Aether Industries Ltd
AETHERAether Industries Ltd's price has outrun its earnings. +140.5% in a year against EPS +38.4% — the market is paying now for delivery later.
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 (42 weeks in) while the P/E sits at the 70th 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 ₹1,767, in a confirmed uptrend and 42 weeks into that stage. That is +38.4% against its own 200-day average. It sits at 100% of a 52-week range of ₹838 to ₹1,767. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 16 straight weeks.
Today the stock is in a confirmed uptrend — week 42 of stage 2, confirmed. At ₹1,767 it trades +38.4% versus its 200-day average and sits at 100% of its 52-week range (₹838–₹1,767).
Against the market, two honest reads. Cumulative: over the last 4.3 years the stock moved +128% while the NIFTY 500 moved +63% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 16 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 22 August 2026. Where it sits in its own cycle: MID_EXPANSION. Our fortnightly research layers last read it on 22 August 2026.
Our read, 22 August 2026. Aether’s contract-manufacturing expansion and Site 5 ramp are offset by a PEAK_MARGIN_VALUE_TRAP valuation read: current margins are above mid-cycle and normalized earnings imply a higher valuation percentile.
What is proven. Aether’s contract-manufacturing expansion and Site 5 ramp are offset by a PEAK_MARGIN_VALUE_TRAP valuation read: current margins are above mid-cycle and normalized earnings imply a higher valuation percentile.
What is not proven yet. Two consecutive quarters of normalized OPM at or above 31% while normalized PE falls below its historical median, supported by disclosed evidence that LSM pricing and utilization have not rolled over; alternatively, Site 5 asset turnover above 1.0x with working-capital days below 160 would improve the return case.
🚨 What would change our mind. Two consecutive quarters of normalized OPM at or above 31% while normalized PE falls below its historical median, supported by disclosed evidence that LSM pricing and utilization have not rolled over; alternatively, Site 5 asset turnover above 1.0x with working-capital days below 160 would improve the return case.
🚨 Layer 1 read, 22 August 2026 — DROP. The chemistry business is compounding, but the multiple re-rated 46% in a quarter on unchanged earnings. Quarterly sales rose 27.2% to Rs 327 crore and profit 34.0% to Rs 63 crore, driven by a real shift into contract manufacturing, which is now about half the business against a target of more than 70%. But the shares now cost ninety times earnings, and between our last two readings the multiple jumped from about 62 to 90 times while trailing profit did not move at all — investors re-priced the same earnings. Management itself has guided next year's margins down to 29-30% because the price surge that lifted recent quarters came from a supply disruption it describes as lasting only two to three quarters.
What would change Layer 1’s mind. Two consecutive quarters of operating margin holding at or above 31% while the multiple falls back below its own median — that is management's own guidance being beaten rather than met, and it would mean the pricing premium was structural rather than a supply-shock window. That is the timeline's own change-my-mind line and I adopt it. The reverse tell is the September quarter printing revenue below Rs 350 crore with margin at the guided 29%, which would confirm the re-rating ran ahead of the…
The test written in advance. Peak-margin value-trap valuation — Peak-margin value-trap valuation OPM falls toward 28.6% while PE remains above the normalized historical median. by the next result.
The test written in advance. Management timeline credibility and execution slippage — Management timeline credibility and execution slippage Site 5 contribution remains absent and working-capital days stay above 175 days by H2 FY27. by the next result.
What the company does. CEM and CRAMS represented approximately 50% of Q1 FY27 business, with management targeting more than 70% in the next couple of years. Site 5, Site 3++, semiconductor materials and Dow silicones provide revenue optionality, but delivery timing and working-capital conversion remain the key constraints. The deterministic cycle engine labels the setup PEAK_MARGIN_VALUE_TRAP: trailing PE is 89.9x, while normalized PE rises to 98.2x at the 76th percentile because current OPM is above its mid-cycle level.
| Dial | Now | Was | Why it matters | Watch line |
|---|---|---|---|---|
| Contract manufacturing scaling with… | in play | — | CEM and CRAMS represent approximately 50% of Q1 FY27 business, targeting more than 70% of revenue in the next couple of years. | Customer outsourcing slows, qualification cycles lengthen, or contract conversion does not translate into revenue. |
| Mega-site capex unlocking capacity at… | in play | — | Site 5 is a phased ₹2,200-2,300 Cr program targeting 1.5-1.75x asset turn at stabilization. | Site 5 block utilization stalls below 30% or asset turns fail to exceed 1.0x. |
| Advanced platform expansion into… | in play | — | Electronic materials and the Dow-funded silicone program offer additional revenue platforms, subject to validation and… | Semiconductor customer qualification or Dow pilot validation fails to advance to commercial manufacturing. |
| R&D scale-up driving CRAMS conversion… | in play | — | Interim R&D expansion is complete and a larger FY28 facility is planned with around 50 labs and close to 160 fume hoods. | R&D conversion to commercial contracts decelerates or the FY28 facility timetable changes again. |
Sources: our stock research file (22 August 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.
