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Aries Agro Limited (ARIES)

📊 NSE: ARIES 🏢 Fertilizers 📢 Latest filing: 29 Sep 2026 📝 Analysis written: 13 Dec 2025

📢 Recent Corporate Announcements

Aries Agro Targets ₹1,010 Cr FY27 Gross Revenue; Bags ₹1,084 Cr Flash Bookings

🟢 POSITIVE ⭐ 4/10

ROUTINE 📅 29 Sep 2026, 03:41 PM

At its 56th AGM, Aries Agro highlighted strong operational momentum, achieving FY26 consolidated gross revenue of ₹956.88 crore (a 14.95% 5-year CAGR) and PBT of ₹60.29 crore. For FY27, the company secured annual flash bookings of ₹1,084.40 crore from 1,788 dealers, supporting a gross revenue target of approximately ₹1,010 crore. Domestic manufacturing capacity expanded to 101,400 MTPA following the commissioning of a 6,000 MT facility at Sayakha, Bharuch in February 2026, operating at 72.55% capacity utilization.

Annual booking secured ₹1,084.40 crore in advance orders from 1,788 dealers, targeting ~₹1,010 crore gross revenue in FY27
Consolidated FY26 gross revenue reached ₹956.88 crore, expanding at a 14.95% 5-year CAGR
Total domestic installed capacity increased to 101,400 MTPA with Sayakha (6,000 MT) operational at 72.55% overall utilization
Working capital cycle compressed significantly: inventory turnover fell to 71 days (from 124 days) and receivables to 46 days (from 100 days)
Import dependence on raw materials dropped to 13% in FY26 compared to 51% in FY19 due to domestic backward integration

💡 Track conversion rate of the ₹1,084.40 crore advance bookings into reported quarterly revenue in upcoming Q2 and Q3 FY27 results, alongside monsoon progression.

Aries Agro Reports Nil Re-Lodgement Requests for Physical Shares in August 2026

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 07 Sep 2026, 05:09 PM

Aries Agro Limited has submitted its monthly status report for August 2026 regarding the re-lodgement of physical share transfer requests under the special SEBI window. According to the Registrar and Share Transfer Agent, Aarthi Consultants Pvt Ltd, zero requests were received, processed, approved, or rejected during the month. This filing is a routine regulatory compliance requirement and carries no operational or financial implications.

Nil requests received for re-lodgement of physical shares during August 2026
Nil requests approved or rejected during the month
Submitted in compliance with SEBI Circular dated January 30, 2026

💡 No action is needed as this is an administrative disclosure; monitor upcoming quarterly operational and financial performance.

GST Appellate Authority Confirms Rs 3.96 Cr Tax Demand on Aries Agro; Company to Appeal

🔴 NEGATIVE ⭐ 4/10

LEGAL 📅 04 Sep 2026, 04:52 PM

Aries Agro Limited received an adverse order from the GST Appellate Authority, Mazgaon, Mumbai confirming a tax demand of Rs 3.96 Cr (including interest and penalty) for FY 2018-19. The demand relates to Input Tax Credit (ITC) availed on supplies from vendors whose GST registrations were subsequently cancelled retrospectively. The demand represents approximately 8.4% of the company's TTM net profit of Rs 47 Cr. Aries Agro stated it will appeal the order before the Goods and Services Tax Appellate Tribunal (GSTAT).

GST Appellate Authority confirmed total demand of Rs 3,96,45,090 including interest and penalty.
Dispute pertains to FY 2018-19 ITC claims on inward supplies from vendors with retrospective GST cancellations.
Order passed by GST Appellate Authority, Mazgaon, Mumbai on 04.09.2026.
Company confirmed plans to appeal before the Goods and Services Tax Appellate Tribunal (GSTAT).

💡 Monitor the filing and admission of the appeal before the GSTAT, including any pre-deposit obligations or potential provisioning in upcoming financial statements.

