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Swing Capital

Aether Industries Ltd

NSE: AETHER BSE: 543534

Incorporated in 2013, Aether Industries Limited is a manufacturer of specialty chemicals. The company is sole Indian manufacturer for chemicals such as 4-(2-Methoxyethyl) Phenol (4MEP), and 3-Methoxy-2-Methylbenzoyl Chloride (MMBC), Thiophene-2-Ethanol (T2E), Ortho Tolyl Benzo Nitrile (OTBN), N-Octyl-D-Glucamine, Delta-Valerolactone, and Bifenthrin Alcohol.[1]

₹1,112
52W: ₹723 — ₹1275
PE 81.8 · Book ₹182 · +511% vs book
Market Cap₹14,751 Cr
Stock P/E81.8Price to Earnings
ROCE10.8%Return on Capital
ROE8.1%Return on Equity
Div. Yield0%Face Value ₹10

Strengths

  • +Company's median sales growth is 40.7% of last 10 years

Weaknesses

  • −Stock is trading at 6.04 times its book value
  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −Company has a low return on equity of 7.29% over last 3 years.

Shareholding Pattern

Promoters74.94%
FIIs6.29%
DIIs12.66%
Public6.1%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters81.79%81.78%▼0.081.77%▼0.081.77%74.99%▼6.874.99%74.98%▼0.074.94%▼0.0
FIIs2.9%3.17%▲0.33.32%▲0.13.33%▲0.05.03%▲1.74.64%▼0.45.81%▲1.26.29%▲0.5
DIIs11.55%11.63%▲0.111.49%▼0.111.43%▼0.113.41%▲2.012.97%▼0.412.25%▼0.712.66%▲0.4
Public3.74%3.4%▼0.33.41%▲0.03.47%▲0.16.55%▲3.17.39%▲0.86.96%▼0.46.1%▼0.9

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales155115180196197215214230258237
Expenses124106137142138147146158165176
Operating Profit3194355606769729262
OPM %20%8%24%28%30%31%32%31%36%26%
Net Profit1913038414340445238
EPS ₹1.440.082.282.873.083.243.033.293.922.86

AI Insights

Revenue Trend

Mar 2026 revenue at ₹940Cr, up 19.1% YoY. OPM at 31%.

Debt Position

Borrowings at ₹165Cr. Debt-to-equity ratio: 0.08x. Healthy balance sheet.

Capex Cycle

CWIP at ₹529Cr (50% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 12.66% (-0.99pp change). FIIs: 6.29% (+4.42pp change). Promoters hold 74.94%.

Margin & Efficiency

ROCE improving from -1% (Mar 2015) to 0% (Mar 2026). Working capital days: 0.

Valuation

PE 81.8x with 10.8% ROCE. Price is 511% above book value of ₹182. Dividend yield: 0%.

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