Aarti Industries posted strong Q4 FY26 results with broad-based volume growth. **Business Performance:** Q4 revenue increased 9% YoY, although it saw a 3% QoQ dip.

EBITDA surged 30% YoY, while PAT jumped 43% YoY.

For the full year, FY26 revenue reached ₹9018 Cr.

Agrochemical segment margins remained challenging, and higher exports led to increased working capital and finance costs. **Growth Drivers:** The company is focused on cost optimization initiatives across value chains, improving yields and energy efficiency.

Strategic growth areas include ramping up MMA, DCB, NT, and specialty chemical volumes. **Recent Developments:** MMA capacity expanded to 290 kTPA, with further expansion to 360 kTPA underway.

Two new long-term contracts were secured in Q4. Joint Ventures with Superform and Re Aarti (chemical recycling) are progressing, expected to commission in H1FY27 and CY26, respectively. **Management Outlook:** AIL aims for an EBITDA of ₹1,800-2,200 Cr and ROCE above 15%, with Debt/EBITDA below 2.5x for FY26-FY28. FY26 Capex was about ₹1125 Cr.

Expect consistent volume growth over the next three years, driven by new projects commissioning in FY27.