Aries Agro Q1 FY27 Net Profit Rises 49.5% YoY to ₹14.85 Cr; MD Re-appointed for 5 Years

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 11 Aug 2026, 07:15 PM

Aries Agro reported a strong start to FY27 with consolidated net income from operations rising 16.3% YoY to ₹185.86 Cr. Net profit for the quarter surged 49.5% YoY to ₹14.85 Cr, up from ₹9.93 Cr in the same period last year. The company also confirmed the record date for its FY26 dividend as September 22, 2026, and secured board approval for the re-appointment of Dr. Rahul Mirchandani as Managing Director for a five-year term starting April 2027.

Consolidated Net Income from operations grew 16.3% YoY to ₹185.86 Cr
Consolidated Net Profit increased 49.5% YoY to ₹14.85 Cr from ₹9.93 Cr
Basic EPS for the quarter improved to ₹11.47 compared to ₹7.71 in Q1 FY26
Record date for FY26 dividend fixed for September 22, 2026
MD Dr. Rahul Mirchandani re-appointed for a 5-year term effective April 1, 2027

💡 Investors should monitor the company's performance in the upcoming Q2, which is typically a high-demand period driven by the monsoon, and track the progress of the 'Made in India' NPK portfolio expansion.

Aries Agro Q1 PAT Rises 49.5% to ₹14.85 Cr; Dividend Record Date Set for Sep 22

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 11 Aug 2026, 07:11 PM

Aries Agro reported a strong performance for Q1 FY27, with consolidated net profit surging 49.5% YoY to ₹14.85 cr from ₹9.93 cr. Consolidated revenue from operations grew 15.8% YoY to ₹237.06 cr, reflecting robust demand in the micronutrient segment. The company has fixed September 22, 2026, as the record date for the FY26 dividend, with payment scheduled by October 23, 2026. Additionally, the Board approved the re-appointment of Dr. Rahul Mirchandani as Managing Director for a five-year term starting April 2027, ensuring leadership continuity.

Consolidated Net Profit increased to ₹14.85 cr in Q1 FY27 compared to ₹9.93 cr in Q1 FY26
Consolidated Revenue from Operations grew 15.8% YoY to ₹237.06 cr
Earnings Per Share (EPS) improved to ₹11.47 from ₹7.71 in the corresponding previous quarter
Record date for dividend entitlement fixed as September 22, 2026
Managing Director Dr. Rahul Mirchandani re-appointed for a 5-year term effective April 1, 2027

💡 Investors should monitor the upcoming Annual General Meeting on September 29, 2026, and track monsoon progress as it remains a critical factor for H2 demand.

49.5% YoY PAT Growth in Q1 FY27; MD Re-appointed for 5 Years

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 11 Aug 2026, 07:09 PM

Aries Agro reported a strong start to FY27 with consolidated net profit rising 49.5% YoY to ₹14.85 Cr. Revenue from operations grew 16.3% YoY to ₹185.86 Cr, reflecting healthy demand in the specialized fertilizer segment. The company also formalized management continuity by re-appointing Dr. Rahul Mirchandani as Managing Director for a five-year term starting April 2027. Additionally, the record date for the FY26 dividend has been set for September 22, 2026.

Consolidated Net Profit increased 49.5% YoY to ₹14.85 Cr compared to ₹9.93 Cr in Q1 FY26
Net Income from Operations grew 16.3% YoY to ₹185.86 Cr from ₹159.79 Cr
Basic EPS for the quarter rose to ₹11.47 from ₹7.71 in the corresponding previous quarter
Dividend record date fixed for September 22, 2026, with payment scheduled by October 23, 2026
Managing Director Dr. Rahul Mirchandani re-appointed for a 5-year term effective April 1, 2027

💡 Investors should monitor the progression of the monsoon in Q2, as the company's domestic demand is highly sensitive to rainfall patterns, which can impact volumes by 15-20%.

