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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹317.1 Cr
verified against source
Revenue YoY
44%
reported change
EBITDA
₹108.3 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Aether Industries delivered a strong Q3 FY26 with consolidated revenue of ₹317.1 crore (+44% YoY) and EBITDA of ₹108.3 crore (+75% YoY), driven by robust volume growth in large-scale manufacturing (25% YoY) and ramp-up in contract manufacturing. EBITDA margin expanded 600 bps YoY to 34%, aided by operating leverage and a one-time insurance claim. Management highlighted completion of Site 3+ and first two blocks of Site 5, with commercial production imminent. The company added five new clients and three new LSM products. Guidance includes 70% revenue from CRAMS/CM over time, with near-term capacity utilization targets of 45-50% for new sites. Key risk: working capital days increased to 160 due to inventory buildup for new sites, though management expects improvement as CM share rises.
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Guidance to track
- Commercial production from Site 3+ and first two blocks of Site 5 will commence shortly, with water/solvent trials already started.
- Management targets 70% of revenue from CRAMS and contract manufacturing, with 30% from large-scale manufacturing.
- For FY27, Site 3+ is expected to operate at 45-50% capacity utilization in its first year.
- Site 5's first two blocks are expected to run at 35-40% capacity utilization in FY27.
Risks flagged
- Net working capital cycle increased to 160 days from 149 days as of September 2025, mainly due to inventory buildup for new sites.
- Management noted that Chinese competitors offer aggressive payment terms (180-250 days), pressuring working capital. No immediate pricing improvement seen despite anti-dumping trends.
- The previously announced partnership for lithium battery electrolyte additives is paused due to aggressive pricing from China, making it uneconomical.
- While management emphasizes strategic partnerships, concentration risk exists with Baker Hughes and Milliken as key CM clients.
Key quotes
- We are discussing significant contracts, significant ventures with the biggest chemical companies in Europe today.
- The dictum in the company is that we should scale up having a cup of tea.
- We are positioning ourselves as a strategic partner to the customer with a low cost aggressive economically costing from the Indian manufacturing perspective.
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