AETHER INDUSTRIES LIMITED (AETHER): Financials & Fundamentals History

Share price

Closing priceAdjusted for splits and bonus issues.

3M1Y3YAll

₹1,590.1 latest close · +17.0% over the last 90 sessions

₹1,590.1 month-end · +81.3% over 12 months

₹1,590.1 month-end · +103.9% over 3 years

₹1,590.1 month-end · +103.7% since Jun '22

52-week range ₹728.00 to ₹1814.10 · 1-year volatility 42.4%

Was the rally earned?

1 year3 years

+81%share price, 1 yearEarnings and multiple

Both mattered.

Per-share earnings added 40 points and the multiple added 41 points (P/E 66.3x to 89.7x).
The share count barely moved.

Net profit growth+41 ptsNet profit rose about 34%, which lifts the price.

P/E change+41 ptsThe P/E rose from 66.3x to 89.7x, which lifts the price.

Share count change-1 ptsShare count was little changed. More shares would count against the price.

+104%share price, 3 yearsEarnings-driven

Mostly yes.

Per-share earnings added 77 points to the rise, while the multiple moved less (P/E 74.5x to 89.7x).
The share count rose 7%.

Net profit growth+87 ptsNet profit rose about 81%, which lifts the price.

P/E change+27 ptsThe P/E rose from 74.5x to 89.7x, which lifts the price.

Share count change-10 ptsShare count rose 7%, which lowers the price.

What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

Not shown for 5 years: earnings were negative at one end, or there is not enough history.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with AARTI INDUSTRIES

How rough has the ride been?

Maximum drawdown-37.3%recovered 2026-03

1-year volatility42.4%annualised

Beta vs sector index0.703-year daily, correlation 0.34

Volume spikes5last 90 sessions, 5x the 50-day median

Drawdown from peak

Largest drawdowns

-37.3% (2023-06 peak to 2025-09 low, recovered 2026-03)

-21.5% (2026-10 peak to 2026-10 low, not yet recovered)

-19.9% (2022-09 peak to 2022-12 low, recovered 2023-06)

Most recent volume spikes

2026-10-30: 9x the 50-day median, price +2.2% that day

2026-10-06: 6.7x the 50-day median, price +8.4% that day

2026-09-25: 8.3x the 50-day median, price +7.3% that day

Beta is the slope of daily returns against a market-cap-weighted index of the sector's other listed companies, built from today's constituents (so it excludes companies no longer listed).

Is it expensive against its own past and its peers?

89.7xP/E todayWithin its usual range

Against its own history48th percentile

CheapestMedian 90.8xDearest

Usual range 64.5x to 139.4x since 2022-06.

Against Process Industries89.7x vs 18.1x

This company

89.7x

Sector median

18.1x

396% above the Process Industries median.

P/EP/BP/S

P/E (this company)10th to 90th percentile of its own historyIts medianProcess Industries median

The chart loads when you open this tab.

P/B (this company)10th to 90th percentile of its own historyIts medianProcess Industries median

The chart loads when you open this tab.

P/S (this company)10th to 90th percentile of its own historyIts medianProcess Industries median

How to read this

Shaded band: 10th to 90th percentile of the company's own P/E history; dotted line: its median; orange line: sector median (companies with a positive multiple, at least 5 in the sector).

Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.

All terms explained in the glossary →

How Process Industries is valued

Where does it rank among Process Industries peers?

Each cell is the company's percentile rank among its Process Industries peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

ROCE54th▲ 9 pts vs a year ago
Op. margin97thflat vs a year ago
Revenue growth90th▼ 4 pts vs a year ago
EPS growth69th▼ 22 pts vs a year ago
Debt/equity ↓68th▼ 9 pts vs a year ago
Cash cycle ↓7th▲ 4 pts vs a year ago
P/E ↓6th▼ 6 pts vs a year ago
12M momentum94th▲ 14 pts vs a year ago

Rank history

ROCE

Op. margin

Revenue growth

EPS growth

Debt/equity ↓

Cash cycle ↓

P/E ↓

12M momentum

Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26

Lower rank Higher rank Not enough data

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Process Industries sector page Watch it move against Process Industries in the Observatory

What is the price implying?

