Sector Alpha Week of 2026-07-24
Sector Alpha — machine-written from the numbers · Data as of 2026-07-24

Aarti Industries Ltd

AARTIIND
Speciality Chemicals

Aarti Industries Ltd's earnings have outrun its stock. EPS grew +26.6% in a year against a +10.6% price move.

The sharpest disagreement: Foreign institutions moved −3.6 points over 8 quarters while the operating story went the other way — someone close to the numbers is not convinced.

The price is in a confirmed uptrend (18 weeks in) while the P/E sits at the 73rd percentile of its own 10-year range. Underneath, the last four quarters read improving — profit +42.7% year on year, and 277% of the last 3 years' profit arrived as cash. What settles it: whether the register turns back in the story’s favour.

Stage
Mixed
fundamental trajectory, 12 quarters
Price
₹494
+10.6% 1Y
P/E
42.1×
73rd pctile
of its own 10-year range
Revenue (Mar 26)
₹2,205 Cr
+13.1% YoY
Profit (Mar 26)
₹137 Cr
+42.7% YoY
Operating margin
15.0%
+2.0 pp YoY
ROCE
7%
FY26
ROIC
6.8%
vs WACC 12.0% → −5.2 pp
Cash conversion
277%
of profit, last 3 FY
01 · Price story

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Aarti Industries Ltd trades at ₹494, in a confirmed uptrend and 18 weeks into that stage. That is +11.8% against its own 200-day average. It sits at 91% of a 52-week range of ₹353 to ₹508. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 1 straight week.

Today the stock is in a confirmed uptrend — week 18 of stage 2, confirmed. At ₹494 it trades +11.8% versus its 200-day average and sits at 91% of its 52-week range (₹353–₹508).

Jul 26: ₹494 Weekly closing price (₹) with 50- and 200-day averages; shaded bands mark the price stage (grey base, green advance, amber top, red decline). 3-year window.
+11.8% versus the 200-day line, week 18 of stage 2
Price50-day avg200-day avg
S4S2S4S2₹783₹667₹552₹436₹321₹494₹442Jul 23Apr 24Feb 25Nov 25Jul 26
S4S2S4S2₹783₹667₹552₹436₹321₹494₹442Jul 23Feb 25Jul 26
Beating or trailing, week by week since 2016 Each cell is one week from 2016 to now (549 weeks): the stock's trailing 13-week return minus the NIFTY 500's, green ahead / red behind (±25% ramp). Grey cells are the 13-week warm-up or weeks where the NIFTY 500 reading is not held.
trailing 13-week return vs the NIFTY 500
Feb 16Jul 26

Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +425% while the NIFTY 500 moved +280% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 1 straight week — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 73rd percentile of its own range.

02 · Valuation

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Aarti Industries Ltd trades at 42.1× P/E, at the pricey end of its own range (73rd percentile). Its long-run median P/E is 31.7×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 42.1× is at the pricey end of its own range (73rd percentile), against a long-run median of 31.7× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

P/E 42.1× vs a 31.7× long-run median P/E, weekly (left axis); earnings per share, trailing twelve months, weekly (right axis). 10.4-year window; loss-period spikes above 60× shown pinned at the top. The eps (ttm) bars are red where the reading is lower than the quarter before.
at the pricey end of its own range (73rd percentile)
P/EMedianEPS (TTM) (quarterly)
63.7×₹36.850.5×₹27.637.3×₹18.424.1×₹9.210.9×₹0.0×42.10×₹11Feb 16Oct 18May 21Jan 24Jul 26
63.7×₹36.850.5×₹27.637.3×₹18.424.1×₹9.210.9×₹0.0×42.10×₹11Feb 16May 21Jul 26
P/E
42.1×
73rd percentile of 10y
PEG
1.51
derived from 3-year earnings growth

Why the multiple sits where it does: over the past year annual EPS moved +26.6% against a +10.6% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the −8.7%/yr price move, ~−5.4%/yr came from earnings growth and ~−3.3 pp from the multiple (compressing); over 10y, of the +15.4%/yr price move, ~+7.2%/yr came from earnings growth and ~+8.2 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

03 · Stage: Mixed

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Aarti Industries Ltd reads as mixed on its fundamental arc. Mixed — no clean majority across the growth curves, ROCE holding at 8.9% — the per-curve reads carry the story. The read is built from 12 quarters across 4 curves, on full evidence.

