Aether Industries Ltd
AETHERAether Industries Ltd is printing record margins on a fuller multiple. From here the earnings must do all the lifting.
The sharpest disagreement: profits are rising, but only 49% of the last 3 years' profit arrived as operating cash — the gap between the P&L and the bank account is the thing to watch.
The price is in a confirmed uptrend (36 weeks in) while the P/E sits at the 59th percentile of its own 4-year range. Underneath, the last four quarters read improving — profit +34.0% year on year, and 49% of the last 3 years' profit arrived as cash. What settles it: whether the cash starts following the profit.
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.
Aether Industries Ltd trades at ₹1,625, in a confirmed uptrend and 36 weeks into that stage. That is +41.0% against its own 200-day average. It sits at 100% of a 52-week range of ₹736 to ₹1,625. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 10 straight weeks.
Today the stock is in a confirmed uptrend — week 36 of stage 2, confirmed. At ₹1,625 it trades +41.0% versus its 200-day average and sits at 100% of its 52-week range (₹736–₹1,625).
Against the market, two honest reads. Cumulative: over the last 4.2 years the stock moved +110% while the NIFTY 500 moved +70% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 10 straight weeks — 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.
Story check
Aether Industries Ltd's story is not scored yet against the markers our research file set on 14 June 2026. Where it sits in its own cycle: Not stated in the research file. Still open: Three consecutive cross-call contradictions on WC, Site 5 commissioning, and insurance settlement raise execution-forecast reliability concerns.
What is proven. See the research file
What is not proven yet. Three consecutive cross-call contradictions on WC, Site 5 commissioning, and insurance settlement raise execution-forecast reliability concerns.
Layer 1 read, 19 July 2026 — KEEP. Expanding chemistry engine but a repeatedly-delayed Site 5 and marked-down FY27 margins under a still-rich multiple. Revenue grew 38% to Rs 1,160cr with margins recovering to the high-20s/30s, and the PE has compressed from ~143x to 88x as EPS doubled. But the growth engine (Site 5) has slipped more than five months, working capital targets were raised, and FY27 margins were guided lower — while cash conversion stays weak, so I keep it below P1.
What would change Layer 1’s mind. Confirmed on-time Site 5 commissioning with the guided asset turns and OCF converging toward PAT would lift conviction; a further Site 5 slip, another WC-target raise, or FY27 margins landing below the 29-30% guide would break the de-rating-compounder case.
Layer 2 read, 19 July 2026 — BENCH. A real specialty-chem engine, but priced for perfection while management quietly marks the forward story down — wait, don't chase.
What would change Layer 2’s mind. Site 5 commercialising on the revised timeline with FY27 EBITDA margin actually holding at ~31% (not the guided 29-30%) AND working-capital days falling back toward 140 — proof the forward markdown was conservative — would flip BENCH to ADVANCE. Conversely, a quarter confirming sustained Chinese dumping that permanently rebases specialty margins would push toward DROP.
The test written in advance. Management timeline credibility — Management timeline credibility by the next result.
The test written in advance. Working capital intensity (pre-commissioning inventory) — Working capital intensity (pre-commissioning inventory) by the next result.
The test written in advance. Site 5 capex magnitude and return timeline — Site 5 capex magnitude and return timeline by the next result.
🚨 What the surface reading misses. The surface reading is: OCF/PAT 0.65 = below 1.0 target, implying earnings quality gap The research reads it further: OCF/PAT improving from 3y aggregate 0.49x to 0.65x in latest year; the gap is narrowing as Site 3++ and Site 4 ramp reduces WC intensity; primary drag is inventory pre-commissioning, not receivables or accrual inflation
🚨 What the surface reading misses. The surface reading is: 25th percentile PE → appears significantly below median, suggesting cheap The research reads it further: Normalized PE is 72.8x at 31st percentile per cycle_normalized block — the trailing PE looks cheaper than it is because Q1 FY27 annualized earnings haven't yet been reflected. Operating margins are MID-cycle (33rd percentile), not trough. FAIRLY_PRICED is the deterministic verdict, not cheap.
Lever 12 · New product launch — BUILDING. 19 marquee clients added in FY26 after 50+ certification audits. Pipeline composition 70–75% CRAMS/CEM vs 25–30% LSM; seven CEM customers on board with CRAMS-to-CEM conversion timelines 1–2 years for oil/gas, 7–10 years for pharma. Minimum 5-year contract tenure post-conversion means each CEMS customer generates multi-year captive revenue. What proves it keeps working: CRAMS-to-CEM pipeline conversion. It stops working if Site 5 revenue contribution absent in Q1 FY27 results (expected Aug 2026) AND WC stays above 170 days — both together would confirm systematic over-optimism.