~41%annual earnings growth implied by the price

At a P/E of 151.0x, the price would imply about 41.1%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.

Fewer than six years of annual earnings are available, which is too little to measure delivered growth.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect.

What prices imply across Process Industries The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov: ₹1590.10
P/E: 89.7x
ROCE: 12.0%
Market Cap: ₹21108 cr
Revenue (TTM): ₹1231 cr
P/S: 17.1x
P/B: 8.6x
ROE: 9.6%
Operating Margin: 31.0%
Debt / Equity: 0.2x
Promoter Holding: 74.9%
12M Momentum: 81.3%

52-week range

₹728.00₹1814.10

79% of the way from its 52-week low to its high

Price risk

1Y volatility

42.4%

Beta vs sector

1-year daily

0.86

Balance sheet & cash

Interest cover

operating profit ÷ interest

17.5x

Cash from profit, 3Y

operating cash flow ÷ net profit

0.49x

low

Share count, 1Y

unchanged

Are profits backed by cash?

4 of 7checks within range2 beyond a threshold

Other income reliance6%Within range

Other income as a share of pre-tax profit (trailing twelve months): 6.4%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate25%Within range

Median quarterly effective tax rate over about 2.5 years: 25.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion0.49xBeyond threshold

Operating cash flow divided by net profit over the last three fiscal years: 0.49x (cash from operations ₹226 cr, net profit ₹459 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow0 of 5 yrsBeyond threshold

Fiscal years with positive free cash flow in the last 5: 0. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history-19 daysWithin range

Debtor days are below the median of the previous three fiscal years by 19 days (123 vs 142). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress34% of fixed assetsNear threshold

Capital work-in-progress is 34% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+2 days / 2 yrsWithin range

Days payable changed by +2 over two years. Bands: rise of up to 30 days; more than 30 days.

Tap a check to see how it is measured

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

Over 2 years, promoters trimmed 6.9 pts; FIIs added 5.5 pts; DIIs trimmed 1.3 pts.
The number of shareholders fell from 84,000 to 65,336 (-22%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change

Promoters81.8%74.9%-6.9 pts

FIIs2.0%7.4%+5.5 pts

DIIs11.8%10.5%-1.3 pts

Public and others4.4%7.2%+2.7 pts

Number of shareholders

65,336shareholders-22% since Dec '23

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

−15.2%typical 12-month return vs the marketBelow the base rate

We found 50 past situations where a non-financial company looked like AETHER INDUSTRIES LIMITED today on valuation, return on capital, margins, debt, growth, price momentum, size and volatility.
Over the following 12 months the middle half of them returned −34% to +13% vs the market, against −6% for all non-financial companies in the same months.
The analogs' median sat below that base rate (gap −9.4%, 80% range −15.0% to 0%), but the matches cluster in only 6 distinct 12-month windows.

Where the 50 outcomes landed

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 1 beyond the range shown, drawn at the edge

Similar setups' median

−15.2%

All companies' median

−5.8%

Beat the market

38% vs 44%

50 past situations · 50 companies · 35 months · 2020–2025

The closest matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
ACUTAAS Process Industries	Apr 2025	75x	16%	+84%	−14%	+115%
ANANTRAJ Consumer Durables	Oct 2024	82x	9%	+205%	−5%	−15%
RATEGAIN Technology Services	Dec 2023	115x	10%	+155%	−2%	−15%
AZAD Producer Manufacturing	Oct 2025	105x	12%	+17%	−10%	+52%
LAURUSLABS Health Technology	Apr 2021	95x	14%	+342%	−5%	+4%

Show the other 3 matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
MAXHEALTH Health Services	Aug 2025	104x	15%	+34%	−11%	−16%
POLYMED Health Technology	Apr 2025	81x	24%	+57%	−18%	−45%
COHANCE Health Technology	Apr 2025	69x	19%	+72%	−15%	−60%

How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: drawdown from 12-month high, P/E and 12-month momentum. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 6 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to AETHER INDUSTRIES LIMITED. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

Feature	Weight	Non-financial	Financial
P/E	1	yes	yes
P/S	1	yes	—
P/B	1	—	yes
ROCE	1	yes	—
operating margin	1	yes	—
ROE	1	—	yes
debt/equity	0.75	yes	—
interest cover	0.5	yes	—
revenue growth	0.75	yes	yes
12-month momentum	1	yes	yes
drawdown from 12-month high	0.75	yes	yes
size	0.75	yes	yes
volatility	0.5	yes	yes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What else looks like this?

