Aether Industries (AETHER) Q4 25/26 earnings summary

Executive summary

• FY26 revenue grew 38% YoY to ₹11,601 million, with PAT up 39% to ₹2,195 million, driven by strong pricing, CEM, CRAMS, and large scale manufacturing expansion.

• 19 new marquee clients added and 50+ customer audits completed, reinforcing global relationships and operational excellence.

• Significant R&D progress with interim expansion completed and a new world-class facility on track for FY28 commissioning.

• Commercial production at Site 3 began in late February; Site 5 phase one solvent trials started, targeting commercial production in Q1 FY27.

• Appointment of Mr. Guenter Stevens as Senior Managerial Personnel for business development in Europe, effective June 1, 2026.

Financial highlights

• FY26 consolidated revenue: ₹11,601 million (up 38% YoY); EBITDA: ₹3,547 million (up 53% YoY); PAT: ₹2,195 million (up 39% YoY).

• Q4 FY26 revenue: ₹3,051 million, EBITDA: ₹814 million, PAT: ₹540 million; Q4 impacted by a ₹70 million inventory loss from a warehouse fire.

• EBITDA margin improved to 31% in FY26 (from 28%); PAT margin at 19% (from 18%).

• Cash flow from operations increased to ₹1,424 million (from ₹1,000 million YoY).

• EPS (consolidated, basic) for FY26 was ₹16.55, up from ₹11.95 in FY25.

Outlook and guidance

• Site 3 ramp-up and Site 5 commercial production expected in Q1 FY27, supporting future growth.

• Major growth drivers for FY27: ramp-up of Site 3+, Site 4, and commercialization of Site 5 (phase I).

• Targeting 70% of revenue from CRAMS and CM by FY30, with 30% from large scale manufacturing.

• Working capital days expected to reduce to 160 by FY27, with a long-term goal of 150 days.

• CapEx for FY27 projected at ₹3,000–3,500 million, mainly for Site 5 and new R&D site.