Aarti Industries Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹16,035 Cr
- P/E
- 30.71
- ROE
- 7.13%
- PEG
- -3.46
- Price to sales
- 1.78
- Debt to equity
- 0.83
- 52W high / low
- ₹543 / ₹340
- Sales growth (5Y)
- 12.96%
- EBITDA margin
- 14.82%
- Net profit margin
- 4.97%
- Promoter holding
- 41.82%
- Sales (last year)
- ₹9,010 Cr
Aarti Industries Ltd, the flagship company of the Aarti group, manufacturing organic and inorganic chemicals at its major facilities in Vapi, Jhagadia, Dahej and Kutch, in Gujarat and in Tarapur in Maharashtra. The company has a strong market position in the NCB-based specialty chemicals segment.[1]
Guidance scorecard · Q1 FY27 call
What Aarti Industries Ltd's management guided
and where it ranks in Chemicals & Petrochemicals
Chemicals & Petrochemicals
RevenueQ1 FY27 call
10–20%- Steady volume growth is expected, supported by capacity expansion and deeper market penetration.
- Despite short-term export headwinds due to the West Asia conflict, underlying demand remains robust across most end markets.
- Fuel additives capacity expanded to 360 KTPA and is expected to reach high utilization soon, with potential to increase further post-stabilization.
- Non-energy segments like polymers and agrochemicals are anticipated to recover volume in Q2 after seasonal and pricing pressures.
- New platforms like battery chemicals and defense applications are being explored based on capability and return profiles.
- JV operations (e.g., Augene Chemicals) are ramping up, contributing to future revenue growth.
2 more points from Aarti Industries Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Aarti Industries Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Zone IV project expansion is ongoing with 3-6 months delay due to labor and war-related issues; commissioning is phased over FY27 with ramp-up in FY28 and FY29.
- FY27 CAPEX is on track within Rs. 700-800 crore range, with Rs. 180 crore deployed in Q1FY27.
- Future capital deployment will focus on high-growth, high-return niche projects, reducing CAPEX intensity starting FY28.
- Debottlenecking of DCB capacity to 140 KTPA planned, supported by demand for PDCB and downstream products.
- JV with Superform Chemistries (Augene Chemicals) is on track for commissioning in Q2FY27, focusing on specialty chemicals.
2 more points from Aarti Industries Ltd's call on capex
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FundraisingQ1 FY27 call
See what Aarti Industries Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
- The company has a strong export order flow, with 59% of revenue from exports in the quarter.
- There is increased traction in exports, especially to longer destinations like the U.S. and Americas.
- The management is focused on diversifying volumes across geographies to balance market exposure.
- Volume growth visibility is strong, particularly in the energy business.
2 more points from Aarti Industries Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Chemicals & Petrochemicals
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Chemicals & Petrochemicals companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 0–2% | ₹263 Cr | 3.4 | |
| 2 | 40%+ | Flat | ₹4,375 Cr | 83.7 | |
| 3 | 40%+ | Flat | ₹3,259 Cr | 4.0 | |
