Working capital days elevated due to inventory buildup
Net working capital cycle increased to 160 days from 149 days as of September 2025, mainly due to inventory buildup for new sites.
AETHER / Q3-FY26 / risks
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Aether Industries · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
Pricing pressure from Chinese competition in LSM
Management noted that Chinese competitors offer aggressive payment terms (180-250 days), pressuring working capital. No immediate pricing improvement seen despite anti-dumping trends.
Lithium battery chemicals project on hold
The previously announced partnership for lithium battery electrolyte additives is paused due to aggressive pricing from China, making it uneconomical.
Dependence on few large CM customers
While management emphasizes strategic partnerships, concentration risk exists with Baker Hughes and Milliken as key CM clients.