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HDFC Securities Institutional Equites
Aether Industries - Volume-driven growth
We maintain our Buy rating on Aether Industries Ltd., with a target price of Rs 1,120, as the company's revenue growth momentum is poised to accelerate. Aether has commissioned Site 4 to execute its strategic supply agreement with Baker Hughes and has received the revocation of the closure order from the Gujarat Pollution Control Board for Site 2.
The expansion projects at Sites 3+ and 3++ are progressing as planned and are expected to be commissioned by the end of FY25.
Aether is expanding into the manufacturing of molecules for new-age industries and has signed agreements with a global lithium-ion battery manufacturer and Novoloop.
These partnerships are aimed at developing products that support decarbonisation and sustainability goals. These collaborations are key to diversifying Aether's customer base and sustaining its growth momentum.
We expect a revenue CAGR of ~44% and an earnings CAGR of ~58% over FY24-27E. Ebitda and adjusted profit after tax came in 4% and 7% above our estimates, respectively, driven by lower-than-expected raw material costs and higher other income, though this was partially offset by higher-than-expected operating expenses.
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