Three growth curves, twelve quarters Year-on-year growth of trailing-twelve-month revenue (left axis), profit and EPS (right axis — they swing far wider), % at each quarter-end. A missing point means that reading is not held for the quarter.
the trajectory the stage is read from
RevenueProfitEPS
16%34%9.1%8.1%2.1%−17%−4.9%−43%−12%−68%%%14.1%26.6%26.6%Jun 23Sep 24Mar 26
16%34%9.1%8.1%2.1%−17%−4.9%−43%−12%−68%%%14.1%26.6%26.6%Jun 23Sep 24Mar 26
ROCE Trailing-twelve-month operating profit (before interest and tax) as a share of average capital employed — total assets minus current liabilities, the standard textbook basis, %.
the return curve, computed quarterly
ROCE
11%10%8.8%7.4%6.1%%8.9%Jun 23Sep 24Mar 26
11%10%8.8%7.4%6.1%%8.9%Jun 23Sep 24Mar 26
Revenue growth
Steady high
latest +14.1% · span −9.9% to +14.1%
Profit growth
Flat
latest +26.6% · span −61.4% to +26.6%
EPS growth
Flat
latest +26.6% · span −61.4% to +26.6%
ROCE
Stuck low
latest 8.9% · span 6.5%–11.0%

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

Growth, year by year: revenue +14.0% in FY26, profit +26.6% Year-over-year growth per fiscal year, %: revenue (left axis); net profit and EPS (right axis — profit growth swings far wider). Zero line drawn.
Revenue YoYProfit YoYEPS YoY
38%136%27%85%16%34%4.4%−17%−6.8%−68%%%14%26.6%FY16FY21FY26
38%136%27%85%16%34%4.4%−17%−6.8%−68%%%14%26.6%FY16FY21FY26
TTM growth by quarter Trailing-twelve-month growth versus the year-ago TTM, per quarter, %: revenue (left axis); profit and EPS (right axis). The acceleration read compares the last 4 quarters (+14.1%) with the last 8 annualized (+14.1%).
revenue stabilising, profit accelerating
Revenue TTM YoYProfit TTM YoYEPS TTM YoY
16%34%9.1%8.1%2.1%−17%−4.9%−43%−12%−68%%%14.1%26.6%Jun 23Sep 24Mar 26
16%34%9.1%8.1%2.1%−17%−4.9%−43%−12%−68%%%14.1%26.6%Jun 23Sep 24Mar 26
Compound annual growth rate (%) Compound annual growth rate over each window, %. Revenue, profit and EPS from fiscal-year figures; share price is the price CAGR over the same spans. A dash = that window is not held, or the base was a loss.
1yr3yr5yr10yr
Revenue+14.0%+7.8%+13.0%+10.7%
Profit+26.6%−8.4%−4.8%+4.6%
EPS+26.6%−8.4%−5.1%+4.1%
Share price+10.6%+2.9%−8.7%+15.4%
Revenue YoY (Mar 26)
+13.1%
latest quarter vs a year ago
Profit YoY (Mar 26)
+42.7%
latest quarter vs a year ago
Revenue 10y
10.7%
long-run compound pace

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

04 · 4-Factor Sector Score

4-Factor Sector Score

56.5/100 — rank 10 of 27 in Speciality Chemicals · 96% evidence confidence

Aarti Industries Ltd scores 56.5 out of 100 against the 27 companies it is compared with in Speciality Chemicals, ranking 10. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 22.3 + 8.3 + 12 + 13.9 = 56.5. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

05 · Revenue

Revenue Revenue is the top line: everything the company billed its customers in the period.

