# Aarti Industries share price today (Aarti Industries Ltd, NSE: AARTIIND)

> Aarti Industries share price today: ₹447.55 at the NSE close on 4 November 2026, up 14.2% in a year. Aarti Industries (NSE: AARTIIND) is worth ₹16,225 crore, trades at a P/E of 26.8 and has closed between ₹352.80 and ₹540.35 over the past 52 weeks. > Aarti Industries Ltd's results are improving, while its P/E is near the low end of its own history over 11 years, higher than only 34% of past readings. AARTIIND · Speciality Chemicals · data as of 4 November 2026. Page: https://www.sectoralpha.in/stocks/aarti-industries-ltd

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## Key numbers

- Business trend: Getting better, from the last 12 quarters
- Price: ₹447.55 (+14.2% in a year)
- P/E: 26.8× (lower than 66% of the last 11 years)
- Revenue (Sep 2026): ₹3,669 Cr (+74.7% on a year ago)
- Profit (Sep 2026): ₹168 Cr (+58.5% on a year ago)
- Operating margin: 11.0% (−3.0 points on a year ago)
- ROCE: 7%, FY26
- ROIC: 8.3%, against a 12.0% cost of capital: −3.7 points

The main question: foreign institutions moved −2.7 percentage points over 8 quarters while the business went the other way. ## What is the 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. 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. ## What changed at Aarti Industries this quarter? 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. ## What are Aarti Industries' latest quarterly results? 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

| Measure | July to September 2026 | July to September 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹3,669 crore | ₹2,100 crore | +74.7% |
| Profit | ₹168 crore | ₹106 crore | +58.5% |
| Earnings per share | ₹4.63 | ₹2.92 | +58.6% |
| Operating margin | 11.0% | 14.0% | −3.0 points |

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.)

## What is the Aarti Industries share price history? 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

| When | Close | Change to 4 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 30 Oct 2026 | ₹435.75 | +2.7% |
| 1 month ago · 1 Oct 2026 | ₹465.10 | −3.8% |
| 6 months ago · 8 May 2026 | ₹485.45 | −7.8% |
| 1 year ago · 7 Nov 2025 | ₹391.80 | +14.2% |
| 3 years ago · 3 Nov 2023 | ₹460.55 | −2.8% |
| 5 years ago · 4 Nov 2021 | ₹870.31 | −48.6% |
| 10 years ago · 4 Nov 2016 | ₹163.23 | +174.2% |
| Earliest and lowest weekly close in our records · 26 Feb 2016 | ₹94.11 | +375.6% |
| Highest weekly close since February 2016 · 8 Oct 2021 | ₹1,007.18 | −55.6% |
| 52-week high (weekly close) · 28 Aug 2026 | ₹540.35 | −17.2% |
| 52-week low (weekly close) · 23 Jan 2026 | ₹352.80 | +26.9% |

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.)

## What is the latest news on Aarti Industries? 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.)

## What dividend does Aarti Industries pay? 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

| Ex-date | Dividend per share | Type | Record date |
| --- | --- | --- | --- |
| 11 Sep 2026 | ₹1 | Dividend | 14 Sep 2026 |
| 18 Aug 2025 | ₹1 | Dividend | same day |
| 26 Jul 2024 | ₹1 | Dividend | same day |
| 28 Jul 2023 | ₹1.50 | Dividend | same day |
| 15 Feb 2023 | ₹1 | Interim | same day |
| 16 Sep 2022 | ₹1.50 | Dividend | 19 Sep 2022 |
| 15 Feb 2022 | ₹1 | Interim | 16 Feb 2022 |
| 10 Nov 2021 | ₹1 | Interim | 11 Nov 2021 |
| 20 Sep 2021 | ₹1.50 | Dividend | 21 Sep 2021 |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. 5 of 5 Of the last 5 financial years, years with an NSE dividend record

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.)

## What did Aarti Industries management say on the latest results call? 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](https://files.tijoristack.ai/concall/transcript/2619-31-Jul-2026.pdf). (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 the future of Aarti Industries? What is changing in the business? 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.)

## What could change the Aarti Industries story? What are the risks? 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.)