Companies with the most similar financial profile today, regardless of industry.

POLY MEDICUREPOLYMED

Health Technology

67%similar

ROCEvolatility

HAPPY FORGINGSHAPPYFORGE

Producer Manufacturing

65%similar

operating marginmarket cap

LEELA PALACES HOTELS & RESORTSTHELEELA

Consumer Services

57%similar

market capoperating margin

UNIMECH AEROSPACE AND MFGUNIMECH

Electronic Technology

57%similar

debt/equityP/E

PARK MEDI WORLDPARKHOSPS

Health Services

55%similar

volatilitydebt/equity

SUDEEP PHARMASUDEEPPHRM

Process Industries

43%similar

debt/equityoperating margin

TATVA CHINTAN PHARMA CHEMTATVA

Process Industries

43%similar

debt/equityP/E

MADHYA BHARAT AGRO PRODUCTMBAPL

Process Industries

42%similar

revenue growthpromoter holding

Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.

What changed?

30 events since Jun '23

2026
OctPriceVolume reached 9.0x its 50-day median on 2026-10-30; price +2.2% that day.
JulPriceVolume reached 9.4x its 50-day median on 2026-07-31; price +3.3% that day.
JunPeer rankMoved into the 2nd quartile of Process Industries on ROCE (from the 3rd quartile).
JunPriceVolume reached 10.6x its 50-day median on 2026-06-24; price +9.1% that day.
MarPriceRegained the 2023-06 peak, 6 months after the low.
JanPriceVolume reached 16.1x its 50-day median on 2026-01-06; price +5.4% that day.
2025
DecValuationP/E fell below the 10th percentile of its own history to date (58.6x).
NovPriceVolume reached 58.7x its 50-day median on 2025-11-14; price +8.5% that day.

Show 22 earlier events

2025
SepPromoterPromoter holding fell 6.8 pts to 75.0%.
SepInstitutionsFII + DII holding rose 3.7 pts over 1 quarter to 18.4%.
SepPriceFell 37% from the Jun 2023 peak to the Sep 2025 low.
SepPriceVolume reached 20.3x its 50-day median on 2025-09-29; price +2.2% that day.
JunResultsYear-on-year EPS growth turned positive.
JunValuationP/E fell below the 10th percentile of its own history to date (63.7x).
JunPeer rankMoved into the top quartile of Process Industries on EPS growth (from the 3rd quartile).
MayPriceVolume reached 42.9x its 50-day median on 2025-05-14; price -2.2% that day.
JanPriceVolume reached 20.3x its 50-day median on 2025-01-17; price -3.8% that day.
2024
DecResultsRevenue (TTM) reached a new high of ₹652 cr.
DecValuationP/E crossed above the 90th percentile of its own history to date (145.6x).
OctPriceVolume reached 51.4x its 50-day median on 2024-10-15; price -0.8% that day.
SepPriceVolume reached 28.9x its 50-day median on 2024-09-10; price +8.7% that day.
JulSharesShare count is up 6.4% over 12 months.
JunResultsYear-on-year EPS growth turned negative.
JunValuationP/E crossed above the 90th percentile of its own history to date (148.3x).
JunPeer rankSlipped to the 3rd quartile of Process Industries on ROCE (from the 2nd quartile).
JunPriceVolume reached 20.5x its 50-day median on 2024-06-28; price +3.1% that day.
JanDebtDebt / equity halved over 12 months to 0.01x.
2023
NovPriceVolume reached 25.5x its 50-day median on 2023-11-29; price -8.4% that day.
AugPriceVolume reached 5.5x its 50-day median on 2023-08-31; price -1.1% that day.
JunResultsRevenue (TTM) reached a new high of ₹651 cr.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history54 months · 2022-06 to 2026-11

