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Revenue
₹305 Cr
verified against source
Revenue YoY
38%
reported change
EBITDA
₹354.7 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
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Quarter read
What the record says.
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 manufacturing (LSM) and contract manufacturing (CM). EBITDA margin expanded 300 bps to 31% on operating leverage and favorable pricing. Q4 revenue of ₹351 crore was impacted by one-offs (₹7 crore inventory write-off, year-end provisions) but LSM pricing rose 20% YoY and 18% QoQ, sustained into Q2 FY27. Management guided for stable margins (29-30% EBITDA, 19-20% PAT) and expects CRAMS/CM to reach 70% of sales over 3-4 years. Key growth levers include site 5 commissioning (3 new products), site 3++ ramp-up, and R&D expansion. Risk: elevated working capital (179 days) may pressure cash flows if revenue ramp-up slows.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects EBITDA margins to remain stable between 29% and 30% in FY27, with PAT margins around 19-20%.
- Capital expenditure for FY27 is guided at ₹3,000-3,500 million, primarily for site 5 and the new R&D facility.
- Management targets reducing working capital days to around 160 by end of FY27, from 179 days as of March 2026.
- Management reiterated the target of 70% revenue from CRAMS and CM business models over the next 3-4 years, up from 55% in FY26.
Risks flagged
- Working capital days at 179 remain high due to inventory buildup for new sites; delay in revenue ramp-up could strain cash flows.
- A fire at an external warehouse on March 11, 2026 caused a ₹7 crore inventory write-off, raising concerns about operational risk management.
- Debt is expected to rise by ₹200-250 crore in FY27 as capex ramps up, potentially increasing interest costs and leverage.
- Q4 LSM revenue fell sequentially due to March logistics issues; any recurrence could impact near-term sales.
Key quotes
- We are entering a new growth phase powered by three big levers: successful commissioning of site 3++ and phase one of site 5, deepening relationships with global technology and industrial leaders, and sharp focus on operating cash flow and discipline execution.
- Global chemical companies do want to get ahead of the curve and are accelerating the developmental plans with label partners. The focus in all these engagements is singularly India. They want to be in India unless they can't.
- We have been able to reduce the overall working capital cycle to 179 days as on 31st March 26 from 194 days as of 31st March 25. Even though these levels remain elevated, we expect the working capital days to decline as we expect revenues from site 3++ and the commencement of site 5 very soon.
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