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Last Updated: April 2, 2026, 2:32 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 524208 | NSE: AARTIIND

Aarti Industries Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹307.14Overvalued by 25.27%vs CMP ₹411.00

P/E (40.2) × ROE (6.0%) × BV (₹158.00) × DY (0.24%)

₹236.94Overvalued by 42.35%vs CMP ₹411.00
MoS: -73.5% (Negative)Confidence: 63/100 (Moderate)Models: All 7: Overvalued
ModelCategoryValueWeightSignal
PE-ROEEarnings₹244.3730%Over (-40.5%)
Graham NumberEarnings₹192.5622%Over (-53.1%)
Net Asset ValueAssets₹157.3810%Over (-61.7%)
EV/EBITDAEnterprise₹364.6612%Over (-11.3%)
Earnings YieldEarnings₹104.3010%Over (-74.6%)
ROCE CapitalReturns₹318.4410%Over (-22.5%)
Revenue MultipleRevenue₹300.507%Over (-26.9%)
Consensus (7 models)₹236.94100%Overvalued
Key Drivers: EPS CAGR -20.4% drags value — could be higher if earnings stabilize.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -20.4%

*Investments are subject to market risks

Analyst Summary

Aarti Industries Ltd operates in the Chemicals - Speciality - Others segment, NSE: AARTIIND | BSE: 524208, current market price is ₹411.00, market cap is 14,917 Cr.. At a glance, stock P/E is 40.2, ROE is 6.03 %, ROCE is 6.32 %, book value is 158, dividend yield is 0.24 %. The latest intrinsic value estimate is ₹236.94, around 42.4% below the current price, so expectations may already be running ahead of this modelled fair value. On operating trend, latest reported sales are about ₹7,271 Cr versus the prior period change of 14.1%, while latest net profit is about ₹331 Cr with a prior-period change of -20.4%. This analysis page also carries profit and loss, shareholding pattern, ratio panels, mutual fund holdings data, which improves the depth of the template beyond a thin price-only snapshot. The 52-week range shown on this page is 495/338, which helps frame where the current quote sits within its recent trading band. Business context: About the Company - Qualitative AnalysisAarti Industries Ltd. is a Public Limited Listed company incorporated on 28/09/1984 and has its registered office in the State of Gujarat, India. Company's Corporate Identification Number(CIN) is L24110GJ1984PLC007301 and registration number is 007301. Currently Company is involv…

This summary is generated from the stock page data available for Aarti Industries Ltd: Intrinsic Value & Share Price Analysis and is refreshed automatically when the underlying metrics change.

Investment Snapshot

52
Aarti Industries Ltd scores 52/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health49/100 · Moderate
ROCE 6.3% WeakROE 6.0% AverageD/E 0.71 ModerateInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money50/100 · Moderate
FII holding up 0.41% (6mo) Slight increaseDII holding down 1.74% MF sellingPromoter holding at 42.1% Stable
Earnings Quality50/100 · Moderate
OPM contracting (22% → 15%) DecliningWorking capital: -44 days (improving) Efficient
Quarterly Momentum68/100 · Strong
Revenue (4Q): +13% YoY GrowingProfit (4Q): +3% YoY Positive
Industry Rank40/100 · Moderate
P/E 40.2 vs industry 64.9 Cheaper than peersROCE 6.3% vs industry 13.0% Below peersROE 6.0% vs industry 25.4% Below peers3Y sales CAGR: 6% Slow

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 2:32 am

Market Cap 14,917 Cr.
Current Price 411
Intrinsic Value₹236.94
High / Low 495/338
Stock P/E40.2
Book Value 158
Dividend Yield0.24 %
ROCE6.32 %
ROE6.03 %
Face Value 5.00
PEG Ratio-1.97

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Aarti Industries Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Aarti Industries Ltd 14,917 Cr. 411 495/33840.2 1580.24 %6.32 %6.03 % 5.00
Aether Industries Ltd 14,807 Cr. 1,116 1,250/72379.5 1740.00 %9.92 %7.49 % 10.0
Anupam Rasayan India Ltd 14,532 Cr. 1,276 1,407/68684.5 2810.06 %7.33 %3.32 % 10.0
Clean Science & Technology Ltd 7,439 Cr. 700 1,600/65230.3 1410.86 %27.3 %20.2 % 1.00
Himadri Speciality Chemical Ltd 22,545 Cr. 447 534/35131.9 80.60.13 %22.0 %16.4 % 1.00
Industry Average12,530.04 Cr712.4964.87182.870.55%12.98%25.40%6.41

