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Aarti Industries Ltd - Stock Valuation and Financial Performance

BSE: 524208 | NSE: AARTIIND | Chemicals | Small Cap

Aarti Inds Share Price

446.40 -9.60 -2.11%
as on 18-Jul'25 16:59

Aarti Industries Ltd - Stock Valuation and Financial Performance

BSE: 524208 | NSE: AARTIIND | Chemicals | Small Cap

DeciZen - make an informed investing decision on Aarti Inds

Overall Rating
Bole Toh

1. Quality

2. Valuation

Undervalued

3. Price Trend

Semi Strong

Aarti Industries stock performance -

mw4me loader
P/E Ratio (CD):
48.90
Market Cap:
16,184.4 Cr.
52-wk low:
347.4
52-wk high:
767.1

Is Aarti Industries Ltd an attractive stock to invest in?

1. Is Aarti Industries Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Aarti Industries Ltd is a good quality company.

2. Is Aarti Industries Ltd undervalued or overvalued?

The key valuation ratios of Aarti Industries Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.

3. Is Aarti Industries Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Aarti Industries Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of Aarti Inds:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Aarti Industries Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Value Creation Index Colour Code Guide

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
ROCE % 19%20.7%19.9%17%18.5%15.9%13.2%22%10.5%7.5%-
Value Creation
Index
0.40.50.50.30.40.20.21.0-0.2-0.3-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 2,9083,0073,1633,8064,1684,1864,5066,0866,6196,3727,271
Sales YoY Gr.-3.4%5.2%20.3%9.5%0.5%7.6%35.1%8.8%-3.7%-
Adj EPS 5.77.79.610.114.215.21532.71511.69.1
YoY Gr.-35.8%24.7%5.2%40.1%7.5%-1.3%117.7%-54%-23.1%-
BVPS (₹) 28.734.141.548.575.985.5100.5124.6135.7145.9154.6
Adj Net
Profit
2012573153294915305231,185545419331
Cash Flow from Ops. 3405744703357361,1028735191,3191,204-
Debt/CF from Ops. 3.52.33.36.23.31.93.352.22.6-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 9.1%8.9%12.2%-3.7%
Adj EPS 8.3%-4%-8.3%-23.1%
BVPS19.8%14%13.2%7.5%
Share Price 16.9% -0.3% -15.3% -33.5%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
Return on
Equity %
21.323.825.222.323.318.916.129.611.68.26.1
Op. Profit
Mgn %
161920.718.423.223.421.828.316.515.413.8
Net Profit
Mgn %
6.58.910.3912.112.911.919.58.26.64.6
Debt to
Equity
1.21.11.21.30.90.70.80.60.60.60.3
Working Cap
Days
18717916116015316816113212612473
Cash Conv.
Cycle
74818083809075648279-12

Recent Performance Summary

Sales growth is growing at healthy rate in last 3 years 12.24%

Debt to equity has declined versus last 3 years average to 0.60

Sales growth is good in last 4 quarters at 14.83%

Return on Equity has declined versus last 3 years average to 6.10%

Net Profit has been subdued in last 3 years -8.33%

Latest Financials - Aarti Industries Ltd.

Standalone Consolidated
TTM EPS (₹) 9.4 9.1
TTM Sales (₹ Cr.) 7,304 7,271
BVPS (₹.) 155 154.6
Reserves (₹ Cr.) 5,437 5,424
P/BV 2.88 2.89
PE 47.60 48.90
From the Market
52 Week Low / High (₹) 347.35 / 767.10
All Time Low / High (₹) 0.64 / 1168.40
Market Cap (₹ Cr.) 16,184
Equity (₹ Cr.) 181.3
Face Value (₹) 5
Industry PE 57

Management X-Ray of Aarti Inds:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.002.383.683.793.853.553.56
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Aarti Industries: Initiating BUY - 14 Jul 2025

Business Overview

Aarti Industries is India’s largest producer of benzene derivatives and a leading global player in specialty chemicals, holding a 25–40% global market share across 75% of its portfolio. It ranks among the top three globally in chlorination and nitration, top two in hydrogenation, and is the only Indian player in Halex chemistry for nitro-fluoro aromatics. The company offers over 100 specialty chemicals catering to agrochemicals, dyes, pigments, polymer additives, and surfactants, serving over 1,100 customers across 60 countries, with exports accounting for ~60% of FY25 revenue. Backed by an integrated business model and 16 strategically located manufacturing plants, over 70% of its revenue comes from value-added derivatives—ensuring competitive moat and scale advantages.

