Aries Agro Limited (ARIES)

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Aries Agro Limited (ARIES) · mywealthgrid

About

Aries Agro manufactures fertilizers and agrochemicals for India's agricultural sector. At ₹565 Cr market cap and quarterly revenue of ₹170–200 Cr, it operates as a small-cap player in an essential-input industry with promoter-led ownership (52.66%) and demonstrated profitability in peak quarters (ROE 13.74%).

Face value: ₹10

Market cap

₹621 Cr

P/E

13.0×

P/B

1.9×

Dividend yield

0.2%

ROE

13.7%

ROCE

21.1%

Debt / equity

0.15

OPM

10.3%

EPS (TTM)

₹36.7

Book value

₹257.2

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Severe seasonality: March 2026 loss of ₹4.79 Cr on ₹179 Cr revenue (OPM –2.95%) vs. September 2025 profit of ₹19.92 Cr (OPM 16.86%). Verify: whether margin volatility reflects commodity cycles, fixed-cost structure, or demand spikes, and whether a structural floor exists.
Input cost exposure: Fertilizer profitability depends on ammonia, phosphate, potash prices (energy-linked globally). Verify: hedging policies and whether cost spikes can be passed through in a subsidised market.
Thin institutional base: FII 3.13%, DII <0.1%. Verify: why institutional investors avoid this scale and sector, and whether limited analyst coverage constrains growth capital access.
Regulatory and competitive: Verify market position vs. larger agrochem peers and exposure to India's fertilizer price-control and subsidy regimes.

Generated analysis · source review pending

Growth drivers

September–December 2025 demonstrated strong margins (OPM 13.45–16.86%, EPS ₹13–15) and June 2026 recovery from March trough (EPS –₹3.40 to ₹11.47) suggest cyclical bottom; verify whether profitability sustains above 12% OPM.
Quarterly revenue stable at ₹170–200 Cr over eight quarters despite margin swings; verify underlying volume trends and whether revenue has stabilized or begun growing in peak seasons.
Input cost recovery: March 2026 OPM of –2.95% represents a trough vs. Q3–Q4 2025 baseline of 13–16% and June recovery to 13.66%; verify whether this recovery reflects input-cost normalization and whether it can persist.

Generated analysis · source review pending

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

₹477.4+0.5%1Y

Quick read

rule-based

Pros

+Profit CAGR of 19% over the last 5 years

Cons

−Low dividend payout of 2.7% of profit

Research score

Structured signal from quality, growth, valuation and momentum.

72/100

Business quality: 45
Growth: 84
Valuation: 86

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.

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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 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	295	265	296	381	440	472	516	622	740
COGS	147	115	125	188	230	246	260	322	391
Gross profit	147	151	171	194	210	226	256	300	349
	101	107	132	138	165	178	201	233	273
	46	44	39	56	45	48	55	67	76
OPM %	15.6%	16.4%	13.1%	14.7%	10.3%	10.1%	10.7%	10.8%	10.3%
Depreciation	2	2	5	6	6	8	8	9	11
Interest	29	29	26	26	24	23	22	19	18
	2	3	7	0	4	9	3	5	13
Profit before tax	17	16	15	24	19	25	28	44	60
Tax	8	8	7	7	7	9	10	11	18
Tax %	45.6%	50.5%	49%	31.2%	38.8%	37.2%	35.2%	24.5%	29.7%
	9	8	8	16	12	16	18	33	42
PAT margin %	3.1%	2.9%	2.6%	4.3%	2.6%	3.4%	3.6%	5.4%	5.7%
EPS (₹)	8.1	7.6	7.5	13.8	10.2	13.2	14.9	26.2	33
EPS adjusted (₹)	—	—	—	13.8	10.2	13.2	15	26.2	33
	28.5%	23.7%	6.7%	5.8%	7.8%	7.6%	6.7%	4.6%	3%
Annual report	Annual report for Mar 2018	Annual report for Mar 2019	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	13	13	13	13	13	13
Reserves	198	211	230	247	277	321
Minority interest	7	6	4	4	4	4
	135	106	96	70	44	51
	149	173	177	183	244	250
Total equity & liabilities	501	509	520	518	581	639
	55	68	75	96	110	116
CWIP	13	0	0	2	10	40
Investments	57	57	62	63	67	84
	376	384	382	357	395	398
Total assets	501	509	520	518	581	639

