Aether Industries (AETHER) Q4 24/25 earnings summary

Executive summary

• Q4 FY25 revenue reached ₹2,453M, up 5% sequentially and 90% year-over-year, with EBITDA at ₹819M (+8% Q/Q, +469% Y/Y) and PAT at ₹504M (+16% Q/Q, +3621% Y/Y).

• FY25 consolidated revenue was ₹8,803M (+38% Y/Y), EBITDA ₹2,709M (+72% Y/Y), and PAT ₹1,584M (+92% Y/Y).

• Achieved 21% sequential and 34% year-over-year volume growth in Q4 and FY25, respectively.

• Added six new clients in Q4 FY25 and 37 new customers in FY25, expanding market reach.

• Consolidated and standalone financial statements for FY25 were audited and received unqualified opinions, confirming compliance with Ind AS.

Financial highlights

• Q4 FY25 consolidated revenue: ₹2,453M; EBITDA margin: 33%; PAT margin: 21%.

• FY25 consolidated revenue: ₹8,803M; EBITDA margin: 31%; PAT margin: 18%.

• Standalone revenue for FY25: ₹7,885.18M; standalone PAT: ₹1,520.90M.

• Cash and cash equivalents at FY25 end: ₹2,398M (down from ₹5,557M in FY24).

• Basic and diluted EPS (consolidated) for FY25 was ₹11.95, up from ₹6.31 in FY24.

Outlook and guidance

• Margins expected to remain stable around 29%-30% in FY26, with gradual improvement.

• Site 5 phase one commissioning expected in H2 FY26; Site 3++ expansion with new US client to launch in Q4 FY26.

• Working capital cycle targeted to reduce to 150 days over the next 2-3 years.

• No forward revenue guidance, but strong growth anticipated from CRAMS and CEM.

• Management is confident of settling insurance claims related to the fire incident in FY25-26.