Aether Industries Ltd.
AETHERNSEChemicalsChemicalsSmall Cap
₹1,162.3
▲ 0.68%
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56
Composite
Aether Industries was incorporated on January 23, 2013, at Surat, Gujarat, India as a public limited company under the Companies Act, 1956 and received the certificate for commencement of business from RoC on March 18, 2013. Aether Industries is a speciality chemical manufacturer in India focused on producing advanced intermediates and speciality chemicals involving complex and differentiated chemistry and technology core competencies.
Q-DITS fundamental score
56Composite
Growth
79
Profitability
44
Valuation
4
Quality
66
Solvency
70
Earnings
52
Key metrics
MCap
₹15.4K Cr
TTM PE
70.2x
Industry PE
48.9x
TTM EPS
₹16.54
Book Value
₹185.25
Face Value
₹10
Div Yield
0%
PEG
3.49x
PB
5x
ROE
7.4%
ROCE
9.7%
EBITDA mgn
33.7%
D/E
0.08
Int. Cover
17.5x
Curr. Ratio
3.25x
EPS
₹11.95
Growth — CAGR across horizons
| Metric | 1Y | 3Y | 5Y | 10Y |
|---|---|---|---|---|
| Net Sales | 38% | 21.2% | — | — |
| EBITDA | 49.6% | 25% | — | — |
| Net Profit | 35.3% | 20.2% | — | — |
Score snapshot
Piotroski
6/9
Altman Z
1.53
Quality
65.7
Growth
79.3
Valuation
4
Earn. Qual
52.4
PEAD
+1
SURGE
+1
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Revenue, profitability & returns
Revenue & Net Profit (₹ Cr)
RevenueNet Profit
Margins (%)
EBITDA%PAT%
Return ratios (%)
ROEROCEROA
Annual financials — last 4 years
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| Metric | Trend | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| ›RevenueCr | 590 | 651 | 598 | 839 | |
| ›EBITDACr | 175 | 203 | 158 | 271 | |
| ›EBITDA margin | 29.7% | 31.2% | 28.6% | 33.7% | |
| ›Net profitCr | 109 | 130 | 82 | 158 | |
| ›PAT margin | 18.5% | 20% | 13.8% | 18.9% | |
| ›EPS₹ | ₹9.67 | ₹10.47 | ₹6.22 | ₹11.95 | |
| ›Revenue growth | 0% | 10.3% | -8.1% | 40.2% | |
| ›PAT growth | 0% | 19.7% | -36.7% | 92% | |
| ›ROE | 28.2% | 16% | 5% | 7.4% | |
| ›ROCE | 23.8% | 18.7% | 6.8% | 9.7% | |
| ›ROA | 14.1% | 12.1% | 4.4% | 6.3% | |
| ›P/E | 0x | 89.5x | 125.4x | 69.5x | |
| ›P/B | 0x | 9.4x | 5x | 5x | |
| ›D/E | 0.7 | 0 | 0.1 | 0.1 | |
| ›Current ratio | 1.7x | 7.2x | 4.5x | 3.2x | |
| ›Interest cover | 12.2x | 35.3x | 13.9x | 17.5x |
Quarterly results
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| Metric | Trend | 2023-12 | 2024-03 | 2024-06 | 2024-09 | 2024-12 | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ›RevenueCr | 155 | 118 | 180 | 199 | 220 | 240 | 256 | 275 | 317 | 305 | |
| ›Rev growth YoY | -7% | -36% | 11.7% | 21.1% | 41.4% | 104.4% | 42.3% | 38.4% | 44.4% | 27% | |
| ›EBITDACr | 31 | 10 | 43 | 54 | 65 | 80 | 81 | 88 | 111 | 83 | |
| ›EBITDA margin | 20.2% | 8.7% | 24% | 27% | 29.5% | 33.2% | 31.5% | 32% | 34.9% | 27.1% | |
| ›Net profitCr | 17 | -1 | 30 | 35 | 43 | 50 | 47 | 54 | 64 | 54 | |
| ›PAT growth YoY | -50.3% | -103.8% | 0.4% | -5.1% | 149% | 3,619.7% | 57.1% | 55.1% | 48.6% | 7.4% | |
| ›EPS₹ | ₹1.31 | ₹-0.11 | ₹2.26 | ₹2.63 | ₹3.27 | ₹3.79 | ₹3.55 | ₹4.07 | ₹4.86 | ₹4.07 |
