Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 29 May - FY2026 revenue rose 18.93% to Rs 956.88 crore; PAT increased 26.5% to Rs 42.37 crore.
Source: Bse
Aries Agro Limited (ARIES)
Small CapIndustrials stocks · Small cap · NSE
Aries Agro is an Indian specialty fertilizer and micronutrient manufacturer with over five decades of experience. It focuses on innovation, digitization, and import substitution, serving farmers across India and expanding internationally with units in UAE.
₹464.5
-9.05 · -1.91%
Market cap ₹657 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 01:14 pm ISTDetails
Quote21 Oct, 01:14 pm IST
Base fundamentals06 Oct 2026 · screener
Latest result11 Aug, 06:44 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
51NeutralMACD − · near 52W high
Stock trend: 55
Sector RS: 46
Sector 3M: -7.6% vs Nifty 500 -6.0%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
ARIESD candles · FIT view+22.4%TODAY · PROVISIONALLatest price ₹464.50 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
-1.9%
RSI
46
MACD hist
-3.45
52W pos
75%
2026-10-21O ₹473.55H ₹478.40L ₹462.20C ₹464.50Vol 8,748 shIntraday candle
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
ARIESNifty India ManufacturingNifty 500
- ARIES
- +37.1%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- +42.7 pp
Chart stats
19 Oct 2026- From 52W high
- -9.8%
- 52W range position
- 79%
- ATR (14)
- 4.9%
- Volume vs 20D
- 0.69x
- Avg traded value
- ₹0.7 Cr
- 20D price channel
- ₹450 - ₹519
₹524.8
₹285.4 - ₹524.8
₹23
Latest completed session
20-session average
30.1% annualized volatility
Research snapshot
What the evidence says now
Investable 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 · UNDERVALUED65
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good67
Revenue +16.8% · PAT +50.0% YoY
Technical
Neutral51
Price trend and sector-relative-strength timing.
Valuation
Legacy model+67.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence82
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
Good · 67/100Rev +17% YoY · PAT +50% YoY · operating leverage · margin compression
Filed 11 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹188 Cr | +16.8% | +1.6% |
| EBITDA | ₹27 Cr | +22.7% | NDF |
| Operating margin | 14.0% | +0 bps | +1380 bps |
| PAT | ₹15 Cr | +50.0% | NDF |
| PAT margin | 8.0% | +177 bps | +1068 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 13.80
- P/B
- 1.95
- EV/EBITDA
- 6.79
- Market Cap
- 657.00Cr
Profitability
- ROE
- 12.70%
- ROCE
- 20.50%
- ROA
- 7.36%
- Dividend Y
- 0.30%
Growth (CAGR)
- Revenue 5Y
- 14.00%
- EPS 5Y
- 17.00%
- Revenue 3Y
- 16.00%
- EPS 3Y
- 32.00%
Balance Sheet
- Debt/Equity
- 0.17
- Interest Coverage
- 5.22×
- Altman Z
- 3.89
- Book Value
- 257.00
Cash Flow
- FCF Yield
- 1.22%
- FCF Positive Y
- 12/5
- OCF
- 86.00 Cr
- EPS TTM
- 36.72
Shareholding
- Promoter Hold
- 52.66%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 90%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 740+19.0% vs prev
Net Profit
₹ CrLatest: 42.0+27.3% vs prev
Return on Equity
%Latest: 12.6+10.5% 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
Bearish setupTrend is weak — long-term uptrend intact. RSI 46.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 46 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 11% off 52W high · 63% 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
82
RS percentile
Stage 2 UptrendEstablished S2
1M return
+0.3%
3M return
+37.1%
6M return
+25.4%
1Y return
+19.7%
RS 1D
+1
RS 20D
+2
Sector rank
#2
Industry rank
#54
Stage evidence
- Price is 22.2% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +5.1%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
18 Aug 2026
S2 age
43 trading sessions
Sector
leading
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 127.26+1.13%
RS vs Nifty 500127
Valuation & peers
U-Score 65 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 65 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Growth at Value
Fundamental score breakdown
U band · UNDERVALUEDValuation21/30
Growth19/25
Quality7/20
Balance Sheet9/15
Cash Flow5/10
Piotroski
8/9 (+5)
Penalties
-1
Raw sum
65
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
65/100 · legacy band UNDERVALUED
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 67.8%.
- Growth contributes 19/25 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Quality is weaker at 7/20; verify the latest quarterly trend.
- Cash flow is weaker at 5/10; 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
13.8
PB
1.9
EV/EBITDA
6.8
ROE
12.7%
ROCE
20.5%
FCF Yield
1.2%
Debt/Equity
0.2
MoS
+67.8%
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
65
Previous: 65
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+67.8%
Previous: +67.2%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
64
64
64
64
64
64
65
65
65
65
65
65
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
₹460.8
-0.8% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹1,443.1
+67.8% MoS
PEG
0.60
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
HERANBA
Small
Heranba Industries Limited
Agrochemicals
match 132
16
—
-9.7%
—
OVERVALUED
DHARMAJ
Small
Dharmaj Crop Guard Limited
Agrochemicals
match 131
48
15.0
13.3%
+65%
FAIR VALUE
IGCL
Small
Indogulf Cropsciences Limited
Agrochemicals
match 131
57
8.9
10.9%
+77%
FAIR VALUE
SHIVALIK
Small
Shivalik Rasayan Limited
Agrochemicals
match 128
24
44.0
2.2%
-729%
OVERVALUED
EXCELINDUS
Small
Excel Industries Limited
Agrochemicals
match 127
46
16.1
4.6%
-80%
FAIR VALUE
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 intactReviewed 2026-10-08T07:47:27.443Z
Management commentary snapshot
Aries Agro reported a 17.22% YoY increase in standalone gross revenue to Rs. 778.35 crores for FY2024-25, driven by strong international sales and contributions from UAE units.
