Aarti Industries Ltd.
AARTIINDNSEChemicalsChemicalsSmall Cap
₹484.5
▼ 0.4%
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36
Composite
Aarti Industries is engaged in manufacturing and dealing in speciality chemicals and pharmaceuticals.Aarti Industries Limited is listed entity incorporated in India. Aarti Industries is a leading Indian manufacturer of Speciality Chemicals and Pharmaceuticals with a global footprint. Chemicals manufactured by the company are used in the downstream manufacture of pharmaceuticals, agrochemicals, polymers, additives, surfactants, pigments, dyes, etc.
Q-DITS fundamental score
36Composite
Growth
9
Profitability
19
Valuation
35
Quality
29
Solvency
27
Earnings
100
Key metrics
MCap
₹17.6K Cr
TTM PE
42x
Industry PE
48.9x
TTM EPS
₹11.55
Book Value
₹164.22
Face Value
₹5
Div Yield
0.21%
PEG
-4.67x
PB
2.5x
ROE
6.1%
ROCE
6.4%
EBITDA mgn
12.6%
D/E
0.68
Int. Cover
2.1x
Curr. Ratio
0.84x
EPS
₹9.13
Growth — CAGR across horizons
| Metric | 1Y | 3Y | 5Y | 10Y |
|---|---|---|---|---|
| Net Sales | 14% | 7.8% | 13% | 10.7% |
| EBITDA | 15.6% | 1.9% | 3.2% | 7.2% |
| Net Profit | 25% | -9% | -4.7% | 4.8% |
Score snapshot
Piotroski
4/9
Altman Z
1.19
Quality
29
Growth
8.6
Valuation
35
Earn. Qual
100
PEAD
+1
SURGE
+1
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Revenue, profitability & returns
Revenue & Net Profit (₹ Cr)
RevenueNet Profit
Margins (%)
EBITDA%PAT%
Return ratios (%)
ROEROCEROA
Annual financials — last 10 years
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| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ›RevenueCr | 3,007 | 3,163 | 3,806 | 4,168 | 4,186 | 4,506 | 6,086 | 6,619 | 6,371 | 7,271 | |
| ›EBITDACr | 578 | 655 | 707 | 967 | 986 | 982 | 1,721 | 1,090 | 985 | 1,017 | |
| ›EBITDA margin | 19.2% | 20.7% | 18.6% | 20.6% | 21.3% | 19.6% | 25.1% | 14.9% | 14% | 12.6% | |
| ›Net profitCr | 268 | 328 | 346 | 504 | 547 | 535 | 1,186 | 545 | 416 | 331 | |
| ›PAT margin | 8.9% | 10.4% | 9.1% | 10.7% | 11.8% | 10.7% | 17.3% | 7.5% | 5.9% | 4.1% | |
| ›EPS₹ | ₹7.71 | ₹9.61 | ₹10.24 | ₹14.19 | ₹15.38 | ₹15.02 | ₹32.71 | ₹15.04 | ₹11.49 | ₹9.13 | |
| ›Revenue growth | 3.4% | 5.2% | 20.3% | 9.5% | 0.4% | 7.6% | 35.1% | 8.8% | -3.7% | 14.1% | |
| ›PAT growth | 38.4% | 22.2% | 5.7% | 45.7% | 8.4% | -2.1% | 121.6% | -54% | -23.6% | -20.6% | |
| ›ROE | 24.9% | 26.2% | 23.5% | 24% | 19.5% | 16.5% | 29.6% | 11.6% | 8.2% | 6.1% | |
| ›ROCE | 20.6% | 19.9% | 17% | 18.5% | 15.8% | 13.1% | 22% | 10.5% | 7.3% | 6.4% | |
| ›ROA | 9.1% | 10.1% | 8.8% | 9.8% | 9% | 7.7% | 15.3% | 6.7% | 4.5% | 3.2% | |
| ›P/E | 4.2x | 5x | 7x | 6.9x | 12.4x | 21.9x | 29.2x | 34.5x | 58x | 42.8x | |
| ›P/B | 3.8x | 4.6x | 5.9x | 5.2x | 4.5x | 6.5x | 7.7x | 3.8x | 4.6x | 2.5x | |
| ›D/E | 1.1 | 1.1 | 1.3 | 0.9 | 0.7 | 0.8 | 0.6 | 0.6 | 0.7 | 0.7 | |
| ›Current ratio | 1.1x | 1x | 1.1x | 1.3x | 1x | 1x | 1.2x | 0.9x | 1x | 0.8x | |
| ›Interest cover | 4.1x | 4.5x | 4.3x | 4.4x | 6.4x | 8.7x | 14.4x | 4.6x | 2.9x | 2.1x |
Quarterly results
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| Metric | Trend | 2023-12 | 2024-03 | 2024-06 | 2024-09 | 2024-12 | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ›RevenueCr | 1,732 | 1,773 | 1,851 | 1,628 | 1,842 | 1,949 | 1,676 | 2,101 | 2,319 | 2,206 | |
| ›Rev growth YoY | 3.8% | 7.1% | 30.9% | 12% | 6.4% | 9.9% | -9.5% | 29.1% | 25.9% | 13.2% | |
| ›EBITDACr | 260 | 284 | 305 | 198 | 231 | 262 | 213 | 292 | 322 | 336 | |
| ›EBITDA margin | 15% | 16% | 16.5% | 12.2% | 12.5% | 13.4% | 12.7% | 13.9% | 13.9% | 15.2% | |
| ›Net profitCr | 124 | 132 | 137 | 52 | 46 | 96 | 43 | 106 | 133 | 137 | |
| ›PAT growth YoY | -9.5% | -11.4% | 95.7% | -42.9% | -62.9% | -27.3% | -68.6% | 103.8% | 189.1% | 42.7% | |