| 4 | 40%+ | Flat | ₹145 Cr | 15.9 | |
| 5 | 20–40% | Up 2%+ | ₹1.81L Cr | 90.9 | |
| 6 | 20–40% | Up 2%+ | ₹48,366 Cr | 78.3 |
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Pro shows every company guiding 40%+ revenue growth →Full Chemicals & Petrochemicals rankingAarti Industries Ltd announcements
All announcements →- Fundraise / allotmentNotableAarti Industries Ltd approves enabling resolution to raise up to ₹1,000 crore
- Board / shareholder meeting outcomeNotableAarti Industries Limited announces voting results from 43rd AGM held on Sept 21, 2026
- Capex / expansionNotableAarti Industries Commissions Phase I of Zone IV Manufacturing Facility
Financials of Aarti Industries Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Aarti Industries Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 1,656 | 1,414 | 1,454 | 1,732 | 1,773 | 1,851 | 1,628 | 1,843 | 1,949 | 1,675 | 2,100 | 2,318 | 2,205 |
| Expenses + | 1,403 | 1,214 | 1,221 | 1,473 | 1,489 | 1,546 | 1,431 | 1,612 | 1,687 | 1,463 | 1,809 | 1,997 | 1,864 |
| Operating Profit | 253 | 200 | 233 | 259 | 284 | 305 | 197 | 231 | 262 | 212 | 291 | 321 | 341 |
| OPM % | 15% | 14% | 16% | 15% | 16% | 16% | 12% | 13% | 13% | 13% | 14% | 14% | 15% |
| Other Income + | 0 | 0 | 0 | 8 | -1 | 6 | 7 | 5 | 3 | 4 | 22 | -13 | 1 |
| Interest | 33 | 40 | 58 | 54 | 59 | 64 | 62 | 85 | 64 | 60 | 100 | 69 | 112 |
| Depreciation | 84 | 89 | 93 | 97 | 98 | 102 | 108 | 111 | 113 | 114 | 120 | 121 | 119 |
| Profit before tax | 136 | 71 | 82 | 116 | 126 | 145 | 34 | 40 | 88 | 42 | 93 | 118 | 111 |
| Tax % | -10% | 1% | -11% | -7% | -5% | 6% | -53% | -15% | -9% | -2% | -14% | -13% | -23% |
| Net Profit + | 149 | 70 | 91 | 124 | 132 | 137 | 52 | 46 | 96 | 43 | 106 | 133 | 137 |
| EPS in Rs | 4.11 | 1.93 | 2.51 | 3.42 | 3.64 | 3.78 | 1.43 | 1.27 | 2.65 | 1.19 | 2.92 | 3.67 | 3.78 |
Financials of Aarti Industries Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 2,890 | 3,006 | 3,163 | 3,806 | 4,168 | 4,186 | 4,506 | 6,086 | 6,619 | 6,371 | 7,271 | 8,286 |
| Expenses + | 2,424 | 2,434 | 2,509 | 3,106 | 3,202 | 3,209 | 3,525 | 4,365 | 5,530 | 5,393 | 6,271 | 7,119 |
| Operating Profit | 466 | 572 | 654 | 700 | 965 | 977 | 982 | 1,720 | 1,089 | 978 | 1,000 | 1,167 |
| OPM % | 16% | 19% | 21% | 18% | 23% | 23% | 22% | 28% | 16% | 15% | 14% | 14% |
| Other Income + | 9 | 6 | 2 | 7 | 2 | 9 | 1 | 1 | 1 | 7 | 16 | 12 |
| Interest | 138 | 117 | 117 | 132 | 183 | 125 | 86 | 102 | 168 | 211 | 275 | 340 |
| Depreciation | 82 | 98 | 123 | 146 | 163 | 185 | 231 | 246 | 310 | 378 | 434 | 474 |
| Profit before tax | 255 | 363 | 416 | 429 | 622 | 676 | 665 | 1,372 | 611 | 395 | 307 | 365 |
| Tax % | 24% | 26% | 21% | 19% | 19% | 19% | 19% | 14% | 11% | -5% | -8% | -15% |
| Net Profit + | 208 | 268 | 328 | 346 | 504 | 547 | 535 | 1,186 | 545 | 416 | 331 | 419 |
| EPS in Rs | 5.81 | 7.71 | 9.62 | 10.24 | 14.18 | 15.39 | 15.02 | 32.71 | 15.04 | 11.49 | 9.13 | 11.56 |
| Dividend Payout % | 24% | 28% | 3% | 2% | 19% | 11% | 10% | 11% | 17% | 9% | 11% | 9% |
Financials of Aarti Industries Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 44 | 42 | 41 | 41 | 43 | 87 | 87 | 181 | 181 | 181 | 181 | 181 |
| Reserves | 972 | 1,096 | 1,321 | 1,538 | 2,587 | 2,892 | 3,416 | 4,335 | 4,739 | 5,109 | 5,424 | 5,774 |
