Financials Aarti Industries Limited NSE India S.E.

Equities

AARTIIND

INE769A01020

Specialty Chemicals

Market Closed - NSE India S.E. Other stock markets 09:59:53 18/05/2024 am IST			5-day change	1st Jan Change
631 ^INR	+0.43%		-5.67%	-2.86%

13/05	Transcript : Aarti Industries Limited, Q4 2024 Earnings Call, May 13, 2024
10/05	Aarti Industries Limited Recommends Final Dividend for the Financial Year Ended March 31, 2024	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,36,338	1,32,741	2,29,388	3,46,644	1,87,850	2,27,798	-	-
Enterprise Value (EV) ¹	1,36,338	1,51,389	2,55,783	3,64,748	2,14,580	2,72,095	2,68,364	2,69,106
P/E ratio	26.5 x	24.8 x	43.8 x	26.5 x	34.5 x	58 x	34.9 x	26 x
Yield	0.7%	0.66%	0.38%	0.37%	0.48%	0.38%	0.38%	0.52%
Capitalization / Revenue	2.72 x	2.87 x	4.57 x	4.95 x	2.84 x	3.79 x	2.79 x	2.36 x
EV / Revenue	2.72 x	3.28 x	5.09 x	5.21 x	3.24 x	4.27 x	3.29 x	2.79 x
EV / EBITDA	14 x	15.5 x	26.1 x	18.9 x	19.7 x	27.9 x	18.7 x	14.9 x
EV / FCF	-237 x	-296 x	-57.9 x	-43.6 x	-1,341 x	-219 x	-43.4 x	115 x
FCF Yield	-0.42%	-0.34%	-1.73%	-2.29%	-0.07%	-0.46%	-2.31%	0.87%
Price to Book	5.01 x	4.46 x	6.55 x	5.87 x	3.82 x	4.56 x	3.85 x	3.41 x
Nbr of stocks (in thousands)	3,46,675	3,48,469	3,48,469	3,62,504	3,62,504	3,62,504	-	-
Reference price ²	393.3	380.9	658.3	956.2	518.2	628.4	628.4	628.4
Announcement Date	21/05/19	25/05/20	18/05/21	27/05/22	08/05/23	10/05/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	50,142	46,207	50,233	70,000	66,190	63,720	81,577	96,429
EBITDA ¹	9,706	9,773	9,815	19,288	10,880	9,760	14,350	18,094
EBIT ¹	7,991	7,921	7,502	16,403	7,780	5,980	10,226	13,239
Operating Margin	15.94%	17.14%	14.93%	23.43%	11.75%	9.38%	12.54%	13.73%
Earnings before Tax (EBT) ¹	6,169	6,762	6,646	15,268	6,110	3,950	7,526	10,507
Net income ¹	4,834	5,361	5,235	13,072	5,450	4,160	6,515	8,756
Net margin	9.64%	11.6%	10.42%	18.67%	8.23%	6.53%	7.99%	9.08%
EPS ²	14.84	15.38	15.02	36.06	15.04	11.49	17.99	24.17
Free Cash Flow ¹	-574.1	-512.3	-4,421	-8,358	-160	-1,240	-6,188	2,330
FCF margin	-1.14%	-1.11%	-8.8%	-11.94%	-0.24%	-1.95%	-7.59%	2.42%
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	12.88%
FCF Conversion (Net income)	-	-	-	-	-	-	-	26.61%
Dividend per Share ²	2.750	2.500	2.500	3.500	2.500	2.413	2.383	3.238
Announcement Date	21/05/19	25/05/20	18/05/21	27/05/22	08/05/23	10/05/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2021 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2024 S2	2025 Q1
Net sales ¹	21,100	11,868	13,468	13,168	15,516	23,760	17,556	19,720	16,850	16,677	16,560	14,140	16,372	16,457	18,685	-	-
EBITDA ¹	4,363	2,850	2,603	3,138	3,098	9,661	3,391	3,693	2,670	2,887	2,520	2,000	2,216	2,686	2,922	5,622	-
EBIT ¹	-	2,267	1,947	2,452	2,387	8,945	2,619	2,828	1,942	2,066	1,680	1,110	1,358	1,783	1,881	-	-
Operating Margin	-	19.1%	14.45%	18.62%	15.38%	37.65%	14.92%	14.34%	11.52%	12.39%	10.14%	7.85%	8.29%	10.83%	10.07%	-	-
Earnings before Tax (EBT) ¹	-	2,094	1,730	2,070	2,208	8,676	2,314	2,334	1,504	1,599	1,350	710	702	1,227	1,399	-	-
Net income ¹	-	1,653	1,361	1,649	1,761	7,725	1,937	1,891	1,245	1,365	1,490	700	750.2	1,031	1,303	-	-
Net margin	-	13.93%	10.11%	12.52%	11.35%	32.51%	11.03%	9.59%	7.39%	8.19%	9%	4.95%	4.58%	6.26%	6.97%	-	-
EPS ²	-	4.745	3.905	4.730	4.860	21.31	5.340	5.220	3.430	3.770	4.100	1.930	2.050	2.986	3.589	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	10/11/20	28/01/21	18/05/21	06/08/21	30/10/21	05/02/22	27/05/22	10/08/22	14/11/22	03/02/23	08/05/23	08/08/23	-	-	-	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	18,649	26,394	18,104	26,730	30,540	40,566	41,308
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	1.908 x	2.689 x	0.9386 x	2.457 x	3.129 x	2.827 x	2.283 x
Free Cash Flow ¹	-574	-512	-4,421	-8,358	-160	-1,240	-6,188	2,330
ROE (net income / shareholders' equity)	22.7%	19.1%	16.2%	27.8%	11.5%	8.15%	11.5%	13.7%
ROA (Net income/ Total Assets)	-	8.8%	7.49%	-	6.64%	4.85%	7%	7.7%
Assets ¹	-	60,952	69,871	-	82,102	85,810	93,074	1,13,716
Book Value Per Share ²	78.40	85.50	101.0	163.0	136.0	146.0	163.0	184.0
Cash Flow per Share ²	-	-	25.00	13.00	36.10	33.30	23.00	34.40
Capex ¹	7,936	11,533	13,148	13,066	13,260	13,280	15,696	11,774
Capex / Sales	15.83%	24.96%	26.17%	18.67%	20.03%	20.84%	19.24%	12.21%
Announcement Date	21/05/19	25/05/20	18/05/21	27/05/22	08/05/23	10/05/24	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Aarti Industries Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

628.4 INR

Average target price

658.5 INR

Spread / Average Target

+4.79%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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