Aries Agro Reports Zero Physical Share Re-Lodgement Requests for July 2026

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 10 Aug 2026, 06:12 PM

Aries Agro Limited has filed its monthly report for July 2026 regarding the special window for re-lodgement of physical share transfer requests, as mandated by SEBI. The report confirms that zero (NIL) requests were received, processed, approved, or rejected during the month. This is a routine administrative filing with no impact on the company's financial health or operations. The company maintains a market capitalization of Rs 443 Cr with a TTM revenue of Rs 747 Cr.

Zero (NIL) requests received for re-lodgement of physical shares during July 2026
Zero (NIL) requests were processed, approved, or rejected by the Registrar and Share Transfer Agent
Filing is in compliance with SEBI circular dated January 30, 2026
Average time taken for processing requests was reported as NIL/NA

💡 This is a procedural regulatory filing. Investors should focus on upcoming quarterly results to assess the impact of monsoon performance on the company's fertilizer demand.

CRISIL Upgrades Long-Term Rating to 'A-/Stable' from 'BBB+/Positive'

🟢 POSITIVE ⭐ 9/10

REGULATORY 📅 07 Aug 2026, 02:49 PM

CRISIL Ratings has upgraded Aries Agro Limited's long-term credit rating by one notch to 'A-/Stable' and its short-term rating to 'A2+'. This upgrade reflects an improving credit profile, supported by the company's low Debt-to-Equity ratio of 0.13 and a healthy ROCE of 21.0%. With TTM revenue at ₹747 Cr and a PAT of ₹42 Cr, the upgrade signifies better financial stability and potential for lower borrowing costs on its ₹42 Cr debt.

Long-term bank facility rating upgraded from CRISIL BBB+/Positive to CRISIL A-/Stable on August 7, 2026.
Short-term bank facility rating upgraded from CRISIL A2 to CRISIL A2+.
Company maintains a very low Debt-to-Equity ratio of 0.13 with total debt of ₹42 Cr.
TTM Revenue reached ₹747 Cr with an Operating Profit Margin of 11.1% for FY26.
Market leader in chelated micronutrients serving 0.8 crore farmers through 9,600+ distributors.

💡 Investors should monitor the impact of this upgrade on interest costs in future quarterly P&L statements. Additionally, watch for the company's ability to maintain its 11.1% OPM given the inherent monsoon risks in the fertilizer sector.

0 requests received for physical share re-lodgement in June 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 09 Jul 2026, 04:50 PM

Aries Agro Limited has filed its monthly status report for June 2026 regarding the special window for re-lodgement of physical share transfer requests. This filing follows the SEBI circular dated January 30, 2026, which facilitates the transfer of shares held in physical form. For the month of June 2026, the company reported zero (NIL) requests received, processed, or approved. This is a standard administrative disclosure with no impact on the company's financial health or business operations.

Zero (NIL) requests for physical share re-lodgement were received during June 2026.
Zero (NIL) requests were approved or rejected by the Registrar and Share Transfer Agent (RTA) during the month.
The filing is in compliance with SEBI Circular No. SEBI/HO/38/13/11(2)2026-MIRSD-POD/I/3750/2026.
Average time taken for processing such requests was reported as NIL for the period.

💡 No action is required from investors as this is a routine regulatory filing concerning share transfer administration.

June 30, 2026: Aries Agro Submits Quarterly SEBI Dematerialization Compliance Certificate

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 06 Jul 2026, 04:29 PM

Aries Agro Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018, for the period ending June 30, 2026. The certificate, issued by Aarthi Consultants Pvt Ltd, confirms that all physical share certificates received for dematerialization were processed within the mandated 15-day timeframe. This process involves the mutilation and cancellation of physical certificates and updating the depository as the registered owner. This is a standard procedural filing required for all listed companies and has no impact on the company's financial or operational performance.

Compliance certificate covers the quarterly period from April 1, 2026, to June 30, 2026.
Confirmation that dematerialization requests were handled within the regulatory limit of 15 days.
Registrar and Share Transfer Agent (RTA), Aarthi Consultants Pvt Ltd, issued the confirmation on July 3, 2026.
The company reported TTM Revenue of Rs 747 Cr and TTM PAT of Rs 42 Cr as per the provided financial context.

💡 No action is required as this is a routine administrative filing. Investors should focus on upcoming quarterly financial results for updates on the company's micronutrient and fertilizer business.

Aries Agro to Close Trading Window from July 1, 2026 for Q1 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 23 Jun 2026, 11:15 AM

Aries Agro Limited has announced the closure of its trading window for all designated persons starting July 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations ahead of the declaration of financial results for the quarter ending June 30, 2026. The window will remain closed until 48 hours after the un-audited financial results are declared. The specific date for the board meeting to approve these results will be announced later.

Trading window closure commences on July 1, 2026
Closure is related to the Un-Audited Financial Results for the quarter ending June 30, 2026
Trading restriction applies to all Directors, Officers, and Designated Employees
Window will reopen 48 hours after the official announcement of Q1 results

💡 No action is required as this is a standard regulatory procedure. Investors should look out for the upcoming announcement regarding the board meeting date for Q1 earnings.

Aries Agro Reports Nil Requests for Re-Lodgement of Physical Shares in May 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Jun 2026, 11:00 AM

Aries Agro Limited has submitted its monthly compliance report for May 2026 regarding the re-lodgement of physical share transfer requests. The report, filed as per the SEBI circular dated January 30, 2026, indicates that no requests were received or processed during the month. This is a standard regulatory disclosure facilitated by the company's Registrar and Share Transfer Agent, Aarthi Consultants Pvt Ltd. There is no material impact on the company's operations or financial standing.

Zero requests were received for the re-lodgement of physical share transfers during May 2026.
No requests were approved, rejected, or pending as of the end of the reporting month.
The filing is in compliance with SEBI Circular No. SEBI/HO/38/13/11(2)2026-MIRSD-POD/I/3750/2026.
The average time taken for processing such requests was recorded as NIL due to lack of activity.

💡 No action is required from investors as this is a routine regulatory filing with no impact on the company's fundamentals.

Aries Agro FY26 Results: PAT Grows 26.5% to ₹42.37 Cr, Working Capital Cycle Improves

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 29 May 2026, 04:09 PM

Aries Agro Limited reported a robust financial performance for FY 2026, with consolidated revenue growing 18.93% to ₹956.88 crores. Profit After Tax (PAT) saw a significant increase of 26.50%, reaching ₹42.37 crores, driven by improved operational efficiencies and cost optimization. A major highlight is the drastic improvement in the working capital cycle, which reduced from 89 days to 64 days. This efficiency was primarily fueled by a sharp reduction in trade receivable days from 53 to 35, indicating much stronger cash flow management.

Gross revenue from operations grew 18.93% YoY to ₹956.88 crores in FY 2026
Profit After Tax (PAT) increased by 26.50% to ₹42.37 crores
Working capital cycle significantly improved from 89 days to 64 days
Trade receivable days saw a sharp reduction from 53 days to 35 days
EBITDA grew 22.93% to ₹88.86 crores with margins improving to 9.29%

💡 Investors should note the significant improvement in operational efficiency and cash flow management, particularly the reduction in receivable days. The company's ability to grow its bottom line by 26.5% while tightening its balance sheet makes it a strong candidate for long-term monitoring in the agri-input space.

Aries Agro FY26 PAT Rises 26.5% to ₹42.37 Cr; Recommends ₹2.50 Total Dividend

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 28 May 2026, 08:20 PM

Aries Agro Limited delivered a robust annual performance for FY26, with consolidated net profit growing 26.5% YoY to ₹42.37 crore. Annual revenue from operations increased by 20% to ₹752.77 crore, reflecting strong demand in the agro-nutrients sector. While the company reported a seasonal net loss of ₹4.79 crore in Q4 FY26, the board recommended a total dividend of ₹2.50 per share (25%), which includes a ₹1.00 special dividend to celebrate growth.

Consolidated annual Net Profit increased by 26.5% YoY to ₹4,237.00 Lakhs from ₹3,349.35 Lakhs.
Full-year Total Income from Operations grew 20% to ₹75,276.62 Lakhs compared to ₹62,706.18 Lakhs in FY25.
Recommended a total dividend of 25% (₹2.50 per share), comprising a ₹1.50 final dividend and a ₹1.00 special dividend.
Q4 FY26 revenue surged 44.6% YoY to ₹18,479.85 Lakhs, although the quarter ended in a seasonal loss of ₹478.78 Lakhs.
Annual Basic EPS improved significantly to ₹32.95 from ₹26.16 in the previous financial year.

💡 Investors should view the strong full-year growth and the special dividend as positive indicators of the company's financial health. While Q4 was loss-making, the significant YoY revenue jump in the final quarter suggests improving market penetration.

Aries Agro FY26 Net Profit Rises 26.5% to ₹42.37 Cr; Recommends ₹2.50 Total Dividend

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 28 May 2026, 06:45 PM

Aries Agro reported a strong full-year performance for FY26, with consolidated revenue growing 20% YoY to ₹752.77 crore. Annual net profit increased by 26.5% to ₹42.37 crore, driven by robust operational performance despite a seasonal net loss of ₹4.79 crore in the fourth quarter. The Board has recommended a total dividend of ₹2.50 per share (25%), which includes a ₹1.00 special dividend to mark the company's growth. The company's annual EPS improved significantly to ₹32.95 from ₹26.16 in the previous fiscal year.

Consolidated annual revenue grew 20% YoY to ₹752.77 crore in FY26.
Full-year Net Profit (PAT) increased by 26.5% to ₹42.37 crore vs ₹33.49 crore in FY25.
Recommended total dividend of ₹2.50 per share, including a ₹1.00 special dividend.
Q4 FY26 revenue surged 44.6% YoY to ₹184.80 crore, though the quarter remained seasonally loss-making.
Annual Basic EPS rose to ₹32.95 from ₹26.16 in the previous year.

💡 The strong annual growth and the announcement of a special dividend signal management's confidence in the company's trajectory. Long-term investors should view the seasonal Q4 loss as typical for the agro-input sector and focus on the significant full-year margin and revenue improvements.

View All ARIES Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

The company operates in a single primary business segment (Micronutrient Fertilizers). Standalone gross revenue grew 17.22% YoY to INR 778.35 Cr in FY25 from INR 664.03 Cr. 9MFY24 revenue grew 9% YoY to INR 530 Cr, while FY22 revenue grew 15% to INR 548 Cr driven by 20% volume growth.

Geographic Revenue Split

A major portion of revenue is derived from the domestic Indian market. International contributions are increasing, specifically from the UAE units in Fujairah and associate company Amarak Chemicals FZC, which led the 17.22% standalone revenue growth in FY25.

Profitability Margins

Operating margins were 7% in FY22, 8% in 9MFY23, and 9.3% in 9MFY24. Full-year FY24 operating margin is estimated at 7.5%, with a medium-term target of 7.5-8.0%. Net Profit before tax for the six months ended September 30, 2025, was INR 42.55 Cr compared to INR 34.61 Cr in the previous period, a 22.9% increase.

EBITDA Margin

Operating margins (EBITDA equivalent) fluctuated between 7% and 9.3%. The margin dip of 300 bps to 7% in FY22 was due to a 200 bps moderation in gross margins and increased marketing spends for farmer education.

Capital Expenditure

Historical capex was INR 5-10 Cr per annum. Planned capex increased to INR 30 Cr for FY24 and further to INR 30-40 Cr for FY25 to support capacity and infrastructure.