Aarti Industries Ltd reported ₹2,205 Cr of revenue in the Mar 26 quarter, +13.1% year on year. That is the 3rd straight quarter of year-on-year growth. Over 10 years it has compounded at 10.7% a year. The last full year, FY26, came in at ₹8,286 Cr. The last four reported quarters add to ₹8,298 Cr.

Aarti Industries Ltd reported ₹2,205 Cr of revenue in the Mar 26 quarter, +13.1% year on year. That is the 3rd straight quarter of year-on-year growth. Over 10 years it has compounded at 10.7% a year. The last full year, FY26, came in at ₹8,286 Cr. The last four reported quarters add to ₹8,298 Cr.

FY26 revenue came in at ₹8,286 Cr (+14.0% on the year), capping 10 years at 10.7% compound. The latest quarter (Mar 26) printed ₹2,205 Cr, +13.1% year on year — the 3rd consecutive quarter of year-over-year growth.

FY26 revenue ₹8,286 Cr (+14.0% YoY) Revenue bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
10.7% a year over 10 years
RevenueYoY growth
8.9k38%6.7k27%4.5k16%2.2k4.4%0−6.8%₹ Cr%₹8,28614%FY16FY21FY26
8.9k38%6.7k27%4.5k16%2.2k4.4%0−6.8%₹ Cr%₹8,28614%FY16FY21FY26
Mar 26: ₹2,205 Cr (+13.1% YoY) Quarterly revenue bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
3rd straight quarter of growth
Revenue (quarterly)YoY growth
2.5k36%1.9k18%1.3k1.3%626−16%0−33%₹ Cr%₹2,20513.1%Jun 23Sep 24Mar 26
2.5k36%1.9k18%1.3k1.3%626−16%0−33%₹ Cr%₹2,20513.1%Jun 23Sep 24Mar 26

Pace check: the last four quarters averaged +14.6% growth against the decade's 10.7% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +14.1% over the last 4 quarters against +14.1%/yr over the last 8 — stabilising; TTM profit +26.6% vs +0.2%/yr — accelerating.

→ Revenue grew — did margins hold as it scaled? Next: 15.0% this quarter (+2.0 pp YoY).

06 · Operating margin

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Aarti Industries Ltd's operating margin is 15.0% in the Mar 26 quarter, +2.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 14.0% to 28.0%. The current quarter sits inside that band.

Aarti Industries Ltd's operating margin is 15.0% in the Mar 26 quarter, +2.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 14.0% to 28.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 15.0%, +2.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 14.0%–28.0%.

Why the margin moved: operating margin went +2.0 pp year on year while gross margin went +4.3 pp — the gain came mostly from the gross line: input costs and pricing.

FY26: 14.0% Operating margin by fiscal year, %, line (left); year-on-year change in the margin, in percentage points, line (right). 13-year window.
within a 14.0–28.0% band over 13 years
operating marginYoY change (pp)
29%7.4%25%2.2%21%−3.0%17%−8.2%13%−13%%%14%0%FY14FY20FY26
29%7.4%25%2.2%21%−3.0%17%−8.2%13%−13%%%14%0%FY14FY20FY26
Mar 26: 15.0% operating margin (+2.0 pp YoY) Quarterly operating margin, %, line (left); year-on-year change in the margin, in percentage points, line (right). Last 12 quarters. Operating profit as a share of revenue, per quarter.
Operating marginYoY change (pp)
16%2.5%15%0.7%14%−1.0%13%−2.7%12%−4.5%%%15%2%Jun 23Sep 24Mar 26
16%2.5%15%0.7%14%−1.0%13%−2.7%12%−4.5%%%15%2%Jun 23Sep 24Mar 26

→ Margins held — did that reach the bottom line? Next: profit +42.7% in the latest quarter.

