Interim report
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October 30, 2026 To, Listing/Compliance Department BSE LTD. Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001. BSE Code : 524208 To, Listing/Compliance Department National Stock Exchange of India Limited “Exchange Plaza”, Plot No. C/1, G Block Bandra - Kurla Complex, Bandra (E), Mumbai – 400 051. NSE Symbol : AARTIIND Dear Sir/Madam, Sub.: Unaudited Standalone and Consolidated Financial Results for the quarter and half year ended September 30, 2026. Ref.: Regulation 33 & 52( 4) of the SEBI (LODR) Regulations, 2015. We wish to inform you that the Board of Directors of the Company at its meeting held today i.e. Friday, October 30, 2026, inter-alia, considered and approved the Unaudited Standalone and Consolidated Financial Results for the Quarter and Half Year ended September 30, 2026, upon recommendation of the Audit Committee. In this regard, we enclose: Statement showing the Unaudited Financial Results, Statement of Assets and Liabilities, Cash Flow Statement, Limited Review Report by the Statutory Auditors. The Meeting of the Board of Directors commenced at 2:00 pm and concluded at 5:30 pm. Please take note of the same on your record. Thanking you, Yours faithfully, For AARTI INDUSTRIES LIMITED RAJ SARRAF COMPANY SECRETARY ICSI M. NO. A15526 Encl.: as above.
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AARTI ® INDUSTRIES UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTERMBER, 2026 (et: In Crs) Sr. No. Particular s 1 INCOME Revenue from Operations (Gross) Less: GST Collected a)Revenue from Operations (Net) b)Other Income Total Income 2 EXPENSES a)Cost of Materials Consumed b)Purchases of Stock-in-Trade c)Changes in Inventories of Finished Goods, Work -in-progress and Stock-in-Trade d)Employee Benefits Expense e)Finance Costs f)Depreciation and Amortisation Expenses g)Foreign Exchange (Gain)/Loss on trade (on net basis) h)Other Expenses Total Expenses 3 Profit/(Loss) before Exceptional Items and Tax (1-2) 4 Exceptional Items Gain/(Loss) (refer note no.8) 5 Profit/(Loss) before Tax (3-4) 6 TAX EXPENSES a)Current Year Tax b)Earlier Year Tax c)MAT Credit Utilised/(Entitlement) d)Deferred Tax Total Tax Expenses 7 Net Profit/(Loss) from Ordinary Activities after Tax (5-6) 8 Share of Profit/(Loss) of Associates/Joint Ventures 9 Net Profit/(loss) for the period (7-8) 10 Proflt/(lo ss) for the period attributabl e to a)Owners of the Company b)Non Controlling Interest 11 Other Comprehensive Income - Items that will not be reclassified to Profit/Loss statement (net of taxes) - Items that wil l be reclassified to Profit/Loss statement (net of taxes) 12 Total Comprehensive Income for the period (Comprising Profit (Loss) and Other Comprehensive Income for the period) (10+11) 13 Earnings per Equity share: (In Rs) (1) Basic (2) Diluted 14 Paid-up Equity Share Capital (Face Value of Rs. 5/-each) 15 Reserve excluding Revaluation Reserves as per Balance Sheet of previous Accounting Year Standalone Result 3 Months Ended Half Year Ended Year Ended 30th Sep 2026 30th Jun 2026 30th Sep 2025 30th Sep 2026 30th Sep 2025 31st Mar 2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) 4,160 218 3,942 5 3,947 2,569 149 160 124 88 125 13 474 3,701 246 (5) 241 38 19 (2) 55 186 186 186 (O) 186 5.13 5.13 181 2,481 240 2,241 3 2,244 1,648 74 (315) 119 82 124 (47) 395 2,080 163 0 163 18 1 19 144 144 144 14 158 3.98 3.97 181 2,235 150 2,085 1 2,086 1,317 55 (5) 104 99 120 13 316 2,020 66 22 88 15 (3) (15) (10) (13) 101 101 101 (11) 90 2.77 2.77 181 6,641 458 6,183 8 6,191 4,217 223 (155) 243 170 248 (33) 869 5,781 410 (5) 405 56 19 (1) 74 330 330 330 13 344 9.11 9.10 181 4,063 342 3,721 5 3,727 2,377 117 (39) 213 159 234 (3) 562 3,619 108 22 130 23 (3) (23) (12) (14) 144 144 144 (8) 136 3.98 3.97 181 9,155 732 8,422 8 8,430 5,258 402 (161} 420 339 473 (19) 1,360 8,071 359 6 . 365 64 (3) (64) (54) (57} 422 422 422 (42) 381 11.65 11.64 181 5,791 ~ ;J. & S,4~ ,r/()s f@ ~ 'f<-:\ \ (;<<::> --... ) . l rt M~'lAI 1 1 i • ~ ) :.l) \~)--.-<, {_j:;:_ ~ ~ ~-~::ilidl:;i;:A :=:t~,/ = - . "-."'-..'l?ro ACC()'VJ ~~ www.aarti-industries.com I CIN: L24110GJ1984PLC007301 I mfo@aart1 mdus .. --.. m Admin Office: 71, Udyog Kshetra, 2nd Floor, MGLR, Mulund (W), Mumbai, MH - 400 080, IN J Tel: +91 22-67976666 I Fax : +91 22-259 04806 Regional Office: Tower C, 4th Floor, 247 Embassy Park, LBS Marg, Vikhroli (W), Mumbai, MH -400 083, IN I Tel: +91 22 69436100 Registered Office: Plot No.801/23, GIDC, Phase Ill, Vapi, Dist. Valsad, GJ - 396 195, IN I Tel: +91 260 2400366
