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Aether Industries Ltd (AETHER)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543534 NSE: AETHER Chemicals | Small Cap | Aether Industries Share Price
₹1,672.95 30.25 (1.84%)
As on 11-Sep'26 16:59
Aether Industries Ltd (AETHER)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543534 NSE: AETHER Chemicals | Small Cap | Aether Industries Share Price
₹1,672.95 30.25 (1.84%)
As on 11-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹21,803 Cr.
Current Price
₹1,673
52-Week Low / High
₹723 / 1,716
TTM EPS
₹17.7
TTM Sales
₹1,224 Cr.
Book Value per Share
₹189.5
P/E Ratio
92.70
In line with its 5-year historical median
Industry PE
49.8
Price to Book (P/B)
8.67
Higher than its 5-year historical median
Price to Sales (P/S)
17.81
In line with its 5-year historical median
EV/EBITDA
54.01
In line with its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
9.40%
In line with industry median
Return on Capital Employed (ROCE)
11.65%
In line with industry median
Return on Assets (ROA)
7.51%
Operating Profit Margin
31.3%
Net Profit Margin
18.92%
Gross Profit Margin
31.6%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
19.23%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
50.79%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
38.53%
Asset Quality
Promoter Holding
74.93%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹2,382 Cr.
Equity
₹132.7 Cr.
Face Value
₹10
All Time Low / High
₹699.85 / 1716.30
Check Before You Invest
Quality
Not GoodValuation
OvervaluedCheck Valuation charts
Price Trend
Strong
Is Aether Industries Ltd a good quality company?
Aether Industries Ltd is a average quality company, based on a somewhat consistent 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 Aether Industries Ltd performance compare with that of its Peers?
Revenue growth of Aether Industries Ltd vs industry peers?
Aether Industries Ltd revenue CAGR is 15.89%, compared to the industry median CAGR of 7.86%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Aether Industries Ltd?
Promoters hold 74.93% of the Aether Industries Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Aether Industries Ltd over the last decade?
Over the last 3 year(s), the stock has delivered a CAGR of 18.43% based on the current price.
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 endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
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.
Aether Industries Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good
Value Creation ⓘ
| Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 26.2% | 31.9% | 33.3% | 30.3% | 18.7% | 7.1% | 9.5% | 9.7% | - |
| Value Creation Index ⓘ | 1.3 | 1.8 | 2.0 | 1.2 | 0.4 | -0.5 | -0.3 | -0.3 | - |
Growth Parameters ⓘ |
|||||||||
| Sales ⓘ | 201 | 302 | 450 | 590 | 651 | 596 | 789 | 940 | 976 |
| Sales YoY Gr. | - | 50% | 49% | 31.2% | 10.3% | -8.5% | 32.4% | 19.2% | - |
| Adj EPS ⓘ | 2.4 | 4.2 | 6.3 | 9.6 | 10.3 | 7.2 | 11.9 | 12.9 | 13.7 |
| YoY Gr. | - | 74.9% | 50.5% | 51.8% | 7.5% | -30% | 65.7% | 8.1% | - |
| BVPS (₹) ⓘ | 4.1 | 8.3 | 15.7 | 34.3 | 99.8 | 155.7 | 167.3 | 181 | 184.9 |
| Adj Net Profit ⓘ | 22.5 | 39.3 | 69.8 | 108 | 128 | 95.3 | 158 | 171 | 182 |
| Cash Flow from Ops. ⓘ | 22.7 | 17.7 | 23.2 | -5.4 | -6.6 | -2 | 118 | 146 | - |
| Debt/CF from Ops. ⓘ | 5.6 | 9.6 | 9 | -52.4 | -0 | -65.9 | 1 | 2.3 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | NA | 15.9% | 13% | 19.2% | ||||
| Adj EPS ⓘ | NA | 15.4% | 7.8% | 8.1% | ||||
| BVPSⓘ | NA | 63.1% | 21.9% | 8.2% | ||||
| Share Price | - | - | 18.9% | 127.2% | ||||
Key Financial Parameters ⓘ
| Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 58.4 | 67.4 | 55.3 | 38.4 | 15.7 | 5.8 | 7.4 | 7.4 | 7.5 |
| Op. Profit Mgn % ⓘ | 23.6 | 23.8 | 24.9 | 28.5 | 28.6 | 22.1 | 28.6 | 31.4 | 31.2 |
