AEROFLEX INDUSTRIES LTD

Makes flexible flow solutions including metal bellows, fittings, and liquid-cooling skid assemblies for data centres and AI infrastructure, and operates a Hyd-Air subsidiary that contributed ₹31.64 crore in FY26. Skid assemblies, sold at an average ₹3-3.25 lakh per unit, have emerged as the main growth engine, generating ₹21.2 crore from 617 units in the last four months of FY26 and ₹32.4 crore from 1,040 units in Q1 FY27. Production capacity for skid assemblies has been raised from 2,000 to 9,000 units a year, with a stated target of 15,000 units, against an India data-centre liquid-cooling market the company sizes at ₹3 billion growing to ₹21 billion at ~35% CAGR over 5-6 years. Management guides skid assemblies to 20-22% of FY27 revenue versus ~5% in FY26, and metal bellows, fittings and assemblies together are reported at 52% of FY26 sales. Domestic sales mix has risen to 31% from 26% as skid assemblies are sold entirely in India. Raw materials accounted for 58.7% of FY26 revenue, the dominant cost line.