07 · Net profit

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Aarti Industries Ltd earned ₹137 Cr of net profit in the Mar 26 quarter, +42.7% year on year. It is the 3rd consecutive quarter of growth. Full-year FY26 profit was ₹419 Cr. The 10-year compound rate is 4.6%. That is 6.2% of the quarter's revenue. The same quarter a year earlier earned ₹96.0 Cr.

Aarti Industries Ltd earned ₹137 Cr of net profit in the Mar 26 quarter, +42.7% year on year. It is the 3rd consecutive quarter of growth. Full-year FY26 profit was ₹419 Cr. The 10-year compound rate is 4.6%. That is 6.2% of the quarter's revenue. The same quarter a year earlier earned ₹96.0 Cr.

Mar 26 profit was ₹137 Cr, +42.7% year on year — the 3rd consecutive quarter of growth. On the full year, FY26 printed ₹419 Cr (+26.6%), and the 10-year compound rate is 4.6%.

FY26 profit ₹419 Cr (+26.6% YoY) Net profit bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
4.6% a year over 10 years
Net profitYoY growth
1.3k136%96185%64034%320−17%0−68%₹ Cr%₹41926.6%FY16FY21FY26
1.3k136%96185%64034%320−17%0−68%₹ Cr%₹41926.6%FY16FY21FY26
Mar 26: ₹137 Cr (+42.7% YoY) Quarterly net profit bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
3rd straight quarter of growth
Net profit (quarterly)YoY growth
148210%111135%7460%37−14%0−89%₹ Cr%₹13742.7%Jun 23Sep 24Mar 26
148210%111135%7460%37−14%0−89%₹ Cr%₹13742.7%Jun 23Sep 24Mar 26

Why profit moved: revenue contributed +13.1% and the margin +2.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +66.8% vs revenue +14.6%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

→ Profit rose — but did the cash follow? Next: 277% of the last 3 years' profit arrived as cash.

08 · Cash flow — the router

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 277% of Aarti Industries Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹775 Cr of operating cash against ₹419 Cr of profit. After ₹1,229 Cr of capital spending, ₹−454 Cr was left as free cash.

FY26: operating cash of ₹775 Cr against reported profit of ₹419 Cr, leaving free cash of ₹−454 Cr after ₹1,229 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 277% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

FY26: CFO ₹775 Cr vs profit ₹419 Cr Operating cash flow and net profit by fiscal year, ₹ Cr; the line is free cash flow (CFO minus capital spending). 11-year window, annual resolution.
277% of 3-year profit arrived as cash
Operating cashNet profitFree cash
1.5k947433−82−596₹ Cr₹775₹419₹−454FY16FY21FY26
1.5k947433−82−596₹ Cr₹775₹419₹−454FY16FY21FY26
FY26: CFO = 185% of profit (three-year rate 277%) Operating cash as a share of net profit, per fiscal year, % (line). Dashed line = 100% — every unit of profit arriving as cash; outlier years shown pinned.
Conversion100%
320%246%172%98%24%%185%FY16FY21FY26
320%246%172%98%24%%185%FY16FY21FY26

Why conversion sits at 277%: the cash cycle tightened 83 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.

Router verdict: the bigger cash user is investment — capital spending ran 3.0× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹3,915 Cr of building over 3 years.

09 · Where the cash goes

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Aarti Industries Ltd's cash conversion cycle runs 54 days in FY26, down from 137 days in FY21. Capital spending ran ₹3,915 Cr over the last 3 years. At FY26 sales of ₹8,286 Cr each day of that cycle holds about ₹22.7 Cr, so roughly ₹1,226 Cr sits inside the business at any moment.

FY26: debtors at 62 days, inventory at 118 days — roughly 3.9 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 54 days, tighter than FY21's 137.

The full loop: cash goes out to suppliers and production on day 0; stock waits 118 days to sell; customers pay about 62 days after that; and suppliers themselves are paid at 126 days — netting out to the 54-day cycle.

