Aarti Industries Limited (AARTIIND)

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Aarti Industries Limited (AARTIIND) · mywealthgrid

About

Aarti Industries is a specialty chemicals producer in the Materials sector. With a market cap of ₹19,372 Cr, the company generates ₹2,085–2,439 Cr in quarterly revenue with net margins of 5–7%. At ₹534.1, the stock has returned 41% over 12 months.

Face value: ₹5

Market cap

₹16,869 Cr

P/E

31.8×

P/B

2.8×

Dividend yield

0.2%

ROE

7.3%

ROCE

8.8%

Debt / equity

0.83

OPM

14.1%

EPS (TTM)

₹14.6

Book value

₹164.2

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Valuation elevated relative to returns: PE of 36.5 against ROE of 7.25% leaves minimal margin for earnings disappointment; verify what growth the valuation assumes
Revenue stagnation: Quarterly revenue has remained in the ₹2,085–2,439 Cr band across eight recent quarters; verify if this reflects market saturation, pricing defensiveness, or competitive pressure
Margin leverage risk: EPS grew 54% (₹2.77 to ₹4.27) on flat revenue, driven purely by OPM expansion from 13.6% to 16.3%; verify if margin gains are durable or temporary
Low capital efficiency: ROE of 7.25% trails typical cost of equity for specialty chemicals; verify capex discipline and return hurdles

Generated analysis · source review pending

Growth drivers

Operating margin expansion from 13.6% to 16.3% (270 bps over one year) has driven 54% EPS growth on flat revenue; verify if durable or cyclical
Profitability generation: Quarterly net profit of ₹100–155 Cr demonstrates cash generation capability; verify capex trajectory and capital deployment
Specialty chemicals exposure across pharma, agrochemicals, polymers; verify demand trends in key verticals and market share trajectory

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹465.1-1%1Y

Quick read

rule-based

Pros

No positive flags triggered.

Cons

−Low return on equity of 7.2% (3-yr avg)
−Profit declined 4.4% a year over the last 5 years
−Low dividend payout of 6.8% of profit

Research score

Structured signal from quality, growth, valuation and momentum.

46/100

Business quality: 24
Growth: 58
Valuation: 56

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY SMALLCAP 100 NIFTY SMALLCAP 250 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Gujarat Fluorochemicals LimitedFLUOROCHEMFLUOROCHEM	₹47,713 Cr	₹49,912 Cr	₹5,303 Cr	₹1,375 Cr	25.8%	₹615 Cr	11.5%	11.1%	7.6%	401
Navin Fluorine International LimitedNAVINFLUORNAVINFLUOR	₹41,740 Cr	₹42,967 Cr	₹3,634 Cr	₹1,232 Cr	32.6%	₹790 Cr	20%	21.6%	20.1%	61
Aether Industries LimitedAETHERAETHER	₹22,161 Cr	₹22,603 Cr	₹1,224 Cr	₹384 Cr	31.3%	₹235 Cr	19.8%	13.2%	9.4%	330
Atul LimitedATULATUL	₹17,231 Cr	₹17,411 Cr	₹6,643 Cr	₹1,189 Cr	16.4%	₹704 Cr	11%	14.1%	11.5%	70
Aarti Industries LimitedAARTIINDAARTIIND	₹16,869 Cr	₹21,790 Cr	₹9,012 Cr	₹1,337 Cr	14.1%	₹531 Cr	5.1%	8.8%	7.3%	54
Fine Organic Industries LimitedFINEORGFINEORG	₹15,752 Cr	₹15,797 Cr	₹2,472 Cr	₹535 Cr	20.4%	₹438 Cr	17.6%	21.6%	16.8%	113
Basf India LimitedBASFBASF	₹14,796 Cr	₹14,796 Cr	₹16,177 Cr	₹952 Cr	4.4%	₹643 Cr	2.8%	14%	11.1%	40
Privi Speciality Chemicals LimitedPRIVISCLPRIVISCL	₹13,970 Cr	₹14,980 Cr	₹2,671 Cr	₹666 Cr	25.2%	₹342 Cr	12.4%	27.7%	25.2%	158
Sudeep Pharma LimitedSUDEEPPHRMSUDEEPPHRM	₹13,546 Cr	₹13,694 Cr	₹676 Cr	₹233 Cr	34.6%	₹133 Cr	27.1%	31.1%	25.2%	366
Anupam Rasayan India LimitedANURASANURAS	₹13,243 Cr	₹15,058 Cr	₹2,535 Cr	₹563 Cr	22.2%	₹175 Cr	9.4%	9.1%	5.5%	377
Vinati Organics LimitedVINATIORGAVINATIORGA	₹12,528 Cr	₹12,528 Cr	₹2,381 Cr	₹665 Cr	29.4%	₹448 Cr	19.9%	18.8%	14.9%	152
Elantas Beck India LimitedELANTASELANTAS	₹10,644 Cr	₹10,644 Cr	₹778 Cr	₹147 Cr	20.3%	₹136 Cr	17.4%	20.6%	15.8%	70