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AARTI ® INDUSTRIES UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTERMBER, 2026 (" In Crs) Sr. No. Particulars 1 INCOME Revenue from Operations (Gross) Less: GST Collected a)Revenue from Operations (Net) b)Other Income Total Income 2 EXPENSES a)Cost of Materials Consumed b)Purchases of Stock-in-Trade c)Changes in Inventories of Finished Goods, Work-in-progress and Stock-in-Trade d)Employee Benefits Expense e)Finance Costs f)Depreciat ion and Amortisation Expenses g)Foreign Exchange {Gain)/Loss on trade (on net basis) h)Other Expenses Total Expenses 3 Profit/(Loss) before Exceptional Items and Tax (1-2) 4 Exceptional Items Gain/(Loss) (refer note no.8) 5 Profit/(Lo ss) before Tax (3-4) 6 TAX EXPENSES a)Current Year Tax b)Earlier Year Tax c)MAT Credit Util ised/{Entitleme nt) d)Deferred Tax Total Tax Expenses 7 Net Profit/(Loss) from Ordinary Activitie s after Tax (5-6) 8 Share of Profit/(Loss) of Associates/Joint Ventures 9 Net Profit/(lo ss) for the period (7-8) 10 Profit/(loss) for the period attributable to a)Owners of the Company b)Non Contro lling Interes t 11 Other Comprehensive Income - items that will not be reclassified to Profit/ Loss statement (net of taxes) - Items tha t will be reclassified to Profit/Loss statement (net of taxes) 12 Total Comprehensive Income for the period (Comprising Profit (Loss) and Other Comprehensive Incom e for the period) (10+11) 13 Earnings per Equity share: (In Rs) (1) Basic (2) Diluted 14 Paid-up Equity Share Capital (Face Value of Rs. 5/-each) lS Reserve excluding Revaluation Reserves as per Balance Sheet of previous Accounting Year Consolidated Result 3 Months Ended Half Year Ended Year Ended 30th Sep 2026 30th Jun 2026 30th Sep 2025 30th Sep 2026 30th Sep 2025 31st Mar 2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) 3,887 218 3,668 7 3,676 2,569 328 (266) 124 88 125 13 490 3,471 204 204 46 19 (30) 34 170 (2) 169 168 0 2 0 170 4.65 4.65 181 2,627 240 2,387 3 2,390 1,647 190 (305) 120 83 124 (46) 399 2,211 178 2 180 24 1 25 155 0 155 155 1 14 170 4.27 4.26 181 2,250 150 2,100 0 2,101 1,317 77 (19) 105 100 120 15 314 2,029 72 22 93 15 (3) (15) (10) (12) 106 106 106 0 (12) 94 2.91 2.91 181 6,513 458 6,055 10 6,065 4,216 519 (571) 244 171 249 (33) 889 5,683 383 2 384 70 19 (29) 59 325 (2) 324 323 0 2 15 340 8.92 8.91 181 4,118 342 3,776 4 3,780 2,377 150 (30) 214 159 235 (1) 563 3,666 113 22 135 23 (3) (23) (12) (14) 149 {O) 149 149 (7) 142 4.11 4.10 181 9,018 732 8,286 5 8,291 5,257 600 (508) 422 340 474 (16) 1,364 7,933 358 6 • 365 66 (2) (64) (54) (54) 419 (0) 419 419 (0) (42) 377 11.56 11.56 181 5,774 \ Cl /!? - ; r-1\ /&r ,yf)~~ //~~ / ;' MUMBAI ~ ~~vl~ \~.,.. ~// - r, I ;;:11 ======================================~~,~~~~~T~~-~ ~~~~ . . . - t,, * ~~ www.aart1-mdustrres.com I CIN. L24110GJ1984PLC007 301I mfo@aarti-industrres.com ~ Admin Office: 71, Udyog Kshetra, 2nd Floor, MGLR, Mulund (W), Mumbai, MH - 400 080, IN I Tel: +91 22-67976666 I Fax : +91 22-259 04806 Regional Office: Tower C, 4th Floor, 247 Embassy Park, LBS Marg, Vikhroli (W), Mumbai, MH - 400 083, IN I Tel: +91 22 69436100 Registered Office : Plot No.801/23, GIDC, Phase Ill, Vapi, Dist. Valsad, GJ - 396 195, IN I Tel: +91 260 2400366
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AARTI ® INDUSTRIES 1 ~:~~~~ve Results for the quarter and Half year ended September 30, 2026, have been reviewed by the Audit Committee and approved by the Board of Directo rs in their respective meetings held on October 30, 2026 2 The Company has only one reportab le segment i.e. Specialty Chemicals. . . . 3 The company has retained its Long Term Issuers & Bank Facilities credit ratings of AA/Negative from Crisil Limited and India Ratings and Research Private L1m1ted. 4 The company has repaid commercial Papers on their respective due dates. The Commercial Papers (Listed) outstanding as on September 30, 2026 was" 600 Crs._ The commercial papers (Short Term Debt) have been rated by Crisil Limited and India Ratings and Research Private Limited and assigned 1s Al+ rating by both the rating agencies. 