## What to watch in Aarti Industries' next results? 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. - What to check (from the call)
- 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. - Fuel additives: test whether utilization reaches high levels in Q2 after the 17.0% on the previous quarter energy-volume decline, and whether new-market demand offsets continued West Asia disruption. - Non-energy recovery: monitor polymer and agrochemical volumes, exports and DAP revenue timing against management's expectation of Q2 pickup and stable end-consumption demand. - Superform/Organ Chemicals JV: monitor commissioning, current-quarter operations and early profit visibility against the ₹300-400 crore steady-state revenue framework. ## Which stock lists is Aarti Industries on? Aarti Industries is on one of our India lists: Small & mid cap stocks. [Small & mid cap stocks Size rank in India: 413](https://www.sectoralpha.in/small-cap-stocks-india)

## Is Aarti Industries profitable? 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. 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. ## How much revenue does Aarti Industries make, and is it growing? 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. 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. ## How much of every ₹100 of sales does Aarti Industries keep? 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. 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. ## Is Aarti Industries' profit turning into cash? 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. 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. ## Where does Aarti Industries' cash go? 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. 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. ## What is Aarti Industries' P/E ratio, and how does it compare with its own history? 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. 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. Why the multiple is where it is: over the past year earnings per share moved +26.6% while the price moved +14.2%. Earnings did better than the price, which pulled the multiple down within its own range. Where the price move came from: over 5 years the price moved −12.5% a year; about +0.0% a year came from earnings growth and about −12.5 percentage points from the multiple (the market paying less); over 10 years the price moved +10.6% a year; about +8.1% a year came from earnings growth and about +2.5 percentage points from the multiple (the market paying more). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is low against its own past, so the earnings trend underneath matters more than the multiple. ## What growth does the Aarti Industries share price assume? Worked out from its price on 26 August 2026, Aarti Industries Ltd's share price assumed profit growth of about 24.1% a year. Over the past 10 years its profit actually grew 4.6% a year. Today its P/E is 26.8×, lower than 66% of its own last 11 years. This is a one-day reading, taken on 26 August 2026. Every other number on this page, the multiple included, uses the latest price as of 4 November 2026. A higher price assumes more growth and a lower price less, so it changes whenever the price changes, and this page does not update it between measurements. ## Is the Aarti Industries business getting better or worse? Aarti Industries Ltd's business is getting better. Profit growth hit its low 4 quarters ago at −34.6% and has recovered to +103.8%, with ROCE rising at 10.9%. This is based on 12 quarters of 4 measures. Why it matters: a lasting rise from a low is what this page is built to show. ## What is the Aarti Industries story, and has it been checked? Aarti Industries Ltd's story is not scored yet against the checks our research set on 22 August 2026. Where it sits in its own cycle: MID EXPANSION. Our read, 22 August 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. From the numbers. From the price. Price stage 2, week 33, below its 200-day line, relative strength falling. From the research. 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. Where they disagree. What is proven. 