Sources: our stock research file (14 June 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.
| Section | Where it is now | Vs a year ago | The one thing to watch next | Read |
|---|---|---|---|---|
| Revenue | ₹305 Cr | — | Baker Hughes CRAMS volume ramp |
Revenue Revenue is the top line: everything the company billed its customers in the period.
Aether Industries Ltd reported ₹327 Cr of revenue in the Jun 26 quarter, +27.2% year on year. That is the 9th straight quarter of year-on-year growth. Over 4 years it has compounded at 18.4% a year. The last full year, FY26, came in at ₹1,160 Cr. The last four reported quarters add to ₹1,231 Cr.
Why this happened. Baker Hughes revenue: ₹41cr (Q1 FY26) → ₹50cr (Q2 FY26) → ₹60cr (Q3 FY26) → ₹84cr (Q4 FY26), representing 20% sequential growth in Q3. Seven to eight additional molecules in active CRAMS pipeline with commercialization visibility pending. Baker Hughes represents the oil-and-gas vertical which management targets at equal revenue share with pharma/agro over time.
FY26 revenue came in at ₹1,160 Cr (+38.3% on the year), capping 4 years at 18.4% compound. The latest quarter (Jun 26) printed ₹327 Cr, +27.2% year on year — the 9th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +35.0% growth against the decade's 18.4% — the current year is running faster than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +34.4% over the last 4 quarters against +41.2%/yr over the last 8 — rolling over; TTM profit +34.3% vs +68.3%/yr — rolling over.
FY26-Q4. revenue ₹305 Cr and profit ₹54 Cr as reported.
FY27-Q1. revenue ₹327 Cr and profit ₹63 Cr as reported.
Why-sources: our stock research file (14 June 2026) and the company’s own results for those quarters.
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.
Aether Industries Ltd's operating margin is 31.0% in the Jun 26 quarter, −1.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 5 fiscal years the operating margin has ranged 22.0% to 31.0%. The current quarter sits inside that band.
The latest quarter's operating margin is 31.0%, −1.0 pp against the same quarter a year ago. Across 5 fiscal years the operating margin has ranged 22.0%–31.0%, and FY26's 31.0% is the top of that band — a record year.
🚨 Why the margin moved: operating margin went −0.2 pp year on year while gross margin went +1.9 pp — the loss came mostly from the gross line: input costs and pricing.
Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.
FY26-Q4. revenue ₹305 Cr and profit ₹54 Cr as reported.
FY27-Q1. revenue ₹327 Cr and profit ₹63 Cr as reported.
Why-sources: our stock research file (14 June 2026) and the company’s own results for those quarters.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Aether Industries Ltd earned ₹63.0 Cr of net profit in the Jun 26 quarter, +34.0% year on year. It is the 5th consecutive quarter of growth. Full-year FY26 profit was ₹219 Cr. The 4-year compound rate is 19.1%. That is 19.3% of the quarter's revenue. The same quarter a year earlier earned ₹47.0 Cr.
Jun 26 profit was ₹63.0 Cr, +34.0% year on year — the 5th consecutive quarter of growth. On the full year, FY26 printed ₹219 Cr (+38.6%), and the 4-year compound rate is 19.1%.
Why profit moved: revenue contributed +27.2% and the margin −1.0 pp — the quarter was revenue-led, with the margin roughly flat.
Pace comparison, last four quarters: profit +36.3% vs revenue +35.0%. Profit and revenue are moving roughly in step.
FY26-Q4. revenue ₹305 Cr and profit ₹54 Cr as reported.
FY27-Q1. revenue ₹327 Cr and profit ₹63 Cr as reported.
Why-sources: our stock research file (14 June 2026) and the company’s own results for those quarters.
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 49% of Aether Industries Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹142 Cr of operating cash against ₹219 Cr of profit. After ₹598 Cr of capital spending, ₹−456 Cr was left as free cash.
FY26: operating cash of ₹142 Cr against reported profit of ₹219 Cr, leaving free cash of ₹−456 Cr after ₹598 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 49% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
🚨 Why conversion sits at 49%: the cash cycle stretched 103 days between FY22 and FY26 — more of each rupee of profit waits inside the cycle before arriving. Less than 70% of profit arriving as cash is the thing to watch on this page.
Router verdict: conversion is below par and the cash cycle has stretched 103 days — the next section's job is to find where the cash is stuck.
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).
Aether Industries Ltd's cash conversion cycle runs 330 days in FY26, up from 227 days in FY22. Capital spending ran ₹1,480 Cr over the last 3 years. At FY26 sales of ₹1,160 Cr each day of that cycle holds about ₹3.2 Cr, so roughly ₹1,049 Cr sits inside the business at any moment.
FY26: debtors at 123 days, inventory at 326 days — roughly 10.7 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 330 days, looser than FY22's 227.
