Aether Industries Limited (AETHER)

Micro Cap

Aether Industries Limited is an Indian specialty chemical manufacturer, focusing on advanced intermediates and specialty chemicals. It operates through Contract Manufacturing (CEM), Contract Research & Manufacturing Services (CRAMS), and Large Scale Manufacturing (LSM) business models, serving diverse sectors including Pharma, Oil & Gas, and Material Science.

₹1,521.4

-17.20 · -1.12%

Market cap ₹22,767 Cr

ThemesManufacturing

Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm IST

Details

Quote19 Oct, 03:31 pm IST

Base fundamentals14 Oct 2026 · screener

Latest result16 Aug, 01:50 am IST

Score20 Oct, 04:30 am IST · v4.3-runtime-valuation

Tags15 Aug 2026

Coverage13/14 · 93%

Valuation2026-07-20 · Rf 6.8% · Chemicals P/E 33.1 (n=45)

Technical timing lens

Trend score and candlestick chart

54Neutral

SMA20 +2.7% / mo · MACD − · sector -4.2pp vs Nifty 500 (3M)

Stock trend: 59

Sector RS: 46

Sector 3M: -9.8% vs Nifty 500 -5.6%

Chemicals FPI tailwindNot confirmed

Latest mapped FPI equity flow was not positive. View sector evidence

Compare peers →

Technical chart

AETHERD candles · FIT view+36.6%

Latest close ₹1521.40 on 2026-10-19

Bar

+0.4%

RSI

MACD hist

-27.15

52W pos

73%

2026-10-19O ₹1515.00H ₹1542.20L ₹1492.30C ₹1521.40Vol 3.5L 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

AETHERNifty ChemicalsNifty 500

AETHER: +4.9%
Nifty 500: -5.6%
Nifty Chemicals: -8.5%
Vs Nifty 500: +10.5 pp

Chart stats

19 Oct 2026

From 52W high: -16.1%
52W range position: 73%
ATR (14): 4.7%
Volume vs 20D: 0.90x
Avg traded value: ₹68.8 Cr
20D price channel: ₹1,492.3 - ₹1,814.1

Quarter ended 30 Jun 2026

Good · 67

Rev +27% YoY · PAT +34% YoY · +7% QoQ · operating leverage · margin compression

Revenue: ₹327 Cr; YoY +27.2%
PAT: ₹63 Cr; YoY +34.0%
Operating margin: 31.0%; QoQ +400 bps
PAT margin: 19.3%; QoQ +157 bps

Filed 30 Jun 2026Full result & history →

Current-quarter concall

Transcript not linked yet

No source-linked earnings-call transcript is available for this company in the active results quarter.

Search Concall Intelligence

Technical snapshot

Positioning and participation

Stage 2 Uptrend

Current trend context ranked against all active NSE stocks. It describes the chart; it is not a buy or sell signal.

RS percentile: 92; -1 ranks over 20D
Stage 2 entry: 04 Dec 2025; 226 trading sessions · established
Sector rotation: #14; weakening · 47 stocks
Industry rotation: #43; weakening · 15 stocks

Trend structure

Below 20-DMABelow 50-DMAAbove 200-DMA

RSI (14)

Weak momentum

MACD

Below signal

Histogram -27.15

Volume participation

0.9x average

Versus 20-session average

20-session position

9% of range

₹1,492.3 low · ₹1,814.1 high

Relative performance

vs Nifty 500

1M: -3.2 pp; stock -6.7%
3M: +10.5 pp; stock +4.9%
6M: +31.9 pp; stock +28.3%
1Y: +110.0 pp; stock +103.0%

From 52W high

-16.1%

High ₹1,814.1

52W range position

73%

₹728 - ₹1,814.1

ATR (14)

4.7%

₹70.79

Avg traded value

₹68.8 Cr

20-session average

Current setup

Established Stage 2

Entered 04 Dec 2025 · 226 sessions

Open detailed technicals →

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 consistent.

Suggested next step

Research, do not rush

The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.

U-Score

Legacy · OVERVALUED

Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.

Financials

Fundamentals, quarterly history, margins, returns and balance-sheet evidence

Quarter ended 30 Jun 2026

Good · 67/100

Rev +27% YoY · PAT +34% YoY · +7% QoQ · operating leverage · margin compression

Filed 30 Jun 2026

Open results browser →

Metric	This quarter	YoY	QoQ
Revenue	₹327 Cr	+27.2%	+7.2%
EBITDA	₹103 Cr	+27.2%	+24.1%
Operating margin	31.0%	-100 bps	+400 bps
PAT	₹63 Cr	+34.0%	+16.7%
PAT margin	19.3%	+98 bps	+157 bps

NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.