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. What is not proven yet. Zone 4 commercial production fails to generate an annualized EBITDA 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. What would change our mind. Zone 4 commercial production fails to generate an annualized EBITDA 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 test written in advance. Zone 4 commercial production fails to generate an annualized EBITDA 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. Measured by: the thesis as written as stated by the next result. The test written in advance. Project Execution Delays and Qualification Lags. Measured by: Project Execution Delays and Qualification Lags Commercial output confirmation of the multipurpose plant in August 2026 and initial batch qualification counts. by the next result. The test written in advance. Quality of Earnings: One-Off Margin Support. Measured by: Quality of Earnings: One-Off Margin Support Q2 FY27 gross margin and operating profit margin trajectory once low-cost inventory effects dissipate. by the next result. Lever 1 · Operating leverage: building. Fixed cost dilution from 80-85% plant utilization expands operating profit margin from 13% to 16%, lifting quarterly net profit to 155 crore. What proves it keeps working: Operating Leverage Inflection. It stops working if Zone 4 commercial production fails to generate an annualized EBITDA 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. Lever 10 · New geographies: building. 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. What proves it keeps working: Trade Tailwinds & Tariff Disparities. It stops working if Zone 4 commercial production fails to generate an annualized EBITDA 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. Lever 6 · Order-book wins: building. Phased commissioning of the 1,600-1,800 crore Zone 4 complex and 50:50 Superform JV adds high-margin specialty chemicals from FY28. What proves it keeps working: Zone 4 Platform & JV Commercialization. It stops working if Zone 4 commercial production fails to generate an annualized EBITDA 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. Lever 4 · Paying down debt: building. Annual capital expenditure stepping down to 700-800 crore in FY27 from 1,125 crore initiates balance sheet deleveraging. What proves it keeps working: Capital Expenditure Compression & FCF Generation. It stops working if Zone 4 commercial production fails to generate an annualized EBITDA 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. Sources: our stock research file (22 August 2026) · quarterly results through Sep 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did Aarti Industries management deliver what it promised? What Aarti Industries Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met. JV EBITDA Treatment in Guidance Changed Without Reconciliation · 31 July 2026. Management's treatment of the Superform-linked JV in the EBITDA outlook is not consistent. In May 2026, management said the 50:50 JV would not consolidate into AIL EBITDA and would be reported separately; in July 2026, management said the Rs 1,800-crore guidance included EBITDA from Origin, without clarifying whether this was a consolidated figure, a separate JV contribution, or a change in the guidance convention. Zone 4 Multi-Purpose Plant Missed Committed Q4 FY26 Commissioning Goal · 5 May 2026. Both the Nov 2025 and Feb 2026 calls explicitly committed to the Zone 4 Multi-Purpose Plant commissioning in Q4 FY26, with the Feb 2026 call describing it as commissioning 'within this quarter' (Q4 FY26). The May 2026 call reveals the MPP and PEDA are still under commissioning trials, representing a 3-4 month delay now attributed to labor constraints and commercial LPG issues - factors not flagged at all during the Feb 2026 call when commissioning was presented as imminent and on track. MMA 360 KTPA Capacity Expansion Missed Explicitly Stated Q4 FY26 Deadline · 5 May 2026. Both prior calls committed to the MMA debottlenecking expansion to 360 KTPA completing in Q4 FY26, with the Feb 2026 call explicitly stating availability 'by end of this fiscal i.e., Q4FY26.' The May 2026 call shows the expansion was not commissioned by quarter-end and reframes the timeline as market-demand-driven with the qualifier 'in line with the market requirements,' with no explanation provided for why the committed deadline was missed. Superform JV Commissioning Goal Broadened from Q1 FY27 to H1 FY27 · 5 May 2026. The Feb 2026 call specifically committed to the Superform joint venture commissioning in Q1 FY27, a precise quarterly goal. The May 2026 call, referring to the same venture as 'Oijen, the superfoam joint venture,' now goals commissioning in H1 FY27 without any explanation. The shift from a specific quarter to a two-quarter semi-annual window signals a potential delay of up to one quarter from the prior commitment. Every quote above is taken word for word from the company’s own earnings calls. ## What is Aarti Industries management's track record? Management navigated the downturn operationally, but heavy capital spending, low returns on capital and repeated timing changes weaken trust through stress. ### Regulatory and governance record