The full loop: cash goes out to suppliers and production on day 0; stock waits 326 days to sell; customers pay about 123 days after that; and suppliers themselves are paid at 120 days — netting out to the 330-day cycle.
In money terms: at FY26 sales of ₹1,160 Cr, each day of the cycle holds about ₹3.2 Cr — so the 330-day loop keeps roughly ₹1,049 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹1,480 Cr over the last 3 fiscal years against ₹151 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹506 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.
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.
Aether Industries Ltd earns a ROCE of 12% in FY26. That is up from a trough of 7% in FY24. Return on invested capital clears the cost of that capital by −3.9 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 18.9% net margin on 0.36× asset turns.
FY26 ROCE is 12%, recovered from a FY24 trough of 7% — the full ladder below shows the fall and the climb, undoctored.
🚨 Why the return is what it is — the wiring (FY26): 18.9% net margin × 0.36× asset turns × 1.30× balance-sheet leverage ≈ 8.8% on equity. Margin is doing the heavy lifting; leverage is modest — this is an earned return, not a borrowed one.
The capstone test — ROIC − WACC: 8.1% − 12.0% = a −3.9 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.
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.
Aether Industries Ltd carries total debt of ₹458 Cr against shareholder equity of ₹2,456 Cr as of Mar 26, a debt-to-equity of 0.19 — effectively unlevered. On the annual view that ratio went from 0.75 in FY22 to 0.19 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.
Mar 26: total debt of ₹458 Cr against shareholder equity of ₹2,456 Cr — a debt-to-equity of 0.19. On the annual view, debt-to-equity went from 0.75 (FY22) to 0.19 (FY26). The returns on this page are earned, not borrowed.
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.
Promoters cut 6.9 points of Aether Industries Ltd over 8 quarters, the biggest move on the register. That takes promoters to 74.9% of the company. Foreign institutions moved +4.5 points over the same window, to 7.4%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Promoters: −6.9 points over 8 quarters to 74.9%; Foreign institutions: +4.5 points over 8 quarters to 7.4%; Domestic institutions: −1.1 points over 8 quarters to 10.5%.
🚨 Why the register moved: promoters drove it (−6.9 points), absorbed on the other side by foreign institutions (+4.5 points) — distribution into the market’s bid.
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.
Aether 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.
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.
Aether Industries Ltd trades at 89.9× P/E, mid-range by its own standards (59th percentile). Its long-run median P/E is 87.6×, measured across 4.2 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 89.9× is mid-range by its own standards (59th percentile), against a long-run median of 87.6× measured over 4.2 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
🚨 Why the multiple sits where it does: over the past year annual EPS moved +38.4% against a +119.1% price move — the price outran earnings, pushing the multiple UP its own range.
The price move, decomposed: over 3y, of the +15.1%/yr price move, ~+20.8%/yr came from earnings growth and ~−5.7 pp from the multiple (compressing). 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 unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.
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).
Aether Industries Ltd reads as mixed on its fundamental arc. Mixed — growth is normalizing off a hyper-growth base: revenue growth has eased from +52.9% at its peak to +34.4% but is still expanding, ROCE holding at 12.8%. The read is built from 12 quarters across 4 curves, on full evidence.
Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +38.3% | +21.2% | — | — |
| Profit | +38.6% | +19.0% | — | — |
| EPS | +38.4% | +16.5% | — | — |
| Share price | +119.1% | +15.1% | — | — |
4-Factor Sector Score
58.4/100 — rank 8 of 28 in Speciality Chemicals · 100% evidence confidence
Aether Industries Ltd scores 58.4 out of 100 against the 28 companies it is compared with in Speciality Chemicals, ranking 8. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 24.4 + 10.7 + 4.1 + 19.2 = 58.4. 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.
Said versus delivered
What Aether Industries Ltd's management promised, set against what actually arrived — 4 tracked 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.
R&D Facility Scope Expanded Without Reconciliation · 31 July 2026. In February and May 2026, management described the new R&D facility as having 15 additional or new labs and approximately 140-150 fume hoods. In July 2026, management described around 50 new labs and close to 160 cumulative fume hoods, a material change in the planned scale with no explanation of whether the facility scope or definitions had changed.
Site 5 Investment Plan Not Reconciled · 31 July 2026. In May 2026, management quantified remaining capex across Site 5 and the R&D expansion at approximately INR1,500-1,600 crores over the next four years. In July 2026, management described Site 5 alone as having a total investment of approximately 2,200-2,300 crores through 2030, materially exceeding the earlier combined figure unless the definitions differ; management did not explain the change.
Site 5 LSM Order Status Recast Without Explanation · 31 July 2026. In May 2026, management said the three new Site 5 large-scale manufacturing products had completed validation and that orders were already in hand. In July 2026, management said order build-up was still in progress and only specifically described manufacturing one pharmaceutical intermediate at Site 3, creating an unexplained reduction in the apparent order visibility supporting the Site 5 ramp-up.
