Aether Industries Limited
₹1,620.45+₹40.55 (+2.6%)
Last close · Data as of Oct 30, 2026
- Market cap
- ₹13,146 Cr
- P/E
- 74.9x
- EV / EBITDA
- 80.8x
- Revenue
- ₹789 Cr
- Net margin
- 14.8%
- ROCE
- 5.9%
Price chart
Technical chartScreen technicals →+118.7% over the last year
Daily closes.
Go deeper
Technical chart: candles, 9 moving averages, RSI, MACD and drawing tools
Performance
Price change over each period, before dividends.
- 1M
- -4.6%
- 3M
- +8.8%
- 6M
- +38.2%
- 1Y
- +118.7%
- 5Y
- +108.6%
52-week range
Day change +₹40.55 (+2.6%) from ₹1,580 to ₹1,620 · Last close Oct 30, 2026
Best weekday to invest, historically
The same weekly amount in AETHER, bought on each weekday since 2022.
AI Summary
Indian StockStrengths1
- Strong 5-year net profit CAGR of 17.1%
Concerns1
- Low return on equity of 4.3%
Rule-based from financial data. Not advice.
About the company
Aether Industries Limited produces and sells advanced intermediates and specialty chemicals in India and internationally. It also large-scale manufacturing, contract research and manufacturing services, as well as contract/exclusive manufacturing services.
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Aether Industries Limited produces and sells advanced intermediates and specialty chemicals in India and internationally. It also large-scale manufacturing, contract research and manufacturing services, as well as contract/exclusive manufacturing services. The company serves its products to the chemical industry, including multinational, regional, and domestic companies in the pharmaceuticals, agrochemicals, materials science, textiles, coatings, high-performance photography, additives, and oil and gas industries. It also exports its products. Aether Industries Limited was incorporated in 2013 and is headquartered in Surat, India.
- Sector
- Materials
- Shares outstanding
- 13.3 Cr shares
- ISIN
- INE0BWX01014
- BSE code
- 543534
Key statistics
Screen fundamentals →Valuation, profitability, growth and solvency at the latest close; hover a label for its meaning.
Valuation
- Market cap
- ₹13,146 Cr
- P/E
- 74.9x
- P/B
- 5.7x
- EV / EBITDA
- 80.8x
- EV / Sales
- 21.8x
- P/S
- 22.1x
- Earnings yield
- 1.3%
- 52-week high
- ₹1,800.00
- 52-week low
- ₹726.75
Profitability
- Operating margin
- 22.0%
- Net margin
- 14.8%
- EBITDA margin
- 27.0%
- ROE
- 4.3%
- ROCE
- 5.9%
- ROA
- 3.7%
- Dividend payout
- 0.0%
- Tax rate
- 23.0%
- Other income, % of PBT
- 26.3%
Growth
- RevenueLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹789 Cr
- Revenue growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 32.4%
- Revenue CAGR, 5YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 14.6%
- EBITDALatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹161 Cr
- EBITDA growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -20.7%
- Net profit growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 72.7%
- Net profit CAGR, 5YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 17.1%
- Cash from operationsLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -₹2.00 Cr
- CFO growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -71.4%
- Free cash flowLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -₹316 Cr
- Asset growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 70.7%
Solvency and efficiency
- Current ratio
- 9.74
- Debt / Equity
- 0.07
- Debt / Assets
- 0.06
- Debt / EBITDA
- 0.89
- Interest coverage
- 14.56
- Financial leverage
- 1.14
- CFO / Net profit
- -0.02
- Cash / Market cap
- 10.6%
- Cash per share
- ₹104.80
- Asset turnover
- 0.25
- Fixed asset turnover
- 0.80
- Capital intensity
- 1.25
- Debtor days
- 141 days
- Inventory turnover
- 0.89
- Cash conversion cycle
- 439 days
Where the revenue went
Of every ₹100 of FY2025 revenue, ₹19 was left as net profit.
| From | To | Amount |
|---|---|---|
| Sales | Expenses | ₹564 Cr |
| Sales | Operating profit | ₹225 Cr |
| Operating profit | Interest | ₹10 Cr |
| Operating profit | Depreciation | ₹43 Cr |
| Operating profit | Profit before tax | ₹172 Cr |
| Other income | Profit before tax | ₹32 Cr |
| Profit before tax | Tax and other | ₹53 Cr |
| Profit before tax | Net profit | ₹152 Cr |
Revenue and net profit
Revenue grew 32.4% in FY2025; net profit is the dashed line.
| Date | Revenue | Net profit |
|---|---|---|
| FY2021 | ₹450 Cr | ₹71 Cr |
| FY2022 | ₹590 Cr | ₹109 Cr |
| FY2023 | ₹651 Cr | ₹130 Cr |
| FY2024 | ₹596 Cr | ₹88 Cr |
| FY2025 | ₹789 Cr | ₹152 Cr |
Cash flows
FY2025: ₹118 Cr from operations, -₹297 Cr free after investment (dashed).
| Date | Operating cash flow | Free cash flow |
|---|---|---|
| FY2021 | ₹23 Cr | -₹54 Cr |
| FY2022 | -₹5 Cr | -₹156 Cr |
| FY2023 | -₹7 Cr | -₹355 Cr |
| FY2024 | -₹2 Cr | -₹401 Cr |
| FY2025 | ₹118 Cr | -₹297 Cr |
Growth
Latest fiscal year FY2025 (ending March): each figure with its change over the year before.