  1. Low Valuation With Margin Of Safety

 

At a current price-to-book ratio of 3.1x, AIL trades 1.6 standard deviations below its 10-year median of 5.2x, placing it in the lowest 6% of historical valuations. This statistical undervaluation alone isn't sufficient to invest, but presents a compelling risk-reward proposition. Should fundamentals hold or improve, rerating potential is significant. Conversely, the current valuation offers downside protection, creating an attractive entry point for long-term investors.

2. Long-Term Conviction Backed By Disciplined Capex

Despite industry-wide pricing pressure, Aarti Industries has continued to invest aggressively in long-term growth, expanding its net fixed assets at a 20% CAGR—from Rs. 3,621 crore in FY22 to Rs. 6,505 crore in FY25. This growth is part of a Rs. 4,700 crore capex program planned over FY23–FY26E, with ~50% directed toward Zone IV (Rs. 2,350 crore), ~30% toward expanding core chemistries (Rs. 1,400 crore), and ~20% for process optimization and sustainability (Rs. 940 crore). Capex is set to peak at ~Rs. 1,000 crore in FY26 and taper off thereafter. This sustained investment, despite weak realizations, clearly reflects management’s strong conviction in the structural demand outlook and the company’s long-term earnings potential.

3. Clear Roadmap to Profitability Expansion

The current investment cycle is backed by a well-defined strategic roadmap. Management has guided for EBITDA of Rs. 1,800–2,200 crore by FY28, nearly doubling from FY25 levels (Rs. 1,000 crore). Growth will be driven by cost optimization initiatives (Rs. 150–200 crore), volume and margin uplift from better utilization across core chemistries (Rs. 350–550 crore), and capex-led expansion from Zone IV and the UPL joint venture (Rs. 300–450 crore). The guidance assumes current pricing levels, implying conservatism on behalf of the management. Importantly, if and when the pricing environment improves, it would directly enhance margins and enable EBITDA to exceed current guidance. This leaves room for upside in a more favorable market scenario.

4. Financial Performance Shows Operating Efficiencies

DESCRIPTION

Mar-20

Mar-21

Mar-22

Mar-23

Mar-24

Mar-25

5Y CAGR

Net Sales

4186

4506

6085

6619

6371

7271

12%

COGS

2056

2129

2855

3842

3882

4655

18%

Gross Profit

2130

2378

3230

2777

2489

2616

4%

Gross Profit Margin

51%

53%

53%

42%

39%

36%

 

Operating Expenses

847

1025

1154

1304

1112

1194

7%

Employee Cost

305

371

357

385

404

422

7%

EBITDA

977

982

1719

1088

973

1000

0%

EBITDA Margin

23%

22%

28%

16%

15%

14%

 

Other Income

9

1

1

1

11

16

 

Depreciation

185

231

246

310

378

434

19%

EBIT

801

751

1474

779

606

582

-6%

Interest

125

86

102

168

211

275

17%

PBT

676

665

1372

611

395

307

-15%

Tax

129

129

186

66

-21

-24

-171%

Profit After Tax

547

535

1186

545

416

331

-10%

 

Gross margins compressed from 51% to 36%, largely due to pricing pressures. However, employee and operating cost discipline (CAGR ~7%) cushioned the EBITDA margin decline from 23% to 14%

Profitability was further impacted by rising depreciation and interest, linked to aggressive capex. We do not look at these costs unfavourably as these are necessary for the long term growth of the company and do not represent the current earnings power of the company.

5. Strong Volume Ramp-Up Signals Operating Leverage

Aarti Industries recorded a 17.5% CAGR in total volumes over FY22–FY25, driven primarily by significant ramp-up in MMA (74.6% CAGR), Ethylation (26.3%), and Nitro Toluene (22.5%). Although reported utilizations for these capacities appeared modest in FY25 (ranging between 48–65%), this was largely due to their commissioning in H2 FY25. On a normalized basis, utilizations for these capacities are already in the range of 85–98%, reflecting strong execution and healthy underlying demand.

