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Q2/H1FY27
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Business ModelsQ2 FY27 57%9%33%Contract | Exclusive Manufacturing Contract Research & Manufacturing Services Large Scale Manufacturing Q2FY25 Q2FY26 Q2FY27 ₹56128% ₹131348% ₹1,970 ₹27614% ₹2519% ₹311 ₹112056% ₹1,13941% ₹1,153 CEM and CRAMS contribute 66% of revenue, to achieve 70% in next two years (Consolidated Numbers) | All numbers in INR M
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Highlights for the Quarter SITE 3++ commercial production started and ramp up ongoing SITE 5 Phase One - 2 production blocks - commercial operation began in Q1 FY27 ACCOMPLISHED 11 customer & certification audits, proving operational excellence in Q2 FY27 R&D EXPANSION 18 Fume Hoods installed in the current R&D and New R&D Centre being expanded 6 NEW CUSTOMERS onboarded across all the business models during Q2 FY27 TEAM STRUCTURE being reaffirmed to meet requirements, average age of Aetherians 29 years
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Aether Today Revenue * FY24 - fire accident reduced Revenue, EBITDA, and PAT | (Consolidated Numbers) | All numbers in INR M 54.3% 36.1% 9.2% 0.4% CEM LSM CRAMS Others By Business 57.6% 42.4% Domestic Exports# By Region # includes deemed exports and SEZ Sales H1 FY27 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 ₹1,092 ₹2,033 ₹3,038 ₹4,541 ₹5,970 ₹6,676 ₹6,374 ₹8,803 ₹11,811 ₹6,738 FY26 HFY27
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Operating Revenue Q1 FY27 Q2 FY26 ₹3,266 M ₹2,801 M (Consolidated Numbers) | All numbers in INR M Q2 FY27 +24% Y/Y Scale up of CEM Contracts ₹3,472 M LSM Business Model contribution being led by Pricing
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EBITDA Q1 FY27 Q2 FY26 ₹1,028 M ₹853 M leading to strong operating income & margin growths 31.8% 31.5% 30.5% Q2 FY27 ₹1,104 M+29% Y/Y Pivot of business model towards CRAMS & CEM Contracts (Consolidated Numbers) | All numbers in INR M
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Profit After Tax Q1 FY27 Q2 FY26 ₹627 M ₹540 M 18.8% 18.7% 19.3% ₹680 M+26% Y/Y Improved profitability with a shift in segment mix Q2 FY27 (Consolidated Numbers) | All numbers in INR M
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Strong Financial Performance H1 FY27 HFY/HFY H1 FY26 OPERATING REVENUE EBITDA PAT 19.0% +27%₹6,738 ₹2,132 ₹1,307 31.6% +30% +29% 18.6% ₹5,312 ₹1,634 ₹1,010 30.8% • Strong financial performance being led by CEM and CRAMS business models • Strong traction with customers across different sectors (Consolidated Numbers) | All numbers in INR M
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33.4% 26.6% 17.9% 7.9% 6.5% 4.0% 2.1% 1.6% (Consolidated Numbers) By Segment | Q2 FY27 18.8% 36.6% 19.4% 13.3% 5.6% 4.2% 1.1% 1.0% By Segment | Q2 FY26 Oil & Gas Pharmaceuticals Material Science Agrochemicals Multiple High Performance Photography Sustainability & Renewables Coatings Segment Contributions Oil and Gas & Material Science to be the main drivers despite launches of new products in Pharmaceuticals and Agrochemicals CEM contracts being negotiated with clients across sectors Oil & Gas Pharmaceuticals Material Science Agrochemicals Multiple High Performance Photography Sustainability & Renewables Coatings
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32.4% 29.3% 17.9% 8.6% 5.2% 3.6% 1.9% 1.6% (Consolidated Numbers) By Segment | H1 FY27 19.0% 35.8% 18.2% 12.2% 5.4% 5.7% 1.5% 2.1% By Segment | H1 FY26 Oil & Gas Pharmaceuticals Material Science Agrochemicals Multiple High Performance Photography Sustainability & Renewables Coatings Segment Contributions Oil and Gas & Material Science to be the main drivers despite launches of new products in Pharmaceuticals and Agrochemicals CEM contracts being negotiated with clients across sectors Oil & Gas Pharmaceuticals Material Science Agrochemicals Multiple High Performance Photography Sustainability & Renewables Coatings
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R&D - Centric Approach * FY24 - fire accident reduced Revenue hence % increased | Revenue expenditure - 2.6% & Capex - 3.4% | (Consolidated Numbers) | All numbers in INR M ₹406.01 M spent towards R&D accounting for 6.03% of revenue from operations in HFY27. R&D Expansion on track - (1) 18 fume hoods installed (2) New R&D Building construction on track FY19 2.6% FY20 4.0% FY21 4.3% FY22 6.6% FY23 7.5% FY24 15.4%* FY25 7.7% FY26 7.3%
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Name: Catalyst / Site - 1 (R&D Expansion - Current Picture) Ground levelling work completed commenced building construction and expected to be completed by Q1FY28.
