Aarti Industries share price today

Aarti Industries Ltd's share price was ₹447.55 at the close on 4 November 2026. It has been rising for 33 weeks. That is 3.9% below its average price over the last 200 trading days. In the last 52 weeks it traded between ₹353 and ₹540, and at that close it sat 51% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Aarti Industries Ltd is in stage 2. The phase helps read everything below.

Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 3 weeks running.

Over the last 11 years the share price moved +376% while the NIFTY 500 moved +257%, so it is ahead of the index over that whole period. It was last ahead over 13 weeks in the week of 16 October 2026. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Three changes stood out: lowest operating margin in 16 quarters, highest quarterly profit in 16 quarters and revenue up on a year earlier for 5 quarters in a row.

1. Lowest operating margin in 16 quarters

   Operating margin was 11% in the September 2026 quarter, against 14% a year earlier.

2. Highest quarterly profit in 16 quarters

   Profit of ₹168 crore in the September 2026 quarter is the highest of the last 16 quarters.

3. Revenue up on a year earlier for 5 quarters in a row

   In the September 2026 quarter revenue was ₹3,669 crore, +74.7% on a year earlier.

For July to September 2026 (the quarter ended 30 September 2026), Aarti Industries reported revenue of ₹3,669 crore, up 74.7% from ₹2,100 crore a year earlier, and a profit of ₹168 crore, up 58.5% from ₹106 crore.

Aarti Industries results: July to September 2026 against a year earlier

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

The newest call in our records is from 31 July 2026, about April to June 2026; a call about these results is not in our records yet.

From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.

Aarti Industries closed at ₹447.55 on 4 November 2026, up 14.2% from ₹391.80 a year earlier (7 November 2025) and down 48.6% over five years. Its highest weekly close since February 2016 was ₹1,007.18 on 8 October 2021.

Aarti Industries share price: then and now

Weekly closing prices, adjusted for splits and bonuses so every price is on today’s share count. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

566 weekly closes from 26 February 2016 to 4 November 2026.

4 Nov 2026: Aarti Industries closed at ₹447.55, up 2.7% on the week and down 3.8% on the month. Results for July to September 2026: Revenue up 74.7% and profit up 58.5% on a year earlier.

Earlier

• 11 Sep 2026: ex-date for a dividend of ₹1 a share, record date 14 Sep 2026.
• Our read, 22 Aug 2026: Aarti Industries is transitioning from capital expenditure intensity to volume monetization as capacity additions in fuel additives and specialized chemical blocks lift operating margins from cyclical troughs.
• 31 Jul 2026: Aarti Industries held its results call for April to June 2026. Management guided: FY27 Capital spending remains ₹700-800 crore, with approximately ₹180 crore deployed in April to June 2026.

Our read of the business

April to June 2026: Operating Margin Expands to 16% on Volume Monetization, Though Aided by 50-60 Crore of Inventory and FX Support.

Our read after the April to June 2026 results, written 22 August 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.

Aarti Industries paid ₹1 a share in regular dividends in the 12 months to 5 November 2026 (1 payment), a yield of 0.22% at the ₹447.55 close on 4 November 2026. The last was a dividend of ₹1 a share, ex-date 11 September 2026.

Aarti Industries dividends since 1 April 2021

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date.

Yes. Aarti Industries Ltd paid out 9% of its profit as dividends in FY26, and it paid a dividend in each of its last 13 reported years.

From the NSE corporate-actions record, read 5 November 2026.

On the call for April to June 2026, held on 31 July 2026, Aarti Industries' management guided: FY27 Capital spending remains ₹700-800 crore, with approximately ₹180 crore deployed in April to June 2026.

“We are confident about volume growth. However, inventory and margins will be somewhat dependent on the macroeconomic situation.”Suyog Kotecha, on the call for April to June 2026

What management guided

• Major expansion projects are expected to commission in phases during FY27 and ramp over FY28-FY29; a 3-6 month delay from labor and war-related issues has been acknowledged.
• Zone 4's MPP and calcium chloride unit are expected to commission, with MPP output planned in August; the five other chemistry blocks may ramp slower than originally anticipated.
• Zone 4 product rollout is planned at 5-10 products within FY27 and 25-30 by FY28, with commercial-batch customer qualification required after commissioning.
• Fuel-additive utilization is expected to reach high levels in Q2; 3-5 new products are in the pipeline for development and scaling over the next 12 months.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for April to June 2026, 31 July 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.

What is changing at Aarti Industries, from the latest results and calls: operating leverage inflection, trade tailwinds & tariff disparities and zone 4 platform & jv commercialization.

• Operating Leverage Inflection. Fixed cost dilution from 80-85% plant utilization expands operating profit margin from 13% to 16%, lifting quarterly net profit to 155 crore. ⚠ estimate
• Trade Tailwinds & Tariff Disparities. US tariff cut on MMA to 18% vs China at 34% combined with Chinese export VAT rebate removal restores pricing spreads in core value chains. ⚠ estimate
• Zone 4 Platform & JV Commercialization. Phased commissioning of the 1,600-1,800 crore Zone 4 complex and 50:50 Superform JV adds high-margin specialty chemicals from FY28. ⚠ estimate
• Capital Expenditure Compression & free cash flow Generation. Annual capital expenditure stepping down to 700-800 crore in FY27 from 1,125 crore initiates balance sheet deleveraging. ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown.

Our read after the April to June 2026 results, written 22 August 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.

Zone 4 commercial production fails to generate an annualized operating profit run-rate exceeding 250 crore by the fourth quarter of fiscal 2027, or quarterly operating profit margin drops below 13.0% on normalized inventory spreads.

