Aether Industries Limited — Investor Presentation 2026

Feb 3, 2026

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February 3, 2026

Ref. No.: AIL/SE/60/2025-26

To,

BSE Limited

Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai-400001, MH. Scrip Code: 543534

National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex, Bandra (E), Mumbai-400051, MH.

Symbol: AETHER

Dear Madam / Sir,

Subject: Presentation on Financial Results

In accordance with Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, the presentation on Financial Results of the Third Quarter December 31, 2025, is enclosed herewith.

We request you to kindly take the information on your records.

Thanking you.

For Aether Industries Limited

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Chitrarth Rajan Parghi Company Secretary & Compliance Officer Mem. No.: F12563

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Encl.: As annexed

Page 1 of 1

Aether Industries Limited

Registered Office: Plot No. 8203, GIDC Sachin, Surat-394230, Gujarat, India. Phone: +91-261-6603000 || Email: info@aether.co.in || Web: www.aether.co.in II CIN: L24100GJ2013PLC073434 Factory: Plot No. 8203, Beside Shakti Distillery, Near Rajkamal Chokdi, Road No. 8, Sachin GIDC, Sachin, Surat-394230, Gujarat, India.

Q3 | FY26

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Q3 FY26

• Operating Revenue

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• 13% Q/Q | + 44% Y/Y

Growing CEM contracts & volume led LSM demand

Comparing periods

Q2 FY26

₹ 2,801 M

Q3 FY25

₹ 2,197 M

(Consolidated Numbers)

Q3 FY26 EBITDA + 27% Q/Q | + 75% Y/Y

Led by Operating Leverage & increase of CEM Contracts

Comparing periods

Q2 FY26 ₹ 853 M Q3 FY25 ₹ 620 M

(Consolidated Numbers)

Q3 FY26

Profit After Tax

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• 20% Q/Q | + 49% Y/Y

Improved profitability with a shift in segment mix

Comparing periods

Q2 FY26

₹ 540 M

Q3 FY25

₹ 434 M

(Consolidated Numbers)

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Earnings
REVENUE EBITDA PAT
32% 19%
8,534 2,716 1,655
Y/Y
+ [43%] + [78%] + [53% ]
25% 17%
5,985 1,525 1,081
(Consolidated Numbers) | All numbers in INR M
9M FY26
9M FY25
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Business Models

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Contract | Exclusive ₹339 ₹833 22% 38% Manufacturing Q3FY24 Q3FY25 ₹209 ₹251 Contract Research & 13% 11% Manufacturing Services Q3FY24 Q3FY25 ₹991 ₹1087 Large Scale 64% 49% Manufacturing Q3FY24 Q3FY25 CRAMS and CEM contribute more than 50% of revenue

₹339 ₹833 ₹1352 22% 38% 43% Q3FY24 Q3FY25 Q3FY26 ₹209 ₹251 ₹252 13% 11% 8% Q3FY24 Q3FY25 Q3FY26 ₹991 ₹1087 ₹1309 64% 49% 41% Q3FY24 Q3FY25 Q3FY26

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(Consolidated Numbers) | All numbers in INR M

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Commercial production to start by March 2026

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20 Fume Hoods being installed in the current R&D and New R&D Centre being expanded in adjacent land

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Phase one - 2 production blocks - commercial production by March 2026

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customer & certification audits, proving operational excellence in 9M of FY26

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onboarded across all the business models during 9M of FY26

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being reaffirmed to meet requirements, average age of Aetherians 30 years

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Aether Today

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FY18 1,092
FY19 2,033
FY20 3,038
FY21 4,541
FY22 5,970
FY23 6,676
FY24 6,374
FY25 8,803
9MH1 FY2 66 8534
31.83
28.49 28.61
27.34
24.45
23.07
22.98
19.81
21.17
FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 9MFY26
Revenue
%
EBITDA
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44.21% LSM 64.37% Domestic
CEM
42.34% 35.63% Exports [#]
CRAMS
8.84% Others
4.61%
By Business By Region
# includes deemed exports and SEZ Sales
19.53
19.10
18.25
18.00
15.64
13.04
11.46
12.94
7.11
FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 9MFY26
PAT %
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• FY24 - fire accident reduced Revenue, EBITDA, and PAT | (Consolidated Numbers) | All numbers in INR M

