Investor Presentation

October 30, 2026 Ref. No.: AIL/SE/41/2026-27 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: Presentation on Financial Results In accordance with Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, the presentation on Financial Results of the Second Quarter and Half Year ended on September 30, 2026, 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 Business Models 72YF 57% 9% 33% Contract | Exclusive Contract Research & Large Scale Manufacturing Manufacturing Services Manufacturing 28% 14% 56% Q2FY25 ₹561 ₹276 ₹1120 48% 9% 41% Q2FY26 ₹1313 ₹251 ₹1,139 Q2FY27 ₹1,970 ₹311 ₹1,153 CEM and CRAMS 66% 70% contribute of revenue, to achieve in next two years (Consolidated Numbers) | All numbers in INR M Highlights for the Quarter SITE 3++ SITE 5 ACCOMPLISHED 11 commercial production started and Phase One - 2 production blocks - customer & certification audits, ramp up ongoing commercial operation began in Q1 FY27 proving operational excellence in Q2 FY27 R&D EXPANSION 6 NEW CUSTOMERS TEAM STRUCTURE 18 Fume Hoods installed in the current onboarded across all the business being reaffirmed to meet requirements, R&D and New R&D Centre being expanded models during Q2 FY27 average age of Aetherians 29 years 54.3% CEM Aether Today 36.1% LSM Revenue 9.2% CRAMS 0.4% Others By Business FY18 ₹1,092 FY19 ₹2,033 FY20 ₹3,038 H1 FY27 FY21 ₹4,541 FY22 ₹5,970 57.6% Domestic 42.4% Exports# FY23 ₹6,676 FY24 ₹6,374 FY25 ₹8,803 By Region FFYY2266 ₹11,811 ₹6,738 HFY27 * FY24 - fire accident reduced Revenue, EBITDA, and PAT | (Consolidated Numbers) | All numbers in INR M # includes deemed exports and SEZ Sales Operating Revenue Q2 FY27 Q1 FY27 Q2 FY26 ₹3,472 M ₹3,266 M +24% Y/Y Scale up of CEM Contracts LSM Business Model contribution being led by Pricing ₹2,801 M (Consolidated Numbers) | All numbers in INR M EBITDA Q2 FY27 Q1 FY27 Q2 FY26 31.8% ₹1,104 M 31.5% ₹1,028 M +29% Y/Y Pivot of business model towards CRAMS & CEM Contracts leading to strong operating income & margin growths 30.5% ₹853 M (Consolidated Numbers) | All numbers in INR M Profit After Tax Q2 FY27 Q1 FY27 Q2 FY26 19.3% ₹680 M 18.8% ₹627 M +26% Y/Y Improved profitability with a shift in segment mix 18.7% ₹540 M (Consolidated Numbers) | All numbers in INR M Strong Financial Performance H1 FY27 HFY/HFY H1 FY26 ₹5,312 ₹6,738 +27% OPERATING REVENUE 30.8% 31.6% ₹1,634 +30% ₹2,132 EBITDA 18.6% 19.0% ₹1,010 ₹1,307 +29% • 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 Segment Contributions 33.4% Oil & Gas 18.8% Oil & Gas 26.6% Pharmaceuticals 36.6% Pharmaceuticals 17.9% Material Science 19.4% Material Science 7.9% Agrochemicals 13.3% Agrochemicals 6.5% Multiple 5.6% Multiple 4.0% High Performance Photography 4.2% High Performance Photography 2.1% Sustainability & Renewables 1.1% Sustainability & Renewables 1.6% Coatings 1.0% Coatings By Segment | Q2 FY27 By Segment | Q2 FY26 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 (Consolidated Numbers) Segment Contributions 32.4% Oil & Gas 19.0% Oil & Gas 29.3% Pharmaceuticals 35.8% Pharmaceuticals 17.9% Material Science 18.2% Material Science 8.6% Agrochemicals 12.2% Agrochemicals 5.2% Multiple 5.4% Multiple 3.6% High Performance Photography 5.7% High Performance Photography 1.9% Sustainability & Renewables 1.5% Sustainability & Renewables 