AARTIIND · Chemicals
Aarti Industries Ltd. reported revenue of ₹3,669 cr for July to September 2026, +74.7% on the year and +53.7% on the quarter. That is faster than this quarter has grown in recent years (+20.5% on average), so the year-on-year number is not just the season. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹10,579 cr, +39.8% on the four before.
Operating profit (EBITDA) was ₹410 cr, a margin of 11.2%, −268 bps on the year and −483 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 11.2% to 16.0%). Operating costs grew +80.2%, faster than revenue at +74.7%, so operating profit grew less than sales.
Net profit was ₹168 cr, +58.5% on the year and +8.4% on the quarter, with earnings per share of ₹4.63. Profit before other income, one-offs and tax grew faster, at +177.5%; other income, one-offs or tax held the headline back. Profit over the last four quarters totals ₹593 cr, +103.8% on the four before.
Of the 8 companies in Speciality chemicals and CRAMS that have reported Q2 FY27 so far, Aarti Industries Ltd. ranks 1st on revenue growth; the sector median is +22.0%. Its margin moved −268 bps on the year against a sector median of −351 bps.
Speciality chemicals are read on volumes and pricing, with Chinese supply a recurring swing factor; inventory destocking can hit a quarter without a change in demand. The quarterly statements do not carry volumes against prices, capacity utilisation and new molecules; those come with the filing read.
On earnings per share of ₹16.35 over the last four quarters, the stock at ₹505.50 trades at 30.9 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Core profit grew faster than reported profit: one-offs held the headline down.
Reported profit +58.5% on the year; profit before other income, exceptional items and tax +177.5%.
Source: Quarterly statements
Operating margin slipped on the year.
EBITDA margin 11.2%, −268 bps on the year (−483 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,732 cr | ₹1,773 cr | ₹1,851 cr | ₹1,628 cr | ₹1,843 cr | ₹1,949 cr | ₹1,675 cr | ₹2,100 cr | ₹2,318 cr | ₹2,205 cr | ₹2,387 cr | ₹3,669 cr |
| YoY | — | — | +31% | +12% | +6% | +10% | −10% | +29% | +26% | +13% | +43% | +75% |
| EBITDA margin | 15.0% | 16.0% | 16.5% | 12.1% | 12.5% | 13.4% | 12.7% | 13.9% | 13.8% | 15.5% | 16.0% | 11.2% |
| Other income, % of PBT | 7% | −1% | 4% | 21% | 13% | 3% | 10% | 24% | −11% | 1% | 3% | 3% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | −7% | −5% | 6% | — | −15% | −9% | −2% | −14% | −13% | −23% | 14% | 17% |
| Net profit | ₹124 cr | ₹132 cr | ₹137 cr | ₹52.0 cr | ₹46.0 cr | ₹96.0 cr | ₹43.0 cr | ₹106 cr | ₹133 cr | ₹137 cr | ₹155 cr | ₹168 cr |
| YoY | — | — | +96% | −43% | −63% | −27% | −69% | +104% | +189% | +43% | +260% | +58% |
| Core profit YoY | — | — | +96% | −67% | −68% | −33% | −73% | +163% | +274% | +29% | +361% | +177% |
| EPS | ₹3.42 | ₹3.64 | ₹3.78 | ₹1.43 | ₹1.27 | ₹2.65 | ₹1.19 | ₹2.92 | ₹3.67 | ₹3.78 | ₹4.27 | ₹4.63 |
| Flags | 1 | 1 | 1 | 2 | 2 | 1 | 2 | 2 | 1 | 2 | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Aarti Industries Ltd. reported revenue of ₹3,669 cr (+74.7% on the year) and net profit of ₹168 cr (+58.5% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +177.5% on the year, against +58.5% for reported profit.
None of the 8 checks that could run raised a question.
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