Aether Industries is a Surat-based specialty chemicals company that manufactures advanced intermediates through its CEM, LSM and CRAMS verticals, serving pharma, agrochemical, material science and oil & gas end-markets. This quarter's print will speak to the first revenue contribution from Site 5 (Magnum) Phase 1 — guided 'from Q2FY27 onwards' — and whether EBITDA margins hold near the 29-30% guided band as crude-linked input costs and ramp costs build.
| Results date | October 30, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 3,265.57 Mn (+27.25% YoY) |
| Previous quarter PAT | Rs. 627.49 Mn (+33.45% YoY) |
| Previous quarter EBITDA margin | 31.47% |
| Market cap | Rs. 18,750.53 Cr |
| CMP | Rs. 1,412.7 |
The Board of Aether Industries will meet on Friday, Oct 30, 2026 to approve the unaudited standalone and consolidated financial results for Q2 and the half-year ended September 30, 2026 (Ref. AIL/SE/38/2026-27; Reg. 29, SEBI LODR).
A post-result earnings call for Q2 & H1 FY27 (period ended September 30, 2026) is scheduled for Oct 30, 2026 at 14:00 Hrs IST, conducted by HDFC Securities. Speakers include Dr. Aman Desai, Mr. Rohan Desai, CFO Mr. Faiz Nagariya and IR lead Mr. Kushal Doshi.
The Q2 FY27 print is the first quarter of Site 5 (Magnum) Phase 1 revenue contribution, guided 'from Q2FY27 onwards', with the 45 tons/month semiconductor stream targeted online 'end of September' — both company-specific catalysts landing inside the quarter. The margin question is whether Q1's 31.47% EBITDA margin converges toward the guided 29-30% band, as crude-linked petrochemical feedstocks up 16-80% from pre-war levels are expected to start reflecting from the September 2026 quarter onward, and Site 5 ramp costs plus D&A of Rs. 202 Mn (vs Rs. 128 Mn standalone a year ago) build. Brent breached $100/bbl on September 9 amid the Middle East conflict, though oil flows were holding near prewar levels as of late October, and management has reported no disruptions to the Baker Hughes stream — roughly 19% of FY26 sales at about Rs. 2,196 Mn — with continuous orders. The rupee's roughly 7% YTD weakness through the July-September window supports realizations on the 37.5% export mix, while the CEM+CRAMS mix at 60% of Q1 revenue (CEM 51%, CRAMS 9%) against a 70% target remains the dominant margin lever. The call will likely cover Site 5 utilization against the 35-40% FY27 target, the margin bridge, and working capital against the ~160 days end-FY27 guide.
Guidance scorecard: margins, capex and debt: Q1 FY27 printed above the guided bands; watch whether management re-anchors or holds.
Site 5 (Magnum) first revenue quarter and semiconductor stream
Baker Hughes trajectory and Middle East commentary
Mix shift and operating metrics
Risks and follow-ups
Management has repeatedly said consolidated EBITDA margins of 29-30% are sustainable, explicitly rejecting 34-35% as inflated by a one-time FLOP claim in Q3 FY26. CFO Faiz Nagariya said, 'we are entering to more and more contract manufacturing and CRAMS which is increasing. So, 30% margin is surely sustainable'.
Management attributed the 22.5% YoY LSM volume decline primarily to dedicating some Site 3 production lines to the higher-margin CEM business model, not to demand softness. LSM pricing improved by 22.5% and demand remained intact.
Total Site 5 capex is estimated at Rs. 2,200-2,300 crores extending until FY'30, with Phase 1 costing about Rs. 160 crores per production block. Management targets asset turns of 1.5x-1.75x once the site is fully operational and stabilized.
Baker Hughes-related revenue has grown from Rs. 51 crores in Q2 FY26 to about Rs. 60 crores in Q3 FY26, roughly Rs. 76 crores (also stated as Rs. 68 crores) in Q4 FY26, and Rs. 700 million in Q1 FY27. FY26 Baker Hughes-related revenue was about Rs. 2,196 Mn, roughly 19% of sales; management declines to quantify forward Baker Hughes revenue as policy.
Working capital days improved from 194 days (March 31, 2025) to 149 days (September 30, 2025), before reversing to 179 days at FY26-end due to Site 3++ and Site 5 procurement. Management has guided to about 160 days (attempting 150) by end FY27, with Q1 FY27 'marginally lower' than March 2026.