Aether Industries

Aether Industries delivered strong quarterly results with consolidated revenue rising 35% year-on-year to INR 2,587 million. EBITDA surged 94% to INR 781 million with margins expanding to 30% from 22% in the previous year. PAT increased 57% to INR 470 million. The company's large-scale manufacturing vertical grew 9% year-on-year and 8% quarter-on-quarter, while adding six new clients during the quarter. Business model contribution showed 51% from large-scale manufacturing, 37% from contract/exclusive manufacturing, and 10% from contract research services. Export revenue accounted for 33% of total revenues. The company executed a 10-year exclusive manufacturing agreement with Milliken Chemical & Textile India for a new product, dedicating Site 3+ for this contract. Site 5 development continues on schedule with first two production blocks expected by end of Q3 FY26. Management plans INR 350 crores capex for FY26 and expects to receive INR 50-60 crores in insurance claims. Working capital cycle improved to 190 days from 195 days. The company is expanding R&D facilities with INR 30-40 crores investment to increase labs from 8 to 23 and fume hoods from 65 to 195.