Aether Industries Limited (AETHER.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-418.7%

-₹4,812.51

vs ₹1,510.00 price

Levered DCF

-₹5,708.03

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

12.88

Safe zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	66.13×	69.07×	126.54×	89.45×	80.08×	105.22×	182.64×	312.26×
P/B	5.91×	4.91×	5.06×	9.37×	22.56×	42.94×	93.16×	189.18×
P/S	12.51×	13.01×	17.41×	17.82×	14.72×	16.57×	24.1×	36.12×
EV / EBITDA	39.85×	45.76×	79.62×	61.22×	52.78×	67.49×	102.86×	153.9×
Gross margin	37.1%	46.3%	45.9%	51.0%	50.7%	48.2%	47.7%	44.8%
Operating margin	25.6%	41.1%	39.3%	45.6%	46.1%	42.9%	43.1%	39.2%
Net margin	18.9%	18.8%	13.8%	19.9%	18.4%	15.7%	13.2%	11.6%
Current ratio	1.78×	3.25×	4.51×	7.18×	1.69×	1.44×	1.25×	1.08×
Debt / equity	0.19×	0.09×	0.09×	0.01×	0.75×	1.21×	2.2×	3.28×
Interest coverage	16.43×	26.69×	27.68×	58.6×	20.84×	17.14×	13.92×	7.47×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	8.9%	7.1%	4.0%	10.5%	28.2%	40.8%	51.0%	60.5%
Return on invested capital	7.5%	10.4%	7.8%	17.3%	29.4%	37.1%	35.7%	33.7%
Return on assets	6.9%	6.0%	3.4%	9.5%	14.1%	15.7%	13.3%	11.3%
Free cash flow yield	-3.4%	-3.2%	-4.3%	-3.5%	-1.8%	-1.0%	-0.4%	0.1%
Earnings yield	1.5%	1.4%	0.8%	1.1%	1.2%	1.0%	0.5%	0.3%
Enterprise value	₹149.7B	₹111.2B	₹106.2B	₹116.1B	₹90.1B	₹76.9B	₹74.6B	₹74.2B
Net debt / EBITDA	1.2×	0.75×	1.33×	-0.29×	1.68×	1.82×	2.37×	2.62×
Cash conversion cycle (days)	297	344	447	311	217	146	154	145