Price
Financials
Consolidated, Rs crore| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 143.86 | 138.75 | 158.55 | 143.41 | 150.84 | 162.78 | 202.05 | 215.90 | 179.17 | 207.79 | 256.28 | 272.87 |
| Expenses | 127.60 | 122.02 | 144.21 | 133.79 | 147.12 | 153.89 | 182.36 | 204.27 | 169.83 | 195.10 | 243.07 | 252.58 |
| Operating Profit | 16.26 | 16.73 | 14.34 | 9.62 | 3.72 | 8.89 | 19.69 | 11.63 | 9.34 | 12.69 | 13.21 | 20.29 |
| OPM % | 11.30% | 12.06% | 9.04% | 6.71% | 2.47% | 5.46% | 9.75% | 5.39% | 5.21% | 6.11% | 5.15% | 7.44% |
| Other Income | 0.03 | 0.03 | 0.05 | 0.49 | 6.21 | -0.16 | 1.14 | 0.04 | 0.06 | 0.04 | 0.19 | 0.17 |
| Interest | 3.66 | 3.65 | 3.41 | 2.57 | 2.60 | 3.12 | 3.26 | 3.28 | 2.80 | 3.16 | 3.06 | 3.52 |
| Depreciation | 3.85 | 4.02 | 4.21 | 4.23 | 4.31 | 4.40 | 4.41 | 4.35 | 4.41 | 4.47 | 4.46 | 4.75 |
| Profit before tax | 8.78 | 9.09 | 6.77 | 3.31 | 3.02 | 1.21 | 13.16 | 4.04 | 2.19 | 5.10 | 5.88 | 12.19 |
| Tax % | 45.90% | 26.40% | 31.17% | 32.93% | 40.07% | 33.88% | 26.22% | 27.23% | 29.22% | 28.24% | 28.74% | 26.17% |
| Net Profit | 4.74 | 6.68 | 4.65 | 2.22 | 1.81 | 0.80 | 9.72 | 2.94 | 1.56 | 3.66 | 4.19 | 9.00 |
| EPS in Rs | 5.58 | 7.86 | 5.50 | 2.62 | 2.14 | 0.95 | 11.49 | 3.48 | 1.84 | 4.32 | 4.95 | 10.62 |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| Sales | 326 | 466 | 576 | 601 | 590 | 659 | 859 | 916 |
| Expenses | 302 | 420 | 543 | 554 | 528 | 617 | 812 | 861 |
| Operating Profit | 24 | 46 | 32 | 48 | 62 | 42 | 47 | 56 |
| OPM % | 7% | 10% | 6% | 8% | 11% | 6% | 5% | 6% |
| Other Income | 0 | 0 | 0 | 0 | 0 | 8 | 0 | 0 |
| Interest | 10 | 10 | 11 | 15 | 14 | 12 | 12 | 13 |
| Depreciation | 11 | 12 | 12 | 15 | 16 | 17 | 18 | 18 |
| Profit before tax | 3 | 23 | 9 | 18 | 32 | 21 | 17 | 25 |
| Tax % | 29% | 6% | 41% | 29% | 34% | 30% | 28% | |
| Net Profit | 2 | 22 | 5 | 13 | 21 | 15 | 12 | 18 |
| EPS in Rs | 2.46 | 25.45 | 6.46 | 14.94 | 25.22 | 17.19 | 14.58 | 21.73 |
| Dividend Payout % | -0% | 11% | -0% | -0% | -0% | 6% | 7% |
| 10 Years | 5 Years | 3 Years | TTM | 1 Year | Last Year | |
|---|---|---|---|---|---|---|
| Compounded Sales Growth | % | 13% | 13% | 25% | ||
| Compounded Profit Growth | % | -11% | -1% | 46% | ||
| Stock Price CAGR | % | -19% | -9% | 6% | ||
| Return on Equity | % | 6% | 7% | 5% |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 8 | 8 | 8 | 8 | 8 | 8 | 8 |
| Reserves | 103 | 125 | 128 | 160 | 210 | 224 | 236 |
| Borrowings | 109 | 152 | 162 | 149 | 99 | 110 | 104 |
| Other Liabilities | 42 | 102 | 105 | 86 | 105 | 134 | 168 |
| Total Liabilities | 262 | 387 | 402 | 404 | 422 | 477 | 517 |
| Fixed Assets | 151 | 187 | 173 | 207 | 208 | 204 | 200 |
| CWIP | 14 | 20 | 52 | 8 | 8 | 15 | 45 |
| Investments | -0 | -0 | -0 | -0 | -0 | -0 | -0 |
| Other Assets | 97 | 180 | 178 | 188 | 206 | 259 | 272 |
| Total Assets | 262 | 387 | 402 | 404 | 422 | 477 | 517 |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 18 | 36 | 23 | 25 | 52 | 11 | 77 |
| Cash from Investing Activity | -2 | -60 | -23 | -11 | -16 | -16 | -46 |
| Cash from Financing Activity | -16 | 32 | -6 | -8 | -37 | -0 | -19 |
| Net Cash Flow | 0 | 7 | -5 | 6 | -1 | -5 | 12 |
| Free Cash Flow | -7 | -25 | 1 | 14 | 36 | -9 | 32 |
