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AETHER - Aether Industri.

📊 NSE: AETHER 🏢 Chemicals 📅 Last Updated: 12/13/2025 17:56

📢 Recent Corporate Announcements

Aether Industries Issues Correction for Investor Meeting Schedule

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 14 Mar 2026, 12:12 PM

Aether Industries Limited has issued a clerical correction regarding its previous disclosure dated March 10, 2026, concerning a scheduled institutional investor meeting. The company clarified that the correct name of the participant is Abakkus Investment Managers, rather than Abakkus Asset Managers as previously stated. This update is a routine regulatory filing under SEBI (LODR) Regulations, 2015. No financial details or strategic changes were discussed in this specific announcement.

Correction made to the disclosure dated March 10, 2026 (Ref. No. AIL/SE/71/2025-26)
Investor name updated from Abakkus Asset Managers to Abakkus Investment Managers
Filing made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015

💡 This is a minor administrative update with no impact on company fundamentals. No action is required from investors.

Aether Industries Conducts One-on-One Meeting and Site Visit with Invesco Mutual Fund

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 13 Mar 2026, 04:20 PM

Aether Industries Limited hosted a physical meeting and site visit for Invesco Mutual Fund on March 13, 2026. The meeting took place at the company's registered office and factory premises in Surat, Gujarat. The company confirmed that the discussions were based strictly on publicly available information, ensuring no Unpublished Price Sensitive Information (UPSI) was shared. This interaction is part of the company's routine engagement with institutional investors under SEBI regulations.

One-on-one physical meeting held with Invesco Mutual Fund on March 13, 2026
The engagement included a site visit to the company's facilities in Surat
Company officials confirmed that no Unpublished Price Sensitive Information (UPSI) was discussed
Disclosure made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015

💡 No immediate action is required as this is a routine regulatory disclosure. Investors should continue to monitor the company's quarterly performance and any future material announcements.

Aether Industries Reports Fire at External Warehouse; No Impact on Production Operations

🟡 NEUTRAL ⭐ 4/10

OTHER 📅 11 Mar 2026, 07:55 PM

Aether Industries reported a fire at its external warehouse in Surat on March 11, 2026, which was brought under control within approximately 2.5 hours. The fire originated from an adjacent company's premises and partially affected plots 24/9 and 24/10 at the Hojiwala Industrial Estate. Crucially, the company reported zero casualties and confirmed that all R&D, pilot plant, and production facilities are operating normally without disruption. While the financial loss is currently being assessed, the company maintains adequate insurance coverage for the affected assets.

Fire occurred at external warehouse plots 24/9 and 24/10 between 13:00 and 15:30 Hrs.
Zero injuries or casualties reported following the incident.
Core production, R&D, and pilot plant facilities remain fully operational with no disruption.
Loss assessment is pending, but the company is protected by adequate insurance coverage.
The incident was caused by a fire spreading from an adjacent property, not internal failures.

💡 Investors should remain calm as core operations are unaffected and insurance covers the damage. Monitor for the final loss assessment and any subsequent safety audits by local authorities.

Aether Industries Participates in Singapore Investor Conference with 7 Major Institutions

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 10 Mar 2026, 03:11 PM

Aether Industries Limited participated in the Emerging India Mid-caps Corporate Day Investor Conference in Singapore on March 10, 2026. Company officials conducted one-on-one and group meetings with seven prominent institutional investors, including Amansa Capital, Nomura Asset Management, and M&G Investment Management. The company confirmed that all discussions were based on publicly available information, ensuring no Unpublished Price Sensitive Information (UPSI) was shared. This engagement reflects the company's ongoing efforts to maintain visibility and transparency with international institutional investors.

Participated in the Emerging India Mid-caps Corporate Day in Singapore on March 10, 2026.
Held meetings with 7 major institutional investors including UOB Asset Management and Polunin Capital Partners.
Meetings were conducted in person through both one-on-one and group formats.
Strict adherence to SEBI regulations by ensuring no UPSI was discussed during the sessions.

💡 This is a routine disclosure of investor engagement. Investors should monitor future shareholding patterns to see if these interactions lead to increased institutional investment.