FY27 Working Capital Days Target Raised · 15 May 2026. In the Nov 2025 call, the CFO explicitly guided for a working capital cycle of approximately 140 days by end of FY27, citing the ongoing ramp-up of contract manufacturing as a structural tailwind. In the May 2026 call, the same target has been revised materially upward to 160 days as the base expectation (with an aspiration of only 150 days), representing a 20-day deterioration versus prior guidance with no clear explanation of the structural change that drove the revision.
Every quote above is taken word for word from the company’s own earnings calls.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1Panama Petrochem LtdPANAMAPET | 77.4/100Favorable setup100% evidence | LEADER | 28.0/35 Revenue 45.9% · PAT 100% · OPM change 14 pp 100% evidence | 14.9/25 ROCE 19.2% · OPM 22% 100% evidence | 15.5/20 P/E 6.1× · PEG 0.55 100% evidence | 19.0/20 RS sector 25.9% · RS bench 48% · 1Y 38%12 of 12 weeks ahead 100% evidence |
| Exact sum: 28 + 14.9 + 15.5 + 19 = 77.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 2Sunshield Chemicals Ltd530845 | 71.3/100Favorable setup76% evidence | BREAKING OUT | 29.6/35 Revenue 20.5% · PAT 100% · OPM change 5 pp 95% evidence | 16.6/25 ROCE 19.9% · OPM 16% 76% evidence | 11.2/20 P/E 30.5× · PEG — 50% evidence | 13.9/20 RS sector 2.6% · RS bench 27.8% · 1Y 41.1%11 of 11 weeks ahead 70% evidence |
| Exact sum: 29.6 + 16.6 + 11.2 + 13.9 = 71.3 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 3Vikram Thermo (India) Ltd530477 | 64.4/100Mixed-positive evidence67% evidence | BREAKING OUT | 24.0/35 Revenue 7% · PAT 100% · OPM change 8 pp 95% evidence | 19.8/25 ROCE 36.4% · OPM 48% 76% evidence | 8.2/20 P/E 20.8× · PEG — 50% evidence | 12.4/20 RS sector — · RS bench 61% · 1Y —6 of 6 weeks ahead 25% evidence |
| Exact sum: 24 + 19.8 + 8.2 + 12.4 = 64.4 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 4Black Rose Industries LtdBLACKROSE | 63.6/100Mixed-positive evidence72% evidence | TURNING | 22.2/35 Revenue 8.6% · PAT 28.6% · OPM change 6 pp 95% evidence | 17.1/25 ROCE 18.9% · OPM 16% 95% evidence | 13.8/20 P/E 18.6× · PEG — 50% evidence | 10.5/20 RS sector — · RS bench 6.4% · 1Y —1 of 2 weeks ahead 25% evidence |
| Exact sum: 22.2 + 17.1 + 13.8 + 10.5 = 63.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 5Yasho Industries LtdYASHO | 62.9/100Mixed-positive evidence87% evidence | BREAKING OUT | 29.2/35 Revenue 34.1% · PAT 100% · OPM change 7 pp 100% evidence | 8.6/25 ROCE 8.9% · OPM 24% 100% evidence | 12.0/20 P/E 88.1× · PEG 1.15 65% evidence | 13.1/20 RS sector -2% · RS bench 118% · 1Y 140.7%11 of 11 weeks ahead 70% evidence |
| Exact sum: 29.2 + 8.6 + 12 + 13.1 = 62.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 6Privi Speciality Chemicals LtdPRIVISCL | 60.9/100Mixed-positive evidence75% evidence | TURNING | 24.8/35 Revenue 21.6% · PAT 62.1% · OPM change -1 pp 95% evidence | 17.9/25 ROCE 22.3% · OPM 23% 76% evidence | 9.5/20 P/E 38.9× · PEG — 15% evidence | 8.7/20 RS sector -5.1% · RS bench 12.5% · 1Y 42.6%11 of 12 weeks ahead 100% evidence |
| Exact sum: 24.8 + 17.9 + 9.5 + 8.7 = 60.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 7Pidilite Industries LtdPIDILITIND | 60.0/100Mixed-positive evidence100% evidence | BREAKING OUT | 22.6/35 Revenue 14.1% · PAT 21.5% · OPM change 1 pp 100% evidence | 20.6/25 ROCE 31% · OPM 26% 100% evidence | 7.4/20 P/E 65.1× · PEG 3.8 100% evidence | 9.4/20 RS sector -5.8% · RS bench 11.7% · 1Y 9.9%10 of 12 weeks ahead 100% evidence |