All Competitor Stocks of Aarti Industries Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 1,6681,6561,4141,4541,7321,7731,8511,6281,8431,9491,6752,1002,318
Expenses 1,3791,4031,2141,2211,4731,4891,5461,4311,6121,6871,4631,8091,997
Operating Profit 289253200233259284305197231262212291321
OPM % 17%15%14%16%15%16%16%12%13%13%13%14%14%
Other Income 00008-16753422-13
Interest 473340585459646285646010069
Depreciation 828489939798102108111113114120121
Profit before tax 16013671821161261453440884293118
Tax % 15%-10%1%-11%-7%-5%6%-53%-15%-9%-2%-14%-13%
Net Profit 137149709112413213752469643106133
EPS in Rs 3.774.111.932.513.423.643.781.431.272.651.192.923.67

Last Updated: February 6, 2026, 9:49 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 18, 2026, 1:47 pm

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 2,6192,8903,0063,1633,8064,1684,1864,5066,0866,6196,3717,2718,042
Expenses 2,2172,4242,4342,5093,1063,2023,2093,5254,3655,5305,3936,2716,956
Operating Profit 4024665726547009659779821,7201,0899781,0001,086
OPM % 15%16%19%21%18%23%23%22%28%16%15%14%14%
Other Income 1196272911171616
Interest 11813811711713218312586102168211275293
Depreciation 898298123146163185231246310378434468
Profit before tax 2062553634164296226766651,372611395307341
Tax % 26%24%26%21%19%19%19%19%14%11%-5%-8%
Net Profit 1632082683283465045475351,186545416331378
EPS in Rs 4.585.817.719.6210.2414.1815.3915.0232.7115.0411.499.1310.43
Dividend Payout % 25%24%28%3%2%19%11%10%11%17%9%11%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)27.61%28.85%22.39%5.49%45.66%8.53%-2.19%121.68%-54.05%-23.67%-20.43%
Change in YoY Net Profit Growth (%)0.00%1.24%-6.46%-16.90%40.18%-37.13%-10.73%123.88%-175.73%30.38%3.24%

Aarti Industries Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:10%
5 Years:12%
3 Years:6%
TTM:4%
Compounded Profit Growth
10 Years:5%
5 Years:-9%
3 Years:-35%
TTM:-51%
Stock Price CAGR
10 Years:16%
5 Years:-5%
3 Years:-21%
1 Year:-38%
Return on Equity
10 Years:16%
5 Years:13%
3 Years:8%
Last Year:6%

Last Updated: September 4, 2025, 10:00 pm

Balance Sheet

Last Updated: December 4, 2025, 12:53 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 4444424141438787181181181181181
Reserves 8269721,0961,3211,5382,5872,8923,4164,3354,7395,1095,4245,531
Borrowings 1,0391,2021,2921,5642,0832,4012,0982,8572,5872,9073,6233,8483,973
Other Liabilities 7607195385737308261,2561,2827487541,2031,6612,017
Total Liabilities 2,6702,9382,9663,4994,3915,8586,3327,6427,8518,58110,11511,11411,702
Fixed Assets 8269671,2461,6971,9982,1472,4683,5933,5954,8615,6496,3776,586
CWIP 1171933132704367951,4181,2981,3461,0961,2291,4541,596
Investments 1171394147473337642817234881
Other Assets 1,6091,6391,3661,4861,9102,8842,4092,6882,8822,6073,2143,2353,439
Total Assets 2,6702,9382,9663,4994,3915,8586,3327,6427,8518,58110,11511,11411,702