Aether Industries to Meet India Capital Growth Fund and Invesco Mutual Fund in March 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 04 Mar 2026, 04:18 PM

Aether Industries Limited has scheduled one-on-one physical meetings with two prominent institutional investors at its Surat premises. The company will meet with India Capital Growth Fund on March 11, 2026, and Invesco Mutual Fund on March 13, 2026. These meetings are part of the company's regular investor engagement strategy to discuss business developments. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be shared during these interactions.

One-on-one physical meeting scheduled with India Capital Growth Fund on March 11, 2026.
One-on-one physical meeting scheduled with Invesco Mutual Fund on March 13, 2026.
Meetings to be conducted at the company's registered office in Surat, Gujarat.
Company confirms that no Unpublished Price Sensitive Information (UPSI) is intended to be discussed.

💡 This is a routine disclosure of institutional engagement; investors should monitor for any subsequent investor presentations that might provide updated business outlooks.

Aether Industries Concludes Meetings with 30+ Institutional Investors in Mumbai

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 25 Feb 2026, 06:05 PM

Aether Industries participated in two major investor conferences in Mumbai on February 24 and 25, 2026. The company held group and one-on-one meetings with over 30 prominent institutional investors, including SBI Life, Premji Invest, and Nippon Life India Asset Management. These interactions focused on publicly available information to ensure compliance with SEBI regulations regarding price-sensitive information. Such high-level engagement indicates sustained institutional interest in the company's specialty chemicals business.

Participated in the 17th Enterprising India Global Investors' Conference on February 24, 2026
Attended the 'Chasing Growth' Annual Flagship Investor Conference on February 25, 2026
Engaged with over 30 institutional entities including Axis AMC, White Oak Capital, and Invesco
Confirmed that no Unpublished Price Sensitive Information (UPSI) was shared during the sessions

💡 This is a routine investor relations update; investors should monitor for any subsequent research reports from the participating institutions for deeper insights.

Aether Industries Receives 'Adequate' ESG Rating of 61 from NSE Sustainability Ratings

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 20 Feb 2026, 05:39 PM

NSE Sustainability Ratings & Analytics Limited has independently assigned an ESG rating of 61 to Aether Industries. The rating, issued on February 20, 2026, falls into the 'Adequate' category based on publicly available information from the 2024-2025 fiscal year. Notably, the company did not commission this rating, as it was executed independently by the agency. This disclosure provides a baseline for institutional investors who prioritize Environmental, Social, and Governance metrics in their portfolios.

Assigned an ESG rating of 61 by NSE Sustainability Ratings & Analytics Limited.
The rating is officially categorized as 'Adequate' for the company.
Rating was based on independent analysis of public data for FY 2024-2025.
Aether Industries did not engage or pay the agency for this specific rating activity.
Disclosure follows Regulation 30 of SEBI (Listing Obligation and Disclosure Requirements) Regulations.

💡 Investors should view this as a baseline ESG performance metric that may influence institutional fund flows. No immediate portfolio changes are necessary as the 'Adequate' rating reflects standard compliance without significant red flags.

Aether Industries Allots 11,778 Equity Shares Under ESOP Scheme 2021

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 18 Feb 2026, 11:16 AM

Aether Industries has approved the allotment of 11,778 equity shares to eligible employees following the exercise of options under the AIL ESOS 2021. The shares were issued at an exercise price of Rs. 885 per share, which includes a premium of Rs. 875 per share. This corporate action increases the company's total paid-up share capital to Rs. 132.67 crore, comprising 13.26 crore shares. The newly allotted shares will rank pari-passu with existing equity shares and carry no lock-in period.

Allotment of 11,778 equity shares of face value Rs. 10 each
Exercise price fixed at Rs. 885 per share, including Rs. 875 premium
Total post-issue paid-up capital increased to Rs. 1,32,67,43,700
Shares issued under the Aether Industries Limited Employee Stock Option Scheme 2021
New shares are identical to existing shares with no lock-in restrictions

💡 This is a routine administrative allotment with negligible equity dilution. No specific action is required from investors.

