NSE: AEROENTER · BSE: 511076
AEROFLEX ENTERPRISES LTD
Operates an industrial products business built around four reporting segments. Flexible Flow Solutions is the largest, contributing 61.2% of FY26 segment revenue at Rs. 426.91 crore with a 13.8% segment EBIT margin. Flexible Packaging accounts for 18.0% (Rs. 125.65 crore) and ran at a -1.9% EBIT margin, while Engineering Services made up 16.8% (Rs. 116.99 crore) at a 24.7% EBIT margin. A Financing stream contributed 3.5% (Rs. 24.66 crore) at the highest segment EBIT margin of 44.8%. Consolidated FY26 revenue was Rs. 697.83 crore with net profit of Rs. 85.33 crore. Through its Aeroflex Industries subsidiary, the company has entered liquid cooling solutions for data centres, signing a long-term contract with a listed US corporation and scaling skid assembly capacity to 6,000 units, with plans to reach 15,000 units by Q2FY27. It also holds a startup investment portfolio of 168 investments, from which it reported three profitable exits in FY26. The dominant cost is raw materials at 56.8% of revenue (Rs. 396.17 crore), followed by other operating expenses at 16.1% and employee cost at 10.5%. Capital expenditure was Rs. 78.84 crore, or 11.3% of revenue. In April 2026 the company sold its entire 68% stake in subsidiary M R Organisation Limited to Ingersoll-Rand Industrial U.S. Inc for Rs. 227.42 crore. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Flexible Flow Solutions (61%), Flexible Packaging (18%), Engineering Services (17%), Financing (4%), Others (1%). Multi-segment industrial products company with operating subsidiaries and a startup investment portfolio.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 347 | 466 | 501 | 579 | 698 |
| EBITDA (ex other income) | 59 | 57 | 73 | 102 | 121 |
| margin % | 16.9 | 12.2 | 14.6 | 17.7 | 17.3 |
| Owners' profit | 37 | 45 | 258 | 53 | 64 |
| EPS, as reported (₹) | 3.42 | 3.98 | 24.25 | 7.14 | 5.68 |
| ROE % · ROCE % | 18.3 · 24.3 | 14.7 · 19.2 | 38.1 · 46.1 | 9.8 · 13.5 | 8.9 · 11.7 |
| Debt / equity (x) | 0.43 | 0.34 | 0.09 | 0.04 | 0.04 |
| Cash from operations | 5 | (7) | (242) | 140 | 18 |
| Capex | 0 | (45) | (45) | (104) | (79) |
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 | 138 | 157 | 161 | 134 | 172 | 191 | 200 | 189 |
| Profit before tax | 31 | 27 | 27 | 17 | 28 | 33 | 32 | 150 |
| Net profit | 22 | 22 | 19 | 14 | 20 | 25 | 26 | 103 |
| EPS (₹) | 1.98 | 1.93 | 1.64 | 0.90 | 1.24 | 1.42 | 2.12 | 8.54 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Fexible Pacakging | 33 | 4.6 |
| Felxible Flow Solution | 121 | 16.8 |
| Engineering Services | 117 | 16.3 |
| Financing | 25 | 3.5 |
| Others | 4 | 0.6 |
| Flexible Packaging | 63 | 8.8 |
| Flexible Flow Solution | 326 | 45.4 |
| Flexible Income | 30 | 4.1 |
| Total, before eliminations | 719 | 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. % |
|---|---|---|---|---|---|---|---|---|
| WELSPUN CORP LIMITED | 67,533 | 29.2 | 7.18 | 28.8 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 60,250 | 49.0 | 11.38 | 31.4 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 31,861 | 28.4 | 2.58 | 12.9 | 8.6 | 11.4 | 24.1 | 14.9 |
| RATNAMANI MET & TUB LTD. | 16,161 | 37.3 | 3.84 | 18.9 | 12.7 | 15.6 | 14.4 | 18.5 |
| JINDAL SAW LIMITED | 15,396 | 23.5 | 1.25 | 8.5 | 7.5 | 6.8 | 10.9 | 9.4 |
| USHA MARTIN LTD. | 14,152 | 27.9 | 4.29 | 18.6 | 14.1 | 17.7 | 12.0 | 21.0 |
| GALLANTT ISPAT LIMITED | 13,005 | 29.9 | 3.92 | 17.3 | 14.6 | 16.8 | 34.4 | 17.8 |
| GODAWARI POW & ISP LTD | 12,751 | 14.9 | 2.18 | 9.7 | 13.7 | 17.0 | 5.7 | 21.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 9.4 | 15.4 | 28 of 105 | 74% |
| P/B | 1.5 | 1.5 | 51 of 101 | 50% |
| ROCE | 11.2 | 9.1 | 48 of 115 | 59% |
| ROE | 8.9 | 8.6 | 50 of 103 | 52% |
| Debt / Equity | 0.0 | 0.2 | 29 of 101 | 72% |
| EBITDA margin | 84.9 | 11.0 | 7 of 100 | 94% |
| Revenue growth | 40.5 | 13.7 | 17 of 97 | 83% |
| Profit growth | 615.8 | 29.3 | 7 of 105 | 94% |
| Market cap | 1420 | 216 | 28 of 122 | 78% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Subsidiary approves September 2026 results and proposes amalgamation | results | high | — | — |
| 27 Oct 2026 · Business objects broadened to data centres and hospitality | corporate actions | medium | — | — |
| 23 Oct 2026 · Aeroflex completes 51.01% stake acquisition in Stilonn | strategic transactions | high | — | — |
| 15 Oct 2026 · Aeroflex Neu to acquire 51% stake in Stilonn Valves for Rs 16 crore | strategic transactions | high | — | — |
| 14 Oct 2026 · Material subsidiary Aeroflex Industries approves Rs 202 crore capacity expansion | capex operations | high | — | — |
| 13 Oct 2026 · Clarification on price and volume movement | regulatory legal | medium | — | — |
| 12 Oct 2026 · NSE flags unusual trading volume in Aeroflex Enterprises; company response awaited | general | low | — | — |
| 7 Oct 2026 · Routine compliance certificate from registrar for quarter ended September 2026 | compliance | minimal | — | — |
| 28 Sept 2026 · Trading Window Closure Ahead of Q2 FY27 Results | compliance | minimal | — | — |
| 18 Sept 2026 · Promoter group entity A Flex Invest discloses share acquisition | ownership changes | high | — | — |
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.