In money terms: at FY26 sales of ₹8,286 Cr, each day of the cycle holds about ₹22.7 Cr — so the 54-day loop keeps roughly ₹1,226 Cr sitting inside the business at any moment.

FY26: a 54-day cash cycle Debtor days, inventory days, payable days and the cash conversion cycle by fiscal year. 13-year window.
−83 days vs FY21
Cash cycleInventory daysDebtor daysPayable days
2031551075911days54d118d62d126dFY14FY17FY20FY23FY26
2031551075911days54d118d62d126dFY14FY20FY26

On the investment side: capital spending of ₹3,915 Cr over the last 3 fiscal years against ₹1,286 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹2,030 Cr (FY26) — capacity paid for but not yet earning.

FY26: capex ₹1,229 Cr, work-in-progress ₹2,030 Cr Capital spending per fiscal year, ₹ Cr (bars); capital work-in-progress, ₹ Cr (line). Quarterly capital-spending history is not held for India — annual is the honest resolution.
a build-out
CapexWork-in-progress
2.2k1.6k1.1k5480₹ Cr₹1,229₹2,030FY16FY18FY21FY23FY26
2.2k1.6k1.1k5480₹ Cr₹1,229₹2,030FY16FY21FY26

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 7% and the ROIC − WACC spread is −5.2 pp.

10 · Return on capital

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Aarti Industries Ltd earns a ROCE of 7% in FY26. That is up from a trough of 6% in FY25. Return on invested capital clears the cost of that capital by −5.2 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 5.1% net margin on 0.62× asset turns.

FY26 ROCE is 7%, recovered from a FY25 trough of 6% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): 5.1% net margin × 0.62× asset turns × 2.23× balance-sheet leverage ≈ 7.1% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 6.8% − 12.0% = a −5.2 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

FY26: ROCE 7% Return on capital employed by fiscal year, % (line); ROIC by fiscal year, % (line). 13-year window, dips included. Dashed line = the 12.0% cost of capital used on this page.
the climb back from FY25's 6%
ROCEROIC (annual)WACC
23%19%14%9.4%4.7%%7%7%FY14FY20FY26
23%19%14%9.4%4.7%%7%7%FY14FY20FY26
Q4 FY26: ROCE 8.4% (TTM) vs WACC 12.0% Trailing-twelve-month ROCE and ROIC, per quarter, %; dashed line = the cost of capital. Last 12 quarters, put on a trailing-twelve-month basis and anchored to the annual figure.
ROCE (TTM)ROIC (TTM)WACC
13%11%8.4%6.4%4.3%%8.4%6.8%Q1 FY24Q2 FY25Q4 FY26
13%11%8.4%6.4%4.3%%8.4%6.8%Q1 FY24Q2 FY25Q4 FY26

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.83.

11 · Debt

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Aarti Industries Ltd carries total debt of ₹4,966 Cr against shareholder equity of ₹5,955 Cr as of Mar 26, a debt-to-equity of 0.83. On the annual view that ratio went from 0.57 in FY22 to 0.83 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Mar 26: total debt of ₹4,966 Cr against shareholder equity of ₹5,955 Cr — a debt-to-equity of 0.83. On the annual view, debt-to-equity went from 0.57 (FY22) to 0.83 (FY26). Read the returns on this page with that leverage in mind.