Aether Industries to Attend IIFL and Kotak Investor Conferences in February 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 16 Feb 2026, 11:22 AM

Aether Industries Limited has announced its participation in two upcoming investor conferences in Mumbai. The company will attend the 17th Enterprising India Global Investors' Conference by IIFL Capital Services on February 24, 2026. This will be followed by the Kotak Securities Annual Flagship Investor Conference on February 25, 2026. These physical meetings will include one-on-one and group interactions to engage with institutional investors.

Scheduled participation in IIFL Capital Services conference on February 24, 2026
Attendance at Kotak Securities 'Chasing Growth' conference on February 25, 2026
Meetings to be held in physical mode via one-on-one and group formats
Company explicitly stated that no UPSI will be discussed during these meets

💡 No immediate action is necessary as this is a routine disclosure. Investors may look for any subsequent investor presentations for updated business insights.

Aether Industries Q3 FY26: PAT Jumps 49% YoY to ₹64.5 Cr; EBITDA Margins Expand to 34%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 10 Feb 2026, 12:23 PM

Aether Industries reported a robust Q3 FY26 with revenue growing 44% YoY to ₹317.1 crore and PAT increasing 49% to ₹64.5 crore. The company achieved significant operational leverage as EBITDA margins expanded to 34% from 28% in the previous year. Strategic diversification is evident as the combined share of Oil & Gas and Material Science rose to 40%, reducing reliance on Pharma and Agro. Management confirmed that Site 3++ and the first two blocks of Site 5 are ready for commercial production, which will drive future volume growth.

Revenue from operations increased 44% YoY to ₹3,171 million in Q3 FY26.
EBITDA surged 75% YoY to ₹1,083 million with margins improving by 600 bps to 34%.
Site 4 (Baker Hughes) revenue grew 20% QoQ to ₹60 crore, with further scale-up expected in FY27.
Successfully forayed into electronic chemicals for the semiconductor industry with clients in Japan, South Korea, and Taiwan.
Volume growth in large-scale manufacturing exceeded 25% YoY, supported by stable pricing.

💡 Investors should maintain a positive outlook given the strong margin expansion and successful diversification into high-growth sectors like semiconductors and oil & gas. The upcoming commercialization of Site 5 provides a clear catalyst for revenue growth in FY27.

Aether Industries Allots 5,251 Equity Shares Under ESOP Scheme

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 10 Feb 2026, 12:23 PM

Aether Industries has approved the allotment of 5,251 equity shares to employees under its 2021 ESOP scheme. The allotment includes 2,136 shares at an exercise price of Rs. 400 and 3,115 shares at Rs. 321. This issuance increases the company's total paid-up share capital to approximately Rs. 132.66 crore. The dilution resulting from this allotment is negligible, representing less than 0.004% of the total equity base.

Allotment of 5,251 equity shares of face value Rs. 10 each on February 10, 2026.
Exercise prices set at Rs. 400 (for 2,136 shares) and Rs. 321 (for 3,115 shares).
Total post-allotment share capital stands at 13,26,62,592 equity shares.
New shares rank pari-passu with existing shares and carry no lock-in period.

💡 This is a routine administrative update regarding employee compensation; no action is required from retail investors.

Aether Industries Releases Q3 FY26 Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 03 Feb 2026, 05:45 PM

Aether Industries has officially released the audio recording of its earnings conference call for the third quarter ended December 31, 2025. The call was conducted on February 3, 2026, to discuss the company's financial performance and operational updates. This filing is a mandatory disclosure under SEBI Regulation 30, ensuring transparency for all stakeholders. Investors can access the full recording via the company's website to understand management's perspective on the quarter's results.

Audio recording for Q3 FY26 earnings call made available on February 3, 2026
Covers financial results for the nine-month period and quarter ended December 31, 2025
Complies with SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015
Direct link provided for investor access to management commentary and Q&A session

💡 Investors should review the audio recording for management's outlook on specialty chemical demand and updates on capital expenditure projects. Pay close attention to any commentary regarding margin recovery or new client acquisitions mentioned during the Q&A.