1.6% Coatings 2.1% Coatings By Segment | H1 FY27 By Segment | H1 FY26 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 (Consolidated Numbers) R&D - Centric Approach ₹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 FY24 15.4%* FY22 6.6% FY20 4.0% FY26 7.3% FY23 7.5% FY25 7.7% FY19 2.6% FY21 4.3% * FY24 - fire accident reduced Revenue hence % increased | Revenue expenditure - 2.6% & Capex - 3.4% | (Consolidated Numbers) | All numbers in INR M Name: Catalyst / Site - 1 (R&D Expansion - Current Picture) Ground levelling work completed commenced building construction and expected to be completed by Q1FY28. Name: Catalyst / Site - 1 (The future) Proposed Site - Catalyst | Site - 1 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. Consolidated Financial Results Q2FY27 Q1FY27 Q2FY26 H1 FY27 H1 FY26 FY26 Unaudited Unaudited Unaudited Unaudited Unaudited Audited Particulars (INR in MM) Revenue from operations 3,472 3,266 2,801 6,738 5,312 11,601 Other income 51 77 87 128 113 209 Total income 3,523 3,342 2,888 6,865 5,425 11,811 Cost of material consumed + Changes in inventories 1,672 1,638 1,427 3,311 2763 6,009 Employee benefits expense 198 191 141 388 262 627 Other expenses 498 409 352 907 600 1,329 Exceptional items - - 27 - 53 90 EBITDA 1,104 1,028 853 2,132 1,634 3,547 Depreciation & amortization expense 217 214 165 431 307 664 EBIT 888 813 688 1,701 1,327 2,882 Finance cost 53 56 32 109 80 181 Profit before tax 885 835 743 1,720 1,359 2,911 Tax expenses (Current + Deferred) 205 207 203 412 349 716 Profit after tax 680 627 540 1,307 1,010 2,195 All numbers in INR M Consolidated Statement of Assets and Liabilities H1 FY27 FY26 H1 FY27 FY26 ASSETS EQUITY AND LIABILITIES Unaudited Audited Unaudited Audited Non-current assets Equity Property, plant and equipment 12,407 12,362 Equity share capital 1,327 1,327 Capital work-in-progress 7,052 5,061 Other equity 24,610 23,232 Right-of-Use Assets 2,577 2,587 Total equity 25,938 24,559 Intangible Assets 11 11 Intangibles under development 105 96 Liabilities Financial Assets Non-current liabilities (i) Investments 2 2 Financial liabilities (ii) Loans 7 9 (i) Borrowings 2,070 - (iii) Other financial assets 35 18 (ii) Lease liabilities 148 142 Other non-current assets 126 154 (iii) Other financial liabilities Total non-current assets 22,323 20,300 Deferred tax liabilities (net) 843 740 Total non-current liabilities 3,070 882 Current assets Current liabilities Inventories 7,192 5,375 Financial liabilities Financial assets (i) Borrowings 4,516 4,417 (i) Trade receivables 3,904 3,901 (ii) Lease liabilities 18 20 (ii) Cash and cash equivalents 57 57 (iii) Trade payables (iii) Bank balances other than (ii) above - - (a) MSME 160 124 (iv) Loans 12 12 (b) Others 1,990 1,846 (v) Other financial assets 98 200 (iv) Other financial liabilities 164 80 Current tax asset (net) 160 326 Other current liabilities & Provisions 168 70 Other current assets 2,278 1,829 Total current liabilities 7,015 6,557 Total current assets 13,700 11,698 Total liabilities 10,085 7,439 Total assets 36,023 31,998 Total equity and liabilities 36,023 31,998 All numbers in INR M Consolidated Statement of Cash Flows H1 FY27 FY26 H1 FY26 Particulars Unaudited Audited Unaudited Cash generat [Showing first 8,000 characters — download PDF for full document]