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Name: Catalyst / Site - 1 (The future) Proposed Site - Catalyst | Site - 1
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Site: Magnum / Site - 5 (Current Picture) Phase 1 - Two production blocks commissioned with pharma LSM product. Equipment installation for the other two production blocks being completed for semiconductor and agrochemicals CEM contracts to be commissioned in Q4FY27 onwards. Strong visibility for the fourteen (14) production blocks.
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Consolidated Financial Results All numbers in INR M Particulars (INR in MM) Revenue from operations Other income Total income Cost of material consumed + Changes in inventories Employee benefits expense Other expenses Exceptional items EBITDA Depreciation & amortization expense EBIT Finance cost Profit before tax Tax expenses (Current + Deferred) Profit after tax FY26 Audited 11,601 209 11,811 6,009 627 1,329 90 3,547 664 2,882 181 2,911 716 2,195 Q2FY27 Unaudited Q1FY27 Unaudited 3,472 51 3,523 1,672 198 498 - 1,104 217 888 53 885 205 680 Q2FY26 Unaudited 2,801 87 2,888 1,427 141 352 27 853 165 688 32 743 203 540 3,266 77 3,342 1,638 191 409 - 1,028 214 813 56 835 207 627 H1 FY27 Unaudited 6,738 128 6,865 3,311 388 907 - 2,132 431 1,701 109 1,720 412 1,307 H1 FY26 Unaudited 5,312 113 5,425 2763 262 600 53 1,634 307 1,327 80 1,359 349 1,010
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Consolidated Statement of Assets and Liabilities All numbers in INR M H1 FY27 Unaudited FY26 Audited ASSETS Non-current assets Property, plant and equipment Capital work-in-progress Right-of-Use Assets Intangible Assets Intangibles under development Financial Assets (i) Investments (ii) Loans (iii) Other financial assets Other non-current assets Total non-current assets Current assets Inventories Financial assets (i) Trade receivables (ii) Cash and cash equivalents (iii) Bank balances other than (ii) above (iv) Loans (v) Other financial assets Current tax asset (net) Other current assets Total current assets Total assets 12,407 7,052 2,577 11 105 2 7 35 126 22,323 7,192 3,904 57 - 12 98 160 2,278 13,700 36,023 12,362 5,061 2,587 11 96 2 9 18 154 20,300 H1 FY27 Unaudited FY26 Audited EQUITY AND LIABILITIES Equity share capital Other equity Total equity Current liabilities Financial liabilities (i) Borrowings (ii) Lease liabilities (iii) Trade payables (a) MSME (b) Others (iv) Other financial liabilities Other current liabilities & Provisions Total current liabilities Total liabilities Total equity and liabilities Equity Non-current liabilities Financial liabilities (i) Borrowings (ii) Lease liabilities (iii) Other financial liabilities Deferred tax liabilities (net) Total non-current liabilities Liabilities 1,327 24,610 25,938 4,516 18 160 1,990 164 168 7,015 10,085 36,023 2,070 148 9 843 3,070 5,375 3,901 57 - 12 200 326 1,829 11,698 31,998 1,327 23,232 24,559 - 142 - 740 882 4,417 20 124 1,846 80 70 6,557 7,439 31,998
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Consolidated Statement of Cash Flows All numbers in INR M H1 FY27 Unaudited FY26 Audited Particulars Cash generated from operations Net cash generated from operating activities (A) Net cash (used in) investing activities (B) Net cash generated from / (used in) financing activities (C) Net increase / (decrease) in cash and cash equivalents (A+B+C) Cash and cash equivalents at the beginning of the period Effect of exchange differences on account of foreign currency cash and cash equivalents Cash and cash equivalents at the end of the period 432 333 (2,429) 2,096 (0) 57 0 57 1,966 1,424 (6,194) 2,439 (2,331) 2,385 3 57 H1 FY26 Unaudited 1,541 1,254 (3,156) 78 (1,824) 2,385 0 562