Aether Industries Q3 FY26 PAT Jumps 49% Y/Y to ₹645M; Revenue Up 44%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 03 Feb 2026, 01:29 PM

Aether Industries reported a strong Q3 FY26 with consolidated revenue growing 44% Y/Y to ₹3,171 million, driven by growing CEM contracts and LSM demand. EBITDA rose 75% Y/Y to ₹1,083 million, reflecting significant operating leverage and a shift in segment mix. Net profit (PAT) for the quarter increased 49% Y/Y to ₹645 million, while the 9M FY26 PAT of ₹1,655 million has already exceeded the full-year FY25 figure. The company confirmed that commercial production at Site 5 Phase 1 and Site 3++ is scheduled to begin in March 2026.

Consolidated Revenue for Q3 FY26 stood at ₹3,171 million, up 44% Y/Y and 13% Q/Q.
EBITDA grew 75% Y/Y to ₹1,083 million with a 9M FY26 EBITDA margin of 31.83%.
Contract/Exclusive Manufacturing (CEM) contribution increased to 43% of revenue in Q3 FY26 from 38% in Q3 FY25.
Site 5 Phase 1 and Site 3++ expansion projects are on track for commercial production by March 2026.
R&D spending for 9M FY26 reached ₹606.09 million, accounting for 7.01% of total revenues.

💡 Investors should note the strong growth in high-margin CEM contracts and the upcoming capacity expansions as key growth catalysts. The fact that 9M FY26 profits have already surpassed full-year FY25 levels indicates a significant earnings breakout.

Aether Industries Q3 FY26 PAT Jumps 48% YoY to ₹64.48 Cr; Revenue Up 44%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 03 Feb 2026, 01:26 PM

Aether Industries reported a strong performance for Q3 FY26, with consolidated revenue from operations growing 44.3% YoY to ₹317.12 crore. Net profit for the quarter rose significantly by 48.6% YoY to ₹64.48 crore, compared to ₹43.39 crore in the same period last year. The 9-month performance also showed robust growth, with PAT reaching ₹165.46 crore against ₹108.12 crore in 9M FY25. However, the company is still assessing the final financial impact of the Q3 FY24 fire incident, which remains an 'Emphasis of Matter' for auditors.

Revenue from operations increased 44.3% YoY to ₹3,171.21 million in Q3 FY26.
Consolidated Net Profit grew 48.6% YoY to ₹644.79 million from ₹433.90 million.
9M FY26 Revenue reached ₹8,533.58 million, a 42.6% increase over 9M FY25.
Basic EPS improved to ₹4.86 in Q3 FY26 from ₹3.27 in the year-ago quarter.
Exceptional items of ₹23.38 million were recorded due to excess insurance premiums and related costs.

💡 Investors should view the strong revenue and profit growth positively, indicating successful scaling of operations. Monitor the final settlement regarding the fire incident insurance claim, as it remains an unresolved accounting matter that could impact future fixed asset valuations.

Aether Industries to Host Q3 FY26 Earnings Conference Call on February 3, 2026

🟡 NEUTRAL ⭐ 3/10

EARNINGS 📅 29 Jan 2026, 04:17 PM

Aether Industries Limited has scheduled its earnings conference call for Tuesday, February 3, 2026, at 4:00 PM IST. The management will discuss the company's financial performance for the third quarter and nine-month period ending December 31, 2025. Key leadership including Co-Founders Dr. Aman Desai and Rohan Desai, along with CFO Faiz Nagariya, will be present to address investor queries. The call is being organized by HDFC Securities and follows the statutory disclosure requirements under SEBI regulations.

Earnings call scheduled for February 3, 2026, starting at 16:00 Hrs IST.
Focus on financial results for Q3 and 9M ended December 31, 2025.
Senior management representation including Co-Founders and the Chief Financial Officer.
Universal dial-in numbers provided: +91 22 6280 1458 and +91 22 7115 8846.
Event hosted in coordination with HDFC Securities.