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 3153405744703357361,1028735191,3191,2101,242
Cash from Investing Activity + -291-298-452-529-610-797-1,124-1,322-1,169-1,330-1,369-1,398
Cash from Financing Activity + -22-23-12858279833-53561441238420-73
Net Cash Flow 219-7-04772-557165-23927261-229
Free Cash Flow 2745124-60-279-55-23-442-646-8-96-137
CFO/OP 92%85%117%87%62%90%130%99%44%129%132%123%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow401.00465.00571.00653.00698.00963.00975.00980.00-1.00-1.00975.00-2.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 625564616368666465524939
Inventory Days 147123108136144152174190143115121126
Days Payable 90556771695572117532476107
Cash Conversion Cycle 1191231051251381651681371551439458
Working Capital Days 31010-46-14-14-3622-29-36-44
ROCE %18%19%20%19%16%18%15%13%22%10%7%6%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 44.07%43.65%43.57%43.54%43.43%43.24%42.61%42.35%42.24%42.24%42.18%42.14%
FIIs 12.32%12.17%10.58%10.83%10.93%10.61%9.68%7.25%6.29%6.44%6.40%6.70%
DIIs 14.74%14.83%16.14%15.82%17.24%18.55%18.11%17.93%19.96%20.38%18.21%18.22%
Government 0.01%0.01%0.01%0.02%0.03%0.03%0.01%0.01%0.01%0.01%0.01%0.01%
Public 28.87%29.33%29.72%29.78%28.38%27.58%29.58%32.46%31.48%30.92%33.20%32.94%
No. of Shareholders 3,85,7513,97,9074,23,1404,18,1233,77,9533,49,4153,94,1544,50,5884,39,2274,25,3994,28,9314,18,492

Shareholding Pattern Chart

No. of Shareholders

Aarti Industries Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
HDFC Mid Cap Fund 7,731,125 0.31 287.56N/AN/AN/A
Nippon India Small Cap Fund 5,363,408 0.3 199.494,813,4952026-01-26 01:10:5511.42%
Quant Small Cap Fund 4,174,238 0.57 155.263,636,2882026-01-26 01:10:5514.79%
ICICI Prudential India Opportunities Fund 3,823,633 0.4 142.223,623,3252026-02-23 00:14:455.53%
ICICI Prudential Manufacturing Fund 2,240,351 1.32 83.332,165,0092026-01-26 01:10:553.48%
ICICI Prudential Commodities Fund 2,057,024 2.15 76.51N/AN/AN/A
ICICI Prudential Smallcap Fund 1,100,000 0.5 40.91N/AN/AN/A
ICICI Prudential Business Cycle Fund 1,099,580 0.26 40.9N/AN/AN/A
Mahindra Manulife Multi Cap Fund 1,070,000 0.66 39.8N/AN/AN/A
Bandhan Small Cap Fund 1,039,483 0.2 38.66N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 5.005.005.005.005.00
Basic EPS (Rs.) 9.1311.4915.0432.7130.04
Diluted EPS (Rs.) 9.1211.4915.0432.7130.04
Cash EPS (Rs.) 21.1121.9223.6039.5143.99
Book Value[Excl.RevalReserv]/Share (Rs.) 154.62145.94135.75124.60201.71
Book Value[Incl.RevalReserv]/Share (Rs.) 154.62145.94135.75124.60201.74
Revenue From Operations / Share (Rs.) 200.58175.79182.58167.88258.61
PBDIT / Share (Rs.) 27.9927.1730.0647.4756.37
PBIT / Share (Rs.) 16.0116.7421.5040.6743.10
PBT / Share (Rs.) 8.4710.9116.8637.8538.14
Net Profit / Share (Rs.) 9.1311.4915.0432.7130.72
NP After MI And SOA / Share (Rs.) 9.1311.4915.0432.7130.04
PBDIT Margin (%) 13.9515.4516.4628.2721.79
PBIT Margin (%) 7.989.5211.7724.2216.66
PBT Margin (%) 4.226.209.2322.5414.74
Net Profit Margin (%) 4.556.538.2319.4811.87
NP After MI And SOA Margin (%) 4.556.538.2319.4811.61
Return on Networth / Equity (%) 5.907.8711.0826.2514.94
Return on Capital Employeed (%) 7.588.6213.4425.9314.32
Return On Assets (%) 2.974.336.3515.106.85
Long Term Debt / Equity (X) 0.330.280.120.200.36
Total Debt / Equity (X) 0.670.600.580.560.71
Asset Turnover Ratio (%) 0.700.700.800.780.62
Current Ratio (X) 0.830.950.881.250.98
Quick Ratio (X) 0.410.500.510.810.59
Inventory Turnover Ratio (X) 5.563.443.522.992.21
Dividend Payout Ratio (NP) (%) 10.9513.0516.6210.708.91
Dividend Payout Ratio (CP) (%) 4.736.8410.598.856.18
Earning Retention Ratio (%) 89.0586.9583.3889.3091.09
Cash Earning Retention Ratio (%) 95.2793.1689.4191.1593.82
Interest Coverage Ratio (X) 3.684.666.4816.8211.37
Interest Coverage Ratio (Post Tax) (X) 2.192.974.2412.597.20
Enterprise Value (Cr.) 17651.0927209.9921458.7737059.1925031.61
EV / Net Operating Revenue (X) 2.434.273.246.095.55
EV / EBITDA (X) 17.4027.6219.6921.5425.48
MarketCap / Net Operating Revenue (X) 1.953.792.845.705.09
Retention Ratios (%) 89.0486.9483.3789.2991.08
Price / BV (X) 2.534.573.827.686.55
Price / Net Operating Revenue (X) 1.953.792.845.705.09
EarningsYield 0.020.010.020.030.02