5 Due date and actual date of repayment of princioa l amount for Commercial Paper issued during the period April 1, 2026 to September 30, 2026 are as per below table: Due Date of Payment Actual Date of payment Redemption ISIN (Amount in Crs) INE769A14AG2 August 12, 2026 August 12, 2026 75 INE769A14AHO August 21, 2026 August 21, 2026 75 INE769A14Al8 September 7, 2026 September 7, 2026 150 INE769A14AJ6 September 10, 2026 September 10, 2026 150 INE769A14AK4 September 15, 2026 September 15, 2026 150 INE769A14AL2 November 17, 2026 75 (issuep on August 19, 2026) INE769A14AMO December 8, 2026 150 (issued on September 9, 2026) INE769A14AN8 December 10, 2026 225 (issued on September 11, 2026) INE769A14A06 December 17, 2026 - 75 (issued on September 18, 2026) INE769A14AP3 December 21, 2026 75 (issued on Septembe r 24, 2026) - 6 A total of 14,669 nos. of Equity Shares of~ 5/- each were issued and allotted under the 'Aarti Industries Limited Performance Stock Option Plan 2022' ("PSOP 2022") during the quarter ended September 30, 2026. Consequently, the Issued and paid-up Share Capital of the Company stands increased to "1,81,37,06,820/ · as on September 30, 2026. 7 As on September 30, 2026, the Company has 7 (Seven) direct subsidiaries, namely, Aarti Corporate Services Limited, Innovative Envirocare Jhagadia Limited, Aarti Polychem Private Limited, Aarti Bharuch Limit ed, Aarti Circularity Limited, Alchemie (Europe) Limited and Aarti Chemical Trading - FZCO and one indirect subsidiary namely Aarti Chem Trading USA INC. ((through Its Holding Company: Aarti Chemical Trading - FZCO) and 2 (Two) Joint Venture namely Augene Chemical Private Limited. & Re Aarti Private Limited (indirect through Aarti Circularity Limited) 8 Exceptional Items comprises of below matters : Recognised in current period: a) During the quarter ended September 30, 2026, Aarti Bharuch Limited, a who lly owned subsidiary of the Company, converted Optiona lly Convertible Debentures (OCDs) of face value 'I: 100 each into 34,01,361 Equity Shares of face value SI: 10 each at a premium of SI: 137 per share issued to AIL. As a result, the carrying value difference of 'I: 5 Crs being non-recurrin g In nature is reported under exceptiona l item. b) During the quarter ended June, 2026 and half year ended September, 2026, Aarti Corporate Services Limited ("ACSL") divested its Subsidiary company Shanti Intermediates Private Limited ("SIPL") for a consideratio n of 'I: 2 Crs. Recognised In previous period: For the quarter, half year ended September 30, 2025 and year ended March 31, 2026, a) The Company has received orders granting relief on historic income tax appeals for a several years viz AY 2010-11 to A.Y. 2016-17 & 2019-20 As a result, an interest income of 'I: 29 Crs has accrued in favour of the Company. Further the tax relief in respect of these prior periods, net of MAT adjustment, of O: 3 Crs has also been provided under the head of "Tax expenses" . b) The Company had earlier, advanced" 7 Crs to an Infrastructure NBFC entity/ deve loper as an advance payment fo r purchase of industria l land parcel in the state of Gujarat for its future growth requirements. Since the said NBFC having run into financial stress and also that the land parcels are stuck under dispute, the Company, on a conservative basis, has taken a provision for this advance paid . The same not being a regular business related transaction, is being treated as an exceptiona l Item . c) The Government of India has consolidated existing labou r legislations Into a unified framework comprising four labour codes (the new labour codes) on November 21, 2025. Accordingly, the Company has assessed the impact of these changes and, based on certain estimates and an actuarial valuation, has made an incremental provision of" 15 Crs under statutory impact of new labour codes in exceptiona l items head in the standalone and consolidated audited Financial Results of March, 2026, considering informat ion available. www.aarti-industries.com I CIN: L24110GJ1984PLC007301I info@aarti-industries.com Admln Office: 71, Udyog Kshetra, 2nd Floor, MGLR, Mulund (W), Mumbai, MH - 400 080, IN I Tel: +91 22-67976666 I Fax : +91 22-259 04806 Regional Office: Tower C, 4th Floor, 247 Embassy Park, LBS Marg, Vikhroli (W), Mumbai, MH - 400 083, IN I Tel: +91 22 69436100 Registered Office: Plot No.801/23, GIDC, Phase Ill, Vapl, Dist. Valsad, GJ - 396 195, IN I Tel: +91 260 2400366
