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Aarti Industries Ltd (AARTIIND)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 524208 NSE: AARTIIND Chemicals | Small Cap | Aarti Inds Share Price

₹432.70 -25.45 (-5.55%)

As on 08-Jun'26 16:59

Aarti Industries Ltd (AARTIIND)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 524208 NSE: AARTIIND Chemicals | Small Cap | Aarti Inds Share Price

₹432.70 -25.45 (-5.55%)

As on 08-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹16,615 Cr.
Current Price
₹432.7
52-Week Low / High
₹338 / 523
TTM EPS
₹11.6
TTM Sales
₹8,286 Cr.
Book Value per Share
₹164.2
P/E Ratio
39.65
In line with its 5-year historical median
Industry PE
50.2
Price to Book (P/B)
2.79
Lower than its 5-year historical median
Price to Sales (P/S)
2.01
Lower than its 5-year historical median
EV/EBITDA
17.86
Lower than its 5-year historical median
Dividend Yield
0.26%
Profitability Efficiency
Return on Equity (ROE)
6.08%
Underperforms industry median
Return on Capital Employed (ROCE)
6.39%
Underperforms industry median
Return on Assets (ROA)
3.17%
Operating Profit Margin
13.8%
Net Profit Margin
4.55%
Gross Profit Margin
9.2%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
14.14%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
2.35%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
-20.55%
Asset Quality
Promoter Holding
42.09%
Pledged shares (%) of Promoter's holding (%)
3.57%
Reserves
₹5,774 Cr.
Equity
₹181.3 Cr.
Face Value
₹5
All Time Low / High
₹0.64 / 1168.40

Aarti Industries stock performance

Key Ratios
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Check Before You Invest

Valuation

Undervalued

Price Trend

Weak
Q.1 Is Aarti Industries Ltd a good quality company?
Aarti Industries Ltd is a good quality company, based on a consistently good multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Aarti Industries Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Aarti Industries Ltd vs industry peers?
Aarti Industries Ltd revenue CAGR is 11.68%, compared to the industry median CAGR of 7.53%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Aarti Industries Ltd?
Promoters hold 42.09% of the Aarti Industries Ltd, with 3.57% of their stake pledged, indicating low pledge risk.
Q.1 Stock return of Aarti Industries Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 14.1% based on the current price.

DeciZen - make an informed investing decision on Aarti Inds

Decision Maker
Consolidated basis

1. Right Stock

10 Year X-ray Pro
Long Term Prospect

2. Right Price

3. Right Time

#Likely Future 5 Year CAGR.

10 Year X-Ray :

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

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 20.7%19.9%17%18.5%15.9%13.2%22%10.5%7.3%6.4%-
Value Creation
Index
0.50.50.30.40.20.21.0-0.2-0.4-0.5-

Growth Parameters

Sales 3,0073,1633,8064,1684,1864,5066,0866,6196,3717,2718,286
Sales YoY Gr.-5.2%20.3%9.5%0.5%7.6%35.1%8.8%-3.7%14.1%-
Adj EPS 7.79.610.114.215.21532.71511.59.211.6
YoY Gr.-24.7%5.2%40.1%7.5%-1.3%117.7%-54%-23.5%-20.2%-
BVPS (₹) 34.141.548.575.985.5100.5124.6135.7145.9154.4164.2
Adj Net
Profit
2573153294915305231,185545417333419
Cash Flow from Ops. 5744703357361,1028735191,3191,2101,242-
Debt/CF from Ops. 2.33.36.23.31.93.352.233.1-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 10.3%11.7%6.1%14.1%
Adj EPS 2%-9.6%-34.5%-20.2%
BVPS18.3%12.6%7.4%5.8%
Share Price 13% -13.4% -5.5% -9.2%

Key Financial Parameters

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
23.825.222.323.318.916.129.611.68.26.17.3
Op. Profit
Mgn %
1920.718.423.223.421.828.316.515.413.814.1
Net Profit
Mgn %
8.910.3912.112.911.919.58.26.54.65.1
Debt to
Equity
1.11.21.30.90.70.80.60.60.70.70.4
Working Cap
Days
17916116015316816113212612711976
Cash Conv.
Cycle
81808380907564827442-18

