Aarti Industries (ARTO IN) – Q2FY27 Result Update – Zone IV expansion to drive growth – ACCUMULATE
Published on 02 Nov 2026
Aarti Industries reported Q2FY27 revenue of Rs36.7bn, up 75% YoY, driven by strong volume growth and the pass-through of elevated raw material prices. EBITDA increased 41% YoY to Rs4.1bn, supported by healthy demand across key non-energy value chains and strong performance in the Energy segment, aided by elevated crude oil prices and higher gasoline-naphtha cracks. We maintain our Accumulate rating with a target price of Rs476, valuing the stock at 21x Sep'28 EPS. The stock is currently trading at 17x FY29 EPS.