| Exact sum: 22.6 + 20.6 + 7.4 + 9.4 = 60 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 8Aether Industries Ltdthis pageAETHER | 58.4/100Mixed-positive evidence100% evidence | BREAKING OUT | 24.4/35 Revenue 34.4% · PAT 34.3% · OPM change -1 pp 100% evidence | 10.7/25 ROCE 11.9% · OPM 31% 100% evidence | 4.1/20 P/E 89.9× · PEG 8.9 100% evidence | 19.2/20 RS sector 30.3% · RS bench 54.1% · 1Y 121.4%10 of 12 weeks ahead 100% evidence |
| Exact sum: 24.4 + 10.7 + 4.1 + 19.2 = 58.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 9Tatva Chintan Pharma Chem LtdTATVA | 57.2/100Mixed-positive evidence93% evidence | BREAKING OUT | 30.2/35 Revenue 41.1% · PAT 100% · OPM change 4 pp 100% evidence | 6.5/25 ROCE 7.1% · OPM 19% 100% evidence | 4.7/20 P/E 76.7× · PEG 5.63 65% evidence | 15.8/20 RS sector 11.4% · RS bench 32% · 1Y 64.8%7 of 12 weeks ahead 100% evidence |
| Exact sum: 30.2 + 6.5 + 4.7 + 15.8 = 57.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 10Aarti Industries LtdAARTIIND | 56.8/100Mixed-positive evidence100% evidence | TURNING | 27.6/35 Revenue 27% · PAT 100% · OPM change 3 pp 100% evidence | 8.3/25 ROCE 6.8% · OPM 16% 100% evidence | 8.0/20 P/E 37.1× · PEG 2.05 100% evidence | 12.9/20 RS sector 4.4% · RS bench 23.7% · 1Y 42.4%5 of 12 weeks ahead 100% evidence |
| Exact sum: 27.6 + 8.3 + 8 + 12.9 = 56.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 11Fineotex Chemical LtdFCL | 53.4/100Mixed-positive evidence100% evidence | LEADER | 18.4/35 Revenue 91.5% · PAT 41% · OPM change -2 pp 100% evidence | 12.7/25 ROCE 18.3% · OPM 16% 100% evidence | 3.2/20 P/E 41.3× · PEG 4.19 100% evidence | 19.1/20 RS sector 29.6% · RS bench 51.9% · 1Y 84%12 of 12 weeks ahead 100% evidence |
| Exact sum: 18.4 + 12.7 + 3.2 + 19.1 = 53.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 12DMCC Speciality Chemicals LtdDMCC | 53.3/100Mixed-positive evidence80% evidence | BASING | 24.2/35 Revenue 49.7% · PAT 42.9% · OPM change 0 pp 95% evidence | 11.2/25 ROCE 15.3% · OPM 13% 95% evidence | 11.3/20 P/E 18.4× · PEG — 15% evidence | 6.6/20 RS sector -8.3% · RS bench 8.5% · 1Y -12.3%6 of 12 weeks ahead 100% evidence |
| Exact sum: 24.2 + 11.2 + 11.3 + 6.6 = 53.3 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -8.3% and the one-year return is -12.3%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. | ||||||
| 13Kronox Lab Sciences LtdKRONOX | 52.2/100Mixed-positive evidence65% evidence | TURNING | 9.4/35 Revenue 6.1% · PAT 11.6% · OPM change -1.1 pp 95% evidence | 21.6/25 ROCE 36% · OPM 31.7% 95% evidence | 10.9/20 P/E 19.6× · PEG — 15% evidence | 10.3/20 RS sector — · RS bench 4.5% · 1Y —1 of 1 week ahead 25% evidence |
| Exact sum: 9.4 + 21.6 + 10.9 + 10.3 = 52.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 14Chemcon Speciality Chemicals LtdCHEMCON | 49.2/100Mixed-negative evidence81% evidence | BREAKING OUT | 21.0/35 Revenue 16.7% · PAT 12% · OPM change 8 pp 95% evidence | 10.7/25 ROCE 6.4% · OPM 23% 95% evidence | 12.0/20 P/E 24.8× · PEG — 50% evidence | 5.5/20 RS sector -21.5% · RS bench -3.9% · 1Y -16.2%9 of 10 weeks ahead 70% evidence |
| Exact sum: 21 + 10.7 + 12 + 5.5 = 49.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 15Alkyl Amines Chemicals LtdALKYLAMINE | 47.8/100Mixed-negative evidence97% evidence | BREAKING OUT | 18.3/35 Revenue 5.1% · PAT 21% · OPM change 6 pp 95% evidence | 15.4/25 ROCE 16.6% · OPM 25% 95% evidence | 5.0/20 P/E 43.5× · PEG 5.37 100% evidence | 9.1/20 RS sector -6.3% · RS bench 10.5% · 1Y -7.1%12 of 12 weeks ahead 100% evidence |