Fundamentals

Valuation

P/E: 94.90
P/B: 9.28
EV/EBITDA: 50.49
Market Cap: 22767.00Cr

Profitability

ROE: 9.66%
ROCE: 11.90%
ROA: 7.34%
Dividend Y: —

Growth (CAGR)

Revenue 5Y: 10.00%
EPS 5Y: 10.00%
Revenue 3Y: 21.00%
EPS 3Y: 20.00%

Balance Sheet

Debt/Equity: 0.19
Interest Coverage: 20.32×
Altman Z: 8.07
Book Value: 185.00

Cash Flow

FCF Yield: —
FCF Positive Y: 0/5
OCF: 142.00 Cr
EPS TTM: 17.73

Shareholding

Promoter Hold: 74.92%
Promoter Pledge: 0.00%
Momentum 52W: 91%

Financial History

Updated 20/10/2026

Revenue

₹ Cr

Latest: 327+7.2% vs prev

Net Profit

₹ Cr

Latest: 63.0+16.7% vs prev

ROE is shown only in the Annual view — quarterly equity data isn't published.

Technicals

Trend interpretation, Stage 2, relative strength, volume and indicator evidence

Daily technical trend read

Mixed signals

Signals are conflicting — long-term uptrend intact. RSI 35. Wait for confirmation.

Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
SMA20 rising (~2.6% over last month) — short-term momentum positive.
RSI(14) at 35 — falling, no extreme reading.
MACD below signal, histogram expanding negatively — bearish momentum building.
16% off 52W high · 109% 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

RS percentile

Stage 2 UptrendEstablished S2

1M return

-6.7%

3M return

+4.9%

6M return

+28.6%

1Y return

+100.5%

RS 1D

RS 20D

-1

Sector rank

#14

Industry rank

#43

Stage evidence

Price is 10.2% above the 30-week proxy.
The 50-DMA is above the 30-week proxy and its slope is rising +7.3%.
Both 3-month and 6-month returns are positive.

50-DMA

price below

200-DMA

price above

S2 entered

04 Dec 2025

S2 age

226 trading sessions

Sector

weakening

Industry

weakening

Relative-strength line vs Nifty 500 (base 100)

262 observations

19 Oct 2026Value 213.39-0.09%

RS vs Nifty 500213

Valuation & peers

U-Score 29 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies

OVERVALUED

Fundamental score breakdown

U band · OVERVALUED

Valuation0/30

Growth11/25

Quality3/20

Balance Sheet10/15

Cash Flow1/10

Piotroski

8/9 (+5)

Penalties

-1

Raw sum

Why this score?

Top U-Score contributors and drags from the latest stored fundamentals.

29/100 · legacy band OVERVALUED

Positive drivers

Piotroski is strong at 8/9.
Balance sheet contributes 10/15 to the score.
Growth contributes 11/25 to the score.

Main drags

Penalty bucket subtracts 1 points.
Fair-value margin of safety is negative at -174.9%.
Valuation is weaker at 0/30; verify the latest quarterly trend.

Sector valuation model

Cyclical valuation: normalized earnings, not just trailing PE

Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.

Cyclical normalized

Primary lens

Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.

Secondary checks

Current margin versus 5-year average, balance sheet strength, commodity cycle.

Main risk check

A low trailing PE may mean peak-cycle earnings, not true cheapness.

94.9

9.3

EV/EBITDA

50.5

ROE

9.7%

ROCE

11.9%

FCF Yield

—

Debt/Equity

0.2

MoS

-174.9%

Cyclical/value-trap warning

This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.

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: 20 Oct 2026

v4.3-runtime-valuation

Final score

Previous: 29

Legacy U-Score band

OVERVALUED

Previous: OVERVALUED

Margin of safety

-174.9%

Previous: -174.9%

Score history

12 stored score snapshots. Latest stored move: +0 points.

20 Oct 2026

v4.3-runtime-valuation

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

₹271.66

-460.0% MoS

Growth-justified P/E

31.2

Growth-justified Value

₹553.53

-174.9% MoS

PEG

6.78

Comparable companies

Peers

Business-comparable peers in Chemicals — 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.