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AARTI ® INDUSTRIES 9 Ratios: Standalone Result 3 Months Ended Half Year Ended Year Ended Particulars 30th Sep 2026 30th Jun 2026 30th Sep 2025 30th Sep 2026 30th Sep 2025 31st Mar 2026 Operat ing Margin(%) 10.90% 14.76% 12.71% 12.35% 12.19% 12.70% (EBIDTA-Other lncome)/(G ross Revenue) Net Profit Afte r Tax (in Crs) 186 144 101 330 144 422 Net Profit Margin (%) 4.47% 5.82% 4.50% 4.98% 3.55% 4.61% (PAT)/(Gross Revenue) Debt Service Coverage Ratio (EBIT+Exceptional Items)/ (Interest 2.76 2.20 0.89 2.49 0.78 1.46 Exp+Principal Repayments during t he period) Interest Service Coverage Ratio (Earnings before Interest and Tax/In terest 4.15 3.15 1.69 3.66 1.71 2.12 Expenses for the period) Net Worth (in Crs) 6,285 6,133 5,723 6,285 5,723 5,973 (Equity Share Capital+Othe r Equit y) > Net Debt-Equity Ratio 0.80 0.83 (Total Net Debt)/( Total Equ ity) 0.67 0.80 0.67 0.75 Capital Redemptio n Reserve (in Crs) - - - - - - Current Ratio 0.84 0.81 (Current Assets)/(Current Liabiliti es) 0.77 0.84 0.77 0.83 Long Term Debt to Working Capital* (Net Non-Current Borrowings Including Current Maturities of Non-current - - - - - " Borrow ings)/ (Current Assets - Current Liabilities excluding current Maturities of Non-current Borrowi ngs) Bad Debts to Account Receivable Ratio 0.00 0.00 (Bad Debts)/(Average Trade Receviables) 0.00 0.00 0.00 0.00 Current Liability Rat io 0.73 0.71 (Total Current Liabilities)/(Total Liabilities) 0.65 0.73 0.65 0.68 Tota l Debts to Total Assets (Total Debts)/(Tota l Assets) 0.36 0.39 0.34 0.36 0.34 0.37 Debtors Turnover Ratio (Value of Sales & Services)/ (Average Trade 7.04 5.20 7.75 5.72 7.69 6.73 Receivables) Inventory Turnove r Rat io (Cost Of Goods 5old)/(Average Inventories 7.48 4.31 of Finished Goods,Stock-in-Process and 5.12 6.85 4.60 4.92 Stock-in-Trade www.aarti-industries .com I CIN: L24110GJ1984PLC007301 I info@aarti -industries.com Admin Office: 71, Udyog Kshetra, 2nd Floor, MGLR, Mulund (W), Mumbai, MH - 400 080, IN I Tel: +91 22•67976666 I Fax : +91 22-259 04806 Regional Office: Tower C, 4th Floor, 247 Embassy Park, LBS Marg, Vikhroli (W), Mumbai, MH - 400 083, IN I Tel: +91 22 69436100 Registered Office: Plot No.801 /23, GIDC, Phase Ill, Vapi, Dist. Valsad, GJ - 396 195, IN I Tel: +91 260 2400366
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9 AARTI ® INDUSTRIES Ratios: Consolidated Result Particulars 3 Months Ended Half Year Ended Year Ended 30th Sep 2026 30th Jun 2026 30th Sep 2025 30th Sep 2026 30th Sep 202S 31st Mar 2026 Operating Margin {%) 10.56% 14.54% 12.94% 12.16% 12.22% 12.95% (EBIDTA-Other lncome)/(Gross Revenue) Net Profit After Tax (in Crs) 170 155 106 325 149 419 Net Profit Margin (%) 4.39% 5.89% 4.70% 4.99% 3.62% 4.65% (PAT}/(Gross Revenue) Debt Service COV/!rage Ratio (EBIT+Exceptional Items}/ (Interest 2.36 2.33 0.92 2.36 0.79 1.46 Interest Service Coverage Ratio (Earnings before Interest and Tax/ Intere st 3.49 3.34 1.75 3.47 1.75 2.11 Expenses for the period) Net Worth (in Crs) 6,265 6,127 (Equity Share Capital+Other Equity) 5,712 6,265 5,712 5,955 Net Debt-Equity Ratio .... 0.74 0.80 (Total Net Debt)/(Total Equity) 0.66 0.74 0.66 0.72 Capital Redemption Reserve (in Crs) - - - - - - Current Ratio (Current Assets)/(Current Liabilitie s) 0.83 0.82 0.78 0.83 0.78 0.83 Long Term Debt to Working Capital• (Net Non-Current Borrowings Including Current Maturities of Non-current -- - - - - Borrowings)/ (Current Assets-Current Liabilities excluding current Maturities of Non current Borrowings) Bad Debts to Account Receivable Ratio 0.00 0.00 0.00 0.00 0.00 0.00 (Bad Debts)/(Average Trade Receviables) Current Liability Ratio 0.74 0.71 0.67 0.74 0.67 0.69 (Total Current Liabilities)/(Tota l Liabilities) . Total Debts to Total Assets 0.36 0.38 0.34 0.36 0.34 0.37 (Total Debts)/(Total Assets) Debtors Turnover Ratio (Value of Sales & Services)/ (Average Trade 9.57 7.12 7.72 8.39 7.89 8.24 Receivables} Inventory Turnover Ratio (Cost Of Goods Sold)/ (Average Inventories of Finished Goods,Stock-in-Process and Stock-in- 5.04 3.63 4.95 4.64 4.45 4.05 Trade) • Long term debt to work ing capital ratio is not meaningfu l for the company due to negative working capita l arising from its business operations. Current ratio is provided as an alternative liquidity metrics. 