Aether Industries Limited is an India-based specialty chemical manufacturing company focused on producing advanced intermediates and specialty chemicals involving differentiated chemistry and technology. Established on January 23, 2013, in Surat as a Public Limited Company, Aether Industries Limited is one of the fastest-growing specialty chemical companies in India. The Company is a specialty chemical manufacturer in India focused on producing advanced intermediates and specialty chemicals involving complex and differentiated chemistry and technology core competencies.
The Company is also a provider of Contract Research and Manufacturing Services (CRAMS) and contract/exclusive manufacturing services, built upon technology, research and development (R&D), and Pilot Plant facilities. The company has developed expertise in manufacturing products that serve diverse industries, including pharmaceuticals, agrochemicals, material science, coating, high-performance photography, additive, and oil and gas segments.
The Company conducts its operations through two manufacturing facilities at Sachin in Surat, Gujarat. The production operations at the New Manufacturing Facility 3 at Sachin was made operational in January 2023. In March 2024, Manufacturing Facility 4 was commissioned and production commenced at its wholly-owned subsidiary, Aether Speciality Chemicals Limited. In July 2022, the Company commissioned a 16 MW solar power generation plant at Bharuch District, Gujarat, to provide electricity to current operational two manufacturing facilities and Greenfield project (Site 3).
The company has established a strong global presence and serves various locations, including Italy, Spain, Germany, the United States, and other parts of the world. With over 6000 MT production capacity, Aether is a leading CRAMS provider, growing rapidly at a CAGR of nearly 60% since 2018.
Aether Industries has a market capitalization of ₹10,549 Crore as per recent data, with revenue of ₹789 Crore and profit of ₹152 Crore. Aether Industries Ltd has a market capitalization of ₹10,133 Crore. The company demonstrated exceptional financial performance in FY25, with net profit rising 92.04% to ₹158.41 Crore, and revenue increasing by 40.21%.
- Revenue: ₹240.20 Crore as on March 2025 (Q4 FY25)
- Net Profit: ₹50.30 Crore as on March 2025 (Q4 FY25)
- Annual revenue growth of 38% is outstanding, Pre-tax margin of 25% is great, ROE of 7% is fair but needs improvement.
Aether Industries demonstrated robust financial performance in Q4 FY '25, achieving a 38% year-on-year revenue growth and a remarkable 92% increase in profit after tax, driven by strong demand and operational efficiency. The company reported a five-fold jump in EBITDA to ₹81.9 Crore for the quarter as compared with ₹14.3 Crore in Q4 FY24.
With a commitment to invest 6% to 6.5% of revenues in R&D, Aether is enhancing its innovation capabilities, particularly in non-pharma sectors. The company has ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, ISMS 27001:2013, and Indian GMP certifications and boasts a specialized R&D team of 141 scientists and engineers, 81 of whom have PhDs or Master of Science degrees.
It ventured into CRAMS (contract research and manufacturing services) in 2017, gaining valuable experience in contract research, pilot scale-up services, contract manufacturing, FTE services, technology development, and process development and optimization.
The company is strategically pivoting towards contract manufacturing, anticipating this segment will grow to over 70% of total revenue, while maintaining a balanced focus on large-scale manufacturing and CRAMS. HDFC Securities maintains a BUY rating on Aether Industries with a target price of ₹1,197. The company is set to benefit from strategic supply agreements and ongoing expansion projects, projecting significant revenue growth and improved return on equity by FY29.
The Aether Industries Ltd's 52-week high share price is ₹1,066.30 and 52-week low share price is ₹724.60. Though the company is reporting repeated profits, it is not paying out dividends. Promoter Holding: 81.8%.
The company is debt-free and has a strong balance sheet, enabling it to report stable earnings growth across business cycles. Analysts have set an Aether target price of ₹1075.25, indicating a slight upside of 44.16% compared to the current price of ₹775.2, according to 4 analyst ratings.
Board meeting on July 24, 2025, to approve Q1 June 2025 financial results and other business. Execution Of Contract Manufacturing Agreement With Milliken Chemical And Textile (India) Co. Private Limited demonstrates the company's ongoing efforts to secure long-term partnerships.
Despite operational challenges from past incidents, the company has stabilized its sites and is optimistic about future growth, supported by a favorable market environment and increased customer inquiries. Post the IPO launched, all the Equity Shares were listed on BSE Limited and National Stock Exchange of India Limited (NSE) on June 3, 2022, and as a result, the Company raised total ₹626.99 Crore through the IPO.
Aether Industries continues to position itself as a key player in the specialty chemicals sector, with strong fundamentals, growing market presence, and strategic focus on innovation and operational excellence driving its future growth trajectory.
