Aries Agro Limited

Fertilizers

Annual Returns

Cumulative Returns and Drawdowns

Fundamentals

Ownership

Margined

AI Summary

asof: 2026-09-18

Aries Agro Limited — Q1 FY2026-27 Results and Board Actions (11 August 2026)

1. Headwinds and Challenges

Seasonality and weather dependence. The company’s own notes state that its micronutrient fertilizer and plant nutrient solutions business is impacted by cropping patterns, seasonality, and erratic weather conditions across the globe and India in particular, and that quarterly figures are not representative of the full year’s performance.
Sequential decline from the March 2026 quarter. On a standalone basis, total income from operations (net) fell from ₹18,479.85 lakh in the quarter ended 31 March 2026 to ₹18,758.48 lakh in the quarter ended 30 June 2026 — actually a slight increase — but profit from operations before exceptional items swung from a loss of ₹609.74 lakh to a profit of ₹1,962.33 lakh. On a consolidated basis, total income from operations (net) rose from ₹17,705.17 lakh to ₹18,334.74 lakh, and profit from operations moved from a loss of ₹404.23 lakh to a profit of ₹1,809.26 lakh. The March 2026 quarter was therefore the weak period, and the June 2026 quarter a recovery.
Higher finance costs year-on-year. Standalone finance costs were ₹482.63 lakh in Q1 FY2026-27 against ₹483.77 lakh in Q1 FY2025-26 — broadly flat — while consolidated finance costs were ₹446.73 lakh against ₹464.96 lakh, a modest decline. Sequentially, however, standalone finance costs rose from ₹337.45 lakh in the March 2026 quarter to ₹482.63 lakh, and consolidated from ₹302.54 lakh to ₹446.73 lakh.
Discounts and rebates remain a significant deduction from gross revenue. Standalone discounts/rebates were ₹5,119.89 lakh on gross revenue from operations of ₹23,705.65 lakh in Q1 FY2026-27; consolidated discounts/rebates were ₹5,111.52 lakh on gross revenue of ₹23,194.23 lakh.
Overseas subsidiary loss-making. The auditors’ report notes that the one overseas subsidiary (Golden Harvest Middle East FZC) recorded total revenue of AED 14.87 lakh and a net loss after tax of AED 2.29 lakh for the quarter ended 30 June 2026, with the associate (Amarak Chemicals FZC) contributing nil share of net profit/loss.
Unreviewed components in the consolidated numbers. The auditors note that the two Indian subsidiaries (total revenue ₹1,877.84 lakh, net profit after tax ₹181.11 lakh) and the overseas subsidiary and associate were not reviewed as of the date of the report and were included on the basis of unaudited accounts certified by management.

2. Tailwinds and Growth Prospects

Year-on-year growth in Q1 FY2026-27. Standalone total income from operations (net) rose to ₹18,758.48 lakh from ₹16,115.54 lakh in Q1 FY2025-26. Consolidated total income from operations (net) rose to ₹18,334.74 lakh from ₹15,621.59 lakh.
Year-on-year profit recovery. Standalone profit from operations before exceptional items was ₹1,962.33 lakh against ₹1,449.27 lakh in Q1 FY2025-26; consolidated was ₹1,809.26 lakh against ₹1,369.29 lakh. Standalone net profit was ₹1,484.54 lakh against ₹993.01 lakh; consolidated net profit was ₹1,362.07 lakh against ₹917.03 lakh.
Earnings per share improvement. Standalone basic and diluted EPS was ₹11.47 in Q1 FY2026-27 against ₹7.71 in Q1 FY2025-26. Consolidated basic and diluted EPS was ₹10.47 against ₹7.05.
Dividend continuity. The Board fixed 22 September 2026 as the record date for determining entitlement to the Dividend-2025-26, with payment on or before 23 October 2026, and convened the Annual General Meeting for 29 September 2026.
Leadership continuity. The Board approved re-appointment of Dr. Rahul Mirchandani as Managing Director for five years effective 1 April 2027, subject to members’ approval by special resolution, and re-appointment of Mr. Nrupang Bhumitra Dholakia as Independent Director for a second five-year term from 15 March 2027 to 14 March 2032, also subject to special resolution.
Group structure. As of 30 June 2026 the company had three subsidiaries — Mirabelle Agro Manufacturing Private Limited and Aries Agro Equipments Private Limited (both wholly owned) and Golden Harvest Middle East FZC — plus one associate, Amarak Chemicals FZC.

3. Key Risks

Weather and cropping pattern risk, explicitly flagged by the company as affecting the micronutrient fertilizer and plant nutrient solutions business.
Seasonality risk, with the company stating that quarterly figures are not representative of full-year performance.
Reliance on unaudited subsidiary and associate figures in the consolidated results, as disclosed by the statutory auditors.
Overseas operations exposure, including exchange differences on translating foreign operations (a loss of ₹0.24 lakh standalone in Q1 FY2026-27) and the loss-making overseas subsidiary.
Governance continuity risk around the proposed re-appointments, which require members’ approval by special resolution at the ensuing AGM.
Tax volatility, with current tax of ₹503.00 lakh standalone and ₹452.00 lakh consolidated in Q1 FY2026-27, and prior-period tax adjustments.

4. Management Guidance Versus Observed Business Performance

The source material contains no forward financial guidance from management. The observable performance versus the prior-year comparative period is as follows:

Metric (₹ lakh unless stated)	Standalone Q1 FY2026-27	Standalone Q1 FY2025-26	Consolidated Q1 FY2026-27	Consolidated Q1 FY2025-26
Total income from operations (net)	18,758.48	16,115.54	18,334.74	15,621.59
Profit from operations before exceptional items	1,962.33	1,449.27	1,809.26	1,369.29
Net profit for the period	1,484.54	993.01	1,362.07	917.03
Basic/Diluted EPS (₹)	11.47	7.71	10.47	7.05

The company’s note that quarterly figures are not representative of the full year’s performance is the only forward-looking framing in the material, and it is consistent with the sharp swing between the March 2026 quarter (standalone loss of ₹478.78 lakh; consolidated loss of ₹347.89 lakh) and the June 2026 quarter (standalone profit of ₹1,484.54 lakh; consolidated profit of ₹1,362.07 lakh). The statutory auditors issued limited review reports on both the standalone and consolidated results with no modification, while noting reliance on unaudited accounts for the subsidiaries and associate.

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September 24, 2026