No company-specific SEBI enforcement or fraud surfaced. Promoter reclassification and the disclosed pledge remain monitoring items, not a present fail. 3.57% Promoter shares pledged

Sources:

- [indianexpress.com](https://indianexpress.com/article/smart-stocks/returns-slide-aarti-industries-bounce-back-10210730/)
- [sharekhan.com](https://www.sharekhan.com/stock/aarti-industries-ltd)
- [trendlyne.com](https://trendlyne.com/equity/share-holding/14/AARTIIND/latest/aarti-industries-ltd)

(Checked 30 August 2026.)

## How much does Aarti Industries earn on its capital? Aarti Industries Ltd earned a ROCE of 7% in FY26. That is up from a low of 6% in FY25. Its return on capital used (ROIC) is 3.7 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses. It comes from a 5.1% net margin and 0.62× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 5.1% net margin × 0.62× asset turnover × 2.23× leverage (assets divided by equity) ≈ 7.1% on equity. The margin does its share; borrowing is a big part of it. The key test, return on capital used minus the cost of capital: 8.3% − 12.0% = −3.7 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Negative: growth at these returns loses value until returns improve. The 8.3% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 6.9%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does Aarti Industries have too much debt? Aarti Industries Ltd has total debt of ₹4,966 Cr against shareholder equity of ₹5,955 Cr as of Jun 2026, so its debt is 0.83× its equity. Year by year, that ratio went from 0.57 in FY22 to 0.83 in FY26. Keep that borrowing in mind when reading the returns on this page. Why this happened. Following the culmination of major greenfield construction, management guided FY27 capex to 700 to 800 crore (180 crore deployed in Q1 FY27), marking a significant moderation from 1,125 crore in FY26. As EBITDA expands toward the 1,800 crore medium-term framework, lower capital reinvestment will release positive free cash flows, allowing net debt to decline from 4,300 crore. ## What is the Aarti Industries shareholding pattern? Domestic institutions raised their stake in Aarti Industries Ltd by 2.8 percentage points over 8 quarters, the biggest change among its owners. Domestic institutions now own 20.9% of the company. Foreign institutions moved −2.7 points over the same period, to 7.0%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Domestic institutions: +2.8 points over 8 quarters, to 20.9%; Foreign institutions: −2.7 points over 8 quarters, to 7.0%; Promoters: −0.8 points over 8 quarters, to 41.8%. Why the owners changed: foreign institutions moved −2.7 points and domestic institutions +2.8 points over 8 quarters, while promoters moved −0.8 points. One group of institutions took over shares from the other; it is not a change of mind by the people running the company. ## How far is Aarti Industries from balance-sheet trouble? For Aarti Industries Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Aarti Industries rank in its industry? 55.1 out of 100, rank 11 of 30 in Speciality Chemicals, with 100% of the evidence available. Aarti Industries Ltd scores 55.1 out of 100 against the 30 companies it is compared with in Speciality Chemicals, ranking 11. Earnings are strong; relative strength in its sector is -10.9% and the one-year return is 14.7%. The four parts add up to the total exactly: 25.4 + 9.3 + 13.7 + 6.7 = 55.1. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Aarti Industries compared with? Aarti Industries ranks 11 of 30 Speciality Chemicals companies on the 4-Factor Sector Score, with 55.1 out of 100. 1. [Panama Petrochem Ltd](https://www.sectoralpha.in/stocks/panama-petrochem-ltd) PANAMAPET · turning · Sector-leading setup · 96% evidence 82.