Balance sheet — last 5 years (₹ Cr)
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| Metric | Trend | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| ›Shareholders' equityCr | 387 | 1,245 | 2,063 | 2,226 | 2,456 | |
| ›ReservesCr | 274 | 1,119 | 1,926 | 2,087 | 2,323 | |
| ›Total borrowingsCr | 0 | 0 | 0 | 0 | 0 | |
| ›InvestmentsCr | 62 | 22 | 12 | 25 | 0 | |
| ›Total assetsCr | 514 | 1,259 | 2,075 | 2,241 | 3,201 | |
| ›Current assetsCr | 410 | 675 | 1,303 | 1,138 | 1,171 | |
| ›Current liabilitiesCr | 242 | 94 | 289 | 351 | 657 | |
| ›Trade payablesCr | 70 | 82 | 104 | 128 | 197 | |
| ›Gross blockCr | 305 | 717 | 963 | 1,270 | 1,236 |
Cash flow statement (₹ Cr)
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| Metric | Trend | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| ›Operating CF (CFO)Cr | -5 | -7 | -16 | 100 | 142 | |
| ›Investing CF (CFI)Cr | -151 | -348 | -424 | -418 | -619 | |
| ›Financing CF (CFF)Cr | 169 | 439 | 894 | 2 | 244 | |
| ›Net cash changeCr | 12 | 84 | 453 | -316 | -233 | |
| ›Closing cashCr | 18 | 102 | 556 | 240 | 6 |
Cash flow components
CFO · CFI · CFF (₹ Cr)
CFOCFICFF
Q-DITS scorecard
Composite score
56
Quality (25%)65.7
Growth (25%)79.3
Valuation (20%)4
Piotroski (15%)67
Earnings Quality (10%)52.4
Momentum (5%)—
Weighted blend, rescaled to the components available for this stock.
Piotroski F-Score
6/9
✓ROA positiveROA 6.28%
✓CFO positiveCFO ₹142.38 Cr
✓ROA improving4.36% → 6.28%
✗CFO > PAT (low accruals)CFO 142.38 vs PAT 158.42
✗Leverage decreasedD/E 0.08 → 0.08
✗Liquidity improvedCR 4.51 → 3.25
✓No share dilutionEPS 6.22 → 11.95
✓Margin improvedEBITDA mgn 28.62% → 33.7%
✓Asset turnover upAsset TO 0.32 → 0.33
Altman Z-Scoregrey
1.53
X1
0.161
X2
0.726
X3
0.071
X4
0.767
X5
0.262
>2.9 safe · 1.23–2.9 grey · <1.23 distress
Quality
65.7/100
ROE
7.4%
ROCE
9.7%
Margin
18.9%
Debt
0.1
Int. cover
17.5x
Growth
79.3/100
Revenue 3Y
21.2%
Profit 3Y
20.2%
EPS
92%
Valuation
4/100
PE
69.5x
PB
5x
EV/EBITDA
40.4x
vs universe median: PE 25.6x · PB 2.81x · EV 13.41x
Earnings quality
52.4/100
CFO₹142 Cr
PAT₹158 Cr
Accrual ratio0.005
CFO/PAT0.9x
PEAD · SURGE
+1 / +1
Revenue SUE-0.05
EPS SUE0.85
Latest quarter2026-03
Rev growth YoY27%
Documents & filings
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Peer comparison
| Company | MCap (Cr) | Revenue | PAT | PE | PB | ROE% | ROCE% | D/E |
|---|---|---|---|---|---|---|---|---|
| Solar Industries India Ltd. | 1,63,325 | 9,838 | 1,736 | 97.4x | 26x | 33.5 | 38.1 | 0.21 |
| Pidilite Industries Ltd. | 1,60,758 | 14,601 | 2,473 | 65.6x | 14.8x | 23.2 | 31.2 | 0.02 |
| SRF Ltd. | 80,310 | 15,787 | 1,835 | 43.8x | 5.7x | 13.8 | 14.2 | 0.36 |
| Gujarat Fluorochemicals Ltd. | 42,318 | 4,996 | 575 | 73.2x | 5.4x | 8.3 | 10 | 0.28 |
| Navin Fluorine International Ltd. | 38,500 | 3,314 | 664 | 58x | 9.7x | 11.6 | 11.8 | 0.55 |
| Godrej Industries Ltd. | 37,459 | 22,237 | 1,967 | 30.2x | 3.4x | 20.5 | 10.2 | 3.73 |
| Deepak Nitrite Ltd. | 22,438 | 7,887 | 551 | 40.8x | 3.8x | 13.7 | 17 | 0.22 |