| CFO/OP | 77% | 78% | 78% | 55% | 94% | 39% | 172% |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 20 | 43 | 35 | 40 | 43 | 42 | 44 |
| Inventory Days | 83 | 76 | 60 | 60 | 81 | 92 | 60 |
| Days Payable | 28 | 81 | 56 | 44 | 55 | 63 | 62 |
| Cash Conversion Cycle | 75 | 38 | 38 | 55 | 69 | 71 | 43 |
| Working Capital Days | -1 | 3 | 16 | 20 | 40 | 36 | 22 |
| ROCE % | 13% | 7% | 11% | 15% | 8% | 9% |
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters | 49.81% | 49.81% | 49.81% | 49.81% | 49.92% | 49.92% | 49.92% | 49.92% | 49.92% | 49.88% | 49.88% | 49.84% |
| FIIs | 0.04% | 0.04% | 0.09% | 0.04% | 0.06% | 0.00% | 0.14% | 0.00% | 0.00% | 0.00% | 0.14% | 0.08% |
| DIIs | 0.00% | 0.01% | 0.00% | 0.00% | 1.06% | 0.80% | 0.80% | 0.80% | 0.80% | 0.30% | 0.00% | 0.00% |
| Government | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% |
| Public | 50.14% | 50.14% | 50.10% | 50.14% | 48.95% | 49.26% | 49.13% | 49.27% | 49.26% | 49.80% | 49.98% | 50.07% |
| No. of Shareholders | 41,228 | 41,711 | 43,091 | 41,653 | 40,028 | 39,417 | 38,548 | 37,835 | 37,015 | 36,182 | 35,669 | 35,149 |
Fundamentals
Market Cap₹ 414 Cr.
Current Price₹ 489
Stock P/E22.5
Book Value₹ 289
ROCE8.53 %
ROE5.16 %
Dividend Yield0.20 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)25%
Compounded Profit Growth (TTM)46%
Consolidated figures.
Valuation
Market capRs 423 Cr
Enterprise valueRs 564 Cr
P/E (TTM)22.95x
Price to book2.51x
Price to sales0.46x
EV / EBITDA10.07x
EV / EBIT14.88x
EV / sales0.62x
Price to cash flow17.23x
Earnings yield4.36%
P/E, 3-year average54.86x
P/B, 3-year average3.89x
Profitability
Operating margin (excl. other income)7.94%
Operating margin (incl. other income)8.00%
EBITDA margin6.11%
Pre-tax margin2.77%
Net profit margin2.01%
Net margin, latest quarter3.30%
ROE8.36%
ROCE10.61%
ROA3.15%
ROE, 3-year average10.07%
ROCE, 3-year average10.23%
ROA, 3-year average3.74%
ROIC (approx.)8.74%
Tax rate28.65%
Other income / net worth0.20%
Growth
Sales growth (latest year)4.48%
Profit growth (latest year)131.33%
Sales CAGR, 3 years22.65%
Profit CAGR, 3 years82.48%
Sales growth QoQ6.47%
Profit growth QoQ114.80%
Sales growth YoY (latest quarter)26.39%
Profit growth YoY (latest quarter)206.12%
Per share
EPS (TTM)Rs 21.72
EPS (latest year)Rs 14.98
EPS (latest quarter)Rs 10.62
EPS, 3-year averageRs 16.91
Book value per shareRs 198.22
Sales per shareRs 1,080.73
Cash flow per shareRs 28.93
Free cash flow per shareRs 37.75
Dividend per share, 3-year averageRs 2.99
Dividends
Dividend payout, 3-year average10.49%
Efficiency
Asset turnover1.49x
Fixed asset turnover2.90x
Inventory turnover6.61x
Inventory days55 days
Debtor days40 days
Debtors turnover9.20x
Creditor days62 days
Cash conversion cycle43 days
Working capital days22 days
Leverage
Total debtRs 149 Cr
Cash and bankRs 8 Cr
Net debtRs 141 Cr
Debt to equity0.89x
Net debt / EBITDA2.53x
Interest coverage3.02x
Current ratio (filing 2026-03-31)1.32x
Quick ratio (filing 2026-03-31)0.72x
Trade payables (filing 2026-03-31)Rs 122 Cr
Owners' fund to total sources41.63%
Debt to assets36.94%
Cash flow
Cash from Operating Activity (latest year)Rs 25 Cr
Cash from Investing Activity (latest year)Rs -11 Cr
Cash from Financing Activity (latest year)Rs -8 Cr
Net Cash Flow (latest year)Rs 6 Cr
Free cash flow (latest year)Rs 32 Cr