Key capacity additions during this period included:

  • MMA: from 144 KTPA to 200 KTPA in Q3FY25

  • Nitro Toluene (NT): from 30 KTPA to 45 KTPA in Q4FY25

  • Ethylation: from 10–15 KTPA to 25–30 KTPA in Q4FY25

This volume growth sets a solid foundation for operating leverage and margin recovery as these capacities stabilize and scale fully in the coming quarters.

Volumes in KTPA

FY22

FY23

FY24

FY25

FY25 Utilization*

3Y CAGR

NCB

76.6

77.8

73.5

85.3

79%

3.65%

DCB

74.6

84.2

80.7

88.6

74%

5.9%

Hydrogenation

35.7

37.2

39.1

44.4

74%

7.54%

PDA

6.5

4.2

4.4

3.9

33%

-15.67%

NT

16

23.9

30.5

29.4

65%

22.48%

Ethylation

7.2

11.9

10.5

14.5

48%

26.28%

MMA

23.1

37.8

89.3

123

62%

74.62%

Total

240

277

328

389

-

17.5%%

*Utilization based on commissioned capacity by end-FY25.

Abbreviations: 

  1. NCB - Nitro chloro benzene

  2. DCB -  Dichlorobenzene

  3. PDA - Phenylenediamine

  4. NT - Nitrotoluene

  5. MMA - Mono Methyl Aniline

The ramp-up indicates a solid foundation for margin recovery as demand picks up. 

PDA continues to face pressure from Chinese competition (33% utilization), but overall portfolio utilization is set to improve from FY26 onward—unlocking operating leverage and earnings growth.

6. Future Outlook and Strategic Growth Drivers

Aarti Industries is well-positioned to benefit from favorable macro and sector-specific developments:

  • Agrochemicals (18% of revenue): Inventory normalization and just-in-time procurement are driving volume-led recovery.

  • Energy Additives (36%): Strong gasoline–naphtha spread continues to support MMA margins.

  • Polymers (15%): U.S. tariffs on Chinese PDA open export opportunities; current utilization of PDA at just 33%.

  • Pharma (10%): The U.S. Biosecure Act and China+1 sourcing strategy are likely to boost PNCB demand, starting H1 FY26.

Risks

Chinese price pressure – If Chinese dumping intensifies, it could further depress prices and margins, particularly in agrochemicals and PDA, which could hinder our assumptions and delay the achievement of guided EBITDA. 

Gasoline-naphtha spread volatility – If gasoline-naphtha spreads remain unfavourable, MMA demand and profitability could come under further pressure, as the economics for refiners would become unattractive. This, in turn, could lead to underutilization of Aarti’s capacities or sub-optimal margins. However, considering the 13-year spread history, current spreads appears to be bottoming out, suggesting limited downside from here.

Contract cancellations – If key long-term contracts are cancelled, it could result in underutilised capacities, impacting earnings and returns on the capex as planned. 

Capex execution risk – If end-user demand remains sluggish, the ramp-up of new capacities could be delayed, affecting returns on capex.

 

Aarti Industries: Stock Pulse - 04 Dec 2023

Stock pulse is a format where we explore the most important questions to understand the company's performance.

What are the revenue drivers for the company and future outlook?

Aarti Industries Ltd (AIL) is a leading global specialty chemical company specializing in benzene-based derivatives. Key value chains include Nitro Chloro Benzenes, Di-Chlorobenzenes, Phenylenediamines, Nitro Toluene value chain and Sulphuric Acid as well as other downstream products. With a presence in over 60 countries, it caters to various industries such as Agrochemicals, Polymer and additives, Pharmaceuticals, Dyes, pigments, and printing inks. Half the revenues earned by the company are from exports and major export markets are North America, Europe, and China. 

AIL has recorded 15% revenue/EBITDA CAGR over FY18-23. Recently, in Q1FY24 revenue declined 12% YoY; while Q2FY24 witnessed volume-backed recovery. H2FY24 is anticipated to be better than the first half. The medium-to-long-term trend continues to be appealing backed by steady demand recovery in key end-user industries, management expects FY25 to be a normalizing year.   

