Aarti Industries Ltd(AARTIIND)

NSE: AARTIINDBSE: 524208

₹ 427.2-3.18%refreshed 23 Oct, 03:53 pm ISTMarket cap: ₹ 15,496 crNext results: 30 Oct 2026Website: www.aarti-industries.comUpdated: 24 Oct 2026

About

Aarti Industries is an Indian specialty chemicals manufacturer focused on benzene and toluene-based derivatives, offering 100+ products across value chains including NCB, DCB, PDA, NT and MMA that serve agrochemicals, pharmaceuticals, polymers, fuel additives, dyes and pigments. It reported revenue of ₹9,018 crore in FY26 and operates 16 manufacturing plants across India. The company ranks 4th globally for approximately 75% of its product portfolio, serving over 1,100 customers across more than 60 countries.^[1][2]

Business segments

Aarti Industries operates as a single reporting segment (Speciality Chemicals); in FY26 India revenue was ₹3,974.55 crore and outside India revenue was ₹5,043.88 crore.^[2]
Energy business (fuel additives/MMA) accounted for 43% of revenue in Q2 FY26; management targets this declining to 30 - 40% at steady state as Zone IV new products ramp up.^[3]
Benzene-based products accounted for over 50% of company earnings in FY25; AIL is among top global players in chlorination, nitration and hydrogenation.^[4]

Products and value chains

AIL offers 100+ products across benzene and toluene value chains including NCB, DCB, PDA, NT, MMA, sulphuric acid and calcium chloride, serving agrochemicals, pharmaceuticals, polymers, fuel additives, dyes and pigments, and FMCG.^[2]
Toluene chemistry expanded via a new Dahej facility commissioned in FY25, diversifying the product portfolio beyond benzene derivatives.^[4]
Agrochemical revenue share expected to reach ~20% or higher as Zone IV commissions over the next 2 - 3 years; PEDA (2-Phenyl Ethyl Diethyl Aniline) 4,000 TPA capacity commissioned targeting Pretilachlor value chain.^[3]

Manufacturing operations

AIL operates 16 manufacturing plants across India, with 11 equipped with Zero Liquid Discharge (ZLD) capabilities.^[2]
Dahej SEZ ethylation unit expanded to 25 - 30 KTPA; Zone IV at Jhagadia is a greenfield site advancing the chlorotoluene value chain.^[2]
DCB capacity debottlenecked from 120 KTPA to 140 KTPA using multipurpose assets as of FY26.^[2]
Fuel additives (MMA) capacity expanded from 290 KTPA to 360 KTPA, completing in July 2026; management targets high utilisation within Q2 FY27.^[5]
Aarti Research & Technology Centre (ARTC) in Navi Mumbai houses a 12,000 sq. ft. analytical and 8,000 sq. ft. process safety laboratory.^[2]

Key operating numbers

MMA volume in Q4 FY26 was 66.6 kT (+91% YoY); FY26 full-year MMA volumes were 237.6 kT (+93% YoY) at 86% utilisation.^[1]
DCB volume in Q4 FY26 was 29.3 kT (+44% YoY); FY26 utilisation at 80%.^[1]
Energy business volume in Q1 FY27 was +57% YoY but −17% QoQ; non-energy volume was +12% YoY but −7% QoQ.^[5]
Export revenue share was 59% in Q1 FY27; it reached a record ~65% in Q3 FY26.^[5][6]
NCB value chain margins, suppressed for a long period, recovered in Q1 FY27 following China's removal of export VAT rebates on NCB chain products.^[5]
PDA chain capacity utilisation was 43% in Q3 FY26; MPDA specifically underperforms due to competition from China, with PDA chain utilisation at 55% in Q4 FY26.^[6][1]

Customers and distribution

AIL serves over 1,100 customers across more than 60 countries and ranks 4th globally for approximately 75% of its product portfolio.^[2]
The Aarti Logistics Control Centre monitors 1,000+ vehicles carrying ~350 chemical variants via GPS-based tracking across a 3,500-km network.^[2]
AIL signed a 3-year exclusive distribution agreement with Actylis for PCBTF targeting the North American coatings market.^[6]
West Asia conflict reduced Middle East revenue share from ~15% to 2% in Q1 FY27; annual exposure had been ~9 - 10% of revenue, predominantly in energy applications.^[5][1]

Expansion and capex

Zone IV Jhagadia: multipurpose plant (MPP) commissioning underway with first product expected August 2026; five chemistry blocks to be commissioned sequentially through FY27; 5 - 10 new products targeted in FY27 and 25 - 30 products by FY28.^[5]
Augene (Superform JV, DCA downstream amine derivatives): first raw material sale to JV completed; commissioning underway in Q2 FY27; steady-state revenue targeted at ₹300 - 400 crore.^[5]
Backward integration project for a global chemical major: capex of ₹200 - 250 crore over 15-year residual contract; commissioning targeted September - October 2027.^[5][2]
USD 150 million multi-year agrochemical intermediate supply agreement with a global agrochemical major extends through March 2030, requiring no incremental capex.^[2]
Re Aarti (plastic recycling JV) commissioning expected in H2 FY27, delayed ~3 months from prior guidance due to labour constraints.^[5]
Gross block targeted to reach ₹9,500 - 10,000 crore by end of FY27 post full Zone IV commissioning.^[1]

Recent developments

Fuel additives capacity expansion to 360 KTPA from 290 KTPA completed in July 2026; management plans to broaden from a single-product to a multi-product fuel additives portfolio over the next 12 months.^[5]
China subsidiary planned to expand market presence in a market accounting for over 45% of global chemical demand and to enhance sourcing of key raw materials.^[5]
Long-term methanol and toluene feedstock contracts secured across GCC and Southeast Asia; strategic chlorine supply partnership entered with DCM Shriram for Zone IV Jhagadia via dedicated pipeline (incremental 200 TPD, totalling 350 TPD).^[2][3]
Three-year EBITDA target of ₹1,800 - 2,200 crore by FY28 reaffirmed in Q1 FY27; Debt/EBITDA target below 2.5x and ROCE above 15%.^[5]

Market Cap

₹15,496 Cr

High / Low

₹551 / 338

Stock P/E

29.2

Price / Book

2.6

Book Value

₹164

EPS

₹11.6

No. of Shares

36.26 Cr

ROCE

6.9%

ROE

7.2%

OPM

8.4%

Debt / Equity

0.83

Sales

₹8,286 Cr

Net Profit

₹419 Cr

Promoter holding

41.8%

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Aarti Industries Ltd(AARTIIND)

About

Business segments

Products and value chains

Manufacturing operations

Key operating numbers

Customers and distribution

Expansion and capex

Recent developments

Signal history

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