💡 Investors should attend the call or review the transcript later to understand the company's growth trajectory and margin performance in the specialty chemicals space. No immediate action is required as this is a routine scheduling announcement.

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💰 Financial Performance

Revenue Growth by Segment

In Q2 FY26, Contract and Exclusive Manufacturing (CEM) contributed 47% of revenue, surpassing Large-Scale Manufacturing (LSM) which stood at 41%. Contract Research and Manufacturing Services (CRAMS) contributed 9%. CEM and CRAMS combined grew to represent over 50% of total sales, reflecting a strategic shift toward high-margin, specialized services.

Geographic Revenue Split

International markets, including Japan, Europe, and the US, accounted for 39.49% of FY25 revenue from operations. The remaining ~60.51% is primarily driven by a domestic customer base of 154 companies, providing a balanced exposure to both global and local demand.

Profitability Margins

PAT margin improved to 19% in Q2 FY26 from 17% in Q2 FY25. Management targets a long-term PAT margin of 19-20%, balancing high-margin CEM/CRAMS growth against rising depreciation from aggressive capacity expansion. Operating profit margins reached 32% in Q4 FY25, reflecting improved cost management.

EBITDA Margin

EBITDA margin stood at 31% in Q2 FY26, a significant increase from 25% in Q2 FY25 (up 600 bps). This was driven by a 70% YoY increase in EBITDA to INR 85.3 Cr, supported by a shift toward higher-margin contract manufacturing partnerships.

Capital Expenditure

Total capital expenditure in FY25 was approximately INR 42.6 Cr, up from INR 30 Cr in FY24. Significant investments are directed toward Site-3, Site-5, and the newly commissioned Site-4 to scale production from kilograms to thousands of metric tonnes.

Credit Rating & Borrowing

The company maintains a robust credit profile with zero long-term debt as of March 31, 2025. Gearing remains low as the company used IPO proceeds to prepay borrowings. Interest expenses in Q4 FY25 were INR 5.13 Cr, primarily related to working capital and short-term requirements.

⚙️ Operational Drivers

Raw Materials

Key inputs include crude oil derivatives and coal, which directly impact steam and utility costs. Steam charges decreased 20.8% from INR 20.2 Cr to INR 15.98 Cr due to lower global coal and crude prices, while electricity costs rose 27.3% to INR 17.2 Cr following the commissioning of Site-4.

Import Sources

Raw materials are sourced globally and domestically, with strategic partnerships in Saudi Arabia (Saudi Aramco) and Europe (SEQENS). The company leverages these sources to mitigate supply chain disruptions and maintain production stability.

Key Suppliers

Key strategic partners and suppliers include Saudi Aramco, Baker Hughes, Novoloop, and SEQENS. These relationships often involve both supply of raw materials and exclusive manufacturing agreements.

Capacity Expansion

Aether is expanding its R&D infrastructure by increasing fume hoods from 55 to 150 (a 172% increase) to handle rising CRAMS inquiries. Manufacturing capacity is scaling through the commissioning of Site-4 and planned developments at Site-3 and Site-5.

Raw Material Costs

Cost of materials consumed plus changes in inventories stood at INR 276.3 Cr for H1 FY26, representing approximately 52% of revenue. The company utilizes its R&D strength to innovate processes, helping to mitigate the impact of volatile input prices.

Manufacturing Efficiency

The company is transitioning to a 70% CEM/CRAMS mix, which typically offers better manufacturing efficiency and lower working capital intensity compared to the Large-Scale Manufacturing (LSM) segment.

Logistics & Distribution

Distribution is handled through a network of local representatives in Japan, Europe, and the US. Logistics costs are managed as part of the broader 'Other Expenses' category, which rose 14% YoY in H1 FY26.

📈 Strategic Growth

Expected Growth Rate

35%

Growth Strategy

Growth will be achieved by shifting the revenue mix toward CEM and CRAMS (targeted at 70-75% of revenue), expanding R&D capacity by 172% (to 150 fume hoods), and operationalizing new manufacturing sites (Site-3, 4, and 5). The company is also targeting market share gains from Chinese competitors through process innovation and strategic MNC partnerships.