The main risks

• Project Execution Delays and Qualification Lags: Zone 4 commissioning is 3 to 6 months behind schedule; customer qualification cycles for 25 to 30 products may delay operating profit realization into FY29. ✓ fact
• Quality of Earnings: One-Off Margin Support: April to June 2026 reported operating profit of 385 crore included 50 to 60 crore of unquantified FX and low-cost inventory monetization. ✓ fact
• Working Capital Drag and Elevated Debt Service: Net debt of 4,300 crore and 59% export share extend receivables and working capital financing costs. ✓ fact
• Geopolitical Disruption in Key Export Geographies: West Asia conflict reduced regional revenue share from 15% to 2%, necessitating volume reallocation to more competitive regions. ✓ fact

Our read after the April to June 2026 results, written 22 August 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.

When Aarti Industries reports October to December 2026, these are the 4 checks that show whether the story is still on course. First: Zone 4: track commissioning of the MPP and remaining chemistry blocks, with 97.0% of equipment and 85.0% of piping complete, and monitor whether the initial 5-10 products launch.

Aarti Industries is on one of our India lists: Small & mid cap stocks.

Aarti Industries Ltd earned ₹168 Cr of net profit in the Sep 2026 quarter, +58.5% on the same quarter a year earlier. That is the 5th quarter in a row of profit growth. Full-year FY26 profit was ₹419 Cr. Over 10 years profit has grown 4.6% a year on average. That is 4.6% of the quarter's revenue.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

The same quarter a year earlier earned ₹106 Cr.

For the full year, FY26 profit was ₹419 Cr (+26.6% on the year before).

Why profit moved: revenue changed +74.7% on a year earlier and the margin moved −3.0 percentage points. Sales did the work while the margin got thinner.

On average over the last four quarters, profit changed +137.7% and revenue +39.0%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit.

FY27-Q1. revenue ₹2,387 Cr and profit ₹155 Cr as reported.

FY27-Q2. revenue ₹3,669 Cr and profit ₹168 Cr as reported.

Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.

Aarti Industries Ltd reported ₹3,669 Cr of revenue in the Sep 2026 quarter, +74.7% on the same quarter a year earlier. That is the 5th quarter in a row with growth on the year before. Over 10 years it has grown 10.7% a year on average. The last full year, FY26, came in at ₹8,286 Cr.

Revenue is everything the company billed its customers in the period.

Why this happened. Policy changes in major export destinations are creating structural advantages for integrated Indian chemical manufacturers. The reduction in United States import tariffs on methyl methacrylate from 25% to 18% compares favorably against a 34% tariff on Chinese competitors. Concurrently, China's cancellation of export VAT subsidies has supported a 10% price recovery in the nitrochlorobenzene chain, mitigating multi-year dumping pressures.

The last four reported quarters add to ₹10,579 Cr.

FY26 revenue was ₹8,286 Cr, +14.0% on the year before.

Recent pace: the last four quarters grew +39.0% on average, against 10.7% a year over the longer run, so this year is growing faster than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +39.8%, against +23.1% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +103.8%, against +15.4% a year (accelerating).

FY27-Q1. revenue ₹2,387 Cr and profit ₹155 Cr as reported.

FY27-Q2. revenue ₹3,669 Cr and profit ₹168 Cr as reported.

Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.

Aarti Industries Ltd's operating margin was 11.0% in the Sep 2026 quarter, 3.0 percentage points lower than the same quarter a year ago. Across 13 years it has been between 14.0% and 28.0%. The latest quarter is below every full year in that period.

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

Why this happened. Aarti Industries has passed its margin trough. Operating profit margin improved from 13% in Q1 FY26 to 16% in Q1 FY27, allowing revenue growth of 42.5% YoY to translate into a 260.5% YoY surge in net profit to 155 crore. As sunk fixed costs from recent capacity spending are absorbed across higher volume output, incremental revenue drops to operating profit at above-average conversion rates.

Why the margin moved: operating margin changed −2.7 percentage points on the year while gross margin changed −6.2 points. So the drop came mostly from the gross margin, which means input costs and prices charged.

FY27-Q1. revenue ₹2,387 Cr and profit ₹155 Cr as reported.

FY27-Q2. revenue ₹3,669 Cr and profit ₹168 Cr as reported.

Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.

Over the last 3 years, 277% of Aarti Industries Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹781 Cr of operating cash against ₹419 Cr of profit.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

After ₹1,229 Cr of spending on assets, free cash was −₹448 Cr: it spent more than its operations brought in.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 277% of profit came in as cash: the cash cycle got 83 days shorter between FY21 and FY26, so cash that used to wait in the business now arrives sooner.

What to look at next: the bigger use of cash is spending on new assets, at 3.0× depreciation over three years. The next section checks what that spending is building.

Aarti Industries Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 54 days in FY26, down from 137 days in FY21. It spent ₹3,915 Cr on assets over the last 3 years. Customers take 62 days to pay, and stock sits for 129 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

At FY26 sales of ₹8,286 Cr, each day of that cycle ties up about ₹22.7 Cr, so roughly ₹1,226 Cr is tied up in the business at any time.

FY26: customers took 62 days to pay and stock sat for 129 days, about 4.2 months of sales sitting as stock, for a full cycle of 54 days, shorter than FY21's 137.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 129 days. Customers pay about 62 days after that. Suppliers are paid at 137 days. Together that makes the 54-day cycle.

Spending on assets: ₹3,915 Cr over the last 3 years, against ₹1,286 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹2,187 Cr (FY26): assets paid for that are not earning yet.

In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns.

Aarti Industries Ltd's P/E is 26.8×, near the low end of its own history: it has been lower only 34% of the time. Its usual P/E (the middle reading) is 32.0×, over 11 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Sep 2026 add up to ₹16.35.