10 The figures for the previous period have been regrouped or rearranged wherever necessary. 11 The aforesaid unaudited Financia l Results will be uploaded on the Company's website www.aarti- industries .com and will also be available on the website of BSE Limited www.bseindia.com and the National Stock Exchange of India Limited www.nseindia.com for the benefit of the shareholders and investors. Place: Mumbai Date: October 30, 2026 foe MRµ LIMITED SUYOG KALYANJI KOTECHA MANAGING DIRECTOR & CEO DIN: 10634964 www.aarti-industrles.com I CIN: L24110GJ1984PLC007301 I info@aarti-industrles.com Admin O~lce: 71, Udyog Kshetra, 2nd Floor, MGLR, Mulund (W), Mumbai, MH - 400 080, IN I Tel: +91 22-67976666 I Fax : +91 22-259 04806 Regional Office: Tower C, 4th Floor, 247 Embassy Park, LBS Marg, Vikhroli (W), Mumbai, MH - 400 083, IN I Tel: +91 22 69436100 Registered Office: Plot No.801/23, GIDC, Phase Ill, Vapi, Dist. Valsad, GJ - 396 195, IN I Tel: +91 260 2400366
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AARTI ® INDUSTRIES Standalone and Consolidated Statement of Assets and Liabilities (" In Crs) Standalone Consolidated Particu lars As at 30th As at 31st As at 30th As at 31st Sept, 2026 March, 2026 Seot, 2026 March, 2026 ASSETS Non-Current Assets Property, Plant and Equipment 6,200 6,221 6,242 6,265 Capital Work-In-Progress 2,222 2,030 2,222 2,030 Right of use Assets 31 37 31 37 Intang ible Assets 95 97 95 97 Intangible Assets under Development 182 157 182 157 Financial Assets: Investments 225 189 161 132 Loans and Advances 8 7 17 10 Deferred Tax Assets (Net & incl of MAT Credit) 280 304 309 304 Other Non-Current Assets 86 79 86 80 Total Non-Current Assets 9,329 9,121 9,345 9,112 Current Assets Inventories .... 1,484 1,297 2,266 1,732 Financial Assets i) Trade Receivables 2,777 1,864 1,701 1,403 ii) Cash and Cash Equivalents 122 410 468 583 iii) Bank Balances other than (ii) above 26 25 27 26 iv) Loans and Advances 5 5 5 5 Others Financial Assets 39 35 40 35 Current Tax Assets (Net) 13 13 Other Current Assets 425 389 426 389 Tota l Current Assets 4,87B 4,038 4,933 4,187 TOTAL ASSETS 14 208 13 159 14 279 13 299 EQUITY AND LIABILITIES EQUITY Equity Share Capital 181 181 181 181 Other Equity 6,104 5,791 6,083 5,774 Non Controlling Interest - 1 0 Total Equity 6,285 5,972 6,265 5,955 LIABILITIES Non-Current Liabilities Financial Liabilities: i)Borrowlngs 2,005 2,188 2,005 2,188 ii) Lease Liabilities 29 34 29 34 Other Non Current Liabilities 51 70 51 70 Non Current Provisions 15 14 15 14 Total Non-Current Liabilities 2,100 2,305 2,100 2,306 Current Liabilities Financial Liabilities: i)Borrowings 3,142 2,732 3,142 2,733 ii) Lease Liabilit ies 10 11 10 11 lll)Trade Payables due to: Micro and Small Enterprises 40 57 40 57 Other than Micro and Small Enterprises 2,296 1,634 2,372 1,783 iv)Other Financial Liabilities 252 370 252 370 Current Ta~ Liabilities (Net) 15 29 Other Current Liabilities 65 64 65 69 Current Provisions 4 14 4 15 Total Current Liabilities 5,823 4,882 5,914 5,038 Total Liabilities 7,923 7,187 8,014 7,344 TOTAL EQUITY AND LIABILITIES 14 208 13 159 14 279 13 299 Note:- 1 The figures for the previous period have been regrouped or rearranged wherever necessary . Place: Mumbai Date: October 30, 2026 For AARTI INDUSTRIES LIM ITED suv~±TECHA MANAGING DIRECTOR & CEO DIN: 106349 64 www.aartl•industries.com I CIN: L24110GJ1984PLC007301 I info@aarti-industries.com Admin Office: 71, Udyog Kshetra, 2nd Floor, MGLR, Mulund (W), Mumbai, MH - 400 080, IN I Tel: +91 22-67976666 I Fax : +91 22-259 04806 Regional Office: Tower C, 4th Floor, 247 Embassy Park, LBS Marg, Vikhroli (W), Mumbai, MH - 400 083, IN I Tel: +91 22 69436100 Registered Office: Plot No.801/23, GIDC, Phase Ill, Vapi, Dist. Valsad, GJ - 396 195, IN I Tel: +91 260 2400366