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Standalone Financial Results All numbers in INR M Particulars (INR in MM) Revenue from operations Other income Total income Cost of material consumed + Changes in inventories Employee benefits expense Other expenses Exceptional items EBITDA Depreciation & amortization expense EBIT Finance cost Profit before tax Tax expenses (Current + Deferred) Profit after tax FY26 Audited 9,402 215 9,617 4,551 624 1,272 90 2,865 608 2,257 122 2,350 614 1,736 Q2FY27 Unaudited Q1FY27 Unaudited 2,745 47 2,792 1,188 195 467 - 894 205 689 32 703 185 519 Q2FY26 Unaudited 2,297 97 2,394 1,099 141 341 27 689 153 536 18 615 179 436 2,565 99 2,664 1,188 189 391 - 797 202 596 35 659 176 483 H1 FY27 Unaudited 5,310 145 5,455 2,376 384 858 - 1,692 407 1,285 68 1,362 360 1,002 H1 FY26 Unaudited 4,391 128 4,519 2,148 260 580 53 1,350 281 1,069 51 1,147 309 837
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H1 FY27 Unaudited FY26 Audited ASSETS EQUITY AND LIABILITIES Standalone Statement of Assets and Liabilities All numbers in INR M Non-current assets Property, plant and equipment Capital work-in-progress Right-of-Use Assets Intangible Assets Intangibles under development Financial Assets (i) Investments (ii) Loans (iii) Other financial assets Other non-current assets Total non-current assets Current assets Inventories Financial assets (i) Trade receivables (ii) Cash and cash equivalents (iii) Bank balances other than (ii) above (iv) Loans (v) Other financial assets Current tax asset (net) Other current assets Total current assets Total assets 11,569 6,638 2,242 11 90 1,003 7 31 64 21,654 6,733 2,893 57 - 615 113 160 1,858 12,429 34,083 Equity share capital Other equity Total equity Current liabilities Financial liabilities (i) Borrowings (ii) Lease liabilities (iii) Trade payables (a) MSME (b) Others (iv) Other financial liabilities Other current liabilities & Provisions Total current liabilities Total liabilities Total equity and liabilities Equity Non-current liabilities Financial liabilities (i) Borrowings (ii) Lease liabilities (iii) Other financial liabilities Deferred tax liabilities (net) Total non-current liabilities Liabilities 1,327 23,839 25,167 3,697 27 150 1,698 155 22 105 5,855 8,917 34,083 2070 178 9 805 3,062 11,499 4,742 2,211 11 81 1,003 9 14 148 19,718 4,995 3,061 57 - 213 199 336 1,433 10,294 30,012 1,327 22,766 24,093 3,400 20 124 1,382 80 14 53 5,074 5,919 30,012 - 142 - 702 845 H1 FY27 Unaudited FY26 Audited
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Standalone Statement of Cash Flows All numbers in INR M H1 FY27 Unaudited FY26 Audited Particulars Cash generated from operations Net cash generated from operating activities (A) Net cash (used in) investing activities (B) Net cash generated from / (used in) financing activities (C) Net increase / (decrease) in cash and cash equivalents (A+B+C) Cash and cash equivalents at the beginning of the period Effect of exchange differences on account of foreign currency cash and cash equivalents Cash and cash equivalents at the end of the period 371 327 (2660) 2,333 (0) 57 0 57 1,921 1,463 (5,903) 2,109 (2,331) 2,385 3 57 H1 FY26 Unaudited 1,648 1,389 (3,444) 231 (1,824) 2,385 0 562
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All rights reserved. Aether and the Aether logo are trademarks of Aether Industries Limited, registered in India Registered Office - Plot No. 8203, GIDC Sachin, Surat - 394230, Gujarat, India | Board Line: +91-261-6603000 | Email ID: info@aether.co.in | Website: www.aether.co.in Mr. Chitrarth Parghi - CS and Compliance Officer | Direct No : +91 (261) - 6603360 | Email: chitrarth@aether.co.in Chemistrythat challenges Innovationthat delivers - Aether