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. Site 4 dedicated to Baker Hughes grew 4x to ₹220 Cr in FY26, while CEM and CRAMS represented approximately 50% of business in Q1 FY27. Contract conversion and customer offtake determine the earnings benefit.
FY26 revenue came in at ₹1,160 Cr (+37.9% 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 (22 August 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 (22 August 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 (22 August 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 114 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 114 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 341 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 ₹1,084 Cr sits inside the business at any moment.
Why this happened. Phase 1 is operational and three LSM products began commercial sales. The asset-turn target is conditional on phased implementation through 2030 and successful customer order build-up.
FY26: debtors at 123 days, inventory at 345 days — roughly 11.3 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 341 days, looser than FY22's 227.
The full loop: cash goes out to suppliers and production on day 0; stock waits 345 days to sell; customers pay about 123 days after that; and suppliers themselves are paid at 126 days — netting out to the 341-day cycle.
In money terms: at FY26 sales of ₹1,160 Cr, each day of the cycle holds about ₹3.2 Cr — so the 341-day loop keeps roughly ₹1,084 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 ₹516 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 95.0× P/E, at the pricey end of its own range (70th percentile). Its long-run median P/E is 88.0×, measured across 4.3 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 95.0× is at the pricey end of its own range (70th percentile), against a long-run median of 88.0× measured over 4.3 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 +140.5% price move — the price outran earnings, pushing the multiple UP its own range.
The price move, decomposed: over 3y, of the +21.8%/yr price move, ~+20.8%/yr came from earnings growth and ~+1.0 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.
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 | +37.9% | +21.2% | — | — |
| Profit | +38.6% | +19.0% | — | — |
| EPS | +38.4% | +16.5% | — | — |
| Share price | +140.5% | +21.8% | — | — |
4-Factor Sector Score
55.1/100 — rank 8 of 23 in Specialty Chemicals · 100% evidence confidence
Aether Industries Ltd scores 55.1 out of 100 against the 23 companies it is compared with in Specialty 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: 24.5 + 11.7 + 4.2 + 14.7 = 55.1. 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 |
|---|---|---|---|---|---|---|
| 1Vikram Thermo (India) Ltd530477 | 66.1/100Favorable setup67% evidence | BREAKING OUT | 25.7/35 Revenue 16.9% · PAT 41.9% · OPM change 8 pp 95% evidence | 19.8/25 ROCE 36.2% · OPM 48% 76% evidence | 8.1/20 P/E 30.6× · PEG — 50% evidence | 12.5/20 RS sector — · RS bench 123.6% · 1Y —12 of 12 weeks ahead 25% evidence |
| Exact sum: 25.7 + 19.8 + 8.1 + 12.5 = 66.1 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 2Yasho Industries LtdYASHO | 64.3/100Mixed-positive evidence87% evidence | BREAKING OUT | 29.9/35 Revenue 34.1% · PAT 100% · OPM change 7 pp 100% evidence | 9.0/25 ROCE 8.9% · OPM 24% 100% evidence | 12.0/20 P/E 85.7× · PEG 1.15 65% evidence | 13.4/20 RS sector -1.4% · RS bench 97.4% · 1Y 146.4%12 of 12 weeks ahead 70% evidence |
| Exact sum: 29.9 + 9 + 12 + 13.4 = 64.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 3Jubilant Agri & Consumer Products LtdJUBLCPL | 59.2/100Mixed-positive evidence87% evidence | BREAKING OUT | 19.5/35 Revenue 19.9% · PAT 22.6% · OPM change -1 pp 100% evidence | 15.5/25 ROCE 40.4% · OPM 13% 100% evidence | 15.5/20 P/E 24.3× · PEG 0.49 65% evidence | 8.7/20 RS sector -8.5% · RS bench 10.4% · 1Y -13.7%7 of 11 weeks ahead 70% evidence |
