Slide 1: Stock exchange cover letter: Presentation on Financial Results
November 13, 2025 Ref. No.: AIL/SE/49/2025-26 To, BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, Dalal Street, Fort, Bandra Kurla Complex, Bandra (E), Mumbai-400001, MH. Mumbai-400051, MH. Scrip Code: 543534 Symbol: AETHER Dear Madam / Sir, Subject: P
Slide 2: Q2/H1 | FY26
Q2/H1 | FY26
Slide 3: Q2 FY26 Financial results: Operating Revenue
Q2 FY26 Financial results Comparing periods ₹ 2,751 M Q1 FY26 ₹ 2,561 M Operating Revenue for the quarter Q2 FY25 + 7% Q/Q | + 38% Y/Y ₹ 1,988 M Growing CEM contracts & steady LSM demand (Consolidated Numbers)
Slide 4: Q2 FY26 Financial results: EBITDA
Q2 FY26 Financial results Comparing periods ₹ 853 M Q1 FY26 ₹ 781 M EBITDA for the quarter Q2 FY25 + 9% Q/Q | + 70% Y/Y ₹ 503 M Strengthened EBITDA via optimized business strategy (Consolidated Numbers)
Slide 5: Q2 FY26 Financial results: PAT
Q2 FY26 Financial results Comparing periods ₹ 540 M Q1 FY26 ₹ 470 M PAT for the quarter Q2 FY25 + 15% Q/Q | + 55% Y/Y ₹ 348 M Improved profitability with a shift in segment mix (Consolidated Numbers)
Slide 6: H1 FY26 Earnings
Earnings REVENUE EBITDA PAT 5,425 1,634 1,010 H1 FY26 31% 19% Y/Y +35% +81% +56% H1 FY25 4,017 905 647 24% 16% (Consolidated Numbers) | All numbers in INR M
Slide 7: Business Models
Business Models 48% Contract | Exclusive ₹644 ₹561 ₹1313 39% 28% 48% Manufacturing Q2FY24 Q2FY25 Q2FY26 9% Contract Research & ₹228 ₹276 ₹251 Manufacturing Services 14% 14% 9% Q2FY24 Q2FY25 Q2FY26 41 % Large Scale ₹752 ₹1120 ₹1139 46% 56% 41% Manufacturing Q2FY24 Q2FY25 Q2FY26 CRAMS and CEM contribu
Slide 8: Highlights
Site 3++ Expansion Executed CEM agreement with Milliken & Co., strategic product launch by Q4 of FY26 10 New Customers onboarded across all the business models Site 5 Expansion during H1 of FY26 Phase one - commissioning of 2 production blocks by end of Q4 of FY26 Highlights Team Structure being rea
Slide 9: Aether Today: Revenue, EBITDA and PAT history
Aether Today 46.39% LSM 67.56% Domestic 42.56% CEM 32.44% Exports# FY18 1,092 9.46% CRAMS FY19 2,033 1.60% Others FY20 3,038 Revenue By Business By Region FY21 4,541 H1 FY26 FY22 5,970 FY23 6,676 FY24 6,374* FY25 8,803 H1FY26 H1FY26 5,425 # includes deemed exports and SEZ Sales 30.76 19.53 18.25 18.