Business Models

Revenue

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41.26% [LSM] 40.68% LSM
CEM CEM
42.65% 46.89%
CRAMS CRAMS
7.94% 8.96%
Others Others
8.15% 3.48%
By Business By Business
49.49% LSM
CEM
37.92%
CRAM
11.42
Q3 FY26 S Q2 FY26
1.71%
By Business
Q3 FY25
(Consolidated Numbers)
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Business Segments Y-o-Y

Revenue

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31.45% Pharma
Oil & Gas
21.78%
Material Science
18.14%
Agro
13.66%
Multiple
8.55% Coatings
3.82% High Performance Photography
Sustainability & Renewables
2.14%
0.46%
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By Segment | Q3 FY26

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47.54% Pharma
Oil & Gas
4.30%
Material Science
9.80%
Agro
11.21%
Multiple
14.45% Coatings
4.08% High Performance Photography
7.61% Sustainability & Renewables
1.00%
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By Segment | Q3 FY25

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(Consolidated Numbers)

Business Segments 9M-o-9M

Revenue

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34.28% Pharma
Oil & Gas
19.99%
Material Science
18.17%
Agro
12.74%
Multiple
6.53% High Performance Photography
4.41% Coatings
Sustainability & Renewables
2.73%
1.15%
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By Segment | 9M FY26

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48.52% Pharma
Oil & Gas
4.12%
Material Science
7.70%
Agro
22.76%
Multiple
9.56% Coatings
4.18% High Performance Photography
2.79% Sustainability & Renewables
0.37%
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By Segment | 9M FY25

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(Consolidated Numbers)

R&D - Centric Approach

FY24 15.4%*

spent towards R&D accounting for of revenues in R&D Expansion on track.

₹987

FY25 7.74%

₹681

FY20 4.0% FY19 2.6% ₹121 ₹53

FY23 7.5% FY22 6.6% ₹501 ₹393 FY21 4.3% ₹193

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• FY24 - fire accident reduced Revenues hence % increased | (Consolidated Numbers) | All numbers in INR M

Site 3++

• Water and solvent trials in progress. Commercial production scheduled to commence in March 26 for a strategic high value product for Milliken

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.

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Consolidated Financial Results

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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 of material consumed + Changes in inventories 1,527 1,427 1,144 4,290 3,234 4,466
Employee benefits expense 174 141 116 452 321 428
Other expenses 364 352 290 998 815 1,081
Exceptional items 23 27 27 77 90 119
EBITDA 1,083 853 620 2,716 1,525 2,293
Depreciation & amortization expense 173 165 111 480 320 450
EBIT 910 688 510 2,236 1,205 1,843
Finance cost 39 32 32 119 78 129
Profit before tax 872 743 614 2,231 1,492 2,130
Tax expenses (Current + Deferred) 227 203 180 576 411 546
Profit after tax 645 540 434 1,655 1,081 1,584
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All numbers in INR M

Standalone Financial Results

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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 of material consumed + Changes in inventories 1,135 1,099 972 3,283 3,033 4,136
Employee benefits expense 174 141 115 450 318 425
Other expenses 345 341 290 959 806 1,070
Exceptional items 23 27 27 77 90 119
EBITDA 894 689 569 2,243 1,490 2,136
Depreciation & amortization expense 157 153 105 438 312 428
EBIT 737 536 466 1,805 1,179 1,708
Finance cost 26 18 32 76 77 102
Profit before tax 718 615 574 1,864 1,488 2,049
Tax expenses (Current + Deferred) 198 179 165 508 397 528
Profit after tax 520 436 409 1,357 1,092 1,521
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All numbers in INR M

“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 Office - 8203, Road No. 08, GIDC Sachin - 394230, Surat, Gujarat, India | Board Line: +91-261-6603000 | Email ID: info@aether.co.in | Website: www.aether.co.in Mr. Chitrarth Parghi - CS and Compliance Officer | Direct No : +91 (261) - 6603360 | Email: chitrarth@aether.co.in

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