| Exact sum: 19.5 + 15.5 + 15.5 + 8.7 = 59.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 4Chembond Chemicals LtdCHEMBONDCH | 57.4/100Mixed-positive evidence65% evidence | BREAKING OUT | 17.4/35 Revenue 18.4% · PAT 19.7% · OPM change 0.2 pp 95% evidence | 17.2/25 ROCE 23.6% · OPM 13.1% 95% evidence | 11.5/20 P/E 17.5× · PEG — 15% evidence | 11.3/20 RS sector — · RS bench 43.5% · 1Y —8 of 8 weeks ahead 25% evidence |
| Exact sum: 17.4 + 17.2 + 11.5 + 11.3 = 57.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 5DMCC Speciality Chemicals LtdDMCC | 56.8/100Mixed-positive evidence80% evidence | BREAKING OUT | 24.9/35 Revenue 49.7% · PAT 42.9% · OPM change 0 pp 95% evidence | 12.2/25 ROCE 14.8% · OPM 13% 95% evidence | 11.2/20 P/E 19× · PEG — 15% evidence | 8.5/20 RS sector -17.5% · RS bench 18.2% · 1Y -2.9%6 of 12 weeks ahead 100% evidence |
| Exact sum: 24.9 + 12.2 + 11.2 + 8.5 = 56.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 6Tatva Chintan Pharma Chem LtdTATVA | 56.5/100Mixed-positive evidence93% evidence | LEADER | 31.0/35 Revenue 41.1% · PAT 100% · OPM change 4 pp 100% evidence | 7.4/25 ROCE 7.2% · OPM 19% 100% evidence | 4.3/20 P/E 78.7× · PEG 5.63 65% evidence | 13.8/20 RS sector -4.4% · RS bench 36.1% · 1Y 62.2%12 of 12 weeks ahead 100% evidence |
| Exact sum: 31 + 7.4 + 4.3 + 13.8 = 56.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 7Balaji Amines LtdBALAMINES | 55.2/100Mixed-positive evidence82% evidence | LEADER | 23.8/35 Revenue 11.1% · PAT 41.6% · OPM change 10 pp 95% evidence | 12.7/25 ROCE 11% · OPM 25% 76% evidence | 7.1/20 P/E 34.1× · PEG — 50% evidence | 11.6/20 RS sector 4.2% · RS bench 44.4% · 1Y 47.7%11 of 12 weeks ahead 100% evidence |
| Exact sum: 23.8 + 12.7 + 7.1 + 11.6 = 55.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 8Aether Industries Ltdthis pageAETHER | 55.1/100Mixed-positive evidence100% evidence | LEADER | 24.5/35 Revenue 34.4% · PAT 34.3% · OPM change -1 pp 100% evidence | 11.7/25 ROCE 11.9% · OPM 31% 100% evidence | 4.2/20 P/E 95× · PEG 8.9 100% evidence | 14.7/20 RS sector 12.9% · RS bench 58.5% · 1Y 140%12 of 12 weeks ahead 100% evidence |
| Exact sum: 24.5 + 11.7 + 4.2 + 14.7 = 55.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 9Fineotex Chemical LtdFCL | 54.7/100Mixed-positive evidence100% evidence | LEADER | 18.5/35 Revenue 91.5% · PAT 41% · OPM change -2 pp 100% evidence | 13.7/25 ROCE 18.3% · OPM 16% 100% evidence | 3.2/20 P/E 54.7× · PEG 4.19 100% evidence | 19.3/20 RS sector 42.9% · RS bench 96.9% · 1Y 156.6%12 of 12 weeks ahead 100% evidence |
| Exact sum: 18.5 + 13.7 + 3.2 + 19.3 = 54.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 10Kronox Lab Sciences LtdKRONOX | 52.8/100Mixed-positive evidence65% evidence | BREAKING OUT | 9.2/35 Revenue 6.1% · PAT 11.6% · OPM change -1.1 pp 95% evidence | 21.6/25 ROCE 36% · OPM 31.7% 95% evidence | 10.4/20 P/E 28× · PEG — 15% evidence | 11.6/20 RS sector — · RS bench 47.3% · 1Y —7 of 7 weeks ahead 25% evidence |
| Exact sum: 9.2 + 21.6 + 10.4 + 11.6 = 52.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 11DIC India LtdDICIND | 51.5/100Mixed-positive evidence67% evidence | 22.1/35 Revenue 11.9% · PAT 81.3% · OPM change 3.9 pp 95% evidence | 4.5/25 ROCE 6.4% · OPM 8% 76% evidence | 14.1/20 P/E 19.6× · PEG — 50% evidence | 10.8/20 RS sector — · RS bench 27.1% · 1Y — 25% evidence | |
| Exact sum: 22.1 + 4.5 + 14.1 + 10.8 = 51.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 12Aarti Industries LtdAARTIIND | 51.3/100Mixed-positive evidence100% evidence | BREAKING OUT | 28.3/35 Revenue 27% · PAT 100% · OPM change 3 pp 100% evidence | 9.1/25 ROCE 6.9% · OPM 16% 100% evidence | 9.8/20 P/E 34× · PEG 2.05 100% evidence | 4.1/20 RS sector -19.8% · RS bench 14.5% · 1Y 24.4%8 of 12 weeks ahead 100% evidence |
| Exact sum: 28.3 + 9.1 + 9.8 + 4.1 = 51.3 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -19.8% and the one-year return is 24.4%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. | ||||||
