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Swing Capital

Aarti Surfactants Ltd

NSE: AARTISURF BSE: 543210FMCG

Incorporated in 2018, Aarti Surfactants Ltd is in the business of Home and personal care ingredients[1]

₹383
52W: ₹316 — ₹653
PE 25.6 · Book ₹292 · +31% vs book
Market Cap₹324 Cr
Stock P/E25.6Price to Earnings
ROCE8.58%Return on Capital
ROE5.27%Return on Equity
Div. Yield0.25%Face Value ₹10

Strengths

  • +Company's working capital requirements have reduced from 32.3 days to 21.5 days

Weaknesses

  • −Company has a low return on equity of 7.11% over last 3 years.
  • −Dividend payout has been low at 4.11% of profits over last 3 years

Shareholding Pattern

Promoters49.88%
FIIs0.14%
DIIs0%
Public49.98%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters49.81%49.92%▲0.149.92%49.92%49.92%49.92%49.88%▼0.049.88%
FIIs0.04%0.06%▲0.00%▼0.10.14%▲0.10%▼0.10%0%0.14%▲0.1
DIIs0%1.06%▲1.10.8%▼0.30.8%0.8%0.8%0.3%▼0.50%▼0.3
Public50.14%48.95%▼1.249.26%▲0.349.13%▼0.149.27%▲0.149.26%▼0.049.8%▲0.549.98%▲0.2

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales138.75158.55143.41150.84162.78202.05215.9179.17207.79256.28
Expenses122.02143.34133.74147.07153.84182.3204.21169.81195.08243.05
Operating Profit16.7315.219.673.778.9419.7511.699.3612.7113.23
OPM %12.06%9.59%6.74%2.5%5.49%9.77%5.41%5.22%6.12%5.16%
Net Profit6.685.592.331.920.919.843.061.633.734.26
EPS ₹7.866.612.752.271.0811.633.621.934.415.03

AI Insights

Revenue Trend

Mar 2026 revenue at ₹859Cr, up 30.3% YoY. OPM at 5%.

Debt Position

Borrowings at ₹104Cr. Debt-to-equity ratio: 0.44x. Healthy balance sheet.

Capex Cycle

CWIP at ₹40Cr (20% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 0% (+0.00pp change). FIIs: 0.14% (+0.10pp change). Promoters hold 49.88%.

Margin & Efficiency

ROCE improving from 0% (Mar 2019) to 9% (Mar 2026). Working capital days: 22.

Valuation

PE 25.6x with 8.58% ROCE. Price is 31% above book value of ₹292. Dividend yield: 0.25%.

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