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales3,0073,1633,8064,1684,1864,5066,0866,6196,3717,271
Operating Expenses + 2,4342,5103,1073,2023,2093,5254,3655,5305,3976,274
Manufacturing Costs5686447908629181,0631,2101,4251,1571,144
Material Costs1,5731,5361,9011,8481,7571,8012,3893,2613,4854,221
Employee Cost 121152190243305371357385404422
Other Costs 173178226250229289409459351487
Operating Profit 5726546999659779821,7201,089974997
Operating Profit Margin (%) 19.0%20.7%18.4%23.2%23.3%21.8%28.3%16.5%15.3%13.7%
Other Income + 628291111118
Exceptional Items 0000000002
Interest 11711713218312586102168211275
Depreciation 99123146163185231246310378434
Profit Before Tax 3634164296226766651,372611395307
Tax 95888311812912918666-21-24
Profit After Tax 2683283465045475351,186545416331
PAT Margin (%) 8.9%10.4%9.1%12.1%13.1%11.9%19.5%8.2%6.5%4.6%
Adjusted EPS (₹)7.79.610.214.215.415.032.715.011.59.1
Dividend Payout Ratio (%)27.60%2.60%2.40%19.40%11.40%10%10.70%16.60%8.70%11%

Valuation of Aarti Inds - Consolidated

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 1,1371,3621,5782,6312,9793,5034,5164,9205,2875,597
Share Capital 424141438787181181181181
Reserves 1,0961,3211,5382,5872,8923,4164,3354,7395,1065,415
Debt +1,2331,4361,9212,1061,8112,4922,2082,5203,0953,549
Long Term Debt5275969088155811,2689306351,5241,867
Short Term Debt7068391,0121,2911,2301,2241,2781,8851,5711,682
Minority Interest5264778495121110
Trade Payables3053003572793455763452167251,237
Others Liabilities 2393374587591,1031,058753872864512
Total Liabilities 2,9663,4994,3915,8586,3337,6427,8238,5289,97210,896

Fixed Assets

Net Fixed Assets +1,2461,6971,9982,1472,4683,5933,5954,8615,6496,377
Gross Block2,0812,6553,1013,3623,8375,1555,0056,3067,2918,428
Accumulated Depreciation8359581,1031,2151,3691,5631,4101,4451,6422,051
CWIP 3132704367951,4181,2981,3461,0961,2291,454
Investments 41474733376428172348
Inventories4955717477728369369341,0311,1601,454
Trade Receivables5235256557767537941,092940854786
Cash Equivalents 292932804247412174201516295
Others Assets 319361476532573546655382540482
Total Assets 2,9663,4994,3915,8586,3337,6427,8238,5289,97210,896

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + 5744703357361,1028735191,3191,2101,242
PBT 3634164296226766651,372611395305
Adjustment 212239268344300312348478577700
Changes in Working Capital 96-87-263-99290-7-955321323230
Tax Paid -98-97-99-131-164-97-246-91-867
Cash Flow From Investing Activity + -452-529-610-797-1,124-1,322-1,169-1,330-1,369-1,398
Capex -450-530-614-791-1,126-1,314-1,165-1,326-1,306-1,379
Net Investments -413-6-3-8-5-4-16-26
Others 20004010-487
Cash Flow From Financing Activity + -12858279833-53561441238420-73
Net Proceeds from Shares 0000001,187000
Net Proceeds from Borrowing 3113934640-242752-595-301889138
Interest Paid -117-117-132-183-125-86-102-168-211-275
Dividend Paid -95-1-10-44-106-45-127-91-54-36
Others 5337751,020-62-649598-203101
Net Cash Flow -7-04772-557165-23927261-229

Financial Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)24.9126.2223.5523.9619.516.5229.5811.568.166.08
ROCE (%)20.6519.9117.0218.5115.8513.1521.9610.487.296.39
Asset Turnover Ratio1.020.980.960.920.760.720.890.890.760.77
PAT to CFO Conversion(x)2.141.430.971.462.011.630.442.422.913.75
Working Capital Days
Receivable Days58.4060.5056.6055.5060.4056.2050.1050.7046.6037.10
Inventory Days63.6061.5063.2058.9063.5064.4049.7049.1056.8059
Payable Days64.3071.9063.1062.9064.9093.4070.4031.4049.3084.90

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *2.383.683.793.853.553.563.563.563.573.57
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Aarti Industries Ltd FAQs

The current trading price of Aarti Inds on 08-Jun-2026 16:59 is ₹432.7.

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 07-Jun-2026 the market cap of Aarti Inds stood at ₹16,614.7 Cr

The latest P/E ratio of Aarti Inds as of 07-Jun-2026 is 39.37.

The latest P/B ratio of Aarti Inds as of 07-Jun-2026 is 2.78.

The 52-week high of Aarti Inds is ₹522.9 and the 52-week low is ₹338.2.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Aarti Inds is ₹8,422 ( Cr.) .

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

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

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

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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MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

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