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Ratios

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

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	56.8%	57.8%	50.8%	47.7%	47.8%	49.6%	48.3%	47.2%
EBITDA margin %	16.4%	13.4%	14.9%	10.6%	10.1%	10.7%	10.8%	10.3%
EBIT margin %	15.5%	11.6%	13.2%	9.3%	8.5%	9.2%	9.3%	8.8%
PAT margin %	2.9%	2.6%	4.3%	2.6%	3.4%	3.6%	5.4%	5.7%
Working capital
Receivable days	—	—	118	98	91	80	69	46
Inventory days	—	—	274	233	213	177	151	134
Payable days	—	—	102	110	91	66	61	65
NWC days	—	—	290	221	213	191	159	115
Leverage
Current ratio	—	—	1.45	1.53	1.61	1.68	1.69	1.69
Debt to EBITDA	—	—	2.37	2.27	2	1.27	0.66	0.67
Debt to equity	—	—	0.64	0.47	0.39	0.27	0.15	0.15
Interest coverage	1.5	1.6	1.9	1.8	2.1	2.3	3.4	4.4
Asset turnover	—	—	0.76	0.86	0.91	1	1.07	1.16
Return ratios
Return on assets %	—	—	3.3%	2.3%	3.1%	3.6%	5.8%	6.6%
Return on capital employed %	—	—	20.9%	17.9%	18.1%	17.3%	19.3%	21.1%
Return on equity %	—	—	7.8%	5.2%	6.6%	7.1%	11.6%	12.7%

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
	52.66%	52.66%	52.66%	52.66%	52.66%	52.66%	52.66%	52.66%	52.66%	52.66%	52.66%	52.66%
	2.1%	2.38%	3.29%	3.08%	2.53%	3.38%	2.98%	4.29%	3.2%	2.91%	3.25%	3.13%
	0%	0%	0%	0%	0%	0%	0%	0.26%	0%	0%	0%	0.02%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	45.24%	44.96%	44.05%	44.26%	44.81%	43.96%	44.36%	42.79%	44.14%	44.43%	44.09%	44.19%
No. of shareholders	—	—	—	—	—	—	—	—	19,627	19,151	18,347	18,136

Promoter holding up 0 percentage points since Sep 2023.

148 deals · 30 Aug 2021 – 22 Aug 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
22 Aug 2025	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	1,43,363	₹431.89	₹6.19 Cr
22 Aug 2025	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	1,37,694	₹432.69	₹5.96 Cr
22 Aug 2025	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Sell	1,08,927	₹434.61	₹4.73 Cr
22 Aug 2025	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Buy	1,08,927	₹434.05	₹4.73 Cr
22 Aug 2025	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	1,01,946	₹437.98	₹4.47 Cr
22 Aug 2025	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	1,01,946	₹437.63	₹4.46 Cr
22 Aug 2025	GRT STRATEGIC VENTURES LLP	Bulk	NSE	Sell	85,135	₹439.09	₹3.74 Cr
22 Aug 2025	GRT STRATEGIC VENTURES LLP	Bulk	NSE	Buy	85,135	₹438.61	₹3.73 Cr
22 Aug 2025	MUSIGMA SECURITIES	Bulk	NSE	Buy	81,628	₹435.40	₹3.55 Cr
22 Aug 2025	MUSIGMA SECURITIES	Bulk	NSE	Sell	81,628	₹435.63	₹3.56 Cr

1–10 of 148

1 / 15

Mr. RAHUL MIRCHANDANIExecutive Director-Chairperson-MD
Mrs. NITYA MIRCHANDANINon-Executive - Non Independent Director
Mr. RAMAMURTHY SUNDARESANNon-Executive - Non Independent Director
Mr. NRUPANG BHUMITRA DHOLAKIANon-Executive - Independent Director
Mr. R.V.BALASUBRAMANIAM IYERNon-Executive - Independent Director
Mr. SHAILESH RAMESH KARNIKNon-Executive - Independent Director
Mrs. Chhaya Ashok WarrierChief Financial Officer & Vice President (Finance)
Qaiser Parvez AnsariCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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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.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Aries Agro Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

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

Announcements

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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

27 announcementsExport CSV

30 Sept 2026, 2:52 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

29 Sept 2026, 4:24 pmAGM/EGM

AGM Proceedings 2026

AGM PDF

29 Sept 2026, 3:31 pmAGM/EGM

Chairman''s Speech-AGM-2026

AGM PDF

7 Sept 2026, 6:35 pmCompany Update

Re-Lodgement Of Shares August 2026

General PDF

4 Sept 2026, 4:39 pmCompany Update

Update On Litigation

General PDF

2 Sept 2026, 5:37 pmOthers

Reg. 34 (1) Annual Report.

