KOTAK ON AETHER INDUSTRIES ; SELL | TP ₹1,120 (EARLIER ₹1,070)

• Q2 revenue UP 26% YoY; EBITDA UP 25.5% YoY. • CEM revenue UP 50%, driving overall growth. • Inventory days increase to 172 from 151. • H1 operating cash flow declines to ₹30 Cr. • Strong growth outlook requires heavy capex. • Expensive valuations and weak cash generation remain key concerns.

AETHER INDUSTRIES LIMITED

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