| ›EPS₹ | ₹3.43 | ₹3.65 | ₹3.78 | ₹1.44 | ₹1.27 | ₹2.65 | ₹1.19 | ₹2.93 | ₹3.67 | ₹3.78 |
Balance sheet — last 10 years (₹ Cr)
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| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ›Shareholders' equityCr | 1,362 | 1,578 | 2,631 | 2,979 | 3,503 | 4,516 | 4,920 | 5,290 | 5,605 | 5,955 | |
| ›ReservesCr | 1,321 | 1,538 | 2,587 | 2,892 | 3,416 | 4,335 | 4,739 | 5,106 | 5,415 | 5,774 | |
| ›Total borrowingsCr | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| ›InvestmentsCr | 215 | 272 | 340 | 442 | 384 | 183 | 112 | 134 | 170 | 0 | |
| ›Total assetsCr | 2,023 | 2,628 | 3,733 | 4,205 | 5,008 | 5,685 | 5,798 | 7,053 | 7,647 | 13,299 | |
| ›Current assetsCr | 1,317 | 1,685 | 2,577 | 2,005 | 2,368 | 2,699 | 2,459 | 2,959 | 2,895 | 4,187 | |
| ›Current liabilitiesCr | 1,320 | 1,586 | 1,932 | 1,916 | 2,400 | 2,166 | 2,783 | 3,062 | 3,466 | 5,038 | |
| ›Trade payablesCr | 300 | 357 | 279 | 345 | 576 | 345 | 216 | 725 | 1,237 | 1,840 | |
| ›Gross blockCr | 2,655 | 3,101 | 3,362 | 3,837 | 5,155 | 5,005 | 6,306 | 7,291 | 8,428 | 6,265 |
Cash flow statement (₹ Cr)
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| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ›Operating CF (CFO)Cr | 470 | 335 | 736 | 1,102 | 873 | 519 | 1,319 | 1,210 | 1,242 | 781 | |
| ›Investing CF (CFI)Cr | -529 | -610 | -797 | -1,124 | -1,322 | -1,169 | -1,330 | -1,369 | -1,398 | -1,142 | |
| ›Financing CF (CFF)Cr | 58 | 279 | 833 | -535 | 614 | 412 | 38 | 420 | -73 | 745 | |
| ›Net cash changeCr | -0 | 4 | 772 | -557 | 165 | -239 | 27 | 261 | -229 | 384 | |
| ›Closing cashCr | 29 | 32 | 804 | 247 | 412 | 174 | 201 | 428 | 199 | 583 |
Cash flow components
CFO · CFI · CFF (₹ Cr)
CFOCFICFF
Q-DITS scorecard
Composite score
36
Quality (25%)29
Growth (25%)8.6
Valuation (20%)35
Piotroski (15%)44
Earnings Quality (10%)100
Momentum (5%)—
Weighted blend, rescaled to the components available for this stock.
Piotroski F-Score
4/9
✓ROA positiveROA 3.17%
✓CFO positiveCFO ₹781.0 Cr
✗ROA improving4.5% → 3.17%
✓CFO > PAT (low accruals)CFO 781.0 vs PAT 330.87
✗Leverage decreasedD/E 0.67 → 0.68
✗Liquidity improvedCR 0.97 → 0.84
✗No share dilutionEPS 11.49 → 9.13
✗Margin improvedEBITDA mgn 14.0% → 12.56%
✓Asset turnover upAsset TO 0.76 → 0.77
Altman Z-Scoredistress
1.19
X1
-0.064
X2
0.434
X3
0.044
X4
0.448
X5
0.547
>2.9 safe · 1.23–2.9 grey · <1.23 distress
Quality
29/100
ROE
6.1%
ROCE
6.4%
Margin
4.1%
Debt
0.7
Int. cover
2.1x
Growth
8.6/100
Revenue 3Y
7.8%
Profit 3Y
-9%
EPS
-20.6%
Valuation
35/100
PE
42.8x
PB
2.5x
EV/EBITDA
17.4x
vs universe median: PE 25.6x · PB 2.81x · EV 13.41x
Earnings quality
100/100
CFO₹781 Cr
PAT₹331 Cr
Accrual ratio-0.034
CFO/PAT2.36x
PEAD · SURGE
+1 / +1
Revenue SUE0.03
EPS SUE1.09
Latest quarter2026-03
Rev growth YoY13.2%
Documents & filings
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Peer comparison
| Company | MCap (Cr) | Revenue | PAT | PE | PB | ROE% | ROCE% | D/E |
|---|---|---|---|---|---|---|---|---|
| Solar Industries India Ltd. | 1,63,325 | 9,838 | 1,736 | 97.4x | 26x | 33.5 | 38.1 | 0.21 |
| Pidilite Industries Ltd. | 1,60,758 | 14,601 | 2,473 | 65.6x | 14.8x | 23.2 | 31.2 | 0.02 |
| SRF Ltd. | 80,310 | 15,787 | 1,835 | 43.8x | 5.7x | 13.8 | 14.2 | 0.36 |
| Gujarat Fluorochemicals Ltd. | 42,318 | 4,996 | 575 | 73.2x | 5.4x | 8.3 | 10 | 0.28 |
| Navin Fluorine International Ltd. | 38,500 | 3,314 | 664 | 58x | 9.7x | 11.6 | 11.8 | 0.55 |
| Godrej Industries Ltd. | 37,459 | 22,237 | 1,967 | 30.2x | 3.4x | 20.5 | 10.2 | 3.73 |
| Deepak Nitrite Ltd. | 22,438 | 7,887 | 551 | 40.8x | 3.8x | 13.7 | 17 | 0.22 |