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Aarti Industries Ltd. is a Public Limited Listed company incorporated on 28/09/1984 and has its registered office in the State of Gujarat, India. Company's Corporate Identification Number(CIN) is L24110GJ1984PLC007301 and registration number is 007301. Currently Company is involved in the business activities of Manufacture of basic chemicals, fertilizer and nitrogen compounds, plastics and synthetic rubber in primary forms. Company's Total Operating Revenue is Rs. 7304.21 Cr. and Equity Capital is Rs. 181.25 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Chemicals - Speciality - OthersPlot Nos. 801, 801/23, G.I.D.C. Estate, Valsad District Gujarat 396195Contact not found
Management
NamePosition Held
Mr. Chandrakant Vallabhaji GogriChairman Emeritus
Mr. Rajendra Vallabhaji GogriChairman & Managing Director
Mr. Rashesh Chandrakant GogriVice Chairman & Mng.Director
Mr. Renil Rajendra GogriVice Chairman & Exe.Director
Mr. Suyog Kalyanji KotechaExecutive Director & CEO
Mr. Manoj Mulji ChhedaExecutive Director
Mr. Ajay Kumar GuptaExecutive Director
Mrs. Hetal Gogri GalaNon Executive Director
Mr. Lalitkumar Shantaram NaikIndependent Director
Prof. Aniruddha Bhalchandra PanditIndependent Director
Mr. Shekhar Shreedhar KhanolkarIndependent Director
Mr. Belur Krishnamurthy SethuramIndependent Director
Mr. Nikhil Jaysinh BhatiaIndependent Director
Mr. Ashok Kumar BaratIndependent Director
Mrs. Rupa Devi SinghIndependent Director

FAQ

What is the intrinsic value of Aarti Industries Ltd and is it undervalued?

As of 21 April 2026, Aarti Industries Ltd's intrinsic value is ₹236.94, which is 42.35% lower than the current market price of ₹411.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (6.03 %), book value (₹158), dividend yield (0.24 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Aarti Industries Ltd?

Aarti Industries Ltd is trading at ₹411.00 as of 21 April 2026, with a FY2026-2027 high of ₹495 and low of ₹338. The stock is currently in the middle of its 52-week range. Market cap stands at ₹14,917 Cr..

How does Aarti Industries Ltd's P/E ratio compare to its industry?

Aarti Industries Ltd has a P/E ratio of 40.2, which is below the industry average of 64.87. This is broadly in line with or below the industry average.

Is Aarti Industries Ltd financially healthy?

Key indicators for Aarti Industries Ltd: ROCE of 6.32 % is on the lower side compared to the industry average of 12.98%; ROE of 6.03 % is below ideal levels (industry average: 25.40%). Dividend yield is 0.24 %.

Is Aarti Industries Ltd profitable and how is the profit trend?

Aarti Industries Ltd reported a net profit of ₹331 Cr in Mar 2025 on revenue of ₹7,271 Cr. Compared to ₹1,186 Cr in Mar 2022, the net profit shows a declining trend.

Does Aarti Industries Ltd pay dividends?

Aarti Industries Ltd has a dividend yield of 0.24 % at the current price of ₹411.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Aarti Industries Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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