FY26: debt ₹4,966 Cr at 0.83× equity Total debt by fiscal year, ₹ Cr (bars); debt-to-equity, × (line). 5-year window.
Total debtDebt-to-equity
5.4k0.9×4.0k0.8×2.7k0.7×1.3k0.6×00.5×₹ Cr×₹4,9660.83×FY22FY24FY26
5.4k0.9×4.0k0.8×2.7k0.7×1.3k0.6×00.5×₹ Cr×₹4,9660.83×FY22FY24FY26
Mar 26: debt ₹4,966 Cr, debt-to-equity 0.83 Total debt per quarter, ₹ Cr (bars); debt-to-equity, × (line). Last 12 quarters. India reports the full balance sheet half-yearly, so the intervening quarter carries the prior reading forward.
Total debt (quarterly)Debt-to-equity
5.4k0.85×4.0k0.78×2.7k0.71×1.3k0.64×00.57×₹ Cr×₹4,9660.83×Jun 23Sep 24Mar 26
5.4k0.85×4.0k0.78×2.7k0.71×1.3k0.64×00.57×₹ Cr×₹4,9660.83×Jun 23Sep 24Mar 26

→ Who owns this, and are they adding or leaving? Next: Foreign institutions cut 3.6 points over 8 quarters.

12 · Ownership

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Foreign institutions cut 3.6 points of Aarti Industries Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 7.0% of the company. Domestic institutions moved +2.6 points over the same window, to 21.1%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: −3.6 points over 8 quarters to 7.0%; Domestic institutions: +2.6 points over 8 quarters to 21.1%; Promoters: −1.4 points over 8 quarters to 41.8%.

Why the register moved: rotation — foreign institutions −3.6 points against domestic institutions +2.6 points over 8 quarters, with promoters −1.4 points — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.

Fiscal-year ends: promoters −1.3 pts from Mar 24 to Mar 26 Shareholding at each fiscal-year end (March quarter), % of the company. 3 year-ends held.
PromotersForeign inst.Domestic inst.Public
46%36%25%14%3.3%%42.1%7.4%20.1%30.4%Mar 24Mar 25Mar 26
46%36%25%14%3.3%%42.1%7.4%20.1%30.4%Mar 24Mar 25Mar 26
Foreign institutions cut 3.6 points over 8 quarters Shareholding by holder class, % of the company, quarterly, last 13 quarters.
PromotersForeign inst.Domestic inst.Public
47%36%25%14%3.3%%41.8%7%21.1%30.1%Jun 23Dec 24Jun 26
47%36%25%14%3.3%%41.8%7%21.1%30.1%Jun 23Dec 24Jun 26

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

13 · Safety line

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Aarti Industries Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Related companies · same sector · Speciality Chemicals Every company is compared on the shape of its own curves, not static ratios. The Revenue, EPS and ROCE columns each draw that company's last 12 quarters as a mini line of the ACTUAL level (trailing-twelve-month revenue and EPS, and the ROCE itself) — so a line that climbs is a business getting bigger, a line that sinks is one shrinking. The colour tracks the same line: green when it is rising or steadily healthy, amber when it is rolling over from a high (still elevated but turning down), red when it is falling, grey when flat or stuck. Colour and direction always agree — a green line never points down. The ROCE curve is the return on capital (annual readings for peers, so a slightly coarser line than the quarterly one at the top of this page). The Stage column then runs the same 12-quarter trajectory classifier used at the top of the page on each company and names where it sits. What lands a company in each bucket: CONSISTENT — growth stays positive across the window and returns are healthy (ROCE ≥ 15%, or ROE ≥ 12% for lenders); IMPROVING — profit or EPS fell into real decline, bottomed a few quarters back, and has climbed back to positive and held there; TURNING AROUND — the same kind of trough but more recent, with the latest quarters just lifting off it (an early, unconfirmed turn); TOPPING OUT — growth is still positive but decelerating hard from its own peak while returns have stopped rising; DETERIORATING — two or more growth curves are shrinking (latest below zero) and staying there, not one soft quarter; MIXED — the curves genuinely disagree, or no clean majority, so no single word fits; NO READ — fewer than eight usable quarters. It is a like-for-like read of every company against its own past, not a ranking against the group.
CompanyP/EMkt capRevenueEPSROCEStage
Aarti Industries Ltd this page42.1×₹17,331 CrTurning around
Pidilite Industries Ltd64.9×₹1.6L CrConsistent
Aether Industries Ltd83.7×₹18,945 CrMixed
Anupam Rasayan India Ltd83.6×₹14,226 CrImproving
Privi Speciality Chemicals Ltd42.9×₹14,044 CrMixed
Vinati Organics Ltd30.4×₹13,478 CrTopping out
Alkyl Amines Chemicals Ltd48.3×₹9,153 CrNo read
Clean Science & Technology Ltd33.4×₹7,663 CrDeteriorating
Galaxy Surfactants Ltd24.8×₹6,896 CrMixed
Neogen Chemicals Ltd159.0×₹5,648 CrMixed
Fineotex Chemical Ltd37.7×₹4,610 CrTurning around
Vishnu Chemicals Ltd29.9×₹4,257 CrMixed
Tatva Chintan Pharma Chem Ltd76.9×₹4,029 CrTurning around
Yasho Industries Ltd147.0×₹3,704 CrImproving
Grauer & Weil (India) Ltd20.4×₹3,354 CrTurning around
Panama Petrochem Ltd14.2×₹3,014 CrTurning around
Fineotex Chemical Ltd28.3×₹2,551 CrTurning around
Thirumalai Chemicals Ltd₹2,022 CrNo read
Paushak Ltd41.6×₹1,387 CrMixed
Platinum Industries Ltd23.9×₹1,251 CrImproving
Amines & Plasticizers Ltd29.3×₹1,069 CrTopping out
Sunshield Chemicals Ltd35.5×₹1,051 CrTurning around
Vikram Thermo (India) Ltd20.0×₹768 CrMixed
Sunshield Chemicals Ltd29.2×₹720 CrTurning around
DMCC Speciality Chemicals Ltd24.9×₹680 CrMixed
Chemcon Speciality Chemicals Ltd27.4×₹647 CrImproving
Amal Ltd23.0×₹628 CrNo read
Transpek Industry Ltd13.0×₹595 CrDeteriorating
Kronox Lab Sciences Ltd20.7×₹573 CrMixed
12 · Frequently asked questions

Frequently asked questions

What is Aarti Industries Ltd's share price today?

Aarti Industries Ltd trades at ₹494, +10.6% over the past year. The company is valued at ₹17,331 Cr. The stock sits at 91% of its 52-week range of ₹353–₹508, +11.8% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 18 weeks in. — as of 24 July 2026.

What were Aarti Industries Ltd's latest quarterly results?

Aarti Industries Ltd reported revenue of ₹2,205 Cr and net profit of ₹137 Cr for the Mar 26 quarter. Revenue rose 13.1% and profit rose 42.7% year on year. Earnings per share were ₹3.78. The operating margin was 15.0%, 2.0 pp higher than a year earlier. — as of 24 July 2026.

What is Aarti Industries Ltd's revenue?

Aarti Industries Ltd reported revenue of ₹2,205 Cr in the Mar 26 quarter, +13.1% year on year. For the full FY26 fiscal year, revenue was ₹8,286 Cr (+14.0%). Over the last 10 years revenue compounded at 10.7% a year. — as of 24 July 2026.

What is Aarti Industries Ltd's profit?

Aarti Industries Ltd earned ₹137 Cr of net profit in the Mar 26 quarter, +42.7% year on year — the 3rd straight quarter of growth. Full-year FY26 profit was ₹419 Cr. The operating margin ran 15.0% in the latest quarter. — as of 24 July 2026.

What is Aarti Industries Ltd's market cap?

Aarti Industries Ltd's market capitalisation is ₹17,331 Cr at a share price of ₹494. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.

What is Aarti Industries Ltd's P/E ratio?

Aarti Industries Ltd trades at a P/E of 42.1×, at the 73rd percentile of its own 10-year range, against a long-run median of 31.7×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.

Does Aarti Industries Ltd pay a dividend?

Yes — Aarti Industries Ltd's dividend payout was 9% of profit in FY26, and it recorded a payout in each of its last 13 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 24 July 2026.

