Aether Industries Limited (AETHER) share price

₹1625.60 on NSE as of 2026-09-04. -1.76% on the day. market cap ₹21,574 Cr. P/E 91.5. 52-week range ₹730.80 to ₹1696.80. Chemicals.

What the company does

AIL is a speciality chemical manufacturer in India focused on producing advanced intermediates and speciality chemicals involving complex and differentiated chemistry and technological core competencies. The business was started in 2013 with a vision to crea te a niche in the global chemical industry and a creative approach towards chemistry, technology and systems that would lead to sustainable growth. In the first phase of the development through fiscal 2017, the company focused on building the team, infra structure and the R&D centred around building the core competencies. The company’s revenue generation commenced in the second phase of fiscal 2017. Aether is one of the fastest-growing speciality chemical companies in India, growing at a CAGR of nearly 44% between fiscal 2018 and fiscal 2023 .

Filed by ICRA, page 5.

Aether Industries Q1 FY27: Oil & Gas Crossed ₹100 Cr in a Quarter for the First Time, and LSM Volumes Fell 22%

At a glance

Aether Industries reported Q1 FY27 revenue of ₹327 Cr, up 27% year-on-year, with PAT of ₹62.75 Cr, up 33%. Operating profit came in at ₹103 Cr on a 31% margin. All perfectly respectable — and all slightly beside the point, because the interesting arithmetic is happening one level down in the mix.

Large Scale Manufacturing volumes fell 22% year-on-year. Management's explanation, given directly on the call: production lines, notably at Site 3, have been reallocated to Contract/Exclusive Manufacturing. Pricing in LSM was up 22.5% year-on-year, which is a pleasingly symmetrical number for a segment shrinking by volume. CEM grew roughly 75% year-on-year, CRAMS roughly 20%, and together the two now contribute 60% of revenue per the company's FAQ.

Meanwhile the sectoral mix rearranged itself with the enthusiasm of someone redecorating mid-dinner-party. Oil and gas contributed 31.4% of quarterly revenue, crossing ₹100 Cr in a single quarter for the first time. Pharma, historically the anchor, came in at 32.2%. Two years ago management describes oil and gas as having been zero.

On 30 July, the company announced an exclusive multi-year research programme with Dow on silicone manufacturing technologies, with all research and pilot activity at Surat. On the same day the board re-appointed four Desais for another five years each. And ICRA, in May, revised the long-term outlook to Stable from Positive while reaffirming A+.

A quarter where the revenue line moved 27% and the business underneath it moved considerably more.

Introduction

Aether Industries was incorporated in 2013 in Sachin, Surat, and manufactures advanced intermediates and specialty chemicals. It is the sole Indian manufacturer of several molecules with names that sound like passwords — 4-(2-Methoxyethyl) Phenol, 3-Methoxy-2-Methylbenzoyl Chloride, Thiophene-2-Ethanol, Ortho Tolyl Benzo Nitrile, N-Octyl-D-Glucamine, Delta-Valerolactone, Bifenthrin Alcohol.

The last two years have been mostly about concrete. Site 4 was commissioned in March 2024 under wholly-owned subsidiary Aether Speciality Chemicals. Site 3++ commenced commercial operations in February 2026, adding around 3,500 MTPA, dedicated exclusively to a ten-year contract manufacturing agreement with Milliken signed in June 2025. Site 5 at Panoli GIDC, Bharuch — a 1,25,000 sq. mt. land parcel — began commercial operations on 26 June 2026 with its first phase of two production blocks.

The company has also renamed everything. Site 1 is Catalyst, Site 2 is Genesis, Sites 3 and 3++ are Ascend, Site 4 is Strata, Sites 5 and 5+ are Magnum. A specialty chemicals company that names its plants like a Marvel phase is at least committing to the bit.

Capex was ₹384 Cr in FY26, with ₹300–350 Cr guided for FY27, primarily Site 5 and the new R&D building. The company reports 15 MW and 5 MW solar projects commissioned across 2024, and the Gujarat Pollution Control Board revoked closure orders on Manufacturing Facility II in both May 2024 and January 2025. In November 2023 a fire damaged property, plant and equipment of ₹29.97 Cr at Facility II; the insurance company finalised and paid the balance settlement of ₹26.01 Cr during the June 2026 quarter.

Prior to Aether, founder Ashwin Desai was a founding member of Anupam Rasayan India.

Business model

Three verticals, and they have spent the last year quietly reshuffling which one matters.

**Contract / Exclusive Manufacturing** was 46% of FY26 revenue versus 31% in FY25. Aether makes molecules for other people under supply agreements, including long-term take-or-pay contracts with Baker Hughes, SEQENS and Saudi Aramco. Take-or-pay is the corporate equivalent of a gym membership: the customer pays whether or not they show up. Baker Hughes alone contributed ₹70 Cr of revenue this quarter, with Strata at 58% utilisation.

**Large Scale Manufacturing** was 43% of FY26 versus 55% in FY25 — a portfolio of over 29 products across organometallics, hydrogenation, catalysis, cross-coupling, metathesis and polymerization. Grignard and organolithium chemistry, the sort of reactions that require the reagent to be handled as though it resents you.

**CRAMS and others** was 11% of FY26 versus 14% in FY25 — contract research, pilot scale-up, FTE services, process development. Over 65 live projects, of which 70% sit outside pharma and agrochem.

Geographically, FY26 was 70% domestic and 30% exports, versus 56/44 in FY25, across 19 countries including Italy, Spain, Germany, the US and the Netherlands. Over 280 customers, with 19 onboarded in FY26 and 10 in Q1 FY27.

Then there's the newest ambition. Management is targeting advanced low dielectric materials — specialty monomers and coupling agents for copper clad laminates and high-speed PCBs. They describe the molecules as made by "only a handful producers globally with no capacities in India," valued at around $50 a kilo, at "low volume, high value." Manufacturing has started at Ascend on one stream; 45 tonnes a month across three streams is targeted for end-September. On government support under ISM 2.0, management said they are "looking into" it but "will not promise anything."

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Aether Industries Limited.

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