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	4,186	4,506	7,000	6,619	6,372	7,271	8,286
COGS	2,056	2,129	3,294	3,842	3,880	4,655	5,349
Gross profit	2,130	2,378	3,706	2,777	2,492	2,616	2,937
	1,153	1,396	1,777	1,688	1,516	1,616	1,770
	977	982	1,929	1,089	977	1,000	1,167
OPM %	23.4%	21.8%	27.6%	16.5%	15.3%	13.8%	14.1%
Depreciation	185	231	289	310	378	434	474
Interest	125	86	114	168	211	275	340
	9	1	1	1	8	16	11
Profit before tax	676	665	1,527	611	395	307	365
Tax	129	129	219	66	-21	-24	-54
Tax %	19.1%	19.5%	14.4%	10.8%	-5.3%	-7.7%	-14.9%
	547	535	1,307	545	416	331	419
PAT margin %	13.1%	11.9%	18.7%	8.2%	6.5%	4.6%	5.1%
EPS (₹)	30.8	30	36.1	15	11.5	9.1	11.6
EPS adjusted (₹)	—	15	36.1	15	11.5	9.1	11.6
	11.4%	10%	9.7%	16.6%	8.7%	11%	8.7%
Annual report	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	87	181	181	181	181	181
Reserves	3,416	5,733	4,739	5,109	5,424	5,774
Minority interest	12	1	1	1	0	0
	2,492	2,218	2,874	3,184	3,790	4,921
	1,634	1,540	786	1,141	1,719	2,424
Total equity & liabilities	7,642	9,673	8,581	9,616	11,114	13,300
	3,593	4,418	4,861	5,649	6,377	6,362
CWIP	1,298	1,490	989	1,052	1,274	2,030
Investments	64	73	17	23	48	170
	2,688	3,691	2,714	2,891	3,415	4,739
Total assets	7,642	9,673	8,581	9,616	11,114	13,300

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs.

Source XBRL ↗

Latest reported period · 31 Mar 2022 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities
Speciality Chemicals	5,857.89	1,613.93	—	1,044.79
Pharmaceuticals	1,142.07	220.33	—	244.98

