Aarti Industries Limited

KIRA view

Pillar 1 — Business Quality & Moat

Business overview, segments, revenue drivers, competitive position and industry standing.

Revenue drivers

• Specialty volumes/realizations ANALYSIS
• Long-term contracts ANALYSIS

Competitive position — peers

• SRF (partial) ANALYSIS
• Deepak Nitrite ANALYSIS
• Navin Fluorine ANALYSIS
• Clean Science ANALYSIS

Pillar 2 — Growth Quality

Revenue/AUM and profit growth, multi-year CAGR, growth consistency, growth drivers and relevant recent developments.

Notes

• FY26 revenue from operations (net of GST): ₹8,286 crore per the filed results (S13). Kimi's '8,286–8,430' range and the company's '₹9,018 crore' are explained by GST: gross ₹9,018 − GST ₹732 = net ₹8,286. SOURCED S13

Growth drivers

• Capex commissioning ANALYSIS
• Contract pipeline ANALYSIS
• End-market recovery ANALYSIS

Recent developments

• FY26 results announced 5 May 2026 (board approval 4 May 2026); the revenue line definition is under conflict (see Research status). SOURCED S10

Pillar 3 — Profitability & Return Ratios

Margins, ROE, ROCE, and ROA/NIM for financial companies.

NOT VERIFIED — no verified data for this pillar yet.

Pillar 4 — Balance Sheet Strength

Debt, leverage, liquidity, capital adequacy and asset quality where applicable.

Notes

• note: Capex-cycle leverage hypothesis; detail pending ANALYSIS

Pillar 5 — Cash Flow & Earnings Quality

CFO, FCF, CFO/PAT, working capital and, for lenders, credit-cost quality.

Notes

• note: Weak-conversion hypothesis under test; detail pending ANALYSIS

Pillar 6 — Governance & Shareholding

Promoter holding and pledge, FII/DII/public holding, auditor, board, regulatory actions and material litigation.

NOT VERIFIED — no verified data for this pillar yet.

Pillar 7 — Valuation Comfort

P/E, P/B, EV/EBITDA, dividend yield, historical and peer context — descriptive only; no price target.

NOT VERIFIED — no verified data for this pillar yet.

Pillar 8 — Technical Confirmation

Informational only: long-term trend context when properly sourced. No entry levels, targets, stop-losses or calls.

No sourced technical data. This pillar is informational only and never carries entry levels, targets, stop-losses or buy/sell/hold calls.

Material risks

• Commodity spread cyclicality ANALYSIS
• Capex execution/leverage ANALYSIS
• Demand softness ANALYSIS

Key questions to monitor

None recorded yet.

Sources

Research status

Status

READY

Confidence

MEDIUM

Data as of

2026-09-26

KIRA Score

Not yet scored — no verified KIRA Score registry match

Method

Primary filings first; aggregators for cross-check only. SOURCED = from a cited document; ANALYSIS = KIRA interpretation; UNVERIFIED = not yet checked against a primary source.

Withheld

6 item(s) not yet verified are not shown.

Data conflicts

• Resolved · financials.revenue.FY26
  FY26 revenue: company press release ₹9,018 crore vs filings-based ₹8,286 crore.
  Resolved from the filed audited consolidated results (S13). ₹9,018 crore is 'Revenue from Operations (Gross)', which includes ₹732 crore of GST collected. ₹8,286 crore is 'Revenue from Operations (Net)'. Both are real figures on different definitions; neither is an error. The canonical revenue metric is the net ₹8,286 crore, and gross is stored separately as revenue_gross_incl_GST. The same applies to Q4 FY26: gross ₹2,422 crore vs net ₹2,206 crore. S13, S10
• Resolved · financials.EBITDA.FY26
  FY26 EBITDA: company ₹1,172 crore vs Kimi 'filings-based' ₹1,317–1,380 crore.
  S13 reconciles the company figure exactly: PBT before exceptional items 358 + finance costs 340 + D&A 474 = 1,172 (includes other income of ₹5 crore). No filed line supports 1,317–1,380, so it is treated as a Kimi extraction error. S13, S10
• Resolved · financials.PAT.FY26
  PAT recorded as a range 419–422.
  ₹419 crore net profit = attributable to owners (S13), including an exceptional gain of ₹6 crore. S13