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 30.8/35 · Revenue 45.9% · Profit 100% · Operating margin change 14 points · 88% evidence Capital efficiency 17.6/25 · ROCE 19.2% · Operating margin 22% · 100% evidence Valuation 19.7/20 · P/E 5.7× · PEG 0.18 · 100% evidence Relative strength 13.9/20 · Lead over its industry 16.3% · Lead over NIFTY 500 31.3% · 1 year 68.1% · 100% evidence · 10 of 12 weeks ahead Exact sum: 30.8 + 17.6 + 19.7 + 13.9 = 82 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 2. [Yasho Industries Ltd](https://www.sectoralpha.in/stocks/yasho-industries-ltd) YASHO · losing its lead · Most evidence points up · 78% evidence 67.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 30.0/35 · Revenue 54.2% · Profit 100% · Operating margin change 3 points · 100% evidence Capital efficiency 12.3/25 · ROCE 8.9% · Operating margin 21% · 100% evidence Valuation 12.7/20 · P/E 45× · PEG 1.02 · 65% evidence Relative strength 12.2/20 · Lead over its industry n/a · Lead over NIFTY 500 41.1% · 1 year 103.4% · 25% evidence · 11 of 12 weeks ahead Exact sum: 30 + 12.3 + 12.7 + 12.2 = 67.2 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. [Vikram Thermo (India) Ltd](https://www.sectoralpha.in/stocks/vikram-thermo-indialtd) breaking out · Evidence leans up · 68% evidence 64.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.8/35 · Revenue 16.9% · Profit 41.9% · Operating margin change 8 points · 83% evidence Capital efficiency 21.1/25 · ROCE 36.2% · Operating margin 48% · 95% evidence Valuation 6.6/20 · P/E 25.8× · PEG n/a · 50% evidence Relative strength 12.5/20 · Lead over its industry n/a · Lead over NIFTY 500 74.5% · 1 year n/a · 25% evidence · 12 of 12 weeks ahead Exact sum: 23.8 + 21.1 + 6.6 + 12.5 = 64 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 4. [Sunshield Chemicals Ltd](https://www.sectoralpha.in/stocks/sunshield-chemicals-ltd) SUNSHIEL · quiet · Evidence leans up · 81% evidence 63.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.6/35 · Revenue 12.9% · Profit 100% · Operating margin change 5 points · 88% evidence Capital efficiency 18.6/25 · ROCE 19.9% · Operating margin 16% · 100% evidence Valuation 10.8/20 · P/E 24.3× · PEG 2.21 · 100% evidence Relative strength 10.8/20 · Lead over its industry n/a · Lead over NIFTY 500 4.3% · 1 year -4% · 25% evidence · 0 of 5 weeks ahead Exact sum: 23.6 + 18.6 + 10.8 + 10.8 = 63.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 5. [Black Rose Industries Ltd](https://www.sectoralpha.in/stocks/black-rose-industries-ltd) BLACKROSE · quiet · Evidence leans up · 81% evidence 60.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.6/35 · Revenue 8.6% · Profit 28.6% · Operating margin change 6 points · 88% evidence Capital efficiency 16.3/25 · ROCE 18.7% · Operating margin 16% · 100% evidence Valuation 10.0/20 · P/E 17.1× · PEG 4.96 · 100% evidence Relative strength 10.9/20 · Lead over its industry n/a · Lead over NIFTY 500 4.4% · 1 year n/a · 25% evidence · 7 of 12 weeks ahead Exact sum: 23.6 + 16.3 + 10 + 10.9 = 60.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [Tatva Chintan Pharma Chem Ltd](https://www.sectoralpha.in/stocks/tatva-chintan-pharma-chem-ltd) TATVA · losing its lead · Evidence leans up · 93% evidence 59.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 28.7/35 · Revenue 49.2% · Profit 100% · Operating margin change 1 points · 100% evidence Capital efficiency 8.5/25 · ROCE 7.2% · Operating margin 19% · 100% evidence Valuation 11.3/20 · P/E 60.2× · PEG 1.21 · 65% evidence Relative strength 11.4/20 · Lead over its industry 7.8% · Lead over NIFTY 500 23.3% · 1 year 15.6% · 100% evidence · 10 of 12 weeks ahead Exact sum: 28.7 + 8.5 + 11.3 + 11.4 = 59.9 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [Aether Industries Ltd](https://www.sectoralpha.in/stocks/aether-industries-ltd) AETHER · leader · Evidence leans up · 90% evidence 59.