Aether Industries Limited — Investor Presentation 2026

May 15, 2026

aether
elementally innovative

May 15, 2026

Ref. No.: AIL/SE/8/2026-27

To,

BSE Limited
Phiroze Jeejeebhoy Towers,
Dalal Street, Fort,
Mumbai-400001, MH.

Scrip Code: 543534
Dear Madam / Sir,

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

Symbol: AETHER

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 Fourth Quarter and Financial year ended on March 31, 2026, is enclosed herewith.

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

Thanking you.

For Aether Industries Limited
CHITRARTH RAJAN PARGHI
Digitally signed by
CHITRARTH RAJAN PARGHI
Date: 2026.05.15 15:51:38
+05'30'

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

Encl.: As annexed

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.

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Q4
FY26

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Strong Financial Performance

	FY26	Y/Y	FY25
REVENUE	₹11,601	+38%	₹8,405
EBITDA	₹3,547^{31%}	+53%	₹2,312^{28%}
PAT	₹2,195^{19%}	+39%	₹1,584^{18%}

• 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 customers across different sectors

(Consolidated Numbers) | All numbers in INR M

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Business Models

FY26

9%

Contract Research & Manufacturing Services

43%

Q4FY26

CEM and CRAMS
contribute more than 55% of revenue

Large Scale Manufacturing

(Consolidated Numbers) | All numbers in INR M

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Highlights

SITE 3++

Commercial production started and strategic supply to ramp up in Q1 FY27

SITE 5

Phase one - 2 production blocks - solvent trials begun, commercial production by Q1 FY27

ACCOMPLISHED 50

Customer & certification audits, proving operational excellence in FY26

R&D EXPANSION

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

19 NEW CUSTOMERS

Onboarded across all the business models during FY26

TEAM STRUCTURE

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

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Aether Today

Revenue

FY26

FY24 - fire accident reduced Revenue, EBITDA, and PAT | (Consolidated Numbers) | All numbers in INR M
8 includes deemed exports and SEZ Sales

---

Operating Revenue

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

(Consolidated Numbers)

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EBITDA

Q4 FY26

Comparing Periods

Q3 FY26

Q4 FY25

+6% Y/Y

+1,099 M**

Led by CRAMS & CEM Contracts

• Impact of ₹ 70 M - loss of inventories on account of fire at external warehouse in March 2026 and certain year end provisions

** Includes FLOP Claim of ₹ 150 M

• ₹768 M

(Consolidated Numbers)

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Profit After Tax

Q4 FY26

Comparing Periods

Q3 FY26

Q4 FY25

+7% Y/Y

+645 M**

Improved profitability with a shift in segment mix

• Impact of loss of inventories on account of fire at external warehouse in March 2026

• Includes FLOP Claim

+503 M

(Consolidated Numbers)

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Business Segments Q-o-Q

Revenue

34.0% Pharma
23.9% Oil & Gas
16.2% Material Science
10.8% Agro
5.6% High Performance Photography
5.6% Multiple
3.1% Coatings
0.7% Sustainability & Renewables

By Segment | Q4 FY26

38.3% Pharma
13.7% Oil & Gas
20.8% Material Science
17.2% Agro
1.5% High Performance Photography
3.0% Multiple
2.6% Coatings
2.8% Sustainability & Renewables

By Segment | Q4 FY25

(Consolidated Numbers)

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Business Segments Y-o-Y

Revenue

34.2% Pharma
21.1% Oil & Gas
17.7% Material Science
12.2% Agro
6.2% Multiple
4.7% High Performance Photography
2.8% Coatings
1.0% Sustainability & Renewables

By Segment | FY26

45.6% Pharma
6.0% Oil & Gas
11.4% Material Science
21.2% Agro
7.7% Multiple
3.3% High Performance Photography
3.7% Coatings
1.0% Sustainability & Renewables

By Segment | FY25

(Consolidated Numbers)

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R&D - Centric Approach

$\overline{\mathbf{r}}$ 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

• FY24 - fire accident reduced Revenue hence % increased | Revenue expenditure - 3.1% & Capex - 4.2% | (Consolidated Numbers) | All numbers in INR M

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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.

