Aether Industries Ltd (AETHER) — share price & stock analysis

Market cap

₹17,610 Cr

P/E

77.8×

ROE

9.7%

vs own history (since 2022)

27th pctile

Book value / share

₹185

EPS (TTM)

₹17.1

10-yr median P/E

87.7×

Revenue (FY26)

₹1,160 Cr

Profit after tax (FY26)

₹219 Cr

Weinstein stage

Stage 2 (30 weeks)

Data as of

1 July 2026

4 of the 6 things we track are currently moving the right way — most of the dashboard is turning up.

Where the levels actually stand: ROCE 12% — decent; effectively no debt; margins at an all-time high. Momentum says which way things are moving; these say where they are.

Read this number for what it is: it measures the DIRECTION of change, not the quality of the business. A mediocre business getting better scores high here; a great one having a soft quarter scores low. Profit, sales and margins count double, and a quarter of the score comes from our earnings-recovery lens (is the profit cycle turning up off its trough?).

What the earnings deliver, the price follows

Since Jun 2022, the stock is up 72% and earnings per share are up 74% — the price has tracked the profits, not run ahead of them.pricettm_eps

The market is paying for delivery, not promises. What you see in earnings is what you get in the price.

Today’s P/E of 77.8× sits near the bottom of its own range — it has been cheaper than this only 27% of the time against its own history since 2022.pe_ratio

A caveat on every valuation comparison here: the stock has only traded since 2022, and in that time its P/E has ranged 53–143× — it has never been cheap. “Middle of its range” means the middle of an expensive range.pe_ratio

And the sharper caveat: today’s margins are the best this company has ever printed. The cheap multiple is only real if they hold — earnings at record profitability flatter every valuation ratio.operating_profit

Price is the weekly close (₹). EPS is trailing-twelve-month profit per share, anchored on Screener's own snapshots; between snapshots it is filled from price ÷ P/E (an exact identity), and any fill straying more than 18% from the neighbouring snapshots is dropped rather than shown. The lower panel is the P/E — what the market pays per rupee of profit; the dotted line is its long-run median (87.7×).

Stage 2: the trend is up, and has been for 30 weeks

Price trends have a life cycle: they base (1), advance (2), top out (3) and decline (4). This chart is in Stage 2: advancing — 30 weeks so far, confirmed.stage

The price sits above its rising 200-day average (₹1,022 today) and its strength against the index is still improving — trends like this persist more often than they reverse, which is why the system rides them instead of guessing the top.dma_200

Beating NIFTY 500 for 32 weeks — relative strength is the market’s live opinion, and right now it is on this stock’s side.rs_mansfield

What would end it: two Friday closes in a row below the 200-day line. That is the house exit rule — mechanical, no debates.dma_200

Profits have grown in 3 of the last 4 years — compounding so far, on a short record

Over 4 years, sales went from ₹590 Cr to ₹1,160 Cr (about 18% a year), and profit from ₹109 Cr to ₹219 Cr.revenuenet_profit

Margins widened 2.9 points along the way — growth with improving economics.operating_profit

Sales jumped 27% last quarter — growth every single quarter for over 2 years

Mar 26 sales were ₹305 Cr, up 27% on the same quarter last year.revenue

That makes 8 quarters of growth in a row — this is a trend, not a blip.revenue

Margins are compressing — 33% → 27% in a year

Of every ₹100 of sales, the company keeps ₹27.1 as operating profit (a year ago it kept ₹33.2).opm_pct

Zoom out and this is the page's quiet hero: annual operating margin bottomed at 22.1% in FY24 and has been rebuilt to 31.4% — that recovery, not sales alone, is what powers the profit growth elsewhere on this page.operating_profit

The gross margin moved the same way (49% → 44%), so this is about input costs and pricing power — the raw-material equation worsened.gpm_pctopm_pct

Profit is treading water

Mar 26 profit after tax was ₹54.0 Cr, up 8% year on year.net_profit

Profits on paper, cash lagging behind

Over the last 5 profitable years, the business reported ₹698 Cr of profit and collected ₹214 Cr of operating cash — about 31% conversion.operating_cash_flownet_profit

The wrinkle is the latest year: FY26 collected ₹142 Cr against ₹219 Cr of reported profit — about 65%. One year isn’t a trend, but it is the line to watch.operating_cash_flownet_profit

The cash cycle is tightening — money comes home faster

One rupee now takes about 330 days to go out the door as materials and come back as collected cash — down from 367 days the year before.cash_conversion_cycle

The biggest mover: inventory moving faster off the shelf (356 → 326 days).inventory_days

Building hard — new capacity is under construction

The productive asset base has gone from ₹257 Cr (FY22) to ₹1,506 Cr, with another ₹506 Cr of capacity under construction right now.fixed_assetscwip

Work-in-progress is 34% of the existing asset base — that is a serious bet on future demand. Capacity like this shows up in sales with a lag; it is tomorrow’s growth being paid for today.cwip

The build is bigger than the cash engine: investing outflows (₹1,461 Cr) exceeded operating cash (₹226 Cr) over the last 3 years — the difference comes from debt or shareholders.investing_cash_flowoperating_cash_flow

Almost no debt — this company cannot be killed by a bad year

For every ₹100 shareholders have put in (and left in), the company has borrowed ₹19 — total borrowings have grown from ₹291 Cr to ₹458 Cr over the window.borrowings

Promoter holding dropped in one step — an event, not a slow exit

Promoters hold 74.9% (down 6.9 points over 8 quarters). Foreign funds own 6.3%, domestic funds 12.7%.promoters_pctfiis_pctdiis_pct

The promoter move came in a single step (Jun 25) — promoters rarely buy on-market, so a jump like this is almost always an allotment, infusion or restructuring: a capital event, not a slow accumulation of conviction. Worth knowing which, before reading it as a signal.promoters_pct

A good business — the question is the price

The numbers are genuinely mixed, and the price is roughly fair to the delivery so far.

Best thing in the data: cash generation rising (₹100 Cr → ₹142 Cr).operating_cash_flow

Biggest worry: debt moving the wrong way (0.09× → 0.19×).borrowings

Machine-written research from Screener data — every number traces to its source column. Sector Alpha is not a SEBI-registered investment adviser; nothing here is a recommendation to buy or sell. Not investment advice.

Straight answers from the data