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 22.4/35 · Revenue 30.2% · Profit 28.4% · Operating margin change 1 points · 100% evidence Capital efficiency 12.7/25 · ROCE 11.9% · Operating margin 32% · 100% evidence Valuation 9.7/20 · P/E 85.1× · PEG n/a · 50% evidence Relative strength 14.8/20 · Lead over its industry 22.3% · Lead over NIFTY 500 38.6% · 1 year 114.4% · 100% evidence · 12 of 12 weeks ahead Exact sum: 22.4 + 12.7 + 9.7 + 14.8 = 59.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 8. [Privi Speciality Chemicals Ltd](https://www.sectoralpha.in/stocks/privi-speciality-chemicals-ltd) PRIVISCL · quiet · Evidence leans up · 82% evidence 59.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.7/35 · Revenue 17.5% · Profit 44.5% · Operating margin change -1 points · 95% evidence Capital efficiency 18.5/25 · ROCE 22.3% · Operating margin 26% · 76% evidence Valuation 10.1/20 · P/E 33.7× · PEG n/a · 50% evidence Relative strength 7.1/20 · Lead over its industry -9.7% · Lead over NIFTY 500 4.2% · 1 year 10.5% · 100% evidence · 2 of 12 weeks ahead Exact sum: 23.7 + 18.5 + 10.1 + 7.1 = 59.4 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 9. [Fineotex Chemical Ltd](https://www.sectoralpha.in/stocks/fineotex-chemical-ltd) FCL · leader · Evidence leans up · 96% evidence 59.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.3/35 · Revenue 91.5% · Profit 41% · Operating margin change -2 points · 88% evidence Capital efficiency 13.6/25 · ROCE 18.3% · Operating margin 16% · 100% evidence Valuation 5.7/20 · P/E 46.1× · PEG 1.92 · 100% evidence Relative strength 19.5/20 · Lead over its industry 34.1% · Lead over NIFTY 500 48.9% · 1 year 62.9% · 100% evidence · 12 of 12 weeks ahead Exact sum: 20.3 + 13.6 + 5.7 + 19.5 = 59.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 10. [DMCC Speciality Chemicals Ltd](https://www.sectoralpha.in/stocks/dmcc-speciality-chemicals-ltd) DMCC · quiet · Evidence leans up · 93% evidence 55.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 22.9/35 · Revenue 72.1% · Profit 34.5% · Operating margin change -6.9 points · 100% evidence Capital efficiency 8.6/25 · ROCE 14.8% · Operating margin 4.2% · 100% evidence Valuation 16.1/20 · P/E 16.9× · PEG 0.44 · 65% evidence Relative strength 7.8/20 · Lead over its industry -12.3% · Lead over NIFTY 500 0.9% · 1 year -15.5% · 100% evidence · 9 of 12 weeks ahead Exact sum: 22.9 + 8.6 + 16.1 + 7.8 = 55.4 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 11. Aarti Industries Ltd this page AARTIIND · quiet · Evidence leans up · 100% evidence 55.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 25.4/35 · Revenue 39.8% · Profit 100% · Operating margin change -3 points · 100% evidence Capital efficiency 9.3/25 · ROCE 6.9% · Operating margin 11% · 100% evidence Valuation 13.7/20 · P/E 26.1× · PEG 0.56 · 100% evidence Relative strength 6.7/20 · Lead over its industry -10.9% · Lead over NIFTY 500 2.7% · 1 year 14.7% · 100% evidence · 6 of 12 weeks ahead Exact sum: 25.4 + 9.3 + 13.7 + 6.7 = 55.1 · What this means: Earnings are strong; relative strength in its sector is -10.9% and the one-year return is 14.7%. 12. [Galaxy Surfactants Ltd](https://www.sectoralpha.in/stocks/galaxy-surfactants-ltd) GALAXYSURF · leader · Evidence leans up · 81% evidence 53.7 out of 100 Growth Capital Valuation Relative
13. [Pidilite Industries Ltd](https://www.sectoralpha.in/stocks/pidilite-industries-ltd) PIDILITIND · quiet · Evidence leans up · 100% evidence 52.8 out of 100 Growth Capital Valuation Relative
14. [DIC India Ltd](https://www.sectoralpha.in/stocks/dic-india-ltd) DICIND · breaking out · Evidence leans up · 81% evidence 52.8 out of 100 Growth Capital Valuation Relative