Compare all ↗

Ticker

Name

Why peer

Score

ROE

MoS

Verdict

BALAMINES

Micro

Balaji Amines Limited

Alkyl Amines Chemicals Limited

Aarti Industries Limited

Deepak Nitrite Limited

Himadri Speciality Chemical Limited

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 intactReviewed 2026-06-08T07:08:24.509Z

Management commentary snapshot

Aether Industries reported strong FY26 financial performance with revenue up 38% YoY, EBITDA up 53% YoY, and PAT up 39% YoY, driven by CEM and CRAMS. Q4FY26 saw revenue up 27% YoY, but EBITDA and PAT growth were modest at 6% and 7% YoY, impacted by a warehouse fire.

Strong FY26 growth, particularly in CEM/CRAMS, supports the long-term thesis. However, Q4FY26 results were tempered by a warehouse fire and year-end provisions, requiring close monitoring of operational stability and new capacity ramp-up. New capacity commissioning is on track.

Current business mix

Revenue by Business Model (FY26)

Latest issuer-disclosed distribution across 4 reported categories.

CEM46.3%

LSM43.2%

CRAMS9.2%

Others1.3%

Growth engines

CEM and CRAMS Business Models

CEM and CRAMS contribute more than 55% of revenue and led strong financial performance in FY26.

New Customer Acquisition

19 new customers onboarded across all business models during FY26.

R&D Expansion

R&D expansion on track with 18 fume hoods being installed and a new R&D Centre being expanded.

Capacity and execution

Site 3++ Production Commencement

Site 3++ commenced production in February end and is being ramped up.

Site 5 Phase One Commissioning

Site 5 Phase one - 2 production blocks - solvent trials begun, commercial production by Q1 FY27 (June 2026).

R&D Infrastructure Expansion

18 Fume Hoods being installed in the current R&D and New R&D Centre being expanded in adjacent land.

Tailwinds

Customer Traction

Strong traction with customers across different sectors.

Growing Contract Manufacturing

Growing CEM contracts and volume-led LSM demand.

Headwinds

Operational Disruption (Fire Incident)

Q4 FY26 EBITDA and PAT impacted by ₹70M loss of inventories due to fire at an external warehouse in March 2026 and certain year-end provisions.

Risk radar

Operational Stability

Impact of loss of inventories on account of fire at external warehouse in March 2026.

New Capacity Ramp-up

Strategic supply from Site 3++ to ramp up in Q1 FY27; Site 5 commercial production by Q1 FY27.

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 BOTH

Both YoY and QoQ comparisons are relevant. YoY provides a view of annual growth and seasonal performance, while QoQ highlights sequential momentum, especially with new capacity ramp-ups and recent operational impacts.

Sector KPIs management disclosed

Revenue

FY26: ₹11,601M (+38% Y/Y); Q4 FY26: ₹3,051M (+27% Y/Y)

EBITDA

FY26: ₹3,547M (+53% Y/Y, 31% margin); Q4 FY26: ₹814M (+6% Y/Y, 27% margin)

PAT

FY26: ₹2,195M (+39% Y/Y, 19% margin); Q4 FY26: ₹540M (+7% Y/Y, 18% margin)

R&D Spend

FY26: ₹862.13M, accounting for 7.3% of revenues.

Management forward view

Strategic Supply Ramp-up

Strategic supply from Site 3++ to ramp up in Q1 FY27.

Site 5 Commercial Production

Site 5 Phase one - 2 production blocks - commercial production by Q1 FY27.

Team Structure Reaffirmation

Team structure being reaffirmed to meet requirements.

Thesis monitor

Numbers and claims to verify in the next filings

Checkpoint	Current evidence	What to verify next
Site 3++ Ramp-up	Commenced production in February end.	Strategic supply ramp-up in Q1 FY27.
Site 5 Commercial Production	Solvent trials begun for Phase one.	Commercial production by Q1 FY27 (June 2026).
CEM and CRAMS Contribution	Contribute more than 55% of revenue.	Continued growth and margin contribution from these segments.
Operational Stability	Q4 FY26 impacted by warehouse fire.	Absence of further disruptions and normalized margins in subsequent quarters.

Verification checkpoints are IndiaPulse research interpretation, not investment advice.

Trust Score

74Limited 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 75th percentile of the scored universe and 55th percentile within Chemicals. Main check: cash conversion is weak at 43/100.

