NSE: AEROFLEX · BSE: 543972
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Skid assemblies for liquid cooling, Hyd-Air subsidiary, Metal bellows and fittings. Industrial products maker, asset-heavy, with rising exposure to data-centre liquid cooling
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 318 | 376 | 442 |
| EBITDA (ex other income) | 62 | 79 | 100 |
| margin % | 19.4 | 21.0 | 22.6 |
| Owners' profit | 0 | 53 | 0 |
| EPS, as reported (₹) | 3.39 | 4.06 | 4.28 |
| ROE % · ROCE % | 14.2 · 20.2 | 15.3 · 20.4 | 12.4 · 16.5 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 |
| Cash from operations | 44 | 27 | 66 |
| Capex | (38) | (103) | (71) |
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 | 95 | 100 | 92 | 84 | 111 | 121 | 126 | 145 |
| Profit before tax | 19 | 20 | 15 | 10 | 20 | 22 | 23 | 26 |
| Net profit | 14 | 15 | 11 | 7 | 14 | 16 | 18 | 19 |
| EPS (₹) | 1.06 | 1.18 | 0.87 | 0.55 | 1.10 | 1.28 | 1.36 | 1.42 |
Exhibit 3: 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 | 65,982 | 28.6 | 7.01 | 28.1 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 61,480 | 50.0 | 11.61 | 32.0 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 32,069 | 28.6 | 2.60 | 13.0 | 8.6 | 11.4 | 24.1 | 14.9 |
| RATNAMANI MET & TUB LTD. | 16,437 | 38.0 | 3.91 | 19.2 | 12.7 | 15.6 | 14.4 | 18.5 |
| JINDAL SAW LIMITED | 15,732 | 24.0 | 1.28 | 8.7 | 7.5 | 6.8 | 10.9 | 9.4 |
| USHA MARTIN LTD. | 14,523 | 28.6 | 4.40 | 19.1 | 14.1 | 17.7 | 12.0 | 21.0 |
| GALLANTT ISPAT LIMITED | 13,114 | 30.2 | 3.95 | 17.5 | 14.6 | 16.8 | 34.4 | 17.8 |
| GODAWARI POW & ISP LTD | 12,641 | 14.8 | 2.16 | 9.6 | 13.7 | 17.0