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Indian specialty-chemicals maker of advanced pharma and agrochemical intermediates, including contract manufacturing.
Indian specialty-chemicals maker of advanced pharma and agrochemical intermediates, including contract manufacturing.
Part of its income comes from making molecules to a customer's own specification, where the customer owns the design and Aether is paid for process development and production; the rest comes from its own intermediates sold to drug and crop-chemical makers. A few large customer launches can therefore carry much of the volume. It listed in 2022.
Moat: narrow (process know-how, IP / patents). Complex multi-step synthesis expertise for niche molecules, but Anupam Rasayan and others compete for the same CRAMS contracts.
Headquarters: Surat, India · Founded: 2013 · Employees: 1,449
Size Aether Industries (AETHER.NS) is an India Materials company (Chemicals: Major Diversified) with a market value of $2.20B, the 354th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,562 on 6 Nov 2026.
Performance Over six months the shares gained 28.6%, against -6.3% for the median peer and 0.0% for the India market (cap-weighted) — 2nd highest of 19 in its peer set.
Growth Revenue grew 30.8% over the last twelve months (peer median +11.1%); the operating margin is 25.3% (peer median 9.8%).
Valuation It trades at 72.6× forward earnings against a peer median of 25.6× (4th most expensive of 18).
Capital Return on invested capital runs 1.8 points below its cost of capital (9.3% WACC).
Next results Next results expected around 15 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹13.0B | ₹11.3B | ₹8.39B | ₹5.98B | ₹6.51B |
| Revenue growth | — | +35% | +40% | -8% | — |
| Gross profit | ₹4.88B | ₹3.22B | ₹2.38B | ₹1.47B | ₹2.19B |
| EBITDA | ₹4.06B | ₹3.39B | ₹2.44B | ₹1.34B | ₹1.90B |
| Net income | ₹2.49B | ₹2.19B | ₹1.58B | ₹825M | ₹1.30B |
| Free cash flow | n/a | -₹4.98B | -₹3.64B | -₹4.48B | -₹4.21B |
| Capital expenditure | n/a | ₹6.23B | ₹4.52B | ₹4.28B | ₹4.01B |
| Total debt | ₹6.75B | ₹4.58B | ₹2.00B | ₹1.83B | ₹157M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Aether Industries AETHER.NS | $2.20B | +29% | +31% | 25% | 72.6× | n/a |
| Anupam Rasayan India ANURAS.NS | $1.40B | -15% | +52% | 16% | 45.8× | n/a |
| Navin Fluorine International NAVINFLUOR.NS | $4.89B | +27% | +46% | 30% | 45.6× | 34.0% |
| Srf SRF.NS | $7.67B | -11% | +20% | 19% | 30.3× | 25.2% |
| Divi's Laboratories DIVISLAB.NS | $29.0B | +54% | +16% | 31% | 82.0× | 50.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | AETHER.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -12.6% | -10.5% | 10th lowest of 21 |
| 6-month return | +28.6% | -6.3% | 2nd highest of 19 |
| Distance from 52-week high | -13.9% | -29.3% | 5th highest of 21 |
| Revenue growth (TTM) | +30.8% | +11.1% | 6th highest of 21 |
| Operating margin | 25.3% | 9.8% | highest of 21 |
| Forward P/E | 72.6× | 25.6× | 4th most expensive of 18 |
| ROIC minus cost of capital | -1.8 pp | -0.4 pp | 9th lowest of 21 |
| EV / EBITDA | 52.7× | 11.9× | most expensive of 13 |
| Net debt / EBITDA | 1.6× | 1.1× | 5th most indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Aether Industries AETHER.NS | India | $2.20B | +29% | +31% | 25% | 72.6× | n/a | n/a |
| Hubei Sinophorus Electronic Materials 688545.SS | China | $2.24B | +11% | +75% | 11% | 68.3× | n/a | n/a |
| Nippon Shokubai 4114.T | Japan | $2.27B | +11% | +4% | 6% | 16.2× | 4.1% | +7.9% |
| Ingevity NGVT | United States | $2.07B | -21% | -12% | 25% | 10.4× | -0.9% | -0.8% |
| Eternal Materials 1717.TW | Taiwan | $2.06B | -27% | -2% | 5% | 17.2× | 19.9% | +1.2% |
| Zhejiang Yongtai Technology 002326.SZ | China | $2.04B | -40% | +38% | 11% | n/a | n/a | n/a |
| Qingdao Huicheng Environmental Technology 300779.SZ | China | $2.02B | -9% | -13% | 5% | 129.3× | n/a | n/a |
| Innospec IOSP | United States | $1.93B | -3% | +5% | 8% | 13.4× | 4.4% | +8.3% |
| Advanced Echem Materials 4749.TWO | Taiwan | $1.72B | -39% | +19% | 25% | 33.1× | n/a | n/a |
| AARTI Industries AARTIIND.NS | India | $1.71B | -9% | +40% | 9% | 29.1× | n/a | n/a |
| CES Energy Solutions CEU.TO | Canada | $2.82B | +4% | +11% | 10% | 14.1× | 9.2% | +22.9% |
| Borregaard BRG.OL | Norway | $1.68B | +7% | +3% | 17% | 24.4× | -1.0% | +7.7% |
| Grandit 688549.SS | China | $2.89B | +36% | +40% | -1% | n/a | n/a | n/a |
| Nippon Kayaku 4272.T | Japan | $1.66B | +3% | +14% | 10% | 10.1× | -4.8% | +6.9% |
| Metis TechBio 7666.HK | Hong Kong | $1.66B | n/a | +6,987% | -367% | n/a | n/a | n/a |
| Valiant 002643.SZ | China | $1.66B | -28% | +3% | 10% | 25.6× | 17.4% | +4.9% |
| Huntsman HUN | United States | $1.66B | -37% | +6% | 0% | 353.8× | n/a | n/a |
| Fine Organic Industries FINEORG.NS | India | $1.64B | +9% | +13% | 20% | 33.4× | 26.7% | +15.7% |
| Alzchem ACT0.DE | Germany | $1.56B | n/a | +5% | 16% | 20.9× | -1.1% | +8.2% |
| Jilin Chemical Fibre Stock 000420.SZ | China | $1.42B | -25% | +11% | 5% | 154.0× | n/a | n/a |
| Privi Speciality Chemicals PRIVISCL.NS | India | $1.40B | -4% | +18% | 20% | 30.4× | 30.1% | +15.0% |