Investor Presentation

October 30, 2026 Ref. No.: AIL/SE/41/2026-27 - Update BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, Dalal Street, Fort, Bandra Kurla Complex, Bandra (E), Mumbai-400001, MH. Mumbai-400051, MH. Scrip Code: 543534 Symbol: AETHER Dear Madam / Sir, Subject: Frequently Asked Questions on the Presentation In accordance with Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, and further to the intimation having Reference No.: AIL/SE/41/2026-27, Frequently Asked Questions (FAQs) on the investor presentation shared, is enclosed herewith. We request you to kindly take the information on your records. Thanking you. For Aether Industries Limited Chitrarth Rajan Parghi Company Secretary & Compliance Officer Mem. No.: F12563 Encl.: As attached Page 1 of 1 Aether Industries Limited Registered Office: Plot No. 8203, GIDC Sachin, Surat-394230, Gujarat, India. Phone: +91-261-6603360 || Email: compliance@aether.co.in || Web: www.aether.co.in II CIN: L24100GJ2013PLC073434 Q2/H1 F Y 2 7 Frequently Asked Questions Quarterly performance Capital expenditure 03 04 Margins, working capital and debt Capacity Utilisation Quarterly performance Q. What has driven sales growth of 23.96% year on year and 6.33% quarter on quarter? Sales for the quarter delivered an exceptionally strong performance, supported by healthy growth in Contract Exclusive Manufacturing (CEM) and Contract Research and Manufacturing Services (CRAMS), despite a challenging and volatile macroeconomic environment. CEM grew approximately 50.03% year on year, while CRAMS expanded by approximately 23.91% year on year. Together, these two high-value business verticals now contribute 65.97% of total revenue, keeping the Company firmly on track to achieve the 70% revenue-mix target set out a few years ago. Large Scale Manufacturing (LSM) contributed 33.35% to sales, with growth remaining modest as certain production lines were strategically re-purposed from the LSM vertical to the higher-growth CEM vertical, as communicated in the previous quarter. This deliberate portfolio shift reinforces the Company’s focus on higher-value, growth-oriented business streams and strengthens its long-term competitiveness. Q. How did each of the three business verticals perform during the quarter? CRAMS The CRAMS business vertical delivered solid growth, supported by the addition of new research and development projects across multiple industry sectors. Oil & Gas and Material Science continue to represent the largest share of the project portfolio, reflecting the strength and relevance of the Company’s technical capabilities in these high-value areas. During the quarter, the Company successfully transitioned its R&D operating framework from a 24x6 to a 24x7 model—a first-of-its-kind initiative that enhances responsiveness, accelerates project execution, and strengthens customer engagement. The Company also commenced work on the silicon project with Dow Chemicals, focused primarily on complex chemical engineering design requirements. The project pipeline remains exceptionally robust. The new R&D facility is progressing on schedule and is expected to be commissioned by Q2 FY28, providing enhanced capacity to support the growing demand for innovation-led solutions. The CRAMS division is currently engaged on more than 65 projects, while NMR-based analytical capabilities have enabled the Company to broaden its scope of work with global majors and deepen participation across their product development pipelines. These developments reinforce the Company’s positioning as a trusted, innovation-driven partner for complex, long-cycle R&D and manufacturing programmes. Quarterly performance The CEM business vertical continues to demonstrate strong momentum, with several major contracts progressing through their ramp-up phase. Revenue from the Baker Hughes contract at the Strata site stood at ₹720 million and an additional ₹150 million from the commercial sale of new products from the pilot plant. During the quarter, the Strata site underwent certain piping modifications to enhance operational flexibility and support an expanded product portfolio. We expect to introduce additional products for Baker Hughes from Q3 FY27 onwards, further deepening our strategic partnership with the customer. The Strata site is currently operating at 61% capacity utilisation, with further improvement anticipated as the newly introduced products begin contributing to revenue. At the Ascend site, the half dedicated to Milliken continues to ramp up in line with our expectations. In addition, as highlighted in Q1, our CEM contract with a leading European customer, housed in the other half of the Ascend site, is also witnessing a progressive ramp-up in production. The site’s capacity utilization currently stands at 70%, compared with 69% in Q1 FY27, reflecting the steady build-out of both contracts. The Magnum site is poised to become a key growth driver for the vertical, with the next two production blocks expected to house semiconductor products and a new chemical entity for a leading global agrochemical major. Commercial production from these facilities is expected to commence in Q4 FY27. In the interim, we have already commenced commercialisation of semiconductor products to our customers in Japan through the pilot plant from October 2026. We remain confident that the CEM vertical will deliver accelerated growth over the next couple of years. Beyond the anticipated ramp-up in revenues from existing contracts, our engagements with global customers across multiple end-use sectors continue to reveal a robust pipeline of opportunities that we are well positioned to capitalize on. Our LSM business vertical delivered year-on-year revenue growth of 1.23%, while declining 8.35% quarterly. This performance was driven by continued pricing strength, with LSM product prices increasing 27.45% year-on-year and 3.39% quarter-on-quarter. The sequential volume moderation was primarily a deliberate strategic outcome of reallocating select production lines to the higher-priority CEM vertical, enabling more optimal utilization of our manufacturing footprint. Looking ahead, we expect the LSM to remain a key contributor to revenue, supported by the launch of our pharmaceutical product at the Magnum site. The product has received a highly encouraging response from customers, and we anticipate a progressive ramp-up in production during Q3 and Q4 of the current financial year as the facility stabilizes and operating efficiencies improve. Quarterly performance Q. What was the sectoral distribution of sales for the quarter? The Oil and Gas sector is the largest contributor to sales during the quarter, accounting for 33.42% of revenue. This performance was primarily driven by strong demand from Baker Hughes and other oil and gas customers. We remain highly encouraged by the sector’s outlook, supported by a healthy order book for the next six months, ongoing customer discussions on new product opportunities, and a promising CRAMS pipeline expected to progress into commercial production. The Pharmaceutical and Agrochemical sectors contributed 26.58% and 7.86% of sales, respectively. The moderation in these verticals was primarily attributable to the strategic re-purposing of certain production lines from Large Scale Manufacturing to CEM. We remain confident of a meaningful recovery in both sectors over the coming quarters, supported by the launch of the pharmaceutical product at the Magnum site and the commercialisation of a new product for a leading global agrochemical major in Q4 FY27. The Material Science sector contributed approximately 17.93% of sales and delivered robust growth of 16.05% year on year. We expect this vertical to emerge as the second-largest contributor to the Company’s top line, driven by the ramp-up of the Ascend site dedicated to Milliken Chemical and Textile (India) Company, inc [Showing first 8,000 characters — download PDF for full document]