- Revenue
- ₹789 Cr+32.4%1Y
- Net profit
- ₹152 Cr+72.7%1Y
- Cash from operations
- ₹118 Cr
- Free cash flow
- -₹297 Cr
- Revenue CAGR, 5Y
- 14.6%
- EBITDA CAGR, 5Y
- 16.8%
- Net profit CAGR, 5Y
- 17.1%
| Year | Revenue | Operating income | EBITDA | Net profit | CFO | FCF | ROE | Revenue growth 1Y | Net profit growth 1Y |
|---|---|---|---|---|---|---|---|---|---|
| FY2025 | ₹789 Cr | ₹225 Cr | — | ₹152 Cr | ₹118 Cr | -₹297 Cr | 6.8% | +32.4% | +72.7% |
Monthly returns
Month-by-month returns of AETHER across the years, with the seasonal pattern.
Balance sheet
What the company owns and owes at the end of FY2025.
| Line | FY2025 |
|---|---|
| Liabilities and equity | ₹2,561 Cr |
| Equity capital | ₹133 Cr |
| Reserves | ₹2,093 Cr |
| Borrowings | ₹137 Cr |
| Other liabilities | ₹199 Cr |
| Assets | ₹2,561 Cr |
| Fixed assets | ₹989 Cr |
| Capital work in progress | ₹340 Cr |
| Investments | ₹100 Cr |
| Other assets | ₹1,133 Cr |
Market cap against peers
8 peers: same sector group, nearest by size.
P/E against peers
AETHER trades at 74.9x earnings against a peer median of 35.5x (a 111% premium).
Not shown (no positive earnings and no EV / Sales): India Cements Ltd., NMDC Steel Limited.
Peer comparison
Same-sector peers by market cap, with the median.
| Company | Market cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|
| Aether Industries LimitedAETHERthis companyP/E ↑ premium | ₹13,146 Cr | 74.9x | 5.7x | 4.3% | 80.8x |
| Anupam Rasayan India LimitedANURAS | ₹15,243 Cr | 119.0x | 4.8x | 4.3% | 47.6x |
| India Cements Ltd.INDIACEM | ₹14,502 Cr | — | 1.5x | -3.8% | 80.0x |
| Jain Resource Recycling LimitedJAINREC | ₹14,273 Cr | 56.3x | — | 43.8% | 54.8x |
| Aarti Industries LtdAARTIIND | ₹13,175 Cr | 49.0x | 2.3x | 7.9% | 16.4x |
| Fine Organic Industries LimitedFINEORG | ₹12,930 Cr | 35.8x | 5.5x | 19.8% | 22.8x |
| Nuvoco Vistas Corporation LimitedNUVOCO | ₹12,637 Cr | 64.8x | 1.4x | 1.7% | 12.5x |
| NMDC Steel LimitedNSLNISP | ₹12,244 Cr | — | 0.9x | -10.1% | -13.2x |
| GRAVITA INDIA LIMITEDGRAVITA | ₹11,994 Cr | 45.6x | 7.0x | 39.4% | 47.6x |
| Peer median | — | 35.5x | 3.7x | 12.9% | 19.2x |
Year-to-date ROI
AETHER since 1 January, against earlier years.
Historical volatility
AETHER's day-to-day swings over 30, 60 and 180 days.
Financial statements
Income statement, balance sheet and cash flow as reported, in ₹ crore, grouped into plain-language lines.
Figures in ₹ crore as reported, fiscal years ending March, newest first; the trailing twelve months (TTM) last.
Operating margin by fiscal year
| Date | Operating margin |
|---|---|
| FY2021 | 25.0% |
| FY2022 | 28.0% |
| FY2023 | 29.0% |
| FY2024 | 22.0% |
| FY2025 | 29.0% |
| Line | FY2025 |
|---|---|
| RevenueSales | ₹789 Cr |
| Costs | |
| Interest | ₹10 Cr |
| Expenses | ₹563 Cr |
| Operating profitOperating Profit | ₹225 Cr |
| Other income and charges | |
| Profit before tax | ₹205 Cr |
| Tax | |
| Net profitNet Profit | ₹152 Cr |
| Per share |
| Line | FY2025 |
|---|---|
| Liabilities and equityTotal Liabilities | ₹2,561 Cr |
| Equity capitalEquity Capital | ₹133 Cr |
| Reserves | ₹2,093 Cr |
| Borrowings | ₹137 Cr |
| Other liabilitiesOther Liabilities | ₹199 Cr |
| AssetsTotal Assets | ₹2,561 Cr |
| Fixed assetsFixed Assets | ₹989 Cr |
| Capital work in progressCWIP | ₹340 Cr |
| Investments | ₹100 Cr |
| Other assetsOther Assets | ₹1,133 Cr |
| Line | FY2025 |
|---|---|
| Operating cash flowCash from Operating Activity | ₹118 Cr |
| Investing cash flowCash from Investing Activity | -₹415 Cr |
| Financing cash flowCash from Financing Activity | -₹19 Cr |
| Change in cashNet Cash Flow | -₹316 Cr |
Learn while you research
Academy chapters picked for Aether Industries Limited and the metrics on this page.
- 01 Taxes on Investments (India)LTCG, STCG, dividend tax, what every Indian investor needs.6 min read
- 02 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read
- 03 Valuation Multiples ExplainedThis stock trades at a P/E of 74.9, learn when high multiples are justified.6 min read
- 04 Growth Investing32% revenue growth is in the top tier, learn how to value growth.7 min read
- 05 Stock Market RisksSmall caps carry concentrated, idiosyncratic risk, learn to manage it.6 min read
- 06 Business Cycles & StocksThese cyclical sectors win and lose in different macro phases.6 min read