| Exact sum: 18.3 + 15.4 + 5 + 9.1 = 47.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 16Galaxy Surfactants LtdGALAXYSURF | 47.0/100Mixed-negative evidence94% evidence | BREAKING OUT | 19.5/35 Revenue 27% · PAT 15.7% · OPM change 4 pp 100% evidence | 9.4/25 ROCE 13.5% · OPM 14% 100% evidence | 8.9/20 P/E 24.5× · PEG 4.39 100% evidence | 9.2/20 RS sector -11.9% · RS bench 23.3% · 1Y 2.8%5 of 10 weeks ahead 70% evidence |
| Exact sum: 19.5 + 9.4 + 8.9 + 9.2 = 47 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 17Vinati Organics LtdVINATIORGA | 44.8/100Mixed-negative evidence82% evidence | ASLEEP | 11.2/35 Revenue 5.1% · PAT 5.7% · OPM change -5 pp 95% evidence | 17.5/25 ROCE 19.8% · OPM 24% 76% evidence | 13.3/20 P/E 30.9× · PEG — 50% evidence | 2.8/20 RS sector -25.6% · RS bench -11.4% · 1Y -19.2%0 of 12 weeks ahead 100% evidence |
| Exact sum: 11.2 + 17.5 + 13.3 + 2.8 = 44.8 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 18Neogen Chemicals LtdNEOGEN | 43.5/100Mixed-negative evidence90% evidence | LEADER | 14.6/35 Revenue 18.1% · PAT 6.1% · OPM change 2 pp 100% evidence | 6.7/25 ROCE 6.5% · OPM 19% 100% evidence | 5.1/20 P/E 170× · PEG — 50% evidence | 17.1/20 RS sector 20.9% · RS bench 42.1% · 1Y 55.4%12 of 12 weeks ahead 100% evidence |
| Exact sum: 14.6 + 6.7 + 5.1 + 17.1 = 43.5 · Decision use: Price leads the evidence: RS versus the benchmark is 42.1%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 19Amal Ltd506597 | 41.9/100Mixed-negative evidence69% evidence | BREAKING OUT | 8.0/35 Revenue 79% · PAT -23.1% · OPM change -7 pp 95% evidence | 16.4/25 ROCE 26% · OPM 18% 76% evidence | 9.9/20 P/E 31× · PEG — 15% evidence | 7.6/20 RS sector -23.2% · RS bench 11.7% · 1Y -24.3%7 of 10 weeks ahead 70% evidence |
| Exact sum: 8 + 16.4 + 9.9 + 7.6 = 41.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 20Platinum Industries LtdPLATIND | 41.7/100Mixed-negative evidence74% evidence | ASLEEP | 12.9/35 Revenue 9.6% · PAT 6.5% · OPM change -1 pp 95% evidence | 12.3/25 ROCE 15.7% · OPM 12% 95% evidence | 10.7/20 P/E 23.3× · PEG — 15% evidence | 5.8/20 RS sector -10.3% · RS bench -12.8% · 1Y -20.7%0 of 10 weeks ahead 70% evidence |
| Exact sum: 12.9 + 12.3 + 10.7 + 5.8 = 41.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 21Anupam Rasayan India LtdANURAS | 41.3/100Mixed-negative evidence82% evidence | ASLEEP | 20.0/35 Revenue 51.7% · PAT 14.8% · OPM change -1 pp 95% evidence | 10.5/25 ROCE 7.4% · OPM 25% 76% evidence | 8.2/20 P/E 78.8× · PEG — 50% evidence | 2.6/20 RS sector -19.6% · RS bench -4.2% · 1Y 7.9%0 of 12 weeks ahead 100% evidence |
| Exact sum: 20 + 10.5 + 8.2 + 2.6 = 41.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 22Vishnu Chemicals LtdVISHNU | 40.1/100Mixed-negative evidence100% evidence | TURNING | 15.5/35 Revenue 16.5% · PAT 17.2% · OPM change -1 pp 100% evidence | 11.3/25 ROCE 16.4% · OPM 15% 100% evidence | 6.0/20 P/E 27.4× · PEG 2.82 100% evidence | 7.3/20 RS sector -6.4% · RS bench 10.9% · 1Y 27.7%8 of 12 weeks ahead 100% evidence |
| Exact sum: 15.5 + 11.3 + 6 + 7.3 = 40.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 23Grauer & Weil (India) LtdGRAUWEIL | 38.2/100Mixed-negative evidence100% evidence | FADING | 10.6/35 Revenue 10.1% · PAT 6.6% · OPM change -5 pp 100% evidence | 16.7/25 ROCE 21.4% · OPM 16% 100% evidence | 8.2/20 P/E 19.1× · PEG 4.01 100% evidence | 2.7/20 RS sector -26.1% · RS bench -12.5% · 1Y -30.1%9 of 12 weeks ahead 100% evidence |
| Exact sum: 10.6 + 16.7 + 8.2 + 2.7 = 38.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 24Amines & Plasticizers LtdAMNPLST | 37.4/100Mixed-negative evidence81% evidence | ASLEEP | 7.8/35 Revenue -12.4% · PAT -3% · OPM change 0.7 pp 95% evidence | 14.0/25 ROCE 16.7% · OPM 9.9% 95% evidence | 8.5/20 P/E 27.5× · PEG — 50% evidence | 7.1/20 RS sector -19.2% · RS bench 0.5% · 1Y -7.2%9 of 10 weeks ahead 70% evidence |
