Aether Industries (AETHER) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 revenue grew 44% year-over-year to INR 3,171 million, with EBITDA up 75% and PAT up 49%, driven by increased CEM contracts and LSM demand.

• Strong performance across all business verticals, with export revenue at 36% and domestic at 64%.

• Major capacity expansions at Site 3++ and Site 5 completed, with commercial production to commence by March 2026.

• 15 new customers onboarded and 36 customer/certification audits completed in 9M FY26.

• Board approved unaudited standalone and consolidated financial results for Q3 and nine months ended December 31, 2025, reviewed by independent auditors.

Financial highlights

• Q3 FY26 operating revenue: INR 3,171 million; EBITDA: INR 1,083 million; PAT: INR 645 million; EBITDA margin at 34%, up from 28% in Q3 FY25.

• Nine-month FY26 revenue at INR 8,534 million, up 43% year-over-year; EBITDA up 75% to INR 2,716 million; PAT at INR 1,655 million, up 53%.

• EPS (consolidated, Q3): INR 4.86; EPS (standalone, Q3): INR 3.92.

• One-time FLOP insurance claim of INR 15 crore included in other income.

• Paid-up equity share capital: INR 1,326.13 million.

Outlook and guidance

• Targeting 70% of future revenue from CRAMS and CEM, 30% from large-scale manufacturing.

• Sustainable EBITDA margin expected around 29-30% due to normalization after one-time items.

• Site 3++ and Site 5 to reach 45-50% and 35-40% utilization respectively in FY27.

• R&D expansion ongoing, with new fume hoods and a new R&D center under development.

• Management is evaluating the impact of new labour codes and expects no material effect on results.