| 13Sudeep Pharma LtdSUDEEPPHRM | 49.7/100Mixed-negative evidence73% evidence | BREAKING OUT | 15.8/35 Revenue 23.2% · PAT 20.9% · OPM change 0 pp 100% evidence | 18.6/25 ROCE 28.2% · OPM 35% 100% evidence | 5.3/20 P/E 70.2× · PEG 4.75 65% evidence | 10.0/20 RS sector — · RS bench — · 1Y —12 of 12 weeks ahead 0% evidence |
| Exact sum: 15.8 + 18.6 + 5.3 + 10 = 49.7 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression. | ||||||
| 14Galaxy Surfactants LtdGALAXYSURF | 48.6/100Mixed-negative evidence94% evidence | BREAKING OUT | 19.4/35 Revenue 27% · PAT 15.7% · OPM change 4 pp 100% evidence | 10.6/25 ROCE 13.5% · OPM 14% 100% evidence | 10.0/20 P/E 21.5× · PEG 4.39 100% evidence | 8.6/20 RS sector -11.3% · RS bench 16.5% · 1Y -6%9 of 11 weeks ahead 70% evidence |
| Exact sum: 19.4 + 10.6 + 10 + 8.6 = 48.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 15Alkyl Amines Chemicals LtdALKYLAMINE | 46.1/100Mixed-negative evidence100% evidence | BREAKING OUT | 19.0/35 Revenue 5.1% · PAT 21% · OPM change 6 pp 100% evidence | 16.4/25 ROCE 16.6% · OPM 25% 100% evidence | 6.5/20 P/E 40.8× · PEG 5.37 100% evidence | 4.2/20 RS sector -21.4% · RS bench 12% · 1Y -11.1%10 of 12 weeks ahead 100% evidence |
| Exact sum: 19 + 16.4 + 6.5 + 4.2 = 46.1 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression. | ||||||
| 16Grauer & Weil (India) LtdGRAUWEIL | 45.7/100Mixed-negative evidence100% evidence | TURNING | 10.0/35 Revenue 10.1% · PAT 6.6% · OPM change -5 pp 100% evidence | 16.3/25 ROCE 20.6% · OPM 16% 100% evidence | 8.6/20 P/E 23.9× · PEG 4.01 100% evidence | 10.8/20 RS sector -15% · RS bench 22.2% · 1Y -2.6%6 of 12 weeks ahead 100% evidence |
| Exact sum: 10 + 16.3 + 8.6 + 10.8 = 45.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 17Neogen Chemicals LtdNEOGEN | 41.7/100Mixed-negative evidence90% evidence | LEADER | 14.5/35 Revenue 18.1% · PAT 6.1% · OPM change 2 pp 100% evidence | 7.3/25 ROCE 6.5% · OPM 19% 100% evidence | 5.1/20 P/E 202× · PEG — 50% evidence | 14.8/20 RS sector 8.2% · RS bench 51.2% · 1Y 50.6%12 of 12 weeks ahead 100% evidence |
| Exact sum: 14.5 + 7.3 + 5.1 + 14.8 = 41.7 · Decision use: Price leads the evidence: RS versus the benchmark is 51.2%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 18Vishnu Chemicals LtdVISHNU | 40.8/100Mixed-negative evidence100% evidence | BREAKING OUT | 14.8/35 Revenue 16.5% · PAT 17.2% · OPM change -1 pp 100% evidence | 12.3/25 ROCE 16.4% · OPM 15% 100% evidence | 6.1/20 P/E 31.1× · PEG 2.82 100% evidence | 7.6/20 RS sector -10.5% · RS bench 27.6% · 1Y 40.2%7 of 12 weeks ahead 100% evidence |
| Exact sum: 14.8 + 12.3 + 6.1 + 7.6 = 40.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 19Amal Ltd506597 | 39.8/100Mixed-negative evidence69% evidence | BREAKING OUT | 8.3/35 Revenue 79% · PAT -23.1% · OPM change -7 pp 95% evidence | 16.0/25 ROCE 26% · OPM 18% 76% evidence | 10.2/20 P/E 28.1× · PEG — 15% evidence | 5.3/20 RS sector -22.4% · RS bench 8.6% · 1Y -22.9%11 of 11 weeks ahead 70% evidence |
| Exact sum: 8.3 + 16 + 10.2 + 5.3 = 39.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 20Amines & Plasticizers LtdAMNPLST | 38.4/100Mixed-negative evidence81% evidence | ASLEEP | 8.6/35 Revenue -12.4% · PAT -3% · OPM change 0.7 pp 95% evidence | 15.0/25 ROCE 16.7% · OPM 9.9% 95% evidence | 10.0/20 P/E 23.6× · PEG — 50% evidence | 4.8/20 RS sector -18.6% · RS bench -8.9% · 1Y -28.3%4 of 11 weeks ahead 70% evidence |
| Exact sum: 8.6 + 15 + 10 + 4.8 = 38.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 21Paushak LtdPAUSHAKLTD | 36.7/100Mixed-negative evidence81% evidence | BREAKING OUT | 12.1/35 Revenue 15.4% · PAT -15.7% · OPM change -1 pp 95% evidence | 10.3/25 ROCE 8.3% · OPM 31% 95% evidence | 8.3/20 P/E 38.2× · PEG — 50% evidence | 6.0/20 RS sector -26.7% · RS bench 19.5% · 1Y -18.2%12 of 12 weeks ahead 70% evidence |
