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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Aether Industries (AETHER) investor relations material
Aether Industries Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary13 Nov, 2025
Executive summary
All business verticals—CEM, LSM, and CRAMS—performed well, with CEM surpassing LSM in sales mix for the first time and CEM/CRAMS together contributing over 55% of revenue, aligning with the vision for 60%-70% sales share in two years.
Significant ramp-up in CEM and CRAMS, with new contracts, expanded product portfolio, and a strong pipeline, including agreements with Baker Hughes and Milliken.
Board approved unaudited standalone and consolidated financial results for Q2 and H1 ended September 30, 2025, with no material misstatements noted.
Ongoing expansion at Site 3+ (Milliken) and Site 5 (Panoli), with new production blocks set to commence by Q4 FY26, supporting future growth.
Ten new customers onboarded in H1 FY26 across all business models.
Financial highlights
Q2 FY26 consolidated revenue from operations was INR 2,751 million (or €2,751M), up 38% year-over-year; EBITDA rose 70% to INR 853 million (or €853M), with EBITDA margin improving to 31%.
Profit after tax for Q2 FY26 was INR 514 million (or €540M), up 55% year-over-year, with PAT margin at 19%.
H1 FY26 revenue was INR 5,312 million (or €5,425M), up 40% year-over-year; EBITDA for H1 was INR 1,634 million, up 81%; PAT for H1 was INR 1,010 million, up 56%.
Working capital cycle reduced to 149 days as of September 2025, with improvements in inventory and debtor cycles.
Cash and cash equivalents at the end of H1 FY26 were INR 561.73 million (or €562M).
Outlook and guidance
CEM and CRAMS expected to reach 60%-70% of sales in the next two years, with continued ramp-up in volumes and new contracts.
CapEx for Site 5 to total INR 2,200-2,300 crores by FY 2030, with phased commissioning; asset turnover targeted at 1.5x-1.75x once fully operational.
Revenue growth expected to continue at 25% annually as new capacities come online; second half of the year typically stronger.
EBITDA margin of 29%-31% seen as sustainable; net profit margin expected to remain around 19%-20% due to ongoing CapEx and associated costs.
Management continues to assess the impact of a fire incident at Manufacturing Facility 2; no loss due to fire accounted for fixed assets in Q2 and H1 FY26.
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Next Aether Industries earnings date
Q3 25/2616 Jan, 2026
Next Aether Industries earnings date
Q3 25/2616 Jan, 2026
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