India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/aarti-industries-limited" target="_blank" data-smartkarma-citation="entities:6583:1" rel="noopener">Aarti Industries (ARTO IN)</a> posted a solid 9% QoQ revenue growth, driven by higher volumes in the energy sector.</li>
<li>The company is navigating external volatility, including US tariffs and geopolitical uncertainty, while maintaining growth through volume recovery and diversification.</li>
<li>The solid volume uptick in key sectors positions Aarti for continued growth in FY26, despite margin pressures.</li>
</ul>



Aarti Industries (ARTO IN) posted a solid 9% QoQ revenue growth, driven by higher volumes in the energy sector.
The company is navigating external volatility, including US tariffs and geopolitical uncertainty, while maintaining growth through volume recovery and diversification.
The solid volume uptick in key sectors positions Aarti for continued growth in FY26, despite margin pressures.


Aarti Industries Q4 FY25 Update: Volume Recovery Drives Sequential Growth

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<li>
<a href="https://www.smartkarma.com/entities/aarti-industries-limited" target="_blank" data-smartkarma-citation="entities:6583:1" rel="noopener">Aarti Industries (ARTO IN)</a> reported Q3 FY25 revenue of Rs. 2,305 crores with 14% QoQ growth, robust volume gains, capacity expansions in MMA and nitro-toluene, and ongoing cost optimizations.</li>
<li>Strong Q3 performance and capacity boosts bolster AIL’s long-term growth prospects, mitigating pricing pressures and forex challenges while fueling diversification into renewables and chemical recycling.</li>
<li>AIL’s strategic investments and diverse product mix signal resilient growth and margin improvements, suggesting a promising long-term outlook despite current short-term forex volatility.</li>
</ul>



Aarti Industries (ARTO IN) reported Q3 FY25 revenue of Rs. 2,305 crores with 14% QoQ growth, robust volume gains, capacity expansions in MMA and nitro-toluene, and ongoing cost optimizations.
Strong Q3 performance and capacity boosts bolster AIL’s long-term growth prospects, mitigating pricing pressures and forex challenges while fueling diversification into renewables and chemical recycling.
AIL’s strategic investments and diverse product mix signal resilient growth and margin improvements, suggesting a promising long-term outlook despite current short-term forex volatility.


External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Volume growing despite pricing pressures: While pricing headwinds impacted margins, AIL posted sequential revenue and EBITDA growth during the quarter.</li><li>The company attributes this performance to its focus on execution and risk mitigation, which led to higher volumes, cost efficiencies, product diversification, and geographic expansion into the US, Europe, and Japan markets.</li><li>Volumes in the non-energy business grew by 14% YoY and 8% QoQ, while the energy business recorded 10% QoQ growth. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Volume growing despite pricing pressures: While pricing headwinds impacted margins, AIL posted sequential revenue and EBITDA growth during the quarter.The company attributes this performance to its focus on execution and risk mitigation, which led to higher volumes, cost efficiencies, product diversification, and geographic expansion into the US, Europe, and Japan markets.Volumes in the non-energy business grew by 14% YoY and 8% QoQ, while the energy business recorded 10% QoQ growth. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Aarti Industries Ltd - Higher Volumes Support Revenue & EBITDA Growth; Maintain BUY

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>We are maintaining a ADD recommendation on Aarti Industries Ltd (AIL with a target price of INR490.</li><li>Revenue and EBITDA are expected to increase 13/24% over FY25-28E. Profitability will be driven by a. commissioning of projects worth INR23-25bn over next 15 months, b. cost optimization measures undertaken, and c. volume growth across products. Gasoline-naphtha spreads have improved in December from the four-year lows in October.</li><li>Export volumes of Mono Methyl Aniline (MMA) surged 105/38% QoQ/YoY in Q3. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</li></ul>

We are maintaining a ADD recommendation on Aarti Industries Ltd (AIL with a target price of INR490.Revenue and EBITDA are expected to increase 13/24% over FY25-28E. Profitability will be driven by a. commissioning of projects worth INR23-25bn over next 15 months, b. cost optimization measures undertaken, and c. volume growth across products. Gasoline-naphtha spreads have improved in December from the four-year lows in October.Export volumes of Mono Methyl Aniline (MMA) surged 105/38% QoQ/YoY in Q3. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Aarti Industries: Positive Outlook with Robust Growth Ahead. Maintain ADD