SegmentFigure

Pharmaceuticals · revenue

₹ crore by fiscal year

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	50.9%	52.8%	52.9%	42%	39.1%	36%	35.4%
EBITDA margin %	23.4%	21.8%	27.6%	16.5%	15.3%	13.8%	14.1%
EBIT margin %	18.9%	16.6%	23.4%	11.8%	9.4%	7.8%	8.4%
PAT margin %	13.1%	11.9%	18.7%	8.2%	6.5%	4.6%	5.1%
Working capital
Receivable days	—	64	73	52	47	39	62
Inventory days	—	160	156	98	109	114	118
Payable days	—	99	54	38	49	97	126
NWC days	—	126	175	111	107	56	54
Leverage
Current ratio	—	0.99	1.4	0.88	0.96	0.84	0.83
Debt to EBITDA	—	2.54	1.15	2.64	3.26	3.79	4.21
Debt to equity	—	0.71	0.37	0.58	0.6	0.68	0.83
Interest coverage	6.4	8.7	14.4	4.6	2.9	2.1	2.1
Asset turnover	—	0.59	0.72	0.77	0.66	0.65	0.62
Return ratios
Return on assets %	—	7%	13.5%	6.4%	4.3%	3%	3.2%
Return on capital employed %	—	14.3%	26.1%	11.9%	9.5%	7.9%	8.8%
Return on equity %	—	15.3%	22.1%	11.1%	7.9%	5.9%	7%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	43.57%	43.55%	43.43%	43.24%	42.61%	42.35%	42.24%	42.24%	42.18%	42.14%	42.09%	41.82%
	10.57%	10.83%	10.93%	10.61%	9.68%	7.25%	6.29%	6.44%	6.4%	6.69%	7.38%	6.99%
	16.15%	15.84%	17.25%	18.56%	18.13%	17.94%	19.97%	20.38%	18.21%	18.22%	20.12%	21.11%
	0%	0%	0%	0%	0%	0%	0%	0%	0.01%	0.01%	0.01%	0.01%
	29.71%	29.78%	28.39%	27.59%	29.58%	32.46%	31.5%	30.94%	33.2%	32.94%	30.4%	30.07%
No. of shareholders	—	—	—	—	—	—	—	—	4,28,931	4,18,492	3,84,210	3,70,868

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 10 fund houses

Held by these funds

6.96%

of the company's equity

All mutual funds

12.12%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

42 schemes · 10 fund houses

		Shares
SMALL CAP FUND	Nippon India Mutual Fund	56.63 L	296.99	0.36%	1.561%	-0
India Opportunities Fund	ICICI Prudential Mutual Fund	40.52 L	212.47	0.55%	1.117%	-0
Multi Cap FundNEW	ICICI Prudential Mutual Fund	33.51 L	175.71	0.9%	0.924%	—
Commodities Fund	ICICI Prudential Mutual Fund	24.87 L	130.4	3.05%	0.686%	-0
Small Cap Fund	Axis Mutual Fund	19.93 L	104.51	0.33%	0.549%	-0
Manufacturing Fund	ICICI Prudential Mutual Fund	16.82 L	88.18	1.23%	0.464%	-0
Business Cycle Fund	ICICI Prudential Mutual Fund	15.25 L	79.95	0.5%	0.42%	-0
Small Cap FundNEW	ICICI Prudential Mutual Fund	10 L	52.44	0.53%	0.276%	—

1–8 of 42

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Investor Presentation and earnings call

Jul 2026Transcript AI Summary PPT REC
May 2026Transcript AI Summary PPT

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

121 announcementsExport CSV

1 Oct 2026, 5:20 pmBoard Meeting

Board Meeting Outcome for Outcome Of Board Meeting - Fund Raising (Enabling Approval)

Outcome of Board Meeting PDF

28 Sept 2026, 6:09 pmBoard Meeting

Board Meeting Intimation for Fund Raising (Enabling Approval)

Exchange filing PDF

22 Sept 2026, 7:36 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

21 Sept 2026, 6:54 pmCompany Update

Announcement under Regulation 30 (LODR)-Investor Presentation

Investor Presentation PDF

21 Sept 2026, 6:47 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

16 Sept 2026, 4:11 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

7 Sept 2026, 6:20 pmCompany Update

Announcement under Regulation 30 (LODR)-Press Release / Media Release

Press Release / Media Release PDF

28 Aug 2026, 2:39 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

Date	Category	Subject	Filing
1 Oct 2026, 5:20 pm	Board Meeting Outcome of Board Meeting	Board Meeting Outcome for Outcome Of Board Meeting - Fund Raising (Enabling Approval)	PDF
28 Sept 2026, 6:09 pm	Board Meeting	Board Meeting Intimation for Fund Raising (Enabling Approval)