FCFE (approx.: FCF + change in debt)Rs 20 Cr
Cash from ops / profit, 5 years2.85x
Sales to cash flow24.52x
Statement figures
Net sales (TTM)Rs 916 Cr
Net sales (latest year)Rs 601 Cr
Sales (latest quarter)Rs 273 Cr
Operating profit excl. other income (latest year)Rs 48 Cr
Operating profit (latest quarter)Rs 20 Cr
Other income (TTM)Rs 0 Cr
EBITDA (TTM)Rs 56 Cr
PBDT (TTM)Rs 43 Cr
Profit before tax (TTM)Rs 25 Cr
Tax (latest year)Rs 5 Cr
Net profit (TTM)Rs 18 Cr
Net profit (latest year)Rs 13 Cr
Net profit (latest quarter)Rs 9 Cr
Depreciation (TTM)Rs 18 Cr
Depreciation (latest quarter)Rs 5 Cr
Interest (TTM)Rs 13 Cr
Cost of goods sold (latest year)Rs 511 Cr
Total expenditure (latest year)Rs 554 Cr
Total income (latest year)Rs 602 Cr
Share capitalRs 8 Cr
ReservesRs 160 Cr
Shareholders' fundsRs 168 Cr
Total assetsRs 404 Cr
Net blockRs 207 Cr
Capital work in progressRs 8 Cr
ReceivablesRs 65 Cr
InventoryRs 77 Cr
Other liabilitiesRs 86 Cr
Shares outstanding (crore)0.85
Ownership
Promoter holding49.84% (-0.08 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 22.9 is at the 12th percentile of its own 3.4-year range
(median 27.5, low 15.2, high 305.7).
P/B 2.51 is at the 15th percentile (median 3.58).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
| Period | AARTISURF | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | -3.5% | -2.8% | -0.8 pts |
| 1 month | -3.1% | -6.8% | +3.7 pts |
| 3 months | +30.3% | -7.6% | +37.9 pts |
| 6 months | +55.2% | +0.4% | +54.8 pts |
| 1 year | +5.5% | -9.9% | +15.4 pts |
| 2 years | -40.7% | -13.6% | -27.2 pts |
| 3 years | -22.0% | +14.2% | -36.2 pts |
| 5 years | -65.7% | +27.9% | -93.6 pts |
Red flags
F-score 8 of 8| look | On NSE surveillance On NSE surveillance: ESM |
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.
Latest quarter
Jun 2026Sales ₹273 Cr +26.4% vs Jun 2025.
Net profit ₹9 Cr +206.1%.
Activity
Compare| Company | Mcap (Cr) | P/E | ROCE |
|---|---|---|---|
| Pidilite Industries Ltd | 148,809 | 56.2 | 31.0 % |
| Gujarat Fluorochemicals Ltd | 48,402 | 78.4 | 9.64 % |
| Navin Fluorine International Ltd | 42,255 | 53.1 | 21.0 % |
| Aether Industries Ltd | 23,226 | 96.8 | 11.9 % |
| Deepak Nitrite Ltd | 20,854 | 26.3 | 11.4 % |
| Atul Ltd | 17,614 | 22.1 | 14.9 % |
| Aarti Industries Ltd | 17,045 | 32.6 | 6.86 % |
| Fine Organic Industries Ltd | 15,759 | 36.0 | 21.5 % |
| BASF India Ltd | 14,871 | 24.0 | 14.5 % |
| Privi Speciality Chemicals Ltd | 14,084 | 40.3 | 22.3 % |
| Anupam Rasayan India Ltd | 13,409 | 76.8 | 7.38 % |
| Vinati Organics Ltd | 12,173 | 24.4 | 21.4 % |
| Elantas Beck India Ltd | 10,820 | 60.9 | 21.2 % |
| Jubilant Ingrevia Ltd | 10,180 | 32.0 | 11.4 % |
| Alkyl Amines Chemicals Ltd | 9,111 | 40.5 | 16.6 % |
No bulk or block deals on record.
| Ex-date | Action | Factor |
|---|---|---|
| 2026-09-22 | Dividend - Re 1 Per Share | |
| 2025-09-16 | Dividend - Re 1 Per Share | |
| 2023-01-17 | Rights 2:17 @ Premium Rs 545/- | |
| 2021-08-02 | Dividend - Rs 3 Per Share |
| Date | Type | What it says |
|---|---|---|
| 2026-10-01 | Amendment to AOA/MOA | The Amendment to AOA/MOA of the company. |
| 2026-10-01 | Updates | Change in Management. |
| 2026-10-01 | Shareholder meeting | Voting results. |
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
ESM: stage 1