In accordance with Regulation 34 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, the Annual Report for the FY 2025-26, including the Notice of the 14th Annual ....

August 19, 2026 Ref. No.: AIL/SE/29/2026-27 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: Annual Report (FY 2025-26) In accordance with Regulation 34 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, the Annual Report for the FY 2025-26 along with the Notice of the 14th Annual General Meeting (includes e-voting instructions), is annexed herewith. The Annual Report is dispatched electronically to Members whose e-mail id is registered with the Company / Registrar & Share Transfer Agent / Depositories. The above document is also available on website of the Company, accessible at: https://aether.co.in/wp-content/uploads/2026/08/Annual%20Report%20FY%202025- 26.pdf We request you to kindly take the information on your records. Thank you. For Aether Industries Limited Chitrarth Rajan Parghi Company Secretary & Compliance Officer Mem. No.: F12563 Encl.: As annexed Page 1 of 1 Aether Industries Limited Registered Office: Plot No. 8203, GIDC Sachin, Surat-394230, Gujarat, India. Phone: +91-261-6603000 || Email: info@aether.co.in || Web: www.aether.co.in II CIN: L24100GJ2013PLC073434 Factory: Plot No. 8203, Beside Shakti Distillery, Near Rajkamal Chokdi, Road No. 8, Sachin GIDC, Sachin, Surat-394230, Gujarat, India. 2 0 2 5 - 2 6 Annual R e p o r t Cont 01 02 03 04 05 06 The Aether Edit The Power of Fiscal Focus Building Tomorrow Statutory Reports Financial Statements Numbers A Message from Mr. Ashwin Desai 03 Business outlook from Financial Capital 24 Success Biography 31 Report of the Board 48 Standalone Financials for Fiscal About Aether 04 Mr. Rohan Desai 15 Manufacturing Capital 25 Revenue Growth 32 Corporate Governance Report 58 Year 2026 111 Timeline 05 Financial Growth 17 Human Capital 26 Geographical Presence 34 BRSR 69 Consolidated Financials for Business Models 07 Earnings Growth by Mr. Intellectual Capital 27 Thoughts from Dr. James Ringer 36 MDAR 93 Fiscal Year 2026 164 Perspective of Dr. Aman Desai 08 Faiz Nagariya 21 Social Capital 29 Research & Development | Pilot Plant 37 Notice the Annual General Product & Technology Excellence 10 ESG 38 Meeting 203 Announcements 11 QEHS 39 The Board of Directors 12 enAether’s Performance Chronicle 40 ts Statutory Information 13 Business Segments | Revenue 41 Social Outlook by Ms. Purnima Desai 42 CSR 43 The Aether Edit The Aether Edit 02 Dear Stakeholders, FY2025-26 was a defining year for Aether Two clear themes have emerged globally: leading chemical companies are proactively rationalising higher-cost assets, while Industries. Amidst persistent geopolitical demand for specialty chemicals is accelerating in high-growth sectors such as semiconductors, battery storage, and headwinds, supply chain disruptions, and renewables. India is increasingly recognized as a preferred manufacturing destination as global players seek to diversify and one of the longest downturns the global strengthen their supply chains. At Aether, we firmly believe that strategic autonomy and self-reliance will be critical for India to chemical industry has witnessed, we fully capitalize on these opportunities. remained focused on disciplined execution Research & Development remains at the heart of Aether. Our team of over 300 R&D professionals is relentlessly and strengthening relationships with both working on innovative processes across a wide spectrum of applications. The ongoing expansion of our current existing and new customers. We delivered R&D facility — with additional fume hoods and advanced equipment such as Nuclear Magnetic Resonance (NMR) profitable growth while advancing our long- — is already enhancing our capabilities. Complementing this, we are constructing a new, state-of-the-art R&D term vision of building a more resilient, building, expected to be operational by Q2 FY2028, which will deliver a three-fold increase in our R&D project innovative, and future-ready organisation. capacity. Our confidence stems from the growing number of global partners who are turning to Aether for Our transformation rests on the strong cutting-edge, cost-effective solutions. foundation of our core competencies in On the manufacturing front, we successfully commercialized Site 3++ ahead of chemistries, technologies, and integrated schedule and commenced water and solvent trials for the first two production systems. This foundation has enabled us to blocks at Site 5. We deepened relationships with longstanding customers develop and manufacture several specialty while forging new partnerships in emerging areas such as electronic products that are not only first-in-India but, in several cases, first-in-the-world — a chemicals. It fills me with deep pride that, within just ten years of commencing source of immense pride for all of us at commercial operations, Aether has crossed the significant milestone of INR Aether. 1,000 crore in revenue. The year tested the resilience of the entire Looking ahead, we are strategically positioned to seize the opportunities before us. Our focus over the next few years industry. Volatile oil prices, rapid shifts in will be on developing Site 5 in Panoli into a world-class manufacturing facility equipped with best-in-class trade flows, and policy uncertainties infrastructure and the highest standards of safety and sustainability. continued to weigh on global markets. On behalf of the Board of Directors, I extend my heartfelt gratitude to the talented and passionate team of women and While the Indian economy demonstrated men at Aether. Your tireless commitment, collaborative spirit, and dedication to excellence continue to drive our remarkable strength, supported by success. We are honoured to once again be recognised as a Great Place to Work® in 2025, reflecting the high- proactive government policies and robust performance culture we have collectively built — one that values diverse perspectives and an unwavering pursuit of domestic demand, we chose to stay the excellence. course — investing confidently in innovation, sustainability, and capability Aether enters the coming years from a position of strength. With a clear strategy, a robust roadmap for profitable building. growth, and the financial flexibility to invest in high-value projects, we are well placed to deliver enhanced value and superior returns to our shareholders. To each of you — our valued shareholders — thank you for your continued trust, confidence, and steadfast support. CreatinTogegther, we will build an even brighter future for Aether. Ashwin Desai Founding Promoter | Managing Director Impact “We don't chase chemistry. We architect it” Creating Impact 03 Aether Industries Limited, headquartered in Surat, Gujarat, is more than a specialty chemicals company — it is a story of ambition, precision, and breakthrough innovation. We design and manufacture advanced intermediates and specialty chemicals for critical sectors, including pharmaceuticals, agrochemicals, material sciences, coatings, high-performance photography, additives, and oil & gas. Our journey began in 2013 with a vision to redefine India's place in the global chemical landscape. The early years were spent building foundations — assembling exceptional talent, creating state-of-the-art facilities, and investing deeply in research and development. By 2017, commercial operations were in full swing, and since then we have sustained a compound annual growth rate of nearly 53%, making Aether one of India's fastest-growing specialty chemical enterprises. FY 2025-26 carried that momentum forward, with consolidated revenue growing 38% year-on-year and EBITDA rising 53%, as margins expanded on the back of strong pricing and robust demand across our CRAMS and CEM businesses. Our business model rests on three pillars — Contract Research and Manufacturing Servi [Showing first 8,000 characters — download PDF for full document]