Aether Industries Ltd. · NSE:AETHER
Aether Industries — Q3 FY26 Earnings Presentation
18 slides from Aether Industries's earnings presentation, Feb 3, 2026
Slide 1: Presentation on Financial Results cover letter
February 3, 2026 Ref. No.: AIL/SE/60/2025-26 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: Pr
Slide 2: Q3 | FY26
Q3 | FY26
Slide 3: Operating Revenue ₹ 3,171 M
Q3 FY26 Comparing periods Operating Revenue ₹ 3,171 M Q2 FY26 ₹ 2,801 M + 13% Q/Q | + 44% Y/Y Q3 FY25 Growing CEM contracts & volume led LSM demand ₹ 2,197 M (Consolidated Numbers)
Slide 4: EBITDA ₹ 1,083 M
Q3 FY26 Comparing periods EBITDA ₹ 1,083 M Q2 FY26 ₹ 853 M + 27% Q/Q | + 75% Y/Y Q3 FY25 Led by Operating Leverage & increase of CEM Contracts ₹ 620 M (Consolidated Numbers)
Slide 5: Profit After Tax ₹ 645 M
Q3 FY26 Comparing periods Pro t After Tax ₹ 645 M Q2 FY26 ₹ 540 M + 20% Q/Q | + 49% Y/Y Q3 FY25 Improved pro tability with a shift in segment mix ₹ 434 M (Consolidated Numbers) fi fi
Slide 6: 9M FY26 Earnings
Earnings REVENUE EBITDA PAT 32% 19% 9M FY26 8,534 2,716 1,655 Y/Y + 43% + 78% + 53% 9M FY25 25% 17% 5,985 1,525 1,081 (Consolidated Numbers) | All numbers in INR M
Slide 7: Business Models
Business Models Contract | Exclusive 43% ₹339 ₹833 ₹1352 Manufacturing 22% 38% 43% Q3FY24 Q3FY25 Q3FY26 8% Contract Research & ₹209 ₹251 ₹252 Manufacturing Services 13% 11% 8% Q3FY24 Q3FY25 Q3FY26 Large Scale 41 % ₹991 ₹1087 ₹1309 Manufacturing 64% 49% 41% Q3FY24 Q3FY25 Q3FY26 CRAMS and CEM contribu
Slide 8: Highlights
Site 3++ Expansion Commercial production to start by March 2026 R&D Expansion 20 Fume Hoods being installed in the current R&D and New R&D Centre being expanded in adjacent land Site 5 Expansion Phase one - 2 production blocks - commercial production by March 2026 15 New Customers onboarded across a
Slide 9: Aether Today
Aether Today 44.21% LSM 64.37% Domestic 42.34% CEM 35.63% Exports # CRAMS FY18 1,092 8.84% Others FY19 2,033 4.61% FY20 3,038 Revenue By Business By Region FY21 4,541 9M FY26 FY22 5,970 FY23 6,676 FY24 6,374* FY25 8,803 H1FY26 9MFY26 8534 # includes deemed exports and SEZ Sales 31.83 19.53 18.25 18.
Slide 10: Business Models
Business Models Revenue 41.26% LSM 40.68% LSM 42.65% CEM 46.89% CEM CRAMS CRAMS 7.94% 8.96% Others Others 8.15% 3.48% By Business By Business 49.49% LSM 37.92% CEM CRAM 11.42 Q3 FY26 S Q2 FY26 1.71% By Business Q3 FY25 (Consolidated Numbers)
Slide 11: Business Segments Y-o-Y
Business Segments Y-o-Y Revenue 31.45% Pharma 47.54% Pharma 21.78% Oil & Gas 4.30% Oil & Gas Material Science Material Science 18.14% 9.80% Agro Agro 13.66% Multiple 11.21% Multiple 8.55% Coatings 14.45% Coatings 3.82% High Performance Photography 4.08% High Performance Photography 2.14% Sustainabil
Slide 12: Business Segments 9M-o-9M
Business Segments 9M-o-9M Revenue 34.28% Pharma 48.52% Pharma 19.99% Oil & Gas 4.12% Oil & Gas Material Science Material Science 18.17% 7.70% Agro Agro 12.74% Multiple 22.76% Multiple 6.53% High Performance Photography 9.56% Coatings 4.41% Coatings 4.18% High Performance Photography 2.73% Sustainabi
Slide 13: R&D - Centric Approach
R&D - Centric Approach FY24 15.4%* ₹ 606.09 M spent towards R&D accounting for 7.01% of revenues in 9M ₹987 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 14: Site 3++
Site 3++ Water and solvent trials in progress. Commercial production scheduled to commence in March 26 for a strategic high value product for Milliken
Slide 15: Site 5
Site 5 Phase 1 - Two production blocks are ready with water and solvent trials being commenced and commercial production to commence in March 2026. Expansion of Phase 2 commenced.
Slide 16: Consolidated Financial Results
Consolidated Financial Results Q3FY26 Q2FY26 Q3FY25 9MFY26 9MFY25 FY25 Unaudited Unaudited Unaudited Unaudited Unaudited Audited Particulars (INR in MM) Revenue from operations 3,171 2,801 2,197 8,534 5,985 8,387 Other income 1 87 136 114 366 416 Total income 3,172 2,888 2,333 8,647 6,351 8,803 Cost
Slide 17: Standalone Financial Results
Standalone Financial Results Q3FY26 Q2FY26 Q3FY25 9MFY26 9MFY25 FY25 Unaudited Unaudited Unaudited Unaudited Unaudited Audited Particulars (INR in MM) Revenue from operations 2,571 2,297 1,974 7,012 5,739 7,885 Other income 7 97 141 135 387 443 Total income 2,578 2,394 2,114 7,147 6,126 8,328 Cost o
Slide 18: We think, plan and build for decades, not just for quarters.
“We think, plan and build for decades, not just for quarters.” - 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 | E