Slide 10: Business Segments Q-o-Q
Business Segments Q-o-Q Revenue 36.55% Pharma 35.10% Pharma 19.43% Material Science 16.87% Material Science 18.83% Oil & Gas 19.18% Oil & Gas 13.29% Agro 11.11% Agro 5.61% Multiple 7.21% High Performance Photography 4.25% High Performance Photography 5.18% Multiple 1.05% Sustainability & Renewables
Slide 11: Business Segments H1-o-H1
Business Segments H1-o-H1 Revenue 35.85% Pharma 49.09% Pharma 19.00% Oil & Gas 0.62% Oil & Gas 18.19% Material Science 6.48% Material Science 12.24% Agrochemicals 29.46% Agrochemicals 5.67% High Performance Photography 3.40% High Performance Photography 5.40% Multiple 3.98% Multiple 2.12% Coatings 4
Slide 12: R&D - Centric Approach
R&D - Centric Approach FY24 15.4%* ₹ 392.31 M spent towards R&D accounting for 7.23% of revenues in ₹987 H1 FY26. R&D Expansion on track. FY25 7.74% ₹681 FY23 7.5% FY22 6.6% ₹501 ₹393 FY21 4.3% FY20 4.0% ₹193 FY19 2.6% ₹121 ₹53 * FY24 - fire accident reduced Revenues hence % increased | (Consolidate
Slide 13: Site 3++
September, 2024 September, 2025 Site 3++ Expansion is on track, with equipment installation underway and all approvals secured for a seamless transition. For Milliken, product under CEM is set to launch, with commissioning targeted in Q4 FY26.
Slide 14: Site 5
September, 2024 September, 2025 Site 5 The EC was approved in December 2023, equipment ordering done for phase 1. Ground digging, wall fencing, and plinth work are complete and equipment installation underway. Commissioning for two production blocks in Phase 1 expected in Q4 FY26.
Slide 15: Consolidated Financial Results
Consolidated Financial Results Q2FY26 Q1FY26 Q2FY25 HFY26 HFY25 FY25 Unaudited Unaudited Unaudited Unudited Unudited Audited Particulars (INR in MM) Revenue from operations 2,751 2,561 1,988 5,312 3,788 8,387 Other income 87 26 110 113 229 416 Total income 2,838 2,587 2,098 5,425 4,017 8,803 Cost of
Slide 16: Consolidated Statement of Assets and Liabilities
Consolidated Statement of Assets and Liabilities HFY26 FY25 HFY26 FY25 Assets Equity & Liabilities Unudited Audited Unudited Audited Non-current assets Equity Property, plant and equipment 9,713 9,439 Equity share capital 1,326 1,326 Capital work-in-progress 5,565 3,554 Other equity 21,958 20,933 Ri
Slide 17: Consolidated Statement of Cash Flow
Consolidated Statement of Cash Flow HFY26 FY25 Particulars Unudited Audited Cash flow from operating activities Profit before tax 1,359 2,130 Adjustment for non-operating items 359 222 Operating profit before working capital changes 1,718 2,352 Changes in working capital -308 -971 Cash generated fro
Slide 18: Standalone Financial Results
Standalone Financial Results Q2FY26 Q1FY26 Q2FY25 HFY26 HFY25 FY25 Unaudited Unaudited Unaudited Unudited Unudited Audited Particulars (INR in MM) Revenue from operations 2,247 2,143 1,964 4,391 3,765 7,885 Other income 97 32 127 128 247 443 Total income 2,344 2,175 2,091 4,519 4,011 8,328 Cost of m
Slide 19: Standalone Statement of Assets and Liabilities
Standalone Statement of Assets and Liabilities HFY26 FY25 HFY26 FY25 Assets Equity & Liabilities Unudited Audited Unudited Audited Non-current assets Equity Property, plant and equipment 8,826 8,535 Equity share capital 1,326 1,326 Capital work-in-progress 5,290 3,331 Other equity 21,778 20,926 Righ
Slide 20: Standalone Statement of Cash Flow
Standalone Statement of Cash Flow HFY26 FY25 Particulars Unudited Audited Cash flow from operating activities Profit before tax 1,147 2,049 Adjustment for non-operating items 286 173 Operating profit before working capital changes 1,432 2,222 Changes in working capital 99 -665 Cash generated from op
Slide 21: Our foundation is elemental; our vision is infinite.
"Our foundation is elemental; our vision is in nite." - Aether All rights reserved. Aether and the Aether logo are trademarks of Aether Industries Limited, registered in India Registered Of ce - 8203, Road No. 08, GIDC Sachin - 394230, Surat, Gujarat, India | Board Line: +91-261-6603000 | Email ID: