Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹483Cr
Fertilizers - Phosphatic - Single Super Phosphate
Rev Gr TTM
Revenue Growth TTM
14.77%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

ARIES
VS
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | 9.7 | -7.3 | 14.8 | 10.2 | 15.3 | 26.1 | 22.4 | 15.8 | 19.6 | 19.0 | 5.5 | 18.9 |
| 93 | 95 | 129 | 130 | 108 | 120 | 159 | 149 | 127 | 139 | 166 | 174 |
Operating Profit Operating ProfitCr |
| -0.3 | 11.9 | 18.6 | 11.6 | -0.8 | 11.4 | 17.7 | 12.7 | 0.8 | 13.5 | 18.7 | 14.1 |
Other Income Other IncomeCr | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Interest Expense Interest ExpenseCr | 5 | 4 | 9 | 4 | 5 | 3 | 8 | 5 | 3 | 5 | 8 | 2 |
Depreciation DepreciationCr | 3 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 3 | 2 | 3 | 3 |
| -8 | 7 | 18 | 11 | -8 | 11 | 24 | 15 | -5 | 14 | 28 | 24 |
| 1 | 3 | 6 | 4 | -2 | 3 | 5 | 3 | -1 | 5 | 8 | 7 |
|
Growth YoY PAT Growth YoY% | -20.4 | -39.8 | -5.6 | 59.2 | 35.1 | 55.0 | 51.7 | 49.3 | 37.7 | 38.7 | 6.2 | 50.8 |
| -10.4 | 4.3 | 7.8 | 5.2 | -5.9 | 5.3 | 9.7 | 6.7 | -3.1 | 6.2 | 9.8 | 8.6 |
| -7.2 | 3.6 | 9.6 | 6.0 | -4.3 | 5.6 | 14.5 | 8.9 | -2.8 | 7.7 | 15.4 | 13.3 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| 2.4 | -13.8 | -3.9 | 15.4 | -8.9 | 11.6 | 28.8 | 13.3 | 9.2 | 9.4 | 20.5 | 11.8 |
| 250 | 217 | 214 | 245 | 222 | 256 | 325 | 386 | 424 | 461 | 555 | 606 |
Operating Profit Operating ProfitCr |
| 18.1 | 17.5 | 15.4 | 15.8 | 16.4 | 13.4 | 14.9 | 10.8 | 10.1 | 10.7 | 10.8 | 12.9 |
Other Income Other IncomeCr | 1 | 1 | 3 | 2 | 3 | 7 | 0 | 4 | 9 | 3 | 5 | 0 |
Interest Expense Interest ExpenseCr | 24 | 25 | 23 | 29 | 29 | 26 | 26 | 24 | 23 | 22 | 19 | 17 |
Depreciation DepreciationCr | 10 | 11 | 7 | 2 | 2 | 5 | 6 | 6 | 8 | 8 | 9 | 11 |
| 22 | 12 | 12 | 17 | 16 | 16 | 25 | 20 | 25 | 28 | 44 | 61 |
| 3 | 4 | 7 | 8 | 8 | 7 | 7 | 7 | 9 | 10 | 11 | 18 |
|
| 4.1 | -58.2 | -33.3 | 66.8 | -15.3 | 12.2 | 98.7 | -24.6 | 23.1 | 15.5 | 82.0 | 29.1 |
| 6.4 | 3.1 | 2.2 | 3.1 | 2.9 | 2.9 | 4.5 | 3.0 | 3.4 | 3.6 | 5.4 | 6.2 |
| 13.0 | 5.6 | 5.4 | 8.1 | 7.6 | 7.5 | 13.8 | 10.2 | 13.2 | 14.9 | 26.2 | 33.5 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 |
| 165 | 159 | 162 | 170 | 176 | 181 | 198 | 211 | 230 | 247 | 277 | 307 |
Current Liabilities Current LiabilitiesCr | 211 | 216 | 217 | 246 | 262 | 258 | 259 | 251 | 238 | 213 | 235 | 263 |
Non Current Liabilities Non Current LiabilitiesCr | 18 | 17 | 20 | 22 | 19 | 26 | 24 | 28 | 35 | 40 | 53 | 72 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 345 | 342 | 357 | 376 | 384 | 368 | 376 | 384 | 382 | 357 | 397 | 455 |
Non Current Assets Non Current AssetsCr | 99 | 106 | 93 | 101 | 110 | 120 | 125 | 125 | 137 | 161 | 184 | 203 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 38 | 34 | 48 | 14 | 44 | 59 | 56 | 69 | 55 | 77 | 105 |
Investing Cash Flow Investing Cash FlowCr | -11 | -25 | 13 | -2 | -10 | -41 | -14 | -13 | -16 | -26 | -34 |
Financing Cash Flow Financing Cash FlowCr | -31 | -9 | -59 | -12 | -36 | -21 | -43 | -56 | -37 | -50 | -45 |
|
Free Cash Flow Free Cash FlowCr | 32 | 20 | 47 | 4 | 36 | 46 | 42 | 63 | 39 | 46 | 74 |
| 196.9 | 412.9 | 875.6 | 153.2 | 576.2 | 681.0 | 328.9 | 531.1 | 342.2 | 416.0 | 314.3 |
CFO To EBITDA CFO To EBITDA% | 69.8 | 73.3 | 122.5 | 30.4 | 101.8 | 147.9 | 99.5 | 147.4 | 114.2 | 138.1 | 156.1 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 137 | 117 | 201 | 229 | 113 | 52 | 100 | 178 | 192 | 315 | 329 |
Price To Earnings Price To Earnings | 8.4 | 17.5 | 28.5 | 21.9 | 11.4 | 5.3 | 5.6 | 13.4 | 11.2 | 16.2 | 9.7 |
Price To Sales Price To Sales | 0.5 | 0.4 | 0.7 | 0.7 | 0.3 | 0.1 | 0.2 | 0.3 | 0.3 | 0.5 | 0.4 |
Price To Book Price To Book | 0.8 | 0.7 | 1.1 | 1.3 | 0.6 | 0.3 | 0.5 | 0.8 | 0.8 | 1.2 | 1.1 |
| 5.2 | 5.9 | 8.4 | 8.4 | 6.2 | 4.8 | 4.2 | 6.2 | 6.0 | 6.9 | 5.1 |
Profitability Ratios Profitability Ratios |
| 56.0 | 52.0 | 53.1 | 49.4 | 56.8 | 57.8 | 50.8 | 46.8 | 47.8 | 49.6 | 48.3 |
| 18.1 | 17.5 | 15.4 | 15.8 | 16.4 | 13.4 | 14.9 | 10.8 | 10.1 | 10.7 | 10.8 |
| 6.4 | 3.1 | 2.2 | 3.1 | 2.9 | 2.9 | 4.5 | 3.0 | 3.4 | 3.6 | 5.4 |
| 13.8 | 11.0 | 11.4 | 13.0 | 12.5 | 12.3 | 14.3 | 13.3 | 14.2 | 15.2 | 18.6 |
| 10.9 | 4.8 | 3.1 | 5.0 | 4.1 | 4.5 | 8.2 | 5.8 | 6.6 | 7.1 | 11.6 |
| 4.4 | 1.8 | 1.2 | 1.9 | 1.6 | 1.8 | 3.4 | 2.5 | 3.1 | 3.6 | 5.8 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Overview**
Aries Agro Limited, established in 1969, is a leading Indian multinational player in the **specialty plant nutrition** sector. The company specializes in **primary, secondary, and micronutrient fertilizers**, including **water-soluble NPKs, chelated nutrients, bio-stimulants, and organic certified products**. With a strong legacy of innovation—such as introducing **chelation technology** and **biodegradable nutrient complexes** to Indian agriculture—Aries Agro serves over **1.79 million farmers** across **26 Indian states** and has expanded its footprint into **eight international markets**.
The company operates under a robust vertical integration model supported by **three domestic subsidiaries**—Mirabelle Agro Manufacturing Pvt Ltd, Aries Agro Equipments Pvt Ltd, and Golden Harvest Middle East FZC—and leverages strategic partnerships to deliver **integrated agri-input solutions**.
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### **Recent Performance & Financial Highlights (as of FY 2024–25)**
- **Standalone Gross Revenue**: ₹778.35 crores, reflecting a **17.22% year-on-year growth** from ₹664.03 crores (FY 2023–24).
- **Annual Bookings (FY 2025–26)**: ₹830.44 crores secured from **1,717 dealers** across 26 states as of September 2025.
- **Revenue Target for FY 2025–26**: ₹950 crores.
- **R&D Investment**: ₹277.73 lakhs in FY 2024–25 (up from ₹246.33 lakhs), representing **0.36% of gross turnover**.
- **Domestic Capacity Utilization**: 76.32% of **95,400 MT per annum** installed capacity across six manufacturing units (Mumbai, Hyderabad, Chhatral, Vijayawada, Lucknow, Raipur).
- **UAE Plant Output (Fujairah)**: Produced **8,751 MT** of Sulphur Bentonite and other value-added sulphur products for domestic and global markets.
---
### **Strategic Expansion & International Presence**
Aries Agro is actively diversifying geographically to reduce market concentration risk and capitalize on global demand:
- **Export Markets**: Growing presence in **Australia, Brazil, New Zealand, Nigeria, Nepal, Philippines, Taiwan, UAE, and the Netherlands**.
- **International Operations**: Supported by:
- **Golden Harvest Middle East FZC** (UAE-based subsidiary)
- **Amarak Chemicals FZC** (associate company, 49% owned by Golden Harvest)
- **Global Sourcing**: 18% of raw materials sourced from **China, USA, Turkey, and UAE**, ensuring supply chain resilience and cost efficiency.
- **Plant Expansion**:
- Groundbreaking of a new **manufacturing plant in Lucknow**
- Contract signed for a **Sulphur Bentonite facility in Jebel Ali, UAE**
- Expanded office in **Vijayawada**
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### **Innovation & Product Development**
Aries Agro continues to lead in crop-specific and science-driven formulations:
- **Recent Product Launches (FY 2024–25)**:
- *Aries Ecoshield*: Plant immunity booster
- *Majorsol Soybean & Pulses Special*
- *Calmax*: Plant-based calcium-magnesium supplement
- *Zinc HD Gold*: Concentrated liquid zinc
- **Equipment Division**: Launched new models of **knapsack sprayers, soil testing devices**, and **Magic Traps** for pest management.
- **Urban & Protected Farming Initiatives**: New product lines for **urban hobbyists, hydroponics, rooftop gardens**, and **protected cultivation**.
- **R&D Focus Areas**:
- Suspension liquids
- Controlled-release fertilizers
- Nano and organic fertilizers (baseline research)
- AI-driven soil scanning and **precision agriculture tools**
- **Agritech Push**:
- DGCA-certified **drones for nutrient spraying**
- Co-developed **drone pilot training program** with **ITM Skills University**
- AI and robotics integration in farm input delivery
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### **Farmer Engagement & Digital Transformation**
Aries Agro has deeply institutionalized digital platforms to enhance accessibility and farmer trust:
- **Farmer Outreach**:
- Engaged **1.79 million farmers** through campaigns, expos, and field meetings in 2025.
- Celebrated **Farmer Meetings Day**—a Guinness-recognized event covering **121 crops nationwide**.
- **Digital Platforms**:
- **Aries Everywhere App** (launched on iOS) for real-time agronomic support and order booking.
- **Digital Dealer Bookings**: Increased efficiency and transparency; ₹830.44 crores in bookings via app.
- **Call Centers**: Three centers (Tamil Nadu, Andhra Pradesh, Odisha) with 21 executives providing advisory to farmers.
- **YouTube Channel (Agromax)**: Hosts *Fasal Sabha* weekly knowledge sessions and technical content.
- **Social Media Reach**: ~**470,950** followers across YouTube, Facebook, Instagram, and Twitter.
- **National Campaigns**:
- *Sahi Chuno*, *Rythu Radham*, *I Built Aries*, *The Jeevan's Agri Show*
- Recognized with **Mommys Award for Best Agriculture Brand on Social Media**
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### **Strategic Partnerships & Collaborations**
- **Co-Marketing Agreements (FY 2024–25)**:
- Rallis India Ltd.
- Seedlings India Pvt Ltd (Best Agrolife)
- Godrej Agrovet Ltd.
> These alliances enable Aries to distribute **patented plant protection molecules**, positioning it as a **one-stop agri-input provider**.
- **Academic Collaborations**:
- Partnered with **NMIMS, Welingkar, ITM, SPJIMR, Harvard University, and Cornell University** for employee training in innovation, strategy, and agri-tech.
- **R&D Collaborations**:
- Joint research with academic and scientific institutions.
- Publications in reputed **agricultural journals**.
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### **Operational Resilience & Sustainability**
- **Supply Chain Modernization**:
- Implemented **automation, improved warehousing, and inventory controls** to adapt to erratic monsoon patterns and fluctuating demand.
- **Environmental Initiatives**:
- Focused on **eco-friendly manufacturing processes**, aiming for **pollution-free and sustainable production**.
- Conducts **EIQ (Environmental Intelligence Quotient)** assessments to promote environmental awareness among farming communities.
- **CSR Activities**:
- Runs **Annadanam (food donation)** at 50 locations—part of social commitment but not directly tied to core operations.
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### **Global Participation & B2B Engagement**
Aries Agro actively participates in global events to strengthen international presence:
- **Key Exhibitions Attended (2024–2025)**:
- **CAC Expo, Shanghai** (March 2024) – Explored bulk chemical trade with China.
- **ICSCE 2024, Dubai** – Built B2B partnerships in agrochemicals and biologicals.
- **Horti Agri Next, Thailand**
- **PMFAI, Dubai**
- **Stakeholder Engagements**:
- Hosted **Bangladesh buyer delegation** in Mumbai.
- Met agri-stakeholders from **New Zealand and Europe** in Singapore.
- Engaged vendor from **Nigeria** in Ghaziabad to assess new market entry.
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### **Leadership & Governance**
- **Dr. Rahul Mirchandani (Director)**: Pioneer of disruptive marketing strategies in Indian agribusiness, including the first **sector-wide loyalty program**, **flash sales**, and **nationwide single-day brand launch**.
- **Dr. Jimmy Mirchandani (Chairman’s brother and Consultant until 2027)**: Over **40 years of experience** in global agri-marketing and production; instrumental in advancing **chelation technology**. Former President, Indian Micro Fertilizers Manufacturers’ Association (2001–2005).
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