Is Aarti Industries Ltd overvalued?

On its own history, Aarti Industries Ltd looks expensive against its own history: its P/E of 42.1× sits at the 73rd percentile of its 10-year range (long-run median 31.7×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 24 July 2026.

Is Aarti Industries Ltd growing?

Yes — Aarti Industries Ltd is growing: latest-quarter revenue +13.1% year on year, profit +42.7%, and the margin +2.0 pp at 15.0%. The 10-year compound rates are 10.7% (revenue) and 4.6% (profit). The earnings engine currently reads: improving — as of 24 July 2026.

How is Aarti Industries Ltd performing?

Aarti Industries Ltd is in a confirmed uptrend, 18 weeks in. Its latest quarter's revenue rose 13.1% and profit rose 42.7% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 1 week. This describes what the data did, not a rating. — as of 24 July 2026.

What stage is Aarti Industries Ltd in?

Mixed — no clean majority across the growth curves, ROCE holding at 8.9% — the per-curve reads carry the story. The read comes from the last 12 quarters of growth (revenue growth +14.1% latest, profit growth +26.6% latest, eps growth +26.6% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.

Is Aarti Industries Ltd in an uptrend?

Yes — the price is in a confirmed uptrend (week 18 of stage 2), trading +11.8% versus its 200-day average and at 91% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.

Is Aarti Industries Ltd beating the market?

On recent form, yes — Aarti Industries Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 1 straight week, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.4 years the stock moved +425% against the NIFTY 500's +280% — ahead of the index over the full window. — as of 24 July 2026.

Will Aarti Industries Ltd's share price go up?

This page publishes no price forecast for Aarti Industries Ltd. What it measures instead: the share price is ₹494, the price is in a confirmed uptrend 18 weeks in. Its P/E of 42.1× sits at the 73rd percentile of its own 10-year range. — as of 24 July 2026.

Who owns Aarti Industries Ltd?

Promoters hold 41.8% of Aarti Industries Ltd, foreign institutions 7.0%, domestic institutions 21.1% and the public 30.1% (latest quarter). The biggest move on the register over the last two years: Foreign institutions cut 3.6 points over 8 quarters. — as of 24 July 2026.

Does Aarti Industries Ltd have too much debt?

It is moderate — Aarti Industries Ltd's debt-to-equity is 0.83, and operating profit covers the interest bill 3×. FY26 borrowings were ₹4,966 Cr against equity of ₹5,955 Cr. Read the returns on this page with that leverage in mind — as of 24 July 2026.

What is Aarti Industries Ltd's capex?

Aarti Industries Ltd spent ₹3,915 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹1,229 Cr, with ₹2,030 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.

What is Aarti Industries Ltd's cash flow?

Aarti Industries Ltd generated ₹775 Cr of operating cash flow in FY26 and ₹−454 Cr of free cash flow after ₹1,229 Cr of capital spending. Reported profit that year was ₹419 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 24 July 2026.

Is Aarti Industries Ltd's profit real cash?

Yes — over the last 3 fiscal years, 277% of Aarti Industries Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹775 Cr against reported profit of ₹419 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 24 July 2026.

Where is Aarti Industries Ltd in its business cycle?

Aarti Industries Ltd's FY26 operating margin was 14.0%, against a 13-year band of 14.0%–28.0%: the low end of its own band, which is where recoveries start when they come. The latest quarter ran 15.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.

What could break the Aarti Industries Ltd story?

The sharpest disagreement: Foreign institutions moved −3.6 points over 8 quarters while the operating story went the other way — someone close to the numbers is not convinced. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.

Is Aarti Industries Ltd a stock worth studying right now?

This is not investment advice. The machine read: Aarti Industries Ltd's earnings have outrun its stock. EPS grew +26.6% in a year against a +10.6% price move. The sharpest open question: whether the register turns back in the story’s favour. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.

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