| Exact sum: 7.8 + 14 + 8.5 + 7.1 = 37.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 25Paushak LtdPAUSHAKLTD | 37.1/100Mixed-negative evidence81% evidence | BREAKING OUT | 11.9/35 Revenue 15.4% · PAT -15.7% · OPM change -1 pp 95% evidence | 10.0/25 ROCE 8.3% · OPM 31% 95% evidence | 7.9/20 P/E 43.1× · PEG — 50% evidence | 7.3/20 RS sector -27.3% · RS bench 25.8% · 1Y -0.7%8 of 11 weeks ahead 70% evidence |
| Exact sum: 11.9 + 10 + 7.9 + 7.3 = 37.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 26Clean Science & Technology LtdCLEAN | 35.4/100Mixed-negative evidence94% evidence | TURNING | 4.5/35 Revenue -0.4% · PAT -13.8% · OPM change -5 pp 100% evidence | 18.1/25 ROCE 20.6% · OPM 36% 100% evidence | 8.3/20 P/E 37.5× · PEG 6.24 100% evidence | 4.5/20 RS sector -24.1% · RS bench -7.1% · 1Y -30.2%1 of 10 weeks ahead 70% evidence |
| Exact sum: 4.5 + 18.1 + 8.3 + 4.5 = 35.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 27Transpek Industry LtdTRANSPEK | 34.6/100Adverse evidence81% evidence | BASING | 6.4/35 Revenue -5.2% · PAT -29.1% · OPM change -2.3 pp 95% evidence | 9.1/25 ROCE 8.3% · OPM 13.3% 95% evidence | 13.6/20 P/E 16.1× · PEG — 50% evidence | 5.5/20 RS sector -19.5% · RS bench -5.7% · 1Y -24.9%2 of 10 weeks ahead 70% evidence |
| Exact sum: 6.4 + 9.1 + 13.6 + 5.5 = 34.6 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 28Thirumalai Chemicals LtdTIRUMALCHM | 24.5/100Adverse evidence69% evidence | ASLEEP | 13.1/35 Revenue -5.8% · PAT -36.9% · OPM change 12 pp 71% evidence | 1.1/25 ROCE -3.1% · OPM 6% 95% evidence | 10.0/20 P/E — · PEG — 0% evidence | 0.3/20 RS sector -39.5% · RS bench -28.1% · 1Y -44.8%1 of 12 weeks ahead 100% evidence |
| Exact sum: 13.1 + 1.1 + 10 + 0.3 = 24.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. 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 curve the sector itself 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 widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
Frequently asked questions
What is Aether Industries Ltd's share price today?
Aether Industries Ltd trades at ₹1,625, +119.1% over the past year. The company is valued at ₹21,570 Cr. The stock sits at the very top of its 52-week range (₹736–₹1,625), +41.0% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 36 weeks in. — as of 14 August 2026.
What were Aether Industries Ltd's latest quarterly results?
Aether Industries Ltd reported revenue of ₹327 Cr and net profit of ₹63.0 Cr for the Jun 26 quarter. Revenue rose 27.2% and profit rose 34.0% year on year. Earnings per share were ₹4.73. The operating margin was 31.0%, 1.0 pp lower than a year earlier. — as of 14 August 2026.
What is Aether Industries Ltd's revenue?
Aether Industries Ltd reported revenue of ₹327 Cr in the Jun 26 quarter, +27.2% year on year. For the full FY26 fiscal year, revenue was ₹1,160 Cr (+38.3%). Over the last 4 years revenue compounded at 18.4% a year. — as of 14 August 2026.
What is Aether Industries Ltd's profit?
Aether Industries Ltd earned ₹63.0 Cr of net profit in the Jun 26 quarter, +34.0% year on year — the 5th straight quarter of growth. Full-year FY26 profit was ₹219 Cr. The operating margin ran 31.0% in the latest quarter. — as of 14 August 2026.
What is Aether Industries Ltd's market cap?
Aether Industries Ltd's market capitalisation is ₹21,570 Cr at a share price of ₹1,625. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 14 August 2026.
