Aarti Industries Ltd. share price target

JV with UPL to commercialize in FY27; gradual ramp-up expected Aarti Industries demonstrated a volume growth of 17% in FY25, however realizations across key products remained subdued, resulting in lower margins. For FY26, the management has guided double-digit volume growth and expects margins to remain stable. The Energy segment, which contributed 36% to the company's topline in FY25 and is largely comprised of MMA, saw sequential improvement in export volumes, although pricing pressure persists due to...

We upgrade Aarti to BUY from Add and revise up our TP by 5% to Rs 525 from Rs 500 (25x Jun-27E EPS, on rollover); the revision is owing to the recent stock price correction and steep rise in gasoline-naphtha cracks which should raise demand for octane boosters and aid volume growth for MMA (Energy business).

multiple product portfolios. EBITDA margin contracted by 160bps YoY to 13.8%. Volumes in dyes, pigments and polymer additives are encouraging, while the agrochemical demand environment remained challenging. As per management, a volume pick-up is seen across the segments, even though the pricing environment remains subdued due to overcapacity....

Aarti Industries’ clocked revenue of Rs. 1,949 crore, marking a 6% q-o?q growth, largely driven by volume recovery across all end applications.

We recommend a BUY on the stock with a target price of Rs 520, implying a 10% upside from the current market price.

ARTO reported revenue of Rs19.5bn reflecting a 6% sequential increase, driven primarily by higher volumes in the dyes, pigments, polymer additives, and energy segment. However, the agrochemical business continues to face challenges. The energy segment, which has the highest contribution to revenue, saw a 21% sequential volume increase, supported by widening in customer base and geographical outreach, however pricing pressure led to lower than historical margins. Management has guided for FY28 EBITDA in the range of Rs1822bn, implying a 30% CAGR over the next three years to be...

We maintain our BUY rating on the stock with a revised target price of 525/share, implying a 16% upside from the CMP.

We maintain our BUY rating on the stock with a revised target price of 540/share, implying a 14% upside from the CMP.

We retain BUY on steep price correction, and cut our TP to Rs675/sh (30x Sep26 EPS). Aarti has posted sequential improvement in EBITDA over the past four quarters.

We maintain our BUY rating on the stock with a revised target price of 815/share, implying an 11% upside from the CMP.

Revenue for Q1FY25 at Rs. 1855 crore, marking a 31% increase y-o-y and a 5% rise quarter-over quarter, surpassing our estimates by 4%.

We recommend a HOLD stance on the company with a target price of Rs 788/share, reflecting an upside potential of 5% from the CMP.

We maintain our BUY rating on the stock with a revised target price of 770/share, implying a 15% upside from the CMP.

Aarti’s Q4 EBITDA at Rs2.8bn (+9% QoQ; +12% YoY) was in line with our
estimates. Management maintained FY25 EBITDA guidance at Rs14.5-17bn and
increased volume guidance to 20-30% from 20-25% on better demand
visibility.

Consequently, we revise our TP to 735/share valuing the company at 35x Sep'26E, implying an 11% upside from CMP.