15. [Neogen Chemicals Ltd](https://www.sectoralpha.in/stocks/neogen-chemicals-ltd) NEOGEN · leader · Evidence leans up · 90% evidence 51.7 out of 100 Growth Capital Valuation Relative
16. [Kronox Lab Sciences Ltd](https://www.sectoralpha.in/stocks/kronox-lab-sciences-ltd) KRONOX · breaking out · Evidence leans up · 74% evidence 51.6 out of 100 Growth Capital Valuation Relative
17. [Chemcon Speciality Chemicals Ltd](https://www.sectoralpha.in/stocks/chemcon-speciality-chemicals-ltd) CHEMCON · breaking out · Evidence leans up · 85% evidence 50.9 out of 100 Growth Capital Valuation Relative
18. [Grauer & Weil (India) Ltd](https://www.sectoralpha.in/stocks/grauer-weil-indialtd) GRAUWEIL · breaking out · Evidence leans down · 96% evidence 46.3 out of 100 Growth Capital Valuation Relative
19. [Paushak Ltd](https://www.sectoralpha.in/stocks/paushak-ltd) PAUSHAKLTD · losing its lead · Evidence leans down · 85% evidence 45.6 out of 100 Growth Capital Valuation Relative
20. [Alkyl Amines Chemicals Ltd](https://www.sectoralpha.in/stocks/alkyl-amines-chemicals-ltd) ALKYLAMINE · quiet · Evidence leans down · 96% evidence 45.5 out of 100 Growth Capital Valuation Relative
21. [Platinum Industries Ltd](https://www.sectoralpha.in/stocks/platinum-industries-ltd) PLATIND · turning · Evidence leans down · 81% evidence 45.5 out of 100 Growth Capital Valuation Relative
22. [Innovassynth Technologies (India) Ltd](https://www.sectoralpha.in/stocks/innovassynth-technologies-indialtd) breaking out · Too little evidence to rank firmly · 53% evidence 44.0 out of 100 Growth Capital Valuation Relative
23. [Anupam Rasayan India Ltd](https://www.sectoralpha.in/stocks/anupam-rasayan-india-ltd) ANURAS · turning · Evidence leans down · 78% evidence 43.7 out of 100 Growth Capital Valuation Relative
24. [Vinati Organics Ltd](https://www.sectoralpha.in/stocks/vinati-organics-ltd) VINATIORGA · quiet · Evidence leans down · 82% evidence 42.4 out of 100 Growth Capital Valuation Relative
25. [Amines & Plasticizers Ltd](https://www.sectoralpha.in/stocks/amines-plasticizers-ltd) AMNPLST · quiet · Evidence leans down · 81% evidence 42.3 out of 100 Growth Capital Valuation Relative
26. [Amal Ltd](https://www.sectoralpha.in/stocks/amal-ltd) AMAL · quiet · Evidence leans down · 68% evidence 41.3 out of 100 Growth Capital Valuation Relative
27. [Transpek Industry Ltd](https://www.sectoralpha.in/stocks/transpek-industry-ltd) TRANSPEK · losing its lead · Evidence leans down · 63% evidence 38.6 out of 100 Growth Capital Valuation Relative
28. [Vishnu Chemicals Ltd](https://www.sectoralpha.in/stocks/vishnu-chemicals-ltd) VISHNU · losing its lead · Evidence leans down · 100% evidence 38.2 out of 100 Growth Capital Valuation Relative
29. [Clean Science & Technology Ltd](https://www.sectoralpha.in/stocks/clean-science-technology-ltd) CLEAN · breaking out · Evidence leans down · 85% evidence 38.1 out of 100 Growth Capital Valuation Relative
30. [Thirumalai Chemicals Ltd](https://www.sectoralpha.in/stocks/thirumalai-chemicals-ltd) TIRUMALCHM · quiet · Most evidence points down · 68% evidence 27.4 out of 100 Growth Capital Valuation Relative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Speciality Chemicals](https://www.sectoralpha.in/sectors/speciality-chemicals), all 30 compared on one page. ## Which companies are close to Aarti Industries in size? Aarti Industries is the 3rd largest of 30 Speciality Chemicals companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Pidilite Industries and Aether Industries. Just below it: Anupam Rasayan India, Privi Speciality Chemicals, Vinati Organics and Alkyl Amines Chemicals. ### Speciality Chemicals companies close in size