Products & Services

Specialty chemicals including 4MEP, T2E, and CO2-based polyols. Services include Contract Research and Manufacturing Services (CRAMS) and Contract/Exclusive Manufacturing (CEM) for the pharma, agrochemical, and oil & gas sectors.

Brand Portfolio

Aether, Aether Speciality Chemicals Limited (wholly owned subsidiary).

New Products/Services

Introduction of high-margin specialty chemicals and sustainable solutions like CO2-based polyols. R&D investments of 6-7.4% of revenue are dedicated to launching these new products to drive future growth.

Market Expansion

Strengthening international presence in Japan, Europe, and the US through local representatives and advisors. The company is also exploring strategic acquisitions to expand its technical capabilities and market reach.

Market Share & Ranking

Aether is a market leader in niche products like 4MEP and T2E. It is recognized as one of the fastest-growing specialty chemical companies in India with a 35% revenue CAGR from FY19 to FY25.

Strategic Alliances

Strategic manufacturing and development partnerships with global leaders including Baker Hughes, Saudi Aramco, Novoloop, and SEQENS.

🌍 External Factors

Industry Trends

The industry is shifting toward sustainable chemistry and diversified supply chains (China + 1). Aether is positioning itself by investing in CO2-based polyols and expanding its CRAMS capabilities to capture the 'ocean of opportunities' in outsourced R&D.

Competitive Landscape

Key competition arises from large Indian specialty chemical players and Chinese manufacturers. Aether differentiates through its 'R&D-first' approach and focus on complex chemistries.

Competitive Moat

Moat is built on deep R&D integration, high entry barriers in CEM/CRAMS, and long-term MNC contracts. Sustainability is driven by in-house process innovation (110+ daily experiments) which makes it difficult for competitors to replicate cost structures.

Macro Economic Sensitivity

Highly sensitive to global industrial production and R&D spending in the pharmaceutical and agrochemical sectors. A 1% shift in global chemical demand significantly impacts the CRAMS inquiry pipeline.

Consumer Behavior

Increasing demand for sustainable and 'green' chemicals is shifting customer preferences toward Aether's innovative product launches like CO2-based polyols.

Geopolitical Risks

Trade barriers and government incentives in China pose a competitive risk. Aether counters this by positioning itself as a reliable 'China + 1' partner for global MNCs.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to strict environmental and pollution control norms in Gujarat (Sachin GIDC). Compliance with international manufacturing standards is mandatory for its global MNC contracts (Baker Hughes, SEQENS).

Environmental Compliance

The company invests in advanced safety and environmental infrastructure, including DCS automation for process control and collaborative fire-fighting reserves, to meet stringent GIDC and international safety norms.

Taxation Policy Impact

Tax expenses for H1 FY26 were INR 34.9 Cr on a PBT of INR 135.9 Cr, representing an effective tax rate of approximately 25.7%.

Legal Contingencies

The company is recovering from a past fire incident which impacted FY24 results. While specific pending court case values are not disclosed, the company has implemented rigorous safety audits to prevent future legal and operational liabilities.

⚠️ Risk Analysis

Key Uncertainties

Volatility in raw material prices (crude/coal) and potential operational disruptions (fire/safety) are the primary risks, with the potential to impact EBITDA margins by 3-5%.

Geographic Concentration Risk

Approximately 60% of revenue is domestic, while 39.49% is concentrated in the US, Europe, and Japan, exposing the company to regional economic cycles in these areas.

Third Party Dependencies

High dependency on key MNC partners like Baker Hughes for the utilization of Site-4. Any change in these contractual relationships would significantly impact the projected 70% CEM revenue contribution.

Technology Obsolescence Risk

The specialty chemicals sector is R&D intensive; Aether mitigates obsolescence by investing 6-7.4% of revenue into its R&D facility and increasing fume hood capacity to 150 units.

Credit & Counterparty Risk

Receivables and inventory levels are high, leading to elevated working capital intensity. However, the shift toward CRAMS and CEM with reputed global MNCs is expected to improve the credit quality of the receivables book.