Every listed Indian specialty chemicals company covered here — Aarti, Acutaas, Deepak Nitrite, Gujarat Fluorochemicals, Navin Fluorine, PI Industries, SRF — against Aether, on the same numbers from the same filings. Click a column to rank by it. Tick up to three and press Compare for the full side-by-side.
| Company | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| 1 | ₹75.2k Cr | 41.0× | 7.4% | 21.6% | 14.1% | 1.6× | 0.4× | -12.9% | |
| 2 | ₹49.3k Cr | 87.8× | 5.5% | 25.8% | 9.7% | 1.4× | 0.3× | 15.4% | |
| 3 | ₹43.3k Cr | 65.2× | 41.1% | 32.6% | 21.2% | 1.8× | 0.3× | 79.0% | |
| 4 | ₹36.6k Cr | 27.7× | -15.8% | 25.8% | 15.9% | 0.8× | 0.0× | -34.3% | |
| 5 | ₹26.3k Cr | 73.9× | 33.0% | 35.9% | 32.3% | 1.0× | 0.0× | 120.1% | |
| 6 | ₹22.0k Cr | 40.0× | -4.8% | 12.5% | 11.4% | 1.0× | 0.3× | -10.9% | |
| vs | 7Aether | ₹21.8k Cr | 99.4× | 38.3% | 31.3% | 11.6% | 0.5× | 0.2× | 118.7% |
| 8 | ₹18.0k Cr | 42.9× | 14.0% | 14.1% | 6.9% | 2.8× | 0.8× | 27.3% |
Market cap, P/E and the 12-month return move with the market and are dated to the last close. Every other column is the last full financial year. n/m — loss-making, so the multiple means nothing. A dash means not recorded, which is not the same as nil.
| Metric | AETHER | SRF |
|---|---|---|
| What you pay22 Sept 2026 | ||
| Share price | ₹1,643.50 | ₹2,538.30 |
| Market cap | ₹21,809 Cr | ₹75,235 Cr |
| P/E | 99.38× | 41.00× |
| P/B | 8.88× | 5.36× |
| P/S | 18.80× | 4.77× |
| 12-month return | 118.7% | -12.9% |
| SizeFY26 | ||
| Revenue | ₹1,160 Cr | ₹15,787 Cr |
| PAT | ₹219 Cr | ₹1,835 Cr |
| Net worth | ₹2,456 Cr | ₹14,043 Cr |
| Gross block | ₹1,506 Cr | ₹13,926 Cr |
| GrowthFY26 | ||
| Revenue growth | 38.3% | 7.4% |
| Revenue CAGR (3y) | 21.2% | 2.0% |
| PAT CAGR (3y) | 18.9% | -5.3% |
| What it keepsFY26 | ||
| EBITDA margin | 31.3% | 21.6% |
| PAT margin | 18.9% | 11.6% |
| ROCE | 11.6% | 14.1% |
| ROE | 8.9% | 13.1% |
| CFO / PAT (3y) | 0.49× | 1.61× |
| What it owesFY26 | ||
| Net debt | ₹452 Cr | ₹4,472 Cr |
| Debt / equity | 0.19× | 0.36× |
| CWIP | ₹506 Cr | ₹1,889 Cr |
| Debtor days | 123 days | 59 days |
| Who owns itFY26 | ||
| Promoter holding | 74.9% | 50.3% |
| Institutional holding | 17.9% | 37.9% |
Every figure comes from the same filings the company pages are built from. A dash means the figure is not recorded, which is not the same as nil.
Aether is a Surat contract chemistry business, thirteen years old and listed since 2022, working three ways: research and manufacturing for a client, dedicated exclusive manufacturing under long-term contracts, and its own large-scale molecules. The first two are 60% of revenue and management wants 70% within a couple of years. Revenue was ₹1,160 crore for the year, up 38%, at a 31.3% EBITDA margin — but return on capital was 11.6%, on a base that has grown from ₹678 crore to ₹2,914 crore in four years.
SRF is four businesses, and one of them earns three-quarters of the profit. Chemicals — refrigerants, industrial chemicals, fluoropolymers and made-to-order intermediates — was ₹7,779 crore of ₹15,787 crore of revenue, 49.3% of the total and 75.2% of segment profit at a 29.1% EBIT margin. Performance films and foil was ₹5,764 crore at 8.8%. Sixteen plants across India, Thailand, South Africa and Hungary, half of turnover earned overseas, and 14.1% on capital employed for the group as a whole.
Built, every rupee of it. Gross block went ₹853 crore, ₹1,117 crore, ₹1,506 crore across three years — a third more each year — with another ₹506 crore of construction earning nothing yet and ₹335 crore of capital contracts signed and not executed. The sites have names: Catalyst for research, Genesis and Ascend for own and contract products, Strata belonging to Baker Hughes, and Magnum at Panoli, sixteen production blocks and ₹2,200–2,300 crore, phased to FY2030.
No acquisitions at all, and most of last year's spending has not started earning. It spent about ₹1,820 crore while gross block moved 1.5% — the money went into capital work in progress, which more than doubled to ₹1,889 crore. At a new site in Odisha: a 20,000-tonne plant for fourth-generation refrigerants, a 30,000-tonne anhydrous hydrogen fluoride plant, a specialty fluoropolymers facility, and HFC capacity beyond 65,000 tonnes.
A family with four of its members on the executive board, holding three-quarters of the company and having pledged none of it. Ashwin Desai is managing director, with Purnima, Rohan and Aman Desai whole-time directors, on a board of twelve — four executive, two non-executive, six independent. The senior professional roles went outside: the chief technology officer spent thirty years at Dow. The auditor is a Surat firm rather than one of the big four, and the family is paid ₹6.7 crore between them.
Two brothers run it, with their father as chairman emeritus, and the stake that controls it sits in a separately listed company above them. Ashish Bharat Ram is chairman and managing director, Kartik Bharat Ram joint managing director, Arun Bharat Ram chairman emeritus. The board is ten with six independents. The group underneath is simple for its size — eight subsidiaries, every one wholly owned — while above it KAMA Holdings is the holding company and the ABR Family Trust the ultimate holding entity.
On 30 July 2026 Dow made Aether its exclusive Indian research partner for new ways of manufacturing silicones — a class of material India imports almost entirely.
Aether Industries · Q1 FY27
Contract and dedicated manufacturing are now 60% of revenue; management wants 70% within a couple of years.
Aether management · Q1 FY27
Planned capital spending for FY27 is ₹2,500 crore, with 75% to 80% of it in chemicals.
SRF management · Q1 FY27
A ₹490 crore BOPP expansion has been deferred indefinitely.
SRF management · Q1 FY27
Closing prices to 22 Sept 2026, adjusted for bonuses and splits. Dividends are not counted. This is what happened, not what will.
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