Month	P/E	Revenue (TTM)	ROE	ROCE	Debt / Equity
2026-11	89.7x	₹1231 cr	9.6%	12.0%	0.2x
2026-10	91.2x	₹1231 cr	9.6%	12.0%	0.2x
2026-09	95.8x	₹1231 cr	9.6%	12.0%	0.2x
2026-08	102.2x	₹1161 cr	8.9%	12.0%	0.2x
2026-07	93.0x	₹1161 cr	8.9%	12.0%	0.2x
2026-06	82.1x	₹1161 cr	8.9%	12.0%	0.2x
2026-05	67.5x	₹1096 cr	9.7%	10.0%	0.1x
2026-04	72.0x	₹1096 cr	9.7%	10.0%	0.1x
2026-03	67.3x	₹1096 cr	9.7%	10.0%	0.1x
2026-02	65.3x	₹997 cr	8.7%	10.0%	0.1x
2026-01	68.3x	₹997 cr	8.7%	10.0%	0.1x
2025-12	58.6x	₹997 cr	8.7%	10.0%	0.1x
2025-11	66.3x	₹916 cr	7.9%	10.0%	0.1x
2025-10	56.9x	₹916 cr	7.9%	10.0%	0.1x
2025-09	56.8x	₹916 cr	7.9%	10.0%	0.1x
2025-08	61.6x	₹839 cr	7.1%	10.0%	0.1x
2025-07	64.2x	₹839 cr	7.1%	10.0%	0.1x
2025-06	63.7x	₹839 cr	7.1%	10.0%	0.1x
2025-05	92.6x	₹717 cr	5.2%	7.0%	0.1x
2025-04	100.0x	₹717 cr	5.2%	7.0%	0.1x
2025-03	103.2x	₹717 cr	5.2%	7.0%	0.1x
2025-02	140.5x	₹652 cr	3.9%	7.0%	0.1x
2025-01	136.1x	₹652 cr	3.9%	7.0%	0.1x
2024-12	145.6x	₹652 cr	3.9%	7.0%	0.1x
2024-11	132.0x	₹617 cr	4.0%	7.0%	0.1x
2024-10	136.9x	₹617 cr	4.0%	7.0%	0.1x
2024-09	149.5x	₹617 cr	4.0%	7.0%	0.1x
2024-08	143.1x	₹598 cr	4.0%	7.0%	0.1x
2024-07	143.8x	₹598 cr	4.0%	7.0%	0.1x
2024-06	148.3x	₹598 cr	4.0%	7.0%	0.1x
2024-05	76.8x	₹651 cr	10.4%	18.0%	0.0x
2024-04	79.6x	₹651 cr	10.4%	18.0%	0.0x
2024-03	74.6x	₹651 cr	10.4%	18.0%	0.0x
2024-02	83.9x	₹651 cr	10.4%	18.0%	0.0x
2024-01	84.4x	₹651 cr	10.4%	18.0%	0.0x
2023-12	84.7x	₹651 cr	10.4%	18.0%	0.0x
2023-11	74.5x	₹651 cr	10.4%	18.0%	0.0x
2023-10	84.1x	₹651 cr	10.4%	18.0%	0.0x
2023-09	92.5x	₹651 cr	10.4%	18.0%	0.0x
2023-08	98.0x	₹651 cr	10.4%	18.0%	0.0x
2023-07	99.1x	₹651 cr	10.4%	18.0%	0.0x
2023-06	102.0x	₹651 cr	10.4%	18.0%	0.0x
2023-05	93.2x	₹590 cr	28.2%	—	0.8x
2023-04	98.0x	₹590 cr	28.2%	—	0.8x
2023-03	96.9x	₹590 cr	28.2%	—	0.8x
2023-02	90.5x	₹590 cr	28.2%	—	0.8x
2023-01	92.1x	₹590 cr	28.2%	—	0.8x
2022-12	86.8x	₹590 cr	28.2%	—	0.8x
2022-11	93.3x	₹590 cr	28.2%	—	0.8x
2022-10	99.9x	₹590 cr	28.2%	—	0.8x
2022-09	94.4x	₹590 cr	28.2%	—	0.8x
2022-08	89.3x	₹590 cr	28.2%	—	0.8x
2022-07	87.6x	₹590 cr	28.2%	—	0.8x
2022-06	80.7x	₹590 cr	28.2%	—	0.8x

Methodology and data notes