What is Aether Industries Ltd's P/E ratio?
Aether Industries Ltd trades at a P/E of 89.9×, at the 59th percentile of its own 4-year range, against a long-run median of 87.6×. This is a comparison with the stock's own history, not a value call — as of 14 August 2026.
Does Aether Industries Ltd pay a dividend?
No — Aether Industries Ltd has recorded a dividend payout of 0% of profit in each of its last 5 reported fiscal years, so there is no payout history to quote. That is a reading of the filed annual statements, not an estimate. — as of 14 August 2026.
Is Aether Industries Ltd overvalued?
On its own history, Aether Industries Ltd looks mid-range: its P/E of 89.9× sits at the 59th percentile of its 4-year range (long-run median 87.6×). That is a percentile read against the stock's own past, not a price opinion or a direction call. One caveat: margins are the best this company has ever printed — cheap on record margins is not the same thing as cheap. — as of 14 August 2026.
Is Aether Industries Ltd growing?
Yes — Aether Industries Ltd is growing: latest-quarter revenue +27.2% year on year, profit +34.0%, and the margin −1.0 pp at 31.0%. The 4-year compound rates are 18.4% (revenue) and 19.1% (profit). The earnings engine currently reads: improving — as of 14 August 2026.
How is Aether Industries Ltd performing?
Aether Industries Ltd is in a confirmed uptrend, 36 weeks in. Its latest quarter's revenue rose 27.2% and profit rose 34.0% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 10 weeks. This describes what the data did, not a rating. — as of 14 August 2026.
What stage is Aether Industries Ltd in?
Mixed — growth is normalizing off a hyper-growth base: revenue growth has eased from +52.9% at its peak to +34.4% but is still expanding, ROCE holding at 12.8%. The read comes from the last 12 quarters of growth (revenue growth +34.4% latest, profit growth +34.3% latest, eps growth +33.9% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 14 August 2026.
Is Aether Industries Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 36 of stage 2), trading +41.0% versus its 200-day average and at the very top 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 14 August 2026.
Is Aether Industries Ltd beating the market?
On recent form, yes — Aether Industries Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 10 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 4.2 years the stock moved +110% against the NIFTY 500's +70% — ahead of the index over the full window. — as of 14 August 2026.
Will Aether Industries Ltd's share price go up?
This page publishes no price forecast for Aether Industries Ltd. What it measures instead: the share price is ₹1,625, the price is in a confirmed uptrend 36 weeks in. Its P/E of 89.9× sits at the 59th percentile of its own 4-year range. — as of 14 August 2026.
Who owns Aether Industries Ltd?
Promoters hold 74.9% of Aether Industries Ltd, foreign institutions 7.4%, domestic institutions 10.5% and the public 7.2% (latest quarter). The biggest move on the register over the last two years: Promoters cut 6.9 points over 8 quarters. — as of 14 August 2026.
Does Aether Industries Ltd have too much debt?
No — Aether Industries Ltd's debt-to-equity is 0.19, and operating profit covers the interest bill 20×. FY26 borrowings were ₹458 Cr against equity of ₹2,456 Cr. The returns on this page are earned, not borrowed — as of 14 August 2026.
What is Aether Industries Ltd's capex?
Aether Industries Ltd spent ₹1,480 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 ₹598 Cr, with ₹506 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 14 August 2026.
What is Aether Industries Ltd's cash flow?
Aether Industries Ltd generated ₹142 Cr of operating cash flow in FY26 and ₹−456 Cr of free cash flow after ₹598 Cr of capital spending. Reported profit that year was ₹219 Cr, so operating cash ran behind profit. Cash-flow resolution for India is annual. — as of 14 August 2026.
Is Aether Industries Ltd's profit real cash?
Not fully — over the last 3 fiscal years, 49% of Aether Industries Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹142 Cr against reported profit of ₹219 Cr. The cash then goes mostly into the working-capital cycle. Cash-flow resolution is annual — as of 14 August 2026.
Where is Aether Industries Ltd in its business cycle?
Aether Industries Ltd's FY26 operating margin was 31.0%, against a 5-year band of 22.0%–31.0%: the top of the band — a record year. Record profitability is late-cycle territory: every ratio flatters at the top, and the story leans on margins holding. The latest quarter ran 31.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 14 August 2026.
What could break the Aether Industries Ltd story?
The sharpest disagreement: profits are rising, but only 49% of the last 3 years' profit arrived as operating cash — the gap between the P&L and the bank account is the thing to watch. 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 14 August 2026.
Is Aether Industries Ltd a stock worth studying right now?
This is not investment advice. The machine read: Aether Industries Ltd is printing record margins on a fuller multiple. From here the earnings must do all the lifting. The sharpest open question: whether the cash starts following the profit. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 14 August 2026.