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Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	50.9%	52.8%	52.9%	42%	39.1%	36%	35.4%
EBITDA margin %	23.4%	21.8%	27.6%	16.5%	15.3%	13.8%	14.1%
EBIT margin %	18.9%	16.6%	23.4%	11.8%	9.4%	7.8%	8.4%
PAT margin %	13.1%	11.9%	18.7%	8.2%	6.5%	4.6%	5.1%
Working capital
Receivable days	—	64	73	52	47	39	62
Inventory days	—	160	156	98	109	114	118
Payable days	—	99	54	38	49	97	126
NWC days	—	126	175	111	107	56	54
Leverage
Current ratio	—	0.99	1.4	0.88	0.96	0.84	0.83
Debt to EBITDA	—	2.54	1.15	2.64	3.26	3.79	4.21
Debt to equity	—	0.71	0.37	0.58	0.6	0.68	0.83
Interest coverage	6.4	8.7	14.4	4.6	2.9	2.1	2.1
Asset turnover	—	0.59	0.72	0.77	0.66	0.65	0.62
Return ratios
Return on assets %	—	7%	13.5%	6.4%	4.3%	3%	3.2%
Return on capital employed %	—	14.3%	26.1%	11.9%	9.5%	7.9%	8.8%
Return on equity %	—	15.3%	22.1%	11.1%	7.9%	5.9%	7%

26 deals · 20 Dec 2021 – 11 Nov 2024

Date	Client	Type	Venue	Side	Quantity	Price	Value
11 Nov 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	21,34,824	₹437.85	₹93.47 Cr
11 Nov 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	21,34,824	₹437.55	₹93.41 Cr
13 Aug 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	19,38,900	₹633.15	₹122.76 Cr
13 Aug 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	19,38,900	₹632.95	₹122.72 Cr
14 Nov 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	NSE	Buy	4,22,258	₹715.80	₹30.23 Cr
14 Nov 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	NSE	Sell	4,22,258	₹715.80	₹30.23 Cr
3 Nov 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	BSE	Sell	4,22,259	₹723.80	₹30.56 Cr
3 Nov 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	BSE	Buy	4,22,259	₹723.80	₹30.56 Cr
25 Oct 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	BSE	Buy	2,27,175	₹687.05	₹15.61 Cr
25 Oct 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	BSE	Sell	2,27,175	₹687.05	₹15.61 Cr

1–10 of 26

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Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	873	471	1,310	1,204	1,242	781
	-1,322	-1,305	-1,330	-1,310	-1,398	-1,142
	614	679	47	35	-73	745
Net cash flow	165	-155	27	-71	-229	383
Free cash flow	-442	-836	-16	-124	-144	-343
CFO / Operating profit %	88.9%	24.4%	120.3%	123.2%	124.1%	66.9%

Aarti Industries Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Pharmaceuticals · revenue

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Investor Presentation and earnings call

Events

Announcements

Not in the F&O segment

38

1

2

Announcements

Annual reports

Investor Presentation and earnings call

Segment results

Pharmaceuticals · revenue

Compounded sales growth

Compounded profit growth

Return on equity

Aarti Industries Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Pharmaceuticals · revenue

Ratios

Ratio timeline

Shareholding

Quarterly record

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Investor Presentation and earnings call

Events

Announcements

Not in the F&O segment

Ratio timeline

Quarterly record

Dividends38

Board meetings1

Bonus issues2

Bulk & block deals

Board and management

Announcements

Annual reports

Investor Presentation and earnings call

Profit & loss

Balance sheet

Segment results

Pharmaceuticals · revenue

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

38

1

2