Aarti Industries (AARTIIND) Q4 2025 earnings summary

Executive summary

• FY 2025 revenue grew 15% YoY to ₹8,046 Cr, with Q4 revenue at ₹2,214 Cr, up 13% YoY and 9% QoQ, despite a volatile environment and pricing pressure.

• FY 2025 EBITDA rose 3% YoY to ₹1,016 Cr; Q4 EBITDA was ₹283 Cr, up 6% YoY and 13% QoQ.

• FY 2025 PAT was ₹331 Cr, down 27% YoY, with Q4 PAT at ₹96 Cr, down 20% YoY but up 109% QoQ.

• Board recommended a final dividend of ₹1 per share for FY 2025.

• Management remains focused on volume-led growth, cost optimization, and capital discipline amid global uncertainties.

Financial highlights

• Consolidated EBITDA margin for FY 2025 was 12.4%, down from 13.9% YoY.

• Export revenue for Q4 was ₹1,240 Cr, with exports comprising 55% of quarterly revenue, up from 48-50% last year.

• CapEx for FY 2025 was ₹1,372 Cr, mainly for Zone IV projects.

• Earnings per share (consolidated, basic) for FY 2025 was ₹9.13, down from ₹11.49 YoY.

• Net cash flow from operating activities (consolidated) for the year was ₹1,242 Cr.

Outlook and guidance

• FY 2026 CapEx planned at ₹1,000 Cr, with focus on new projects and maintenance.

• Targeting EBITDA of ₹1,800–2,200 Cr in three years, Debt/EBITDA <2.5x, and ROCE >15%.

• Cost optimization and hybrid power projects to accrue full EBITDA benefits from FY 2027.

• Net debt expected to decline by ₹200–300 Cr in FY 2026 as CapEx moderates and working capital unlocks.

• Long-term issuer and bank facilities credit ratings retained at AA/Stable by CRISIL and India Ratings.