| Net Profit Mgn % ⓘ | 11.2 | 13 | 15.5 | 18.2 | 19.6 | 16 | 20 | 18.2 | 18.6 |
| Debt to Equity ⓘ | 3.3 | 2.2 | 1.2 | 0.7 | 0 | 0.1 | 0.1 | 0.1 | - |
| Working Cap Days ⓘ | 0 | 150 | 145 | 194 | 284 | 438 | 400 | 376 | 193 |
| Cash Conv. Cycle ⓘ | 0 | 88 | 85 | 115 | 175 | 263 | 219 | 213 | 109 |
Valuation of Aether Industries - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|
| Sales | 590 | 651 | 598 | 839 | 1,160 |
| Operating Expenses ⓘ + | 422 | 465 | 466 | 598 | 797 |
| Operating Profit ⓘ | 168 | 186 | 132 | 241 | 364 |
| Operating Profit Margin (%) | 28.5% | 28.6% | 22.1% | 28.8% | 31.3% |
| Other Income ⓘ + | 7 | 17 | 39 | 42 | 21 |
| Interest ⓘ | 13 | 5 | 9 | 13 | 18 |
| Depreciation ⓘ | 15 | 23 | 40 | 45 | 66 |
| Profit Before Tax ⓘ | 146 | 174 | 110 | 213 | 291 |
| Tax ⓘ | 38 | 44 | 27 | 55 | 72 |
| Profit After Tax | 109 | 130 | 82 | 158 | 219 |
| PAT Margin (%) | 18.5% | 20.0% | 13.8% | 18.9% | 18.9% |
| Adjusted EPS (₹) | 9.7 | 10.5 | 6.2 | 12.0 | 16.5 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 386 | 1,243 | 2,059 | 2,219 | 2,448 | ||||||
| Debt + | 256 | 0 | 169 | 183 | 442 | ||||||
| Minority Interest | 0 | 0 | 0 | 0 | 0 | ||||||
| Trade Payables | 70 | 82 | 104 | 128 | 197 | ||||||
| Others Liabilities ⓘ | 58 | 55 | 70 | 115 | 114 | ||||||
| Total Liabilities ⓘ | 770 | 1,380 | 2,401 | 2,644 | 3,201 | ||||||
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 257 | 646 | 853 | 1,117 | 1,496 | ||||||
| CWIP ⓘ | 58 | 37 | 232 | 363 | 516 | ||||||
| Investments ⓘ | 17 | 1 | 0 | 0 | 0 | ||||||
| Inventories | 163 | 249 | 343 | 397 | 537 | ||||||
| Trade Receivables | 163 | 259 | 233 | 289 | 390 | ||||||
| Cash Equivalents | 18 | 102 | 556 | 240 | 6 | ||||||
| Others Assets ⓘ | 94 | 85 | 183 | 238 | 256 | ||||||
| Total Assets ⓘ | 770 | 1,380 | 2,401 | 2,644 | 3,201 | ||||||
| PARTICULARS | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | -5 | -7 | -16 | 100 | 142 |
| Cash Flow From Investing Activity ⓘ + | -151 | -348 | -424 | -418 | -619 |
| Cash Flow From Financing Activity ⓘ + | 169 | 439 | 894 | 2 | 244 |
| Net Cash Flow ⓘ | 12 | 84 | 453 | -316 | -233 |
| PARTICULARS | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 28.2 | 16.01 | 5 | 7.41 | 9.4 | |||||
| ROCE (%) | 23.75 | 18.74 | 6.79 | 9.74 | 11.65 | |||||
| Asset Turnover Ratio | 0.77 | 0.61 | 0.32 | 0.33 | 0.4 | |||||
| PAT to CFO Conversion(x) | -0.05 | -0.05 | -0.2 | 0.63 | 0.65 | |||||
| Working Capital Days | ||||||||||
| Receivable Days | 101.10 | 118.40 | 149.80 | 113.40 | 106.80 | |||||
| Inventory Days | 100.60 | 115.40 | 180.40 | 161 | 147 | |||||
| Payable Days | 94.40 | 93.30 | 113 | 100.70 | 103.90 | |||||
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Aether Industries Ltd FAQs
The current trading price of Aether Industries on 11-Sep-2026 16:59 is ₹1,673.
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 10-Sep-2026 the market cap of Aether Industries stood at ₹21,803.2 Cr
The latest P/E ratio of Aether Industries as of 10-Sep-2026 is 119.9.
The latest P/B ratio of Aether Industries as of 10-Sep-2026 is 8.88.
The 52-week high of Aether Industries is ₹1,716.3 and the 52-week low is ₹723.1.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Aether Industries is ₹976 ( Cr.) .
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Aether Industries Ltd is a below average quality company.
The key valuation ratios of Aether Industries Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Aether Industries Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing
About Aether Industries Ltd
Aether Industries was incorporated on January 23, 2013, at Surat, Gujarat, India as a public limited company under the Companies Act, 1956 and received the certificate for commencement of business from RoC on March 18, 2013.