The company demonstrated resilience and growth in FY2024-25, driven by international expansion and import substitution. While the FY2025-26 revenue target is ambitious, erratic monsoon and potential GST inverted duties pose execution risks. Management is addressing demand volatility.
Growth engines
International Sales & UAE Units
Robust international sales and contributions from units in Fujairah and associate company Amarak Chemicals FZC, UAE, led revenue growth.
New Product Introductions
Introduced Aries Ecoshield, Majorsol Soybean & Pulses Special, Calmax, and Zinc HD Gold, alongside innovations in the Equipment Division.
Digitization Platforms
Platforms like AIMS, Aries Everywhere App, and Khazaana reward system make core business operations more agile and farmer-focused.
Import Substitution (HD Range)
Manufacture of Aries HD range reduced dependence on water soluble fertilizers imports from China, showing good growth.
Capacity and execution
New Sulphur Bentonite Facility
Signed a contract for a new Sulphur Bentonite facility in Jebel Ali, UAE.
New Plant in Lucknow
Broke ground on a new plant in Lucknow.
Vijayawada Office Expansion
Expanded its office in Vijayawada.
Tailwinds
GST Rate Reduction on Micronutrients
GST 2.0 brought encouraging changes for micronutrients under Fertilizer Control Order, with reduced GST rates directly benefiting farmers.
Strengthened Demand from GST Reforms
Reforms in GST 2.0 should further strengthen the demand buoyancy of Aries Agro’s flagship micronutrients portfolio.
Headwinds
Erratic 2025 Monsoon
Progress of the 2025 monsoon has been erratic, with rainfall distribution marked by monthly anomalies and regional disparities.
Impact on Demand Timing & Intensity
Uneven monsoon pattern significantly influenced Kharif 2025 season, impacting timing and intensity of demand for agri-inputs.
Potential Inverted Duty Structures
There may be some cases of inverted duty structures arising on select inputs and products due to GST 2.0.
Risk radar
Climate Unpredictability
The unpredictability of climate trends, particularly monsoon patterns, impacts demand and requires agile supply chains.
Global Supply Chain & Price Volatility
Challenges in global supply chains and price volatility were faced in FY2024-25 and remain a factor.
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 document reviews the full financial year 2024-25 performance against the previous year, making year-over-year comparison most relevant for assessing overall annual growth and strategic progress.
Sector KPIs management disclosed
Gross Revenue Growth (FY2024-25)
17.22% increase in gross revenue, growing from Rs. 664.03 crores to Rs. 778.35 crores on a standalone basis.
Domestic Capacity Utilization (FY2024-25)
Stood at 76.32% of the 95,400 MT p.a. installed capacity.
UAE Plant Production (FY2024-25)
Produced 8,751 MT of Sulphur Bentonite and other value-added Sulphur products for Indian and global markets.
Annual Booking (FY2025-26)
Already recorded bookings worth Rs. 830.44 crores from 1,717 dealers across 26 states.
Management forward view
FY2025-26 Revenue Target
Targeting Rs. 950 crores in gross revenue for the current financial year.
Preparation for Erratic Demand
Preparing for erratic demand patterns through automation, enhanced warehousing, and better inventory controls.
Outlook on Projections
Hopes to close the current financial year not too far from projections despite challenges.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| FY2025-26 Gross Revenue | Targeting Rs. 950 crores. | Actual revenue achievement against target, especially given monsoon impact and demand volatility. |
| Monsoon Progress & Impact | Erratic 2025 monsoon with regional disparities and uneven rainfall. | Impact on Kharif season yields and subsequent farmer demand for agri-inputs. |
| Domestic Capacity Utilization | 76.32% of 95,400 MT p.a. installed capacity in FY2024-25. | Improvement in utilization rates with new product uptake and demand stabilization. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
82Limited 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 94th percentile of the scored universe and 94th percentile within Industrials. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
14 docs text-extracted · 2 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
94th percentile
overall median 67 · Industrials: 94th pctile, median 68 · Small: 96th pctile, median 66
Evidence depth
Financial-only
14 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
Can support position sizing if valuation and trend also agree.
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
77
strong · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
90
strong · capital discipline
Results
77
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.2%.
- ▸12 years of positive FCF.
- ▸ROCE is 21.2%.
Trust risks
- ▸OPM spread across recent quarters is 18.8%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Aries Agro Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Compliances-Reg.24(A)-Annual Secretarial Compliance 29 May - Aries Agro filed its Annual Secretarial Compliance Report for 2025-26 with BSE and NSE.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Bse
Concall transcriptSep 2025
Sep 2025 · Transcript
Source: Bse
Concall transcriptSep 2025
Sep 2025 · Transcript
Source: Bse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.