NSE: AARON
AARON INDUSTRIES LIMITED
Manufactures elevator cabins, auto door systems, and stainless steel products from Surat, Gujarat, operating three production units. The Elevator Division accounts for 75% of segment revenue at Rs 68.99 crore in FY26, with auto doors and cabins together making up around 60% of that stream. The Steel Polishing Division contributes the remaining 25% (Rs 23.01 crore), and the company has launched a STELIX premium stainless steel brand to push this segment into broader interior applications. Auto-door manufacturing capacity stands at 5,000+ units per month, currently running at 30-35% utilization with a stated target of 3,000 doors per month average for FY26. The company sells mainly to regional elevator installers and exports to Nepal and Africa, while keeping open dialogue with large OEMs such as Kone, Schindler, OTIS, and Johnson. Raw materials are the largest cost at 69.2% of revenue, and FY26 net profit fell to Rs 6.80 crore from Rs 8.24 crore in FY25 despite revenue growth, on higher raw material and finance costs tied to capacity expansion. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Elevator Division (75%), Steel Polishing Division (25%). Small-cap, growth-stage elevator components and stainless steel manufacturer with a new production line ramping up
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 38 | 56 | 63 | 78 | 92 |
| EBITDA (ex other income) | 6 | 10 | 11 | 15 | 18 |
| margin % | 15.5 | 17.1 | 17.6 | 19.0 | 19.2 |
| Owners' profit | 0 | 5 | 6 | 8 | 7 |
| EPS, as reported (₹) | 3.70 | 5.37 | 6.00 | 7.86 | 3.27 |
| ROE % · ROCE % | — · — | 26.4 · 31.2 | 17.7 · 16.7 | 19.2 · 20.9 | 14.0 · 21.5 |
| Debt / equity (x) | — | 0.56 | 0.88 | 0.74 | 0.57 |
| Cash from operations | 1 | 4 | 6 | 9 | 8 |
| Capex | (3) | (5) | 0 | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 18 | 18 | 24 | 19 | 22 | 23 | 27 | 24 |
| Profit before tax | 3 | 3 | 4 | 2 | 2 | 3 | 4 | 3 |
| Net profit | 2 | 2 | 3 | 1 | 1 | 2 | 2 | 3 |
| EPS (₹) | 1.72 | 1.72 | 2.64 | 1.01 | 0.67 | 0.97 | 1.13 | 1.22 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Elevator Division | 69 | 75.0 |
| Steel Polishing Division | 23 | 25.0 |
| Total, before eliminations | 92 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADITYA INFOTECH LIMITED | 46,904 | 97.4 | 24.99 | 80.9 | 19.6 | 24.5 | — | 14.8 |
| SYRMA SGS TECHNOLOGY LTD | 30,105 | 81.2 | 9.82 | 52.4 | 11.3 | 13.4 | — | 11.1 |
| HONEYWELL AUTOMATION IND | 26,932 | 49.1 | 6.04 | — | 11.8 | 15.5 | — | 18.2 |
| JYOTI CNC AUTOMATION LTD | 21,121 | 65.7 | 10.55 | 37.3 | 16.8 | 19.2 | — | 22.2 |
| KAYNES TECHNOLOGY IND LTD | 20,995 | 60.6 | 4.41 | 29.9 | 7.6 | 9.8 | — | 17.1 |
| LMW LIMITED | 17,483 | 100.1 | 6.10 | 56.6 | 4.6 | 5.9 | 13.2 | 11.9 |
| TEGA INDUSTRIES LIMITED | 13,085 | 459.6 | 3.84 | 39.1 | 4.2 | 5.4 | — | 4.2 |
| LLOYDS ENGG WORK LIMITED | 12,360 | 48.5 | 7.34 | 50.4 | 11.7 | 11.5 | — | 15.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 31.0 | 26.7 | 72 of 130 | 45% |
| P/B | 5.3 | 3.1 | 76 of 112 | 32% |
| ROCE | 17.5 | 11.3 | 40 of 142 | 72% |
| ROE | 14.0 | 9.8 | 32 of 113 | 72% |
| Debt / Equity | 0.6 | 0.2 | 86 of 113 | 24% |
| EBITDA margin | 20.4 | 12.4 | 28 of 110 | 75% |
| Revenue growth | 27.0 | 20.6 | 42 of 114 | 64% |
| Profit growth | 141.9 | 17.1 | 15 of 109 | 87% |
| Market cap | 259 | 273 | 73 of 141 | 49% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 21 Oct 2026 · Aaron Industries meets with Kamayakya Wealth Management analyst | investor communications | low | — | — |
| 15 Oct 2026 · Aaron Industries launches Fire-Rated Steel Doors for commercial and industrial use | compliance | low | — | — |
| 15 Oct 2026 · Aaron Industries launches Fire-Rated Steel Doors for commercial use | business updates | medium | — | — |
| 13 Oct 2026 · Participation in ISEE 2026 exhibition for elevators and escalators | business updates | low | — | — |
| 13 Oct 2026 · Aaron Industries bags order worth about Rs 2 crore for EVOQ360 home lifts | business updates | medium | — | — |
| 9 Oct 2026 · EVOQ360 Home Lift update: 60 units in advance orders, 5 distributors onboarded | compliance | low | — | — |
| 6 Oct 2026 · Routine demat compliance certificate filed with NSE | compliance | minimal | — | — |
| 26 Sept 2026 · Trading window closed for insiders ahead of Q2 results | compliance | minimal | — | — |
| 26 Sept 2026 · Promoter group entity buys 4,075 shares of Aaron Industries via open market | ownership changes | medium | — | — |
| 15 Sept 2026 · Promoters to gift 14.32% shares to family HUFs internally | ownership changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.