Source: Annual report, Moneyworks4me research

 

Can the company continue to maintain its margin profile?

AIL demerged its pharma business effective 1st July, 2021. This strategic decision was taken with the rationale of achieving operational efficiencies by streamlining the businesses. Currently, the company only deals in the specialty chemical segment (FY19-22 avg. EBITDA margin 20%+). Management hinted that margins have bottomed out in H1FY24 (~15%). We expect margin recovery from FY25E, on improvement in demand from the agro and pharma sector. 

What are the Capex plans of AIL? 

 The company incurred a CAPEX of approximately Rs. 575 crore in H1FY24 for various expansion opportunities (including chlorotoluenes value chain, comprising over 40 value-added specialty products). The products from this project are characterized by their niche and high-value range, with a potential strong EBITDA margin of around 25-30%. 

The targeted annual CAPEX for FY24 is expected to fall within the range of Rs. 1200-1300 crores. Overall, the company is dedicated to allocating Rs. 2,500 to 3,000 crores for the outlined growth initiatives over two years, anticipating rapid growth in the Indian Chemical industry. This commitment aims not only to strengthen proficiency and capabilities in existing and newer high-end chemistries but also to expand the addressable market size and meet the rising demand from key customers.

Source: Annual report, Moneyworks4me research

What are the concern areas?

Demand slowdown- The global macroeconomic slowdown, primarily driven by Europe, along with uncertainty regarding the resurgence of demand in China, has resulted in a global imbalance between supply and demand. This has consequently affected pricing and demand for products such as dyes, dyestuff, pigments, etc., collectively contributing to ~30% of Aarti's overall revenue. 

Return ratios to remain subdued- Capex plans of Rs. 2500+ Crore over FY24-25E will require the company to raise debt. This will impact RoEs over the medium term. 

 

Aarti Industries: Q2FY24 result update - 10 Nov 2023

                                    

Particulars

Q2FY24 (Rs. Crs)

YoY Trend

Comments

Revenue

1,454

-14%

Domestic/export sales declined 19/8% respectively 
EBITDA

233

-13%

 
EBITDA Margin

16%

Flat

 Margin recovered QoQ 
PAT

91

-27%

Increase in depreciation and interest cost further impacted profit

Results were subdued on global inventory destocking, recessionary trends across end markets and slowdown in exports though EBITDA margin recovery needs to be noted. 

Aarti Industries: Q1FY24 Result Update - 19 Aug 2023

Particulars

Q1FY24

YoY Trend

Comments

Revenue

1,414

-11%

 Decline in volumes on excess supply from China 

EBITDA

201

-29%

 

EBITDA Margin

14%

-342 bps

 Lower utilization and higher raw material prices led to   margin contraction

PAT

70

-49%

 Increase in depreciation on capacity addition impacted   profitability further

Slowdown in end user industries, China oversupply, and inventory correction across export markets contributed to weak performance.

 

Aarti Industries: Result snapshot - 17 Jun 2021

Result: Good

Aarti Industries reported 12% growth in sales over previous year, and 20% growth in operating profit in Q4FY21. The company is growing backed by rapid capacity expansion and robust orderbook. Aarti Industries largely has cost plus business wherein costs are passed with additional margin. One must not look at operating margin but absolute profit as margins would change based on raw material costs.

Our Opinion: Chemical sector is at the core of China+1 beneficiaries as China stopped chemical manufacturing due to heightened pollution concerns in China as well as developed markets searching for alternatives sourcing away from China. Aarti Industries has consistently grown over last 10 years and one of the remarkable growth stories. Currently these positives are already known and priced for. 

Even if the profit doubles in next 3 years (management guidance), the stock price already reflects this growth which lowers upside potential from current price. We recommend 50% SELL based on elevated valuation. Chemicals companies unlike other asset light business have limited positive surprises as their growth is capped to their investment in capacities. Besides, it operates on fixed profit margin with limited pricing power, any slippage in execution or raw material costs can impact/delay profit growth.