| Exact sum: 12.1 + 10.3 + 8.3 + 6 = 36.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 22Transpek Industry LtdTRANSPEK | 36.1/100Mixed-negative evidence81% evidence | BREAKING OUT | 6.9/35 Revenue -5.2% · PAT -29.1% · OPM change -2.3 pp 95% evidence | 9.7/25 ROCE 8.4% · OPM 13.3% 95% evidence | 12.7/20 P/E 18.8× · PEG — 50% evidence | 6.8/20 RS sector -18.9% · RS bench 13.3% · 1Y -0.9%7 of 11 weeks ahead 70% evidence |
| Exact sum: 6.9 + 9.7 + 12.7 + 6.8 = 36.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 23Innovassynth Technologies (India) Ltd533315 | 46.6/100Thin evidence · provisional49% evidence | BREAKING OUT | 18.4/35 Revenue 100% · PAT 66.7% · OPM change 153.4 pp 71% evidence | 6.2/25 ROCE -16.4% · OPM 26.7% 76% evidence | 10.0/20 P/E — · PEG — 0% evidence | 12.0/20 RS sector — · RS bench 64.5% · 1Y —11 of 11 weeks ahead 25% evidence |
| Exact sum: 18.4 + 6.2 + 10 + 12 = 46.6 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
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 ₹1,767, +140.5% over the past year. The company is valued at ₹22,817 Cr. The stock sits at the very top of its 52-week range (₹838–₹1,767), +38.4% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 42 weeks in. — as of 28 September 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 28 September 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 (+37.9%). Over the last 4 years revenue compounded at 18.4% a year. — as of 28 September 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 28 September 2026.
What is Aether Industries Ltd's market cap?
Aether Industries Ltd's market capitalisation is ₹22,817 Cr at a share price of ₹1,767. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 28 September 2026.
What is Aether Industries Ltd's P/E ratio?
Aether Industries Ltd trades at a P/E of 95.0×, at the 70th percentile of its own 4-year range, against a long-run median of 88.0×. This is a comparison with the stock's own history, not a value call — as of 28 September 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 28 September 2026.
Is Aether Industries Ltd overvalued?
On its own history, Aether Industries Ltd looks expensive: its P/E of 95.0× sits at the 70th percentile of its 4-year range (long-run median 88.0×). 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 28 September 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 28 September 2026.
How is Aether Industries Ltd performing?
Aether Industries Ltd is in a confirmed uptrend, 42 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 16 weeks. This describes what the data did, not a rating. — as of 28 September 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 28 September 2026.
Is Aether Industries Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 42 of stage 2), trading +38.4% 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 28 September 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 16 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 4.3 years the stock moved +128% against the NIFTY 500's +63% — ahead of the index over the full window. — as of 28 September 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 ₹1,767, the price is in a confirmed uptrend 42 weeks in. Its P/E of 95.0× sits at the 70th percentile of its own 4-year range. — as of 28 September 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 28 September 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 28 September 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 ₹516 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 28 September 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 28 September 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 28 September 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 28 September 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 28 September 2026.
Is Aether Industries Ltd a stock worth studying right now?
This is not investment advice. The machine read: Aether Industries Ltd's price has outrun its earnings. +140.5% in a year against EPS +38.4% — the market is paying now for delivery later. 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 28 September 2026.
Not SEBI Registered !! Not Investment advice !!