AARTIIND · Chemicals
Aarti Industries Ltd. reported revenue of ₹2,205 cr for January to March 2026, +13.1% on the year and −4.9% on the quarter. Over the last four quarters revenue comes to ₹8,298 cr, +14.1% on the four before.
Operating profit (EBITDA) was ₹341 cr, a margin of 15.5%, +202 bps on the year and +162 bps on the quarter. Over the last 8 quarters the margin has ranged from 12.1% to 16.5%, averaging 13.8%. Operating costs grew +10.5% against revenue growth of +13.1%, so more of each rupee of sales reached operating profit.
Net profit was ₹137 cr, +42.7% on the year and +3.0% on the quarter, with earnings per share of ₹3.78. Profit before other income, one-offs and tax grew 29.4%, so 13 points of the headline growth came from outside the core business. Profit over the last four quarters totals ₹419 cr, +26.6% 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 ₹11.56 over the last four quarters, the stock at ₹505.50 trades at 43.7 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.
A tax credit added to profit this quarter. Deferred tax recognised, or a reversal?
Profit before tax ₹111 cr; tax −₹25.5 cr, a credit.
Source: Quarterly statements
Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
Finance cost ₹112 cr, +75.0% on the year; 33% of EBITDA.
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.
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 ₹2,205 cr (+13.1% on the year) and net profit of ₹137 cr (+42.7% on the year) for January to March 2026.
Profit before other income, exceptional items and tax moved +29.4% on the year, against +42.7% for reported profit.
2 checks raised a question: A tax credit added to profit this quarter. Deferred tax recognised, or a reversal?
No. FinMinutes reports what was filed and the questions the numbers raise. It does not recommend buying, selling or holding any security.
Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.