Slide 1: Presentation on Financial Results cover letter
May 15, 2026 Ref. No.: AIL/SE/8/2026-27 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: Present
Slide 2: Q4 FY26
Q4 FY26
Slide 3: Strong Financial Performance
Strong Financial Performance FY26 Y/ Y FY25 REVENUE ₹11,601 +38% ₹8,405 31% 28% EBITDA ₹3,547 +53% ₹2,312 19% 18% PAT ₹2,195 +39% ₹1,584 •Strong financial performance being led by CEM and CRAMs business models •Site 3++ commenced production in February end and being ramped up •Strong traction with c
Slide 4: Business Models
Business Models 46% 9% 43% FY26 Contract | Exclusive Contract Research & Large Scale Manufacturing Manufacturing Services Manufacturing 20% 12% 68% Q4FY24 ₹232 ₹139 ₹801 38% 10% 51% Q4FY25 ₹909 ₹244 ₹1,230 54% 10% 37% Q4FY26 ₹1,632 ₹291 ₹1,118 CEM and CRAMS contribute more than 55% of revenue (Conso
Slide 5: Highlights
Highlights SITE 3++ SITE 5 ACCOMPLISHED 50 Commercial production started and Phase one - 2 production blocks - solvent Customer & certification audits, strategic supply to ramp up in Q1 FY27 trials begun, commercial production by Q1 FY27 proving operational excellence in FY26 R&D EXPANSION 19 NEW CU
Slide 6: Aether Today
Aether Today 46.3% CEM 43.2% LSM Revenue 9.2% CRAMS 1.3% Others By Business FY18 ₹1,092 FY19 ₹2,033 FY20 ₹3038 FY21 ₹4,541 FY26 FY22 ₹5,970 70.3% Domestic 29.7% Exports # FY23 ₹6,676 FY24 ₹6,374 FY25 ₹8,803 By Region FY26 ₹11,811 34% * FY24 - fire accident reduced Revenue, EBITDA, and PAT | (Consoli
Slide 7: Operating Revenue
Operating Revenue Comparing Periods Q4 FY26 Q3 FY26 Q4 FY25 ₹3,051 M ₹3,188 M* +27% Y/Y Growing CEM contracts & volume led LSM demand * Includes FLOP Claim of ₹208 M ₹2,402 M (Consolidated Numbers)
Slide 8: EBITDA
EBITDA Comparing Periods Q4 FY26 Q3 FY26 Q4 FY25 ₹814 M* ₹1,099 M** +6% Y/Y Led by CRAMS & CEM Contracts * Impact of ₹ 70 M - loss of inventories on account of fire at external warehouse in ₹768 M March 2026 and certain year end provisions ** Includes FLOP Claim of ₹ 150 M (Consolidated Numbers)
Slide 9: Profit After Tax
Profit After Tax Comparing Periods Q4 FY26 Q3 FY26 Q4 FY25 ₹540 M* ₹645 M** +7% Y/Y Improved profitability with a shift in segment mix * Impact of loss of inventories on account of fire at external warehouse in March 2026 ₹503 M and certain year end provisions ** Includes FLOP Claim (Consolidated Nu
Slide 10: Business Segments Q-o-Q
Business Segments Q-o-Q Revenue 34.0% Pharma 38.3% Pharma 23.9% Oil & Gas 13.7% Oil & Gas 16.2% Material Science 20.8% Material Science 10.8% Agro 17.2% Agro 5.6% High Performance Photography 1.5% High Performance Photography 5.6% Multiple 3.0% Multiple 3.1% Coatings 2.6% Coatings 0.7% Sustainabilit
Slide 11: Business Segments Y-o-Y
Business Segments Y-o-Y Revenue 34.2% Pharma 45.6% Pharma 21.1% Oil & Gas 6.0% Oil & Gas 17.7% Material Science 11.4% Material Science 12.2% Agro 21.2% Agro 6.2% Multiple 7.7% Multiple 4.7% High Performance Photography 3.3% High Performance Photography 2.8% Coatings 3.7% Coatings 1.0% Sustainability
Slide 12: R&D - Centric Approch
R&D - Centric Approch ₹862.13 M spent towards R&D accounting for 7.3% of revenues in FY26. R&D Expansion on track - (1) 18 fume hoods being installed. (2) New R&D Building construction on track FY19 2.6% FY20 4.0% FY21 4.3% FY22 6.6% FY23 7.5% FY24 15.4%* FY25 7.7% * FY24 - fire accident reduced Rev
Slide 13: Site - 5
Site - 5 Phase 1 - Two production blocks are ready with water and solvent trials being commenced and commercial production to commence in June 2026. Expansion of Phase 2 commenced.
Slide 14: Consolidated Financial Results
Consolidated Financial Results Q4FY26 Q4FY25 Q3FY26 FY26 FY25 Audited Audited Unaudited Audited Audited Particulars (INR in MM) Revenue from operations 3,051 2,402 3,188 11,601 8,405 Other income 112 51 -16 209 398 Total income 3,163 2,453 3,172 11,811 8,803 Cost of material consumed + Changes in in
Slide 15: Consolidated Statement of Assets and Liabilities
Consolidated Statement of Assets and Liabilities FY26 FY25 FY26 FY25 ASSETS EQUITY AND LIABILITIES Audited Audited Audited Audited Non-current assets Equity Property, plant and equipment 12,362 9,439 Equity share capital 1,327 1,326 Capital work-in-progress 5,061 3,554 Other equity 23,232 20,933 Rig
Slide 16: Consolidated Statement of Cash Flows
Consolidated Statement of Cash Flows FY26 FY25 Particulars Audited Audited Cash generated from operations 1,966 1,545 Net cash generated from operating activities (A) 1,424 1,000 Net cash (used in) investing activities (B) (6,194) (4,185) Net cash generated from / (used in) financing activities (C)
Slide 17: Standalone Financial Results
Standalone Financial Results Q4FY26 Q4FY25 Q3FY26 FY26 FY25 Audited Audited Unaudited Audited Audited Particulars (INR in MM) Revenue from operations 2,373 2,147 2,576 9,402 7,885 Other income 97 56 2 215 443 Total income 2,470 2,203 2,578 9,617 8,328 Cost of material consumed + Changes in inventori
Slide 18: Standalone Statement of Assets and Liabilities
Standalone Statement of Assets and Liabilities FY26 FY25 FY26 FY25 ASSETS EQUITY AND LIABILITIES Audited Audited Audited Audited Non-current assets Equity Property, plant and equipment 11,499 8,535 Equity share capital 1,327 1,326 Capital work-in-progress 4,742 3,331 Other equity 22,766 20,926 Right
Slide 19: Standalone Statement of Cash Flows
Standalone Statement of Cash Flows FY26 FY25 Particulars Audited Audited Cash generated from operations 1,921 1,717 Net cash generated from operating activities (A) 1,463 1,173 Net cash (used in) investing activities (B) (5,903) (4,150) Net cash generated from / (used in) financing activities (C) 2,
Slide 20: Chemistry is our language, Innovation is our identity.
“Chemistry is our language, Innovation is our identity.” - Aether All rights reserved. Aether and the Aether logo are trademarks of Aether Industries Limited, registered in India Registered Office - 8203, Road No. 08, GIDC Sachin - 394230, Surat, Gujarat, India | Board Line: +91-261-6603000 | Email