Key Ratios of Aarti Inds

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Sales2,9083,0073,1633,8064,1684,1864,5066,0866,6196,372
Operating Expenses 2,4422,4342,5103,1073,2023,2093,5254,3655,5305,396
Manufacturing Costs5165686447908629181,0631,2101,4251,157
Material Costs1,6421,5731,5361,9011,8481,7571,8012,3893,2613,483
Employee Cost 94121152190243305371357385404
Other Costs 191173178226250229289409459352
Operating Profit 4665726546999659779821,7201,089977
Operating Profit Margin (%) 16.0%19.0%20.7%18.4%23.2%23.3%21.8%28.3%16.5%15.3%
Other Income 6628291118
Interest 13811711713218312586102168211
Depreciation 8299123146163185231246310378
Exceptional Items 3000000000
Profit Before Tax 2553634164296226766651,372611395
Tax 6195888311812912918666-21
Profit After Tax 1942683283465045475351,186545416
PAT Margin (%) 6.7%8.9%10.4%9.1%12.1%13.1%11.9%19.5%8.2%6.5%
Adjusted EPS (₹)5.87.79.610.214.215.415.032.715.011.5
Dividend Payout Ratio (%)24%28%3%2%19%11%10%11%17%9%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24

Equity and Liabilities

Shareholders Fund 1,0161,1371,3621,5782,6312,9793,5034,5164,9205,287
Share Capital 44424141438787181181181
Reserves 9721,0961,3211,5382,5872,8923,4164,3354,7395,106
Minority Interest6526477849512111
Debt1,0671,2331,4361,9212,1061,8112,4922,2082,5202,714
Long Term Debt4195275969088155811,2689306351,524
Short Term Debt6487068391,0121,2911,2301,2241,2781,8851,191
Trade Payables249305300357279345576345216521
Others Liabilities 5992393374587591,1031,058753872948
Total Liabilities 2,9382,9663,4994,3915,8586,3337,6427,8238,5289,472

Fixed Assets

Gross Block1,6852,0812,6553,1013,3623,8375,1555,0056,3067,292
Accumulated Depreciation7188359581,1031,2151,3691,5631,4101,4451,643
Net Fixed Assets9671,2461,6971,9982,1472,4683,5933,5954,8615,649
CWIP 1933132704367951,4181,2981,3461,0961,229
Investments 139414747333764281723
Inventories5524955717477728369369341,0311,160
Trade Receivables4395235256557767537941,092940826
Cash Equivalents 34292932804247412174201130
Others Assets614319361476532573546655382455
Total Assets 2,9382,9663,4994,3915,8586,3337,6427,8238,5289,472

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Cash Flow From Operating Activity 3405744703357361,1028735191,3191,204
PBT 2513634164296226766651,372611395
Adjustment 215212239268344300312348478593
Changes in Working Capital -6996-87-263-99290-7-955321306
Tax Paid -58-98-97-99-131-164-97-246-91-91
Cash Flow From Investing Activity -298-452-529-610-797-1,124-1,322-1,169-1,330-1,310
Capex -295-450-530-614-791-1,126-1,314-1,165-1,326-1,304
Net Investments -4-413-6-3-8-5-4-6
Others 1200040100
Cash Flow From Financing Activity -23-12858279833-5356144123835
Net Proceeds from Shares 00000001,18700
Net Proceeds from Borrowing 2023113934640-242752-595-301889
Interest Paid -138-117-117-132-183-125-86-102-168-211
Dividend Paid -48-95-1-10-44-106-45-127-91-54
Others -395337751,020-62-649598-589
Net Cash Flow 19-704772-557165-23927-71
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Ratios
ROE (%)20.5424.9126.2223.5523.9619.516.5229.5811.568.16
ROCE (%)19.0320.6519.9117.0218.5115.8513.1521.9610.487.46
Asset Turnover Ratio1.111.020.980.960.920.760.720.890.890.78
PAT to CFO Conversion(x)1.752.141.430.971.462.011.630.442.422.89
Working Capital Days
Receivable Days52586057556056505146
Inventory Days68646263596364504957
Payable Days69647263636593703139

Aarti Industries Ltd Stock News

Aarti Industries Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Aarti Inds on 18-Jul-2025 16:59 is ₹446.4.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 18-Jul-2025 16:59 the market cap of Aarti Inds stood at ₹16,184.4.
The latest P/E ratio of Aarti Inds as of 18-Jul-2025 16:59 is 47.60.
The latest P/B ratio of Aarti Inds as of 18-Jul-2025 16:59 is 2.88.
The 52-week high of Aarti Inds is ₹767.1 and the 52-week low is ₹347.4.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Aarti Inds is ₹7,304 ( Cr.) .

About Aarti Industries Ltd

Aarti Industries Limited is listed entity incorporated in India. Aarti Industries is a leading Indian manufacturer of Speciality Chemicals and Pharmaceuticals with a global footprint. Chemicals manufactured by the company are used in the downstream manufacture of pharmaceuticals, agrochemicals, polymers, additives, surfactants, pigments, dyes, etc.

Business area of the company

Aarti Industries is engaged in manufacturing and dealing in speciality chemicals and pharmaceuticals.

Products offered by the company

Chemical products

  • Chlorination 
  • Nitration 
  • Hydrogenation 
  • Ammonolysis 
  • Halex 
  • Dinitro chlorination 
  • Alkylation 
  • Hydrolysis 
  • Methoxylation 
  • Esterification 
  • Diazaotiation 
  • Sulphonation 
  • Condensation 
  • N-Alkylation 
  • Oxidation 
  • Other (inorganic)

Pharma

Anti Hypertensive

  • Ramipril 
  • Quinapril HCL 
  • Benazepril HCL 
  • Benazepril HCL Polymorph B 
  • Perindopril Tert-butylamine 
  • Perindopril Arginine 
  • Ranolazine Di-HCL / Base

Anti Asthamatic

  • Budesonide 
  • Bambuterol HCL 
  • Salmeterol Xinafoate 
  • Ipratropium Bromide 
  • Ciclesonide 
  • Fluticasone Propionate 
  • Fluticasone Furoate 
  • Mometasone Furoate Monohydrate 
  • Formoterol Fumarate 
  • Montelukast Sodium

Anti Cancer

  • Bicalutamide 
  • Ifosfamide 
  • Ifosfamide Sterile 
  • Cyclophosphamide 
  • Cyclophosphamide Sterile 
  • Mesna 
  • Mercaptopurine 
  • Azathioprine 
  • Capecitabine
  • R-Salbutamol Sulphate 
  • Levalbuterol HCL 
  • Levalbuterol Tartrate

Milestones

1984

  • Incorporated Aarti Organics Private Limited.

1986

  • Commenced 1,200 Tonnes Per Annum (TPA) unit for Nitro Chloro Benzenes (NCB) in Sarigram, Gujarat.

1990

  • Set up the first large-scale organic plant in Vapi - 4,500 TPA unit for NCB.

2001

  • Set up a large-scale hydrogenation and nitration unit at Jhagadia (hydrogen gas via pipeline).

2005-08

  • Expanded the NCB and sulphuric acid capacity.
  • Set up a large-scale speciality chemical unit in Kutch.
  • Received US FDA approval for an Active Pharmaceutical Ingredient (API) unit in Tarapur.

2011

  • Upgraded the hydrogenation unit from batch to continuous.
  • Received USFDA approval for the custom synthesis division at Vapi.
  • Commenced bulk shipment for global markets.

2016

  • Commissioned an ethylation facility at Dahej SEZ (ethylene gas via pipeline).
  • Expanded the NCB capacity from 57 KTPA to 75 KTPA.

2017

  • Commenced the functioning of the calcium chloride facility.
  • Started operations at co-generation and solar power plants.

2018

  • Commissioned the Nitro Toulene plant.
  • Signed two large multi-year contracts with global players.
  • Manufacturing facility being set up at Dahej SEZ.

2019

  • Commissioned the Nitro Toulene hydrogenation facility at Jhagadia.
  • Signed another multi-year contract with a global player.

2020

  • Operationalised Aarti Research and Technology Centre (ARTC) at Mahape, Navi Mumbai.
  • Commissioned two units at Dahej SEZ for high-value speciality chemicals.
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