| Borrowings + | 1,202 | 1,292 | 1,564 | 2,083 | 2,401 | 2,098 | 2,857 | 2,587 | 2,907 | 3,623 | 3,848 | 4,966 |
| Other Liabilities + | 719 | 538 | 573 | 730 | 826 | 1,256 | 1,282 | 748 | 754 | 1,203 | 1,661 | 2,378 |
| Total Liabilities | 2,938 | 2,966 | 3,499 | 4,391 | 5,858 | 6,332 | 7,642 | 7,851 | 8,581 | 10,115 | 11,114 | 13,299 |
| Fixed Assets + | 967 | 1,246 | 1,697 | 1,998 | 2,147 | 2,468 | 3,593 | 3,595 | 4,861 | 5,649 | 6,377 | 6,556 |
| CWIP | 193 | 313 | 270 | 436 | 795 | 1,418 | 1,298 | 1,346 | 1,096 | 1,229 | 1,454 | 2,030 |
| Investments | 139 | 41 | 47 | 47 | 33 | 37 | 64 | 28 | 17 | 23 | 48 | 132 |
| Other Assets + | 1,639 | 1,366 | 1,486 | 1,910 | 2,884 | 2,409 | 2,688 | 2,882 | 2,607 | 3,214 | 3,235 | 4,581 |
| Total Assets | 2,938 | 2,966 | 3,499 | 4,391 | 5,858 | 6,332 | 7,642 | 7,851 | 8,581 | 10,115 | 11,114 | 13,299 |
Financials of Aarti Industries Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 340 | 574 | 470 | 335 | 736 | 1,102 | 873 | 519 | 1,319 | 1,210 | 1,242 | 775 |
| Cash from Investing Activity + | -298 | -452 | -529 | -610 | -797 | -1,124 | -1,322 | -1,169 | -1,330 | -1,369 | -1,398 | -1,141 |
| Cash from Financing Activity + | -23 | -128 | 58 | 279 | 833 | -535 | 614 | 412 | 38 | 420 | -73 | 745 |
| Net Cash Flow | 19 | -7 | -0 | 4 | 772 | -557 | 165 | -239 | 27 | 261 | -229 | 379 |
| Free Cash Flow | 45 | 124 | -60 | -279 | -55 | -23 | -442 | -646 | -8 | -96 | -137 | -346 |
| CFO/OP | 85% | 117% | 87% | 62% | 90% | 130% | 99% | 44% | 129% | 132% | 123% | 67% |
Financials of Aarti Industries Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 55 | 64 | 61 | 63 | 68 | 66 | 64 | 65 | 52 | 49 | 39 | 62 |
| Inventory Days | 123 | 108 | 136 | 144 | 152 | 174 | 190 | 143 | 115 | 121 | 126 | 118 |
| Days Payable | 55 | 67 | 71 | 69 | 55 | 72 | 117 | 53 | 24 | 76 | 107 | 126 |
| Cash Conversion Cycle | 123 | 105 | 125 | 138 | 165 | 168 | 137 | 155 | 143 | 94 | 58 | 54 |
| Working Capital Days | 10 | 10 | -4 | 6 | -14 | -14 | -36 | 22 | -29 | -36 | -44 | -64 |
| ROCE % | 19% | 20% | 19% | 16% | 18% | 15% | 13% | 22% | 10% | 7% | 6% | 7% |
Guidance history
How Aarti Industries Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 10–20% | Flat | Planned | — | — |
| Q4 FY26 call → | 10–20% | Flat | Planned | Planned | Rising |
| Q3 FY26 call → | 10–20% | Up 0–2% | Planned | — | — |
| Q2 FY26 call → | 10–20% | Flat | Planned | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
25 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +14.6% | 71% |
| Last 6 months | −12.9% | 32% |
| Last 3 months | −7.9% | 46% |
The price is 56.1% below its all-time high of ₹1,007.09 (8 Oct 2021). Stocks more than 20% below their peak have their score halved, so 50 became 25.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Aarti Industries Ltd: 0.4 × 71 + 0.4 × 32 + 0.2 × 46 = 50, halved to 25 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Aarti Industries Ltd's management said in earlier quarters
- Q1 FY27 earnings call analysis →
- Q4 FY26 earnings call analysis →
- Q2 FY26 earnings call analysis →
- Q1 FY26 earnings call analysis →
- Q4 FY25 earnings call →
- Q3 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
- Q1 FY24 earnings call →
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