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Swing Capital

Aarti Industries Ltd

NSE: AARTIIND BSE: 524208

Aarti Industries Ltd, the flagship company of the Aarti group, manufacturing organic and inorganic chemicals at its major facilities in Vapi, Jhagadia, Dahej and Kutch, in Gujarat and in Tarapur in Maharashtra. The company has a strong market position in the NCB-based specialty chemicals segment.[1]

₹455
52W: ₹338 — ₹523
PE 39.7 · Book ₹165 · +176% vs book
Market Cap₹16,500 Cr
Stock P/E39.7Price to Earnings
ROCE6.83%Return on Capital
ROE7.16%Return on Equity
Div. Yield0.21%Face Value ₹5

Weaknesses

  • −Stock is trading at 2.71 times its book value
  • −Tax rate seems low
  • −Company has a low return on equity of 7.18% over last 3 years.
  • −Dividend payout has been low at 9.31% of profits over last 3 years
  • −Debtor days have increased from 58.4 to 80.8 days.

Shareholding Pattern

Promoters42.09%
FIIs7.38%
DIIs20.12%
Public30.39%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters43.24%42.61%▼0.642.35%▼0.342.24%▼0.142.24%42.18%▼0.142.14%▼0.042.09%▼0.0
FIIs10.61%9.68%▼0.97.25%▼2.46.29%▼1.06.44%▲0.26.4%▼0.06.7%▲0.37.38%▲0.7
DIIs18.55%18.11%▼0.417.93%▼0.219.96%▲2.020.38%▲0.418.21%▼2.218.22%▲0.020.12%▲1.9
Public27.58%29.58%▲2.032.46%▲2.931.48%▼1.030.92%▼0.633.2%▲2.332.94%▼0.330.39%▼2.5

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales1,7241,7691,8451,7171,7491,9921,6362,0842,2762,439
Expenses1,4651,4861,5391,5181,5191,7271,4251,8001,9582,090
Operating Profit259283306199230265211284318349
OPM %15%16%17%12%13%13%13%14%14%14%
Net Profit12413213855479944102131147
EPS ₹3.423.643.811.521.32.731.212.813.614.05

AI Insights

Revenue Trend

Mar 2026 revenue at ₹8,423Cr, up 15.3% YoY. OPM at 14%.

Debt Position

Borrowings at ₹4,965Cr. Debt-to-equity ratio: 0.86x. Moderate leverage.

Capex Cycle

CWIP at ₹2,030Cr (31% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 20.12% (+5.29pp change). FIIs: 7.38% (-4.79pp change). Promoters hold 42.09%.

Margin & Efficiency

ROCE declining from 19% (Mar 2015) to 7% (Mar 2026). Working capital days: -55.

Valuation

PE 39.7x with 6.83% ROCE. Price is 176% above book value of ₹165. Dividend yield: 0.21%.

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