AETHER
Micro CapAether Industries Limited
Industrials
Aether Industries Limited is an Indian specialty chemical manufacturer, focusing on advanced intermediates and specialty chemicals. It operates through Contract Manufacturing (CEM), Contract Research & Manufacturing Services (CRAMS), and Large Scale Manufacturing (LSM) business models, serving diverse sectors including Pharma, Oil & Gas, and Material Science.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 32/100margin compression · Rev +27% YoY · PAT +8% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹305 Cr | +27.1% | -4.4% |
| EBITDA | ₹83 Cr | +3.8% | -25.9% |
| Operating margin | 27.0% | -600 bps | -800 bps |
| PAT | ₹54 Cr | +8.0% | -15.6% |
| PAT margin | 17.7% | -313 bps | -236 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Aether Industries reported strong FY26 financial performance with revenue up 38% YoY, EBITDA up 53% YoY, and PAT up 39% YoY, driven by CEM and CRAMS. Q4FY26 saw revenue up 27% YoY, but EBITDA and PAT growth were modest at 6% and 7% YoY, impacted by a warehouse fire.
Strong FY26 growth, particularly in CEM/CRAMS, supports the long-term thesis. However, Q4FY26 results were tempered by a warehouse fire and year-end provisions, requiring close monitoring of operational stability and new capacity ramp-up. New capacity commissioning is on track.
Revenue by Business Model (FY26)
Latest issuer-disclosed distribution across 4 reported categories.
CEM and CRAMS Business Models
CEM and CRAMS contribute more than 55% of revenue and led strong financial performance in FY26.
New Customer Acquisition
19 new customers onboarded across all business models during FY26.
R&D Expansion
R&D expansion on track with 18 fume hoods being installed and a new R&D Centre being expanded.
Site 3++ Production Commencement
Site 3++ commenced production in February end and is being ramped up.
Site 5 Phase One Commissioning
Site 5 Phase one - 2 production blocks - solvent trials begun, commercial production by Q1 FY27 (June 2026).
R&D Infrastructure Expansion
18 Fume Hoods being installed in the current R&D and New R&D Centre being expanded in adjacent land.
Customer Traction
Strong traction with customers across different sectors.
Growing Contract Manufacturing
Growing CEM contracts and volume-led LSM demand.
Operational Disruption (Fire Incident)
Q4 FY26 EBITDA and PAT impacted by ₹70M loss of inventories due to fire at an external warehouse in March 2026 and certain year-end provisions.
Operational Stability
Impact of loss of inventories on account of fire at external warehouse in March 2026.
New Capacity Ramp-up
Strategic supply from Site 3++ to ramp up in Q1 FY27; Site 5 commercial production by Q1 FY27.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Both YoY and QoQ comparisons are relevant. YoY provides a view of annual growth and seasonal performance, while QoQ highlights sequential momentum, especially with new capacity ramp-ups and recent operational impacts.
Revenue
FY26: ₹11,601M (+38% Y/Y); Q4 FY26: ₹3,051M (+27% Y/Y)
EBITDA
FY26: ₹3,547M (+53% Y/Y, 31% margin); Q4 FY26: ₹814M (+6% Y/Y, 27% margin)
PAT
FY26: ₹2,195M (+39% Y/Y, 19% margin); Q4 FY26: ₹540M (+7% Y/Y, 18% margin)
R&D Spend
FY26: ₹862.13M, accounting for 7.3% of revenues.
Strategic Supply Ramp-up
Strategic supply from Site 3++ to ramp up in Q1 FY27.
Site 5 Commercial Production
Site 5 Phase one - 2 production blocks - commercial production by Q1 FY27.
Team Structure Reaffirmation
Team structure being reaffirmed to meet requirements.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Site 3++ Ramp-up | Commenced production in February end. | Strategic supply ramp-up in Q1 FY27. |
| Site 5 Commercial Production | Solvent trials begun for Phase one. | Commercial production by Q1 FY27 (June 2026). |
| CEM and CRAMS Contribution | Contribute more than 55% of revenue. | Continued growth and margin contribution from these segments. |
| Operational Stability | Q4 FY26 impacted by warehouse fire. | Absence of further disruptions and normalized margins in subsequent quarters. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
56NeutralSMA20 +15.8% / mo
Technical chart
AETHERdaily · 6M+35.6%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 52. Wait for confirmation.
- SMA20 falling (~7.0% over last month) — short-term momentum negative.
- RSI(14) at 52 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 11% off 52W high · 37% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 10/15 to the score.
- Growth contributes 11/25 to the score.
Main drags
- Fair-value margin of safety is negative at -62.2%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 1/20; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 67th percentile of the scored universe and 64th percentile within Industrials. Main check: cash conversion is weak at 43/100.
Healthy Trust Lite: Promoter holding is 74.9%. Key concern: Only 0 years of positive FCF.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 64th pctile, median 68 · Micro: 52nd pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 74.9%.
- ▸Promoter pledge is zero.
- ▸Debt/equity is 0.09.
- ▸8/8 recent quarters had positive YoY revenue growth.
Trust risks
- ▸Only 0 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 66.70
- P/B
- 6.14
- EV/EBITDA
- 36.14
- Market Cap
- 15082.00Cr
Profitability
- ROE
- 9.66%
- ROCE
- 11.90%
- ROA
- 6.84%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 10.00%
- EPS 5Y
- 10.00%
- Revenue 3Y
- 21.00%
- EPS 3Y
- 20.00%
Balance Sheet
- Debt/Equity
- 0.19
- Interest Coverage
- 20.22×
- Altman Z
- 8.03
- Book Value
- 185.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- 142.00 Cr
- EPS TTM
- 16.54
Shareholding
- Promoter Hold
- 74.94%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 75%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.