Credit Rating & Borrowing

CRISIL Ratings maintains a 'Positive' or 'Stable' outlook. Interest coverage ratio is healthy, expected to remain above 4-5 times. Total debt significantly declined from INR 172 Cr in FY19 to approximately INR 60-65 Cr in FY24 due to efficient working capital management.

⚙️ Operational Drivers

Raw Materials

Specific raw materials include Sulphur, Nitrogen, Phosphorus, Potassium (NPK) components, and various micronutrient chelating agents. Raw material costs represent a significant portion of the cost structure, with gross margins impacting operating margins by approximately 200 bps in volatile periods.

Import Sources

The company historically imported Water Soluble NPKs from China but is actively substituting these with 'Made in India' High Density NPKs. Other materials are sourced globally and domestically to serve units in India and the UAE.

Capacity Expansion

Current domestic installed capacity is 95,400 MT p.a. with a 76.32% utilization rate as of FY25. The UAE plant produced 8,751 MT of Sulphur Bentonite and other products.

Raw Material Costs

Raw material costs are subject to global price volatility. The company uses calibrated price hikes and a strategy of lowering dependence on imports to sustain gross margins.

Manufacturing Efficiency

Domestic capacity utilization is at 76.32%. Efficiency is also driven by rationalizing the product portfolio and introducing high-density formulations.

Logistics & Distribution

The company maintains an extensive reach with over 9,600 distributors, 86,000 retailers, and presence in 200,000 villages, serving 8 million farmers.

📈 Strategic Growth

Expected Growth Rate

10-12%

Growth Strategy

Growth will be achieved through farmer education initiatives to increase micronutrient awareness, expanding the 'Made in India' High Density NPK portfolio to replace Chinese imports, and leveraging the UAE manufacturing hub for international sales expansion.

Products & Services

Chelated micronutrients, Plant Nutrient Solutions, Sulphur Bentonite, and High Density NPK fertilizers.

Brand Portfolio

Aries, Aries Agro.

New Products/Services

Introduction of High Density NPKs as a substitute for Chinese water-soluble variants; new nutrient formulations to meet regional farming requirements.

Market Expansion

Expansion into international markets via the UAE (Fujairah) and deepening domestic penetration in 200,000 villages.

Market Share & Ranking

Established market leader in the chelated micronutrients segment in India.

Strategic Alliances

Partnership with associate company Amarak Chemicals FZC, UAE, for production and international sales.

🌍 External Factors

Industry Trends

The industry is shifting toward specialty nutrients and micronutrients as farmers move away from traditional bulk fertilizers. Aries is positioned as a first-mover in chelation technology with a 50-year track record.

Competitive Landscape

Competes with domestic fertilizer majors and importers of specialty nutrients; maintains edge through specialized product portfolio and farmer education.

Competitive Moat

The moat is built on a massive distribution network (86,000+ retailers) and deep brand trust among 8 million farmers, which is difficult for new entrants to replicate quickly.

Macro Economic Sensitivity

Highly sensitive to agricultural GDP and monsoon patterns. A 10% deviation in monsoon rainfall significantly impacts quarterly revenue representative of full-year performance.

Consumer Behavior

Increasing farmer awareness of soil health and micronutrient deficiency is driving a shift toward higher-value specialty fertilizers.

Geopolitical Risks

Trade barriers or supply chain issues with China impact the sourcing of water-soluble NPKs, prompting a shift to domestic manufacturing.

⚖️ Regulatory & Governance

Industry Regulations

Subject to the Fertilizer Control Order and various state-level licensing for distribution and manufacturing standards.

Environmental Compliance

Operates under fertilizer industry regulations; specific ESG cost values not disclosed.

Taxation Policy Impact

Current tax for the half-year ended Sep 2025 was INR 10.82 Cr on a consolidated basis.

Legal Contingencies

The company undergoes regular audits of internal financial controls; no specific high-value pending court cases or litigation values were disclosed in the provided documents.