Aether Industries Limited — Q4 FY26
Aether Industries reported a strong FY26 with consolidated revenue of ₹1,160 crore (+38% YoY) and EBITDA of ₹355 crore (+53% YoY), driven by robust demand in large-scale manufac...
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
63%Questions answered3Evaded / deflected12Questions auditedContradictedNumbers vs filing
Evasive
High priority
What will be structurally different about the business model in 5 years?
Asked by Sel Kapoor, Anti Fragile Thinking
Management did not describe any structural change, only said 'bigger and better'.
no specific structural change describedvague future vision
Read the exchange
Question
if the current capex and R&D cycle succeeds exactly as management imagines, what will be structurally different about a business model 5 years from today that may not be visible today?
Management (likely Dr. Raman or Rohan)
we hope not much we hope it continues to stay the same but only do it you know for for the lack of a better word bigger and better...
Partial answer
Medium priority
What becomes more important to sustain moat: capital, chemistry, or customer integration?
Asked by Sel Kapoor, Anti Fragile Thinking
Management did not directly compare capital, chemistry, or customer integration; focused on execution.
did not rank the factorsshifted to execution
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Question
what do you think becomes more important to sustain the moat or the competitive advantage... capital deployed chemistry complexity or customer integration...
Management (likely Dr. Raman or Rohan)
initially it was more about setting up the chemistry... now it's more about... execution... translating these opportunities into practice...
Answered
Medium priority
Do we get any benefit from currency price increase given exports?
Asked by A Shara, Punarta Investments Advisors
Management explained the natural hedge and gave a clear outlook on export recovery.
Read the exchange
Question
with the increase in the currency prices, do we get any kind of a benefit given that we export a lot of our finished goods?
Management (likely Rohan or CFO)
we do have a natural hedge... our exports currently because of various uncertainties had been reduced... now that things have been resolved... exports growing and coming back to 50 60% of our total topline.
Answered
Medium priority
Is there any demand disruption due to oil market disruption?
Asked by A Shara, Punarta Investments Advisors
Management clearly denied any demand disruption.
Read the exchange
Question
is there any kind of a demand disruption because of this disruption going on in the oil market?
Management
No. we have seen a steady demand in all our products as such. So there is no holding of material happening during this war.
Answered
High priority
What was the revenue from Baker Hughes this quarter?
Asked by Sai Kumar, Family Fund
Management provided a specific revenue figure for Baker Hughes.
Read the exchange
Question
what's in this current quarter what is the revenue for the bakeries? Previous quarter it was something around 60 crores. So is there any increase in this quarter?
Management
the revenue to to bakeres in this last quarter was approximately 84 crores. Uh 68 was from the subsidiary and also from our main company...
Evasive
Medium priority
Any progress on new molecules for Baker Hughes?
Asked by Sai Kumar, Family Fund
Management did not confirm any progress, only said R&D continues.
deferred to futureno specific progress update
Read the exchange
Question
you said there are 7 to eight molecules that are going to be getting supplied to... So is there any progress on that?
Management
currently in the cramps process. you know once we have visibility we will come back to you on that once it gets processed in CRAS but right now the R&D continues on those products.
Answered
High priority
Why did LSM revenue decline sequentially despite price increases?
Asked by Aijit Akila, Kie
Management explained the decline was due to logistical issues, not demand.
Read the exchange
Question
it is correct that the revenues are a little bit lower on a sequential basis... whereas we were talking about almost 20% kind of price increases so could please just help us understand...
Management
it is a decline that's primarily because in the last month in the month of March we were not able to ship some of the products due to logistical issues...
Answered
High priority
What is the outlook for working capital days next year?
Asked by Aijit Akila, Kie
Management gave a specific target of 160 days.
Read the exchange
Question
how much of a reduction in working capital days could one expect from next year.
Management
we see that by end of this year this finance year 27 we'll be again having a healthy working capital reduction which we expect to be around 160 days at least.
Partial answer
High priority
What is the outlook for debt levels?
Asked by Aijit Akila, Kie
Management confirmed debt will increase but did not quantify the expected increase.
no specific number givenvague timeline
Read the exchange
Question
in terms of the debt number which is about 400 odd crores right now what's the outlook for that... will that increase a little bit further as capex goes up?
Management
definitely it will increase because we have been speaking about that the QIP monies have been completed... we will see the dates coming up dates increasing a bit in the current year and it will gradually increase.
Declined
High priority
Can you provide revenue growth guidance for next year?
Asked by Aijit Akila, Kie
Management explicitly declined to provide revenue growth guidance.
refused to give guidancelisted drivers without numbers
Read the exchange
Question
any sort of guidance we'd like to put out there in terms of overall topline growth...
Management
we don't usually give guidance in terms of revenue growth for the year but what we can tell you is that yes the site 4 and site 3 plus will continue to get ramped up...
Answered
High priority
Why were margins not hit this quarter?
Asked by Nikon Gupta, AK Investments
Management clearly explained the one-off items affecting margins.
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Question
based on past quartertoquarter performance why margins were not hit in this quarter?
Management
the major reason was the 70 million inventory right off on account of fire... also in the third quarter there was a FLOP claim income which was not there in the fourth quarter.
Partial answer
High priority
What is the expected additional debt in FY27 and cost of debt?
Asked by Rohit Nagash, 361 Capital
Management provided a range for additional debt but refused to disclose cost.
declined to give cost of debtgave debt range
Read the exchange
Question
what is the number approximate number that we are looking at FI27N and what is the current cost of debt?
Management
approximately by end of financial year 27 you can expect 200 to 250 crores additional in the debts not more than that and I'm sorry on the open platform I cannot give you the cost of that
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Revenue to Baker Hughes was approximately 84 crores | ₹84 cr | ₹305 cr | Understated vs filing |
| Margins expected to be stable between 29-30% EBITDA and 19-20% PAT | 29.5% | 27% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.