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Consolidated Financial Results

| | Q4FY26
Audited | Q4FY25
Audited | Q3FY26
Unaudited | FY26
Audited | FY25
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 inventories | 1,719 | 1,232 | 1,527 | 6,009 | 4,466 |
| Employee benefits expense | 175 | 107 | 174 | 627 | 462 |
| Other expenses | 330 | 267 | 364 | 1,329 | 1,047 |
| Exceptional items | 13 | 28 | 23 | 90 | 119 |
| EBITDA | 814 | 768 | 1,099 | 3,547 | 2,312 |
| Depreciation & amortization expense | 184 | 130 | 173 | 664 | 450 |
| EBIT | 629 | 638 | 926 | 2,882 | 1,862 |
| Finance cost | 61 | 51 | 39 | 181 | 129 |
| Profit before tax | 680 | 637 | 872 | 2,911 | 2,130 |
| Tax expenses (Current + Deferred) | 140 | 134 | 227 | 716 | 546 |
| Profit after tax | 540 | 503 | 645 | 2,195 | 1,584 |

All numbers in INR M

---

Consolidated Statement of Assets and Liabilities

| ASSETS | FY26
Audited | FY25
Audited |
| --- | --- | --- |
| Non-current assets | | |
| Property, plant and equipment | 12,362 | 9,439 |
| Capital work-in-progress | 5,061 | 3,554 |
| Right-of-Use Assets | 2,587 | 1,726 |
| Intangible Assets | 11 | 8 |
| Intangibles under development | 96 | 80 |
| Financial Assets | | |
| (i) Investments | 2 | 2 |
| (ii) Loans | 9 | 8 |
| (iii) Other financial assets | 18 | 26 |
| Other non-current assets | 154 | 195 |
| Total non-current assets | 20,300 | 15,037 |
| Current assets | | |
| Inventories | 5,375 | 3,969 |
| Financial assets | | |
| (i) Trade receivables | 3,901 | 2,886 |
| (ii) Cash and cash equivalents | 57 | 174 |
| (iii) Bank balances other than (ii) above | - | 2,212 |
| (iv) Loans | 12 | 8 |
| (v) Other financial assets | 200 | 319 |
| Current tax asset (net) | 326 | 292 |
| Other current assets | 1,845 | 1,545 |
| Total current assets | 11,715 | 11,405 |
| Total assets | 32,014 | 26,442 |
| EQUITY AND LIABILITIES | FY26
Audited | FY25
Audited |
| --- | --- | --- |
| Equity | | |
| Equity share capital | 1,327 | 1,326 |
| Other equity | 23,232 | 20,933 |
| Total equity | 24,559 | 22,259 |
| Liabilities | | |
| Non-current liabilities | | |
| Financial liabilities | | |
| (i) Lease liabilities | 142 | 148 |
| Deferred tax liabilities (net) | 740 | 528 |
| Total non-current liabilities | 882 | 676 |
| Current liabilities | | |
| Financial liabilities | | |
| (i) Borrowings | 4,417 | 1,825 |
| (ii) Lease liabilities | 20 | 25 |
| (iii) Trade payables | | |
| (a) MSME | 124 | 221 |
| (b) Others | 1,846 | 1,055 |
| (iv) Other financial liabilities | 80 | 53 |
| Other current liabilities & Provisions | 87 | 328 |
| Total current liabilities | 6,573 | 3,507 |
| Total liabilities | 7,455 | 4,183 |
| Total equity and liabilities | 32,014 | 26,442 |

All numbers in INR M

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Consolidated Statement of Cash Flows

| Particulars | FY26
Audited | FY25
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) | 2,439 | 13 |
| Net increase / (decrease) in cash and cash equivalents (A+B+C) | (2,331) | (3,172) |
| Cash and cash equivalents at the beginning of the period | 2,385 | 5,557 |
| Effect of exchange differences on account of foreign currency cash and cash equivalents | 3 | 1 |
| Cash and cash equivalents at the end of the period | 57 | 2,385 |