1. [Pidilite Industries Ltd](https://www.sectoralpha.in/stocks/pidilite-industries-ltd) ₹1,48,870 crore
2. [Aether Industries Ltd](https://www.sectoralpha.in/stocks/aether-industries-ltd) ₹21,452 crore
3. Aarti Industries Ltd ₹15,806 crore
4. [Anupam Rasayan India Ltd](https://www.sectoralpha.in/stocks/anupam-rasayan-india-ltd) ₹13,019 crore
5. [Privi Speciality Chemicals Ltd](https://www.sectoralpha.in/stocks/privi-speciality-chemicals-ltd) ₹12,571 crore
6. [Vinati Organics Ltd](https://www.sectoralpha.in/stocks/vinati-organics-ltd) ₹10,286 crore
7. [Alkyl Amines Chemicals Ltd](https://www.sectoralpha.in/stocks/alkyl-amines-chemicals-ltd) ₹8,132 crore

[All 30 Speciality Chemicals companies, largest first](https://www.sectoralpha.in/sectors/speciality-chemicals#all-companies)

### Companies close in size in other industries

1. [Astrazeneca Pharma India Ltd](https://www.sectoralpha.in/stocks/astrazeneca-pharma-india-ltd) ₹15,911 crore · Pharma - MNC bulk Drugs
2. [Emmvee Photovoltaic Power Ltd](https://www.sectoralpha.in/stocks/emmvee-photovoltaic-power-ltd) ₹15,855 crore · Electric Equipment - General
3. Aarti Industries Ltd ₹15,806 crore
4. [Azad Engineering Ltd](https://www.sectoralpha.in/stocks/azad-engineering-ltd) ₹15,792 crore · Aerospace & Defence - Equipments
5. [JSW Cement Ltd](https://www.sectoralpha.in/stocks/jsw-cement-ltd) ₹15,747 crore · Cement

## What else do people ask about Aarti Industries? ### What is Aarti Industries's share price today? Aarti Industries Ltd's share price is ₹447.55, +14.2% over the past year. The whole company is worth ₹16,225 Cr on the market. In the last 52 weeks it traded between ₹353 to ₹540; today it is 51% of the way up from the low, 3.9% below its 200-day average (as of 4 November 2026). ### What were Aarti Industries's latest quarterly results? Aarti Industries Ltd reported revenue of ₹3,669 Cr and net profit of ₹168 Cr for the Sep 2026 quarter. Revenue rose 74.7% and profit rose 58.5% compared with a year earlier. Earnings per share were ₹4.63. The operating margin was 11.0%, 3.0 percentage points lower than a year earlier (as of 4 November 2026). ### What is Aarti Industries's market cap? Aarti Industries Ltd's market capitalisation is ₹16,225 Cr at a share price of ₹447.55. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 4 November 2026). ### How is Aarti Industries performing? Aarti Industries Ltd's share price has been rising for 33 weeks. In its latest quarter, revenue rose 74.7% and profit rose 58.5% compared with a year earlier. Over the past 13 weeks it has done worse than the NIFTY 500, for 3 weeks running (as of 4 November 2026). ### Will Aarti Industries's share price go up? This page does not forecast Aarti Industries Ltd's share price. What it shows instead: the share price is ₹447.55, and it has been rising for 33 weeks. Its P/E of 26.8× is higher than 34% of its own last 11 years (as of 4 November 2026). ### Who owns Aarti Industries? Promoters own 41.8% of Aarti Industries Ltd, foreign institutions 7.0%, domestic institutions 20.9% and the public 30.3% (latest quarter). The biggest change over the last two years: Domestic institutions raised their stake by 2.8 percentage points over 8 quarters (as of 4 November 2026). ### Where is Aarti Industries in its business cycle? Aarti Industries Ltd's FY26 operating margin was 14.0%, against a 13-year range of 14.0% to 28.0%: the low end of its own range, which is often where recoveries start. The latest quarter was 11.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 4 November 2026). ### What could break the Aarti Industries story? The main question: foreign institutions moved −2.7 percentage points over 8 quarters while the business went the other way. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 4 November 2026). ### Is Aarti Industries a stock worth studying right now? What the numbers show: Aarti Industries Ltd's results are improving, while its P/E is near the low end of its own history over 11 years, higher than only 34% of past readings. The main open question: whether the owners’ moves turn back in line with the business. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 4 November 2026). ### Is there a Aarti Industries share price forecast for 2026? What management itself guided: FY27 Capital spending remains ₹700-800 crore, with approximately ₹180 crore deployed in April to June 2026. 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. What would change the story: 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. ### Where does this page get Aarti Industries' management information? From Aarti Industries' results calls, its filings and public records on governance, each dated on the page. Management’s plans are shown as plans, never as results. ## Lists

- Small & mid cap stocks: https://www.sectoralpha.in/small-cap-stocks-india

This is research, not advice. We’re not SEBI-registered.