, EBITDA declined 20% YoY to INR 4,959.96 lakhs, with EBITDA margin contracting to 7.53% from 10.56%. PAT fell 32% YoY to INR 1,454.47 lakhs, and diluted EPS decreased 32% to INR 17.19.
Despite revenue growth, significant margin compression and profit decline in FY25 raise concerns about cost management and pricing power. The company's credit rating was reaffirmed, but financial performance metrics like ROCE and ROE have deteriorated, indicating operational challenges.
Current business mix
Geographical Sales Split for FY 2025
Latest issuer-disclosed distribution across 2 reported categories.
Domestic sales80.0%
International sales20.0%
Growth engines
Diverse Product Portfolio
Company offers 50+ products catering to home and personal care industries.
Strong Global Footprint
Export presence in 30+ countries across Asia, Europe, Africa, and the Americas.
Increasing Consumer Focus on Hygiene
Company benefits from rising consumer focus on hygiene, health, and personal care.
Shift Towards Sustainable Surfactants
Company is positioned for the industry shift towards sustainable and eco-friendly surfactants.
Tailwinds
Consumer Focus on Hygiene
Increasing consumer focus on hygiene, health, and personal care drives demand for company's products.
Sustainable Surfactants Trend
The industry's shift towards sustainable and eco-friendly surfactants presents a growth opportunity.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The provided document presents annual financial results for FY24 and FY25, making year-over-year comparison the most relevant basis to assess performance trends.
Sector KPIs management disclosed
Operational Revenue
Increased 12% YoY to INR 65,908.54 lakhs in FY25 (FY24: INR 58,985.74 lakhs).
EBITDA
Declined 20% YoY to INR 4,959.96 lakhs in FY25 (FY24: INR 6,226.00 lakhs).
EBITDA Margin
Contracted to 7.53% in FY25 from 10.56% in FY24.
PAT
Decreased 32% YoY to INR 1,454.47 lakhs in FY25 (FY24: INR 2,132.70 lakhs).
Management forward view
Global Partner of Choice Vision
Management's vision is to be the Global Partner of Choice for leading FMCG companies in surfactants and specialty products.
Sustainable Solutions Mission
Mission is to deliver high-performance, sustainable surfactant solutions that meet evolving customer needs.
Commitment to Innovation & Quality
Management states commitment to innovation, quality, and environmental responsibility, ensuring safe and effective products.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Operational Revenue Growth | 12% YoY (FY25) | Sustainability of revenue growth and market share gains. |
| EBITDA Margin | 7.53% (FY25) | Stabilization or improvement in margins, indicating better cost control or pricing power. |
| PAT Margin | 2.21% (FY25) | Improvement in overall profitability and efficiency. |
| ROCE | 11.54% (FY25) | Reversal of the declining trend and improved capital efficiency. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
69Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 59th percentile of the scored universe and 56th percentile within Industrials. Main check: financial discipline is weak at 30/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
9 docs text-extracted · 0 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
59th percentile
overall median 67 · Industrials: 56th pctile, median 68 · Small: 63rd pctile, median 66
Evidence depth
Financial-only
9 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
89
strong · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
30
weak · capital discipline
Results
60
acceptable · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 6.7%.
- ▸4 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸ROE is low at 5.2%.
- ▸ROCE trend is -2.1%.
- ▸Revenue CAGR is 13% but EPS CAGR is -1%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Aarti Surfactants Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Resignation of Director 12 Sep - Non-Executive Independent Director Nisha B. Shah resigned effective September 11, 2026.
Source: Bse
Investor presentation
Announcement under Regulation 30 (LODR)-Investor Presentation 29 Sep - Presentation made to Shareholders at 8th Annual General Meeting
Source: Bse
Annual report
Announcement under Regulation 30 (LODR)-Newspaper Publication 7 Sep - Newspaper advertisements regarding dispatch of Annual Report for the 8th Annual General Meeting of the Company
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Change in Directorate 22 Aug - Board reappointed CEO and executive director, appointed independent director, changed object clause and one designation.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Meeting Updates 3 Jul - Board approved redemption of 10,82,387 NCRPS at ₹167.70; record date July 21, 2026, payment August 5, 2026.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 3 Aug - Newspaper Publication of Financial Results for Quarter ended June 30, 2026
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 18 Jun - Allotment of Equity Shares pursuant to ''Aarti Surfactants Limited Employee Stock Option Plan 2024''
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 11 May
Source: Bse
Announcement
Re-Appointment Of Cost Auditor & Internal Auditor For FY 2026-2027 9 May - Board approved FY26 audited results, recommended Re.1 dividend, and reappointed auditors on May 9, 2026.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.