Aether Industries is a speciality chemical manufacturer in India focused on producing advanced intermediates and speciality chemicals involving complex and differentiated chemistry and technology core competencies. Its business was started in 2013 with a vision to create a niche in the global chemical industry with a creative approach towards chemistry, technology and systems that would lead to sustainable growth. In the first phase of its development through Fiscal 2017, it focused on building its team and infrastructure and on its R&D centred around building its core competencies.
The company is focused on the core competencies model of chemistry and technology. It has three business models under which it operate: (i) large scale manufacturing of its own intermediates and speciality chemicals; (ii) contract research and manufacturing services (CRAMS) and (iii) contract/exclusive manufacturing. It has a nuanced criteria for choosing its products based on their chemical complexity, niche applications, limited competition, scalability and commercial potential. Using these criteria, it developed, and continue to develop, advanced intermediates and speciality chemicals products having applications in the pharmaceutical, agrochemicals, material science, coatings, high performance photography, additives and oil & gas segments of the chemicals industry.
It specializes in products based on an intricate marriage of complex chemistry and technology core competencies. Examples of its chemistry core competencies include Grignards, organolithium and other organometallic chemistry, ethylene oxide and isobutylene chemistry, hydrogenation, catalysis (homogeneous /heterogeneous), cross coupling chemistry and metathesis/polymerization chemistry. Examples of its technology core competencies include continuous reaction technology, high pressure reaction technology, fixed bed reaction technology, distributed control system (DCS) process automation and high vacuum distillation technology (wiped film/short path). By its focus on core competencies, it has have developed a chemistry and technology oriented sales vision, as compared to a product and industry oriented sales vision.
Business area of the company
Aether Industries, based out of Surat (Gujarat, India), focuses on producing advanced intermediates and speciality chemicals involving complex and differentiated chemistry and technology core competencies. Its products find application in the pharmaceutical, agrochemical, material science, coating, high performance photography, additive, and oil and gas segments of the chemical industry.
Key Awards, Accreditations and Recognition
- 2015: Awarded with ISO 9001:2015 (Manufacturing Facility 1 – Hojiwala Unit).
- 2017: Awarded with ISO 9001:2015.
- 2017: Awarded with GMP - (ICH Q7 Revision 1).
- 2018: Awarded with ISO 14001:2015.
- 2021: Awarded with ISO 27001:2013.
- 2021: Awarded with ISO 45001:2018.
- 2022: Silver rating from EcoVadis (Sustainability Rating).
- 2022: Membership to UN Global Compact (Network India).
Major events and milestones
- 2013: Incorporation of the Company.
- 2013: Commencement of R&D operations at Manufacturing Facility 1.
- 2014: Commenced the Pilot-Plant Operation at Manufacturing Facility 1.
- 2014: Implementation of the in-house developed web / mobile portal for employees – AIRIS (Aether Integrated Resources Information System).
- 2014: Implementation of the SAP B-1 ERP System.
- 2014: The company team grows to over 50 employees.
- 2015: Acquired land of 10500 Sq. Mtr. at Manufacturing Facility 2 (Plot No. 8203) and commenced the construction for two production facilities.
- 2015: Company team grows to over 100 employees.
- 2016: Completed the construction of two production facilities and started commercial production at Manufacturing Facility 2 (Plot No. 8203).
- 2016: Started commercial production of our signature product 4MEP.
- 2016: Company team grows to over 200 employees.
- 2017: Expansion of the QA / QC facility at Manufacturing Facility 1.
- 2017: Company team grows to over 300 employees.
- 2018: Achieved the turn-over of Rs 1,000 Million.
- 2018: Started commercial production of signature product OTBN.
- 2019: Achieved the turn-over of Rs 2,000 Million.
- 2019: Added a warehouse at Plot No. 6,714, GIDC Sachin.
- 2019: Started commercial production of signature product MMBC.
- 2019: Company team grows to over 400 employees.
- 2020: Achieved the turn-over of Rs. 3,000 Million.
- 2020: Pilot plant of the Company was expanded at Manufacturing Facility 1.
- 2020: Added a unit for expansion of R&D and Pilot Plant at Manufacturing Facility 1.
- 2020: Commenced the construction of Solvent Recovery Plant at Manufacturing Facility 2.
- 2020: Implemented in-house developed web-based safety / mobile based safety / security system.
- 2020: Company team grows to 500 employees.
- 2021: Achieved the turn-over of Rs. 4,500 Million.
- 2021: Launched commercial production of BFA.
- 2021: Added a warehouse at Plot No. 8208, GIDC Sachin.
- 2021: Acquired land of 5,250 Sq. Mtrs. at Proposed Greenfield Project from GIDC and started construction.
- 2021: Company team grows to over 700 employees.
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