Aarti Industries Limited
Current Price
₹464
As of 20 May 2026
Market Cap
₹16.72K Cr
As of 20 May 2026
benzene-chemistry major coming off the cycle bottom
Report updated: 2026-05-19
Aarti Industries Limited
India's largest benzene-derivatives specialty chemicals producer — coming off a 3-year cyclical trough. FY26 marked the turn: Revenue Rs.9,018 Cr (+12%), EBITDA Rs.1,172 Cr (+15%), PAT Rs.419 Cr (+27%). CEO Suyog Kotecha (ex-McKinsey, ex-Reliance, joined Jun 2024) has anchored a Rs.1,800-2,200 Cr FY28 EBITDA target. New: $150m agro-CSM contract through Mar 2030 with no incremental capex, and a 15-year backward-integration deal (Rs.200-250 Cr capex) with a global chemical major. The other side: net debt Rs.4,300 Cr at 3.6x EBITDA, $87m unhedged ECB cost Rs.39 Cr FX loss in Q4 alone, energy/MMA now 43% of revenue, and Middle East war stalled 9-10% of revenue for 6-8 weeks. CMP Rs.461.75 / mkt cap Rs.16,732 Cr.
Rs.461.75
Share price (19 May 2026)
Rs.16,732 Cr
Market cap
Rs.9,018 Cr
FY26 revenue (+12% YoY)
Rs.419 Cr
FY26 PAT (+27% YoY)
Rs.1,172 Cr
FY26 EBITDA (13.0% margin)
42.24%
Promoter holding (Mar 2025)
Stock Funda Summary
- Aarti Industries Limited (NSE: AARTIIND / BSE: 524208) is India's largest integrated benzene-derivatives specialty chemicals company — 8 chemistry chains (NCB, DCB, NT, MMA, PDA, Hydro, Ethylation, advanced polymer intermediates) with global #1 position in MMA (energy intermediate).
- FY26 audited: Rev Rs.9,018 Cr (+12%), EBITDA Rs.1,172 Cr (13.0%, +15%), PAT Rs.419 Cr (+27%) — V-shape recovery off the FY24-FY25 cycle trough.
- New CEO Suyog Kotecha (ex-McKinsey, ex-Reliance, joined Jun-2024) executing a 3-year reset: Rs.150-200 Cr cost-savings program, $150m agro CSM through Mar 2030, Rs.200-250 Cr / 15-yr backward integration, Augene JV (UPL 50:50) commissioning H1FY27, Zone IV Rs.1,600-1,800 Cr greenfield phasing through FY27.
- Net debt Rs.4,300 Cr at 3.6x EBITDA (peaked)
- FY28 target <2.5x + EBITDA Rs.1,800-2,200 Cr + ROCE >15%.
- Risks: $87m unhedged ECB drove Rs.39 Cr FX loss in Q4 FY26
- Middle East war stopped 9-10% of revenue for 6-8 weeks; promoter holding declining 44.07% → 42.24% over 3 years
- FPIs exited 4.64% in FY25 (10.93% → 6.29%) replaced by MFs (8.90% → 11.51%).
- CRISIL AA / IND AA / Stable.