All numbers in INR M

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Standalone Financial Results

| | Q4FY26
Audited | Q4FY25
Audited | Q3FY26
Unaudited | FY26
Audited | FY25
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 inventories | 1,268 | 1,102 | 1,135 | 4,551 | 4,136 |
| Employee benefits expense | 174 | 107 | 174 | 624 | 425 |
| Other expenses | 313 | 263 | 345 | 1,272 | 1,070 |
| Exceptional items | 13 | 28 | 23 | 90 | 119 |
| EBITDA | 605 | 646 | 898 | 2,865 | 2,136 |
| Depreciation & amortization expense | 170 | 116 | 157 | 608 | 428 |
| EBIT | 435 | 529 | 741 | 2,257 | 1,708 |
| Finance cost | 46 | 25 | 26 | 122 | 102 |
| Profit before tax | 485 | 561 | 718 | 2,350 | 2,049 |
| Tax expenses (Current + Deferred) | 106 | 131 | 198 | 614 | 528 |
| Profit after tax | 379 | 429 | 520 | 1,736 | 1,521 |

All numbers in INR M

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Standalone Statement of Assets and Liabilities

| ASSETS | FY26
Audited | FY25
Audited |
| --- | --- | --- |
| Non-current assets | | |
| Property, plant and equipment | 11,499 | 8,535 |
| Capital work-in-progress | 4,742 | 3,331 |
| Right-of-Use Assets | 2,211 | 1,343 |
| Intangible Assets | 11 | 8 |
| Intangibles under development | 81 | 65 |
| Financial Assets | | |
| (i) Investments | 1,003 | 1,003 |
| (ii) Loans | 9 | 8 |
| (iii) Other financial assets | 14 | 24 |
| Other non-current assets | 148 | 195 |
| Total non-current assets | 19,718 | 14,511 |
| Current assets | | |
| Inventories | 4,995 | 3,865 |
| Financial assets | | |
| (i) Trade receivables | 3,061 | 2,640 |
| (ii) Cash and cash equivalents | 57 | 174 |
| (iii) Bank balances other than (ii) above | - | 2,212 |
| (iv) Loans | 213 | 354 |
| (v) Other financial assets | 199 | 315 |
| Current tax asset (net) | 336 | 292 |
| Other current assets | 1,450 | 1,250 |
| Total current assets | 10,311 | 11,101 |
| Total assets | 30,028 | 25,612 |
| EQUITY AND LIABILITIES | FY26
Audited | FY25
Audited |
| --- | --- | --- |
| Equity | | |
| Equity share capital | 1,327 | 1,326 |
| Other equity | 22,766 | 20,926 |
| Total equity | 24,093 | 22,252 |
| Liabilities | | |
| Non-current liabilities | | |
| Financial liabilities | | |
| (i) Lease liabilities | 142 | 148 |
| Deferred tax liabilities (net) | 702 | 500 |
| Total non-current liabilities | 845 | 648 |
| Current liabilities | | |
| Financial liabilities | | |
| (i) Borrowings | 3,400 | 1,197 |
| (ii) Lease liabilities | 20 | 25 |
| (iii) Trade payables | | |
| (a) MSME | 124 | 215 |
| (b) Others | 1,382 | 927 |
| (iv) Other financial liabilities | 80 | 52 |
| Other current liabilities & Provisions | 84 | 296 |
| Total current liabilities | 5,090 | 2,713 |
| Total liabilities | 5,935 | 3,360 |
| Total equity and liabilities | 30,028 | 25,612 |

All numbers in INR M

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Standalone Statement of Cash Flows

| Particulars | FY26
Audited | FY25
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) | 2,109 | (194) |
| Net increase / (decrease) in cash and cash equivalents (A+B+C) | (2,331) | (3,172) |
| Cash and cash equivalents at the beginning of the period | 2,385 | 5,556 |
| Effect of exchange differences on account of foreign currency cash and cash equivalents | 3 | 1 |
| Cash and cash equivalents at the end of the period | 57 | 2,385 |

All numbers in INR M

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"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 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