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AARTI ® INDUSTRIES Cash Flow Statement for the half year ended 30th Septembe r, 2026 (0: In Crs) Standalone Consolidated Sr. No. Particulars 30th Sept 2026 30th Sept 2025 30th Sept 2026 30th Sept 2025 A. Cash Flow from Operating Activities: 113 Net Profit before Tax and Exceptional/Extraordinary Items 410 108 383 Adiustments tor: Finance Costs 170 159 171 159 Depreciation and Amort isatio n Expenses 248 234 249 235 Unrealised Foreign Exchange adjustment {14) {6} (16) (7) Bad debts and balances written off, allowance for expected credit 6 13 6 13 losses Employee Performance Stock Option Plan (PSOP 2022) Cost 6 5 6 5 Loss on Sale of Assets 1 0 1 0 Other Exceptional Items - 22 22 826 534 799 539 Interest Income (5) (5) (4) (4) Other Income _., (3) (0) (6) (0) Operating Profit before Work ing Capital Changes 818 528 789 536 Movements in operating non current Assets/liab (23) {8) (23} (17) Adiustments [or: (lncrease}/Decrease in Trade and Other Receivables (958) (435) (343} {553} lncrease/(Decrease} in Trade Payables and Other Current Liabili ties 682 175 611 209 (lncrease}/Decrease in Invento ries (187} 192 (534) 200 (lncrease}/Decrease in Operating Assets (41} 60 (41} 38 lncrease/(Decrease) in Operating Liab (29} (19) (35) 160 Cash Generated from Operations 262 492 425 573 Direct Taxes Paid/Direct Tax Refund Received (Net} (28) (24) (27) (25) Net Cash Flow from Operating Activities (A) 234 468 398 548 B. Cash Flow from Investing Activities: Addit ion to Property, Plant & Equipment/Capital WIP {513) (581) (512) (583) Sale/Scrap of Property, Plant & Equipment 2 2 2 2 Loans and Advances (Non Current) {1) 0 (7) (0) (lncrease}/Decrease in Other Bank Balance {1} 71 (1) 71 Investment in Subsidiary companies/ Joint Venture (37) (19) (28) (9) (lncrease)/Decrease in Other Investments (0) (18) 4 {18) Interest Income 1 5 2 4 Other Income 3 0 6 0 Net Cash Flow from Investing Activities (B) (545) (540) (534) (534) C. Cash Flow from Financing Activities: Repayment of Long-Term Borrowings (72) (183} {72} (179} Proceeds/(Repayment} of Other Borrow ings 301 271 300 267 Application Money Received from issue of Eq. Share under ESOP 0 0 0 0 Scheme Principal Repayment of Lease Liability (7) (5) (7) (5) Finance Costs (163} (114) (164) (115) Dividend Paid {36) (36) (36} (36) Net Cash Flow from Financing Activities (C) 24 (68} 21 (69) Net lncrease/(Decrea se) in Cash and Bank Balances (A+B+C) {288} (140) (115) (55) Cash and Cash Equivalents (Opening Balance) 410 197 583 199 Cash and Cash Equivalents (Closing Balance) 122 57 468 144 Notes:- 1 The above Cash Flow Statement has been prepared under the "Indir ect Method" as set out in the Ind AS-7 on the Statement of Cash Flow as notified under Companies (Indian Accounting Standard) Rules, 2015 as amended. 2 The figures for the previous period have been regrouped or rearr anged wherever necessary. Place: Mumbai Date: October 30, 2026 For AARTI INDUSTRIES LIMITED suv~2.cHA MANAGING DIRECTOR & CEO DIN: 10634964 www.aartl-industrles.com I CIN: L24110GJ1984PLC007301 I lnfo@aartl-industries.com Admln Office: 71, Udyog Kshetra, 2nd Floor, MGLR, Mulund (W), Mumbai, MH • 400 080, IN I Tel: +91 22-67976666 I Fax : +91 22-259 04806 Regional Office: Tower C, 4th Floor, 247 Embassy Park, LBS Marg, Vikhroli (W), Mumbai, MH - 400 083, IN I Tel: +91 22 69436100 Registered Office: Plot No.801/23, GIDC, Phase 111, Vapi, Dist. Valsad, GJ - 396 195, IN I Tel: +91 260 2400366
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CA IN DIA gokhale & sathe LLP chartered accountants (formerly known as gokhale & sathe) 304/3081309/31 I ,ud yog m a ndir no. I. ?•c. hhagoji kccr 1narg,mnhim, mumb ai - 400 0 16.mah aras hlra ,india. Independent Auditors' Limited Review Report on the Quarterly and Year to Date Unaudited Standalone Financial Results of Aarti Industries Limited pursuant to Regulations 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended To The Board of Directors of Aarti Industries Limited 1. We have reviewed the accompanying Statement of unaudited standalone financ ial results of Aarti Industries Limited ("the Company "") for the quarter and six months period ended 30111 September 2026 (''the Statement"), being submitted by the Company pursuant to the requirements of Regulations 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations"') . 