This is a financial-behaviour screen, not a claim-tested management reliability verdict.

Computed 05 Sept 2026

management-trust-v1

83 docs text-extracted · 36 concalls text-extracted

Score band

Limited evidence

Financial behaviour is scored, but management claims do not yet have enough outcome checks.

Relative rank

75th percentile

overall median 67 · Chemicals: 55th pctile, median 73 · Micro: 56th pctile, median 73

Evidence depth

Financial-only

83 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 confidence

What 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

strong · holding, pledge, alignment

Cash flow

weak · profit to cash conversion

Balance sheet

strong · leverage and solvency

Discipline

strong · capital discipline

Results

strong · quarterly consistency

Trust positives

▸Promoter holding is 74.9%.
▸Promoter pledge is zero.
▸4/4 latest quarters had positive YoY revenue growth.
▸4/4 latest quarters had positive YoY PAT growth.

Trust risks

▸Only 0 years of positive FCF.

Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.

Compare Chemicals stocks Browse Indian stocks starting with A Explore fundamental stock screeners Browse Indian investment themes

Related companies

Balaji Amines Limited (BALAMINES)Alkyl Amines Chemicals Limited (ALKYLAMINE)Aarti Industries Limited (AARTIIND)Deepak Nitrite Limited (DEEPAKNTR)Himadri Speciality Chemical Limited (HSCL)

Important announcements & filings

Latest exchange and company disclosures found within the past two years.

Source: Bse

Open source ↗

Verify on:NSE India ↗

All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.

Aether Industries Limited (AETHER)

Trend score and candlestick chart

Technical chart

Relative performance and chart statistics

What the evidence says now

Financials

Quarter ended 30 Jun 2026

Fundamentals

Valuation

Profitability

Growth (CAGR)

Balance Sheet

Cash Flow

Shareholding

Revenue

Net Profit

Technicals

Daily technical trend read

Relative Strength & Trend Stage

Valuation & peers

Fundamental score breakdown

Why this score?

Positive drivers

Main drags

Cyclical valuation: normalized earnings, not just trailing PE

Stored run vs live recompute

Score history

Factor attribution

Modelled fair value

Comparable companies

Business, management & trust

Where growth can come from, and what can break the case

Revenue by Business Model (FY26)

CEM and CRAMS Business Models

New Customer Acquisition

R&D Expansion

Site 3++ Production Commencement

Site 5 Phase One Commissioning

R&D Infrastructure Expansion

Customer Traction

Growing Contract Manufacturing

Operational Disruption (Fire Incident)

Operational Stability

New Capacity Ramp-up

What management said, and what results must prove

Revenue

EBITDA

PAT

R&D Spend

Strategic Supply Ramp-up

Site 5 Commercial Production

Team Structure Reaffirmation

Numbers and claims to verify in the next filings

How to read this Trust Score

Forensic breakdown

Trust positives

Trust risks

Continue researching Aether Industries Limited

Important announcements & filings

Announcement under Regulation 30 (LODR)-Credit Rating 24 Sep - Crisil assigned AA-/Stable and A1+ ratings to Aether’s Rs.636 crore bank facilities.

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 16 Sep - In accordance with Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, as amended from time to time, we herewith submit the …

Aug 2026 · Transcript

Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 11 Aug - In accordance with Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirements), Regulations 2015, we herewith inform about allotment of 15,269 shares under AIL …

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 10 Aug - Aether Industries will participate in Ambit-Daiwa India Access conference in Singapore on August 17-18, 2026.

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 24 Jun - In accordance with Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, as amended from time to time, we herewith submit the …

Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 15 Jun - In accordance with Reg. 30 of the SEBI (LODR) regulations, 2015, we herewith inform about allotment of 3,677 shares under AIL ESOS 2021, as annexed.

Announcement under Regulation 30 (LODR)-Credit Rating 26 May - ICRA reaffirmed A+ Stable and A1 ratings for ₹296 crore bank limits.

Compliances-Reg.24(A)-Annual Secretarial Compliance 26 May - Aether filed FY2026 secretarial compliance report; NSE penalty of ₹3,18,600 for a 54-day delay was reversed.

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 19 May - In accordance with Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, as amended from time to time, we herewith submit the …

Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 19 May - In accordance with Reg. 30 of the SEBI (LODR) Regulations, 2015, we herewith intimate about allotment of 29,075 shares under AIL ESOS, 2021, as annexed.

Annual Report 2026