<ul><li>Volatility in Energy Business shakes growth plans: During the previous quarter, the energy (MMA) business accounted for 41% of overall sales and was a key growth driver, helping the company negate the impact of headwinds in other segments.</li><li>However, the energy segment volumes declined 36% QoQ in Q2FY25 due to a steep drop in gasoline-naphtha spreads.</li><li>The management alluded to the fact that the earlier growth expectations from the energy business may not be fully met due to the volatile nature of the demand for MMA. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Volatility in Energy Business shakes growth plans: During the previous quarter, the energy (MMA) business accounted for 41% of overall sales and was a key growth driver, helping the company negate the impact of headwinds in other segments.However, the energy segment volumes declined 36% QoQ in Q2FY25 due to a steep drop in gasoline-naphtha spreads.The management alluded to the fact that the earlier growth expectations from the energy business may not be fully met due to the volatile nature of the demand for MMA. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Aarti Industries Ltd - Growth Plans Reset & Worst Priced In; Maintain BUY

India

Aarti Industries Limited develops and manufactures basic bulk chemicals, dyes and pigment intermediates, pharmaceuticals and agrochemicals, rubber chemicals, surfactant intermediates, and specialty chemicals. The company sells its products in India and elsewhere throughout the world.

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Aarti Industries (ARTO IN)

Aarti Industries Q4 FY25 Update: Volume Recovery Drives Sequential Growth

Aarti Industries (ARTO IN) sees 9% QoQ revenue growth fueled by energy sector volumes, navigating external challenges for continued growth in FY26.

Sudarshan Bhandari

Aarti Industries Limited: Q3 FY25 Update

Aarti Industries (ARTO IN) reports strong Q3 performance with revenue growth, capacity expansions & cost optimizations, fueling long-term growth...

Sudarshan Bhandari

Aarti Industries Ltd - Higher Volumes Support Revenue & EBITDA Growth; Maintain BUY

Volume growing despite pricing pressures: While pricing headwinds impacted margins, AIL posted sequential revenue and EBITDA growth during the...

Axis Direct

Aarti Industries: Positive Outlook with Robust Growth Ahead. Maintain ADD

Revenue and EBITDA are expected to increase 13/24% over FY25-28E. Profitability will be driven by a. commissioning of projects worth INR23-25bn...

HDFC Securities

Aarti Industries Ltd - Growth Plans Reset & Worst Priced In; Maintain BUY

The management alluded to the fact that the earlier growth expectations from the energy business may not be fully met due to the volatile nature of...

Axis Direct

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Aarti Industries Q4 FY25 Update: Volume Recovery Drives Sequential Growth

​Aarti Industries (ARTO IN) sees 9% QoQ revenue growth fueled by energy sector volumes, navigating external challenges for continued growth in FY26.

Sudarshan Bhandari

Aarti Industries Limited: Q3 FY25 Update

​Aarti Industries (ARTO IN) reports strong Q3 performance with revenue growth, capacity expansions & cost optimizations, fueling long-term growth...

Sudarshan Bhandari

Aarti Industries Ltd - Higher Volumes Support Revenue & EBITDA Growth; Maintain BUY

Volume growing despite pricing pressures: While pricing headwinds impacted margins, AIL posted sequential revenue and EBITDA growth during the...

Axis Direct

Aarti Industries: Positive Outlook with Robust Growth Ahead. Maintain ADD

Revenue and EBITDA are expected to increase 13/24% over FY25-28E. Profitability will be driven by a. commissioning of projects worth INR23-25bn...

HDFC Securities

Aarti Industries Ltd - Growth Plans Reset & Worst Priced In; Maintain BUY

The management alluded to the fact that the earlier growth expectations from the energy business may not be fully met due to the volatile nature of...

Axis Direct

Aarti Industries (ARTO IN) sees 9% QoQ revenue growth fueled by energy sector volumes, navigating external challenges for continued growth in FY26.

Aarti Industries (ARTO IN) reports strong Q3 performance with revenue growth, capacity expansions & cost optimizations, fueling long-term growth...