Aether Industri.
Aether Industri. Q2 FY26 earnings call: Revenue & Margins
Q2 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
Company expects strong growth momentum in FY'27 and beyond with ramp-up at Sites 3+ and 5. Revenue growth expected around 25% annually going forward, driven by ramp-up at Milliken (Site-3+) and Baker Hughes contracts, and new production blocks at Site-5.
From Aether Industri.'s Q2 FY26 earnings-call transcript · updated 16 Oct 2026.
Revenue & Sales Performance
- Company expects strong growth momentum in FY'27 and beyond with ramp-up at Sites 3+ and 5.
- Site-5 production blocks expected to start operations by end of Q3 or early Q4 FY'26; revenues ramping up from FY'27.
- Targeted capacity utilization at new blocks to be 40-50% in first year, increasing subsequently.
- Overall growth expected around 25% going forward, supported by contract manufacturing and CRAMS expansion.
- CRAMS and CEM businesses projected to contribute 60-70% of sales in next two years (up from ~50% currently).
- R&D projects increasing from 55 to 120+, enhancing pipeline and future sales opportunities.
- CEM contracts with multiple clients, including Baker Hughes and Milliken, fueling volume and revenue growth.
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Profitability & Margins
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Capital Expenditure Plans
- Aether Industries is undertaking a major CAPEX program totaling around Rs. 2,200 to Rs. 2,300 crores, which will continue till FY'30.
- The CAPEX is phased, with the first Phase including four production blocks and utilities; the initial two production blocks are expected to be operational by Q4 FY'26.
- Phase-1 CAPEX for each production block is ~Rs. 160 crores, targeting asset turns of 1.5x to 1.75x once stabilized.
- Site-5 (Panoli) is a key focus, with the first two production blocks completing by end of this financial year; full ramp-up expected by FY'28-FY'30.
- CAPEX will be funded through a mix of internal accruals and debt; no equity raise planned for next 5-7 years.
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Fundraising & Capital Structure
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Order Book & Pipeline
- Aether Industries currently has over 55 active projects in R&D, with approximately 70% (about 38-40 projects) in the CRAMS/CEM business model.
- This represents a significant increase from two years ago, when current activity was about two-thirds of this.
- Expansion plans anticipate doubling R&D capacity and scaling to over 120 projects within the next 1.5 years.
- New promising contracts include a 10-year supply agreement with Milliken and ongoing projects with Baker Hughes and other undisclosed clients.
- Several new CEM contracts, including one starting at Site-5 in Q4 FY'26, are expected to ramp up.
- The company anticipates continued growth in contract and exclusive manufacturing as the pipeline looks promising.
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Aether Industri. — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹305 Cr, net profit ₹54 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Aether Industries Ltd's management said in earlier quarters
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Frequently Asked Questions
What were Aether Industri. Q2 FY26 results?
Company expects strong growth momentum in FY'27 and beyond with ramp-up at Sites 3+ and 5. Revenue growth expected around 25% annually going forward, driven by ramp-up at Milliken (Site-3+) and Baker Hughes contracts, and new production blocks at Site-5.
What is Aether Industri. share price analysis?
Aether Industri. currently shows a neutral. The stock trades at a P/E of 85.1 with a market cap of ₹20,422 Cr. Investors should review the full earnings analysis for detailed insights.
Is Aether Industri. planning capital expenditure?
Aether Industries is undertaking a major CAPEX program totaling around Rs.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.