AARTIIND · Chemicals
Aarti Industries Ltd. reported revenue of ₹2,318 cr for October to December 2025, +25.8% on the year and +10.4% on the quarter. It is the highest quarterly revenue in the last 11 quarters on record. Over the last four quarters revenue comes to ₹8,042 cr, +13.3% on the four before.
Operating profit (EBITDA) was ₹321 cr, a margin of 13.8%, +131 bps on the year and −1 bps on the quarter. Over the last 8 quarters the margin has ranged from 12.1% to 16.5%, averaging 13.9%. Operating costs grew +23.9% against revenue growth of +25.8%, so more of each rupee of sales reached operating profit.
Net profit was ₹133 cr, +189.1% on the year and +25.5% on the quarter, with earnings per share of ₹3.67. Profit before other income, one-offs and tax grew faster, at +274.3%; other income, one-offs or tax held the headline back. Profit over the last four quarters totals ₹378 cr, +3.0% on the four before.
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 ₹10.43 over the last four quarters, the stock at ₹505.50 trades at 48.5 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
A tax credit added to profit this quarter. Deferred tax recognised, or a reversal?
Profit before tax ₹118 cr; tax −₹15.3 cr, a credit.
Source: Quarterly statements
Core profit grew faster than reported profit: one-offs held the headline down.
Reported profit +189.1% on the year; profit before other income, exceptional items and tax +274.3%.
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, When the results were filed. 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.
| 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 ₹2,318 cr (+25.8% on the year) and net profit of ₹133 cr (+189.1% on the year) for October to December 2025.
Profit before other income, exceptional items and tax moved +274.3% on the year, against +189.1% for reported profit.
1 check raised a question: A tax credit added to profit this quarter. Deferred tax recognised, or a reversal?
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