Reg. 34 (1) Annual Report PDF

11 Aug 2026, 6:53 pmCorp. Action

Fixation Of Cut Off/Record Date For Dividend

Record Date PDF

11 Aug 2026, 6:51 pmCompany Update

Approval At The Board Meeting Held On 11.08.2026

General PDF

Date	Category	Subject	Filing
30 Sept 2026, 2:52 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
29 Sept 2026, 4:24 pm	AGM/EGM AGM	AGM Proceedings 2026	PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	56.8%	57.8%	50.8%	47.7%	47.8%	49.6%	48.3%	47.2%
EBITDA margin %	16.4%	13.4%	14.9%	10.6%	10.1%	10.7%	10.8%	10.3%
EBIT margin %	15.5%	11.6%	13.2%	9.3%	8.5%	9.2%	9.3%	8.8%
PAT margin %	2.9%	2.6%	4.3%	2.6%	3.4%	3.6%	5.4%	5.7%
Working capital
Receivable days	—	—	118	98	91	80	69	46
Inventory days	—	—	274	233	213	177	151	134
Payable days	—	—	102	110	91	66	61	65
NWC days	—	—	290	221	213	191	159	115
Leverage
Current ratio	—	—	1.45	1.53	1.61	1.68	1.69	1.69
Debt to EBITDA	—	—	2.37	2.27	2	1.27	0.66	0.67
Debt to equity	—	—	0.64	0.47	0.39	0.27	0.15	0.15
Interest coverage	1.5	1.6	1.9	1.8	2.1	2.3	3.4	4.4
Asset turnover	—	—	0.76	0.86	0.91	1	1.07	1.16
Return ratios
Return on assets %	—	—	3.3%	2.3%	3.1%	3.6%	5.8%	6.6%
Return on capital employed %	—	—	20.9%	17.9%	18.1%	17.3%	19.3%	21.1%
Return on equity %	—	—	7.8%	5.2%	6.6%	7.1%	11.6%	12.7%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Coromandel International LimitedCOROMANDELCOROMANDEL	₹52,026 Cr	₹52,893 Cr	₹32,602 Cr	₹3,190 Cr	10.2%	₹1,778 Cr	6%	23.3%	16.5%	76
Fertilizers And Chemicals Travancore LimitedFACTFACT	₹47,559 Cr	₹49,329 Cr	₹5,293 Cr	₹105 Cr	2.3%	₹28 Cr	1%	17.5%	3%	86
Chambal Fertilizers & Chemicals LimitedCHAMBLFERTCHAMBLFERT	₹16,000 Cr	₹17,054 Cr	₹20,123 Cr	₹2,768 Cr	12.9%	₹1,928 Cr	9.4%	22.3%	20.4%	73
Paradeep Phosphates LimitedPARADEEPPARADEEP	₹15,700 Cr	₹22,606 Cr	₹23,447 Cr	₹2,292 Cr	9.9%	₹1,072 Cr	4.6%	29.3%	18.3%	115
Rashtriya Chemicals And Fertilizers LimitedRCFRCF	₹5,892 Cr	₹10,006 Cr	₹18,695 Cr	₹1,003 Cr	5.1%	₹447 Cr	2.3%	12.5%	8.7%	94
Gujarat State Fertilizers & Chemicals LimitedGSFCGSFC	₹5,854 Cr	₹5,879 Cr	₹12,344 Cr	₹830 Cr	7.2%	₹693 Cr	6.2%	6.6%	5.5%	129
National Fertilizers LimitedNFLNFL	₹3,132 Cr	₹7,092 Cr	₹22,480 Cr	₹1,012 Cr	3.9%	₹364 Cr	1%	11%	7.6%	81
Southern Petrochemicals Industries Corporation LimitedSPICSPIC	₹1,267 Cr	₹1,965 Cr	₹3,024 Cr	₹265 Cr	10.1%	₹205 Cr	7.2%	21.3%	16.5%	-26
Madras Fertilizers LimitedMADRASFERTMADRASFERT	₹926 Cr	₹1,560 Cr	₹2,442 Cr	₹98 Cr	4.8%	₹71 Cr	3.5%	101.8%	87.4%	33
Zuari Agro Chemicals LimitedZUARIZUARI	₹896 Cr	₹1,538 Cr	₹2,569 Cr	₹228 Cr	9.7%	₹939 Cr	30.7%	8.5%	46.6%	16
Aries Agro LimitedARIESARIES	₹621 Cr	₹671 Cr	₹766 Cr	₹81 Cr	10.3%	₹48 Cr	5.7%	21.1%	13.7%	115
Khaitan Chemicals & Fertilizers LimitedKHAICHEMKHAICHEM	₹477 Cr	₹755 Cr	₹988 Cr	₹105 Cr	11.3%	₹54 Cr	6.5%	36.1%	25.2%	119

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	58	69	55	77	105	86
	-14	-13	-16	-26	-34	-78
	-44	-56	-37	-50	-45	-12
Net cash flow	-0	0	1	1	26	-4
Free cash flow	43	62	39	46	73	37
CFO / Operating profit %	102%	147.5%	114.1%	138.1%	156.1%	113%

Aries Agro Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Announcements

No fund holdings on record

Announcements

Annual reports

Credit ratings

19

1

Not in the F&O segment

Compounded sales growth

Compounded profit growth

Return on equity

Aries Agro Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Announcements

Ratio timeline

No fund holdings on record

Announcements

Annual reports

Credit ratings

Dividends19

Board meetings1

Not in the F&O segment

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

19

1