2. This Statement. which is the responsibility of the Company's Management and approved by the Company ·s Board of Directors, has been prepare d in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 ''Interim Financia l Reporting" (''Ind AS 34"'), prescribed under section 133 of the Companies Act. 20 13 read with relevant rules issued thereunder and other accounting principles generally accepted in India . Our responsibility is to express a conclusion on the Statement based on our review . 3. We conducted our review of the Statement in accordance with the Standard on Review Engagement (SRE) 2410 - "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" , issued by the Institute of Chartered Accountants of India (ICAI). This Standard requires that we plan and p~rform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of the Company ·s personnel responsible for financial and accounting matters and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under Section 143(10) of the Companies Act, 20 13 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. Based on our review conducted as stated in paragrap h 3 above, nothing has come to our :p.tj·oµ:;t:t!-i~ causes us to believe that the accomp anying Statement, prepared in accordance with the re Tel.(off). : +91 022 4348 4242 I Email : office@gokhalesathe.in I Website : www.gokhalesathe.com
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(A I NOIA gokhale & sathe LLP chartered accountants (formerly known as gokhale & sathe) measurement principles laid down in the aforesaid Indian Accounting Standard (--Ind AS'") specified under section 133 of the Companies Act 20 I 3 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulations 33 and 52 of the Listing Regulations, including the manner in which it is to be disclosed. or that it contains any material misstatement. For Gokhale & Sathe LLP Chartered Accountants (formerly known as Gokhale & Sathe) _, Firm Regn. No. 103264W/WI0l312 ~ Uday Girjapure Partner Membership Number - 161776 UDIN: 26161776PQIXVB5619 Place: Mumbai Date: October 30, 2026
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(.A{ IN DIA gokhale & sathe LLP chartered accountants (formerly known as gokhale & sathe) 304/308 /309131 I ,udyo g mandir no. t. 7-c. bhagoji kcer marg.mahim, mumba i • 400 0 16,mah ara~h tra. india. Independent Auditors' Limited Review Report on Quarterly and Year to Date Unaudited Consolidated Financial Results of Aarti Industries Limited pursuant to Regulations 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended To The Board of Directors of Aarti Industries Limited I. We have reviewed the accompanying Statement of Unaud ited Consolidated Financial Results ("the StatemenC) of Aarti Industries Limited ("the Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group'') , and its share of the net profit/(loss) after tax and tota l ., comprehe nsive income/( loss) of its joint ventures for the quarter and six months period ended 30u 1 September 2026, being submitted by the Parent pursuant to the requ irements of Regulations 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "'Listing Regulations"). 2. This Statement which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors, has been prepared in accor dance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "In terim Financial Reporting" (""Ind AS 34"), prescribed under section 133 of the Companies Act, 2013 read with relevant rules issued thereu nder and other accounting principles generally accepted in India . Our respo nsibility is to express a concl usion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagement (SRE) 2410 • "'Review of Interim Financial Informat ion Performed by the Independent Auditor of the Entity", issued by the Institute of Cha1tered Accountants of India . This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of materia l misstatement. A review of interim financial information consists of making inquiries, primarily of the Parent's person nel responsible for financia l and accounting matters and applyi ng analytical and other review proced ures. A review is substantia lly less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obta in assura nce that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated I I ih November 2024 issued by the Securities and Exchange Board oflndia under Regulation 33(8) of the Listing Regulations, to the extent applicable . 4. The Statement includes the results of the followi ng entities: a. Subsidiaries 1. Aarti Corporate Services Limited ii. Shanti Intermediates Private Limited (through its Holding Comp any: Aarti Corporate Services Limited up to 23"1 June 2026) iii. Innovative Enviroca re Jhagad ia Limited 1v. Aarti Polychem Private Limited Tel.(off). : +91 022 4348 4242 I Email : office@gokhalesathe.in I Website : www.gokhalesathe.com
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CA IN DIA v. Aarti Bharuch Limited gokhale & sathe LLP chartered accountants (formerly known as gokhale & sathe) v1. Aart i Circular ity Limited (formerly known as Aarti Spechem Limited) vii. Alchemie (Europe) Limited viii. Aarti Chemical Trading- FZCO 1x. Aart i Chem Trading USA Inc. (through its holding company, Aarti Chemica l Trading - FZCO) b. Joint Venture i. Augene Chemica l Private Limited 5. Based on our review conducted and procedures performed as stated in paragrap h 3 above and based on the consideration of the audit and review reports of the other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared _,, in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ("Ind AS") specified under Section I 33 of the Compan ies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulations 33 and 52 of the Listing Regulations , including the manner in which it is to be disclosed, or that it contains any material misstatement. OTHER MATTERS 6. The accompanying Statement includes : a. the audited interim financial results/financial information of a domest ic subsidiary and a foreign subsidiary, whose financi al results/fin ancial information reflect tota l assets of Rs. 361.05 crores, tota l revenue from operations of Rs. 607 .39 crores and Rs. 999. 19 crores, total net profit after tax of Rs. 5.69 crores and Rs. 43.85 crores and total comprehensive income of Rs. 7.69 crores and Rs. 46.82 crores (all before consolidation adjustments) for the quarter and six months period ended 30111 September 2026 respectively and cash inflows (net) of Rs. 81.96 crores (before consol idation adjustments) for the period ended 30111 September 2026, which have been audited by their respective independent auditors : b. the rev iewed interim fina ncial results/financial information of three domestic subsidiaries and two foreign subsidiaries, whose financ ial results/fina ncial information reflect total assets of Rs. 1,410.94 crores, tota l revenue from operations of Rs. 1,11 8.70 crores and Rs. 1,637.05 crores , total net profi t after tax of Rs. 26.39 crores and Rs. 35 .96 crores and total comprehensive income of Rs. 26.60 crores and Rs. 36. 79 crores (all before consolidat ion adjustments) for the qua rter and six months period ended 30th September 2026 respectively and cash inflows (net) of Rs. 91.56 crores (before consolidation adjustments) for the period ended 30111 September 2026, which have been reviewed by thei r respective inde penden t auditors; and c. the Group's share of net loss after tax and total comprehens ive loss of Rs. 1.57 cro res and Rs. 1.66 crores for the quarter and six months period ended 30111 September 2026 respectively in respect of Augene Chemical Private Limited, a joint venture , whose interim financia l information has not been reviewe d by its auditor and has been furnished to us by the Management. Further, in res ect of Re-Aa rti Private Limited, a joint venture of Aarti Circularity Limited, the Parent's has represe nted that there are no material amounts requiring application of the equity m
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CA IN DIA gokhale & sathe LLP chartered accountants (formerly known as gokhale & sathe) [nd AS 28 and, accordingly, the entity has not been consolidated. According to the information and explanations given to us by the Management, the interim financial information of these joint ventures is not material to the Group. The independent auditors' reports on the interim financial results/financial information of the subsidiaries referred to in (a) and (b) above have been furnished to us by the Management, and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above. Our conclusion is not modified in respect of these matters. > For Gokhale & Sathe LLP Chartered Accountants (formerly known as Gokhale & Sathe) Finn Regn. No. 103264W/W101312 ~ ~ Uday Girjapure Partner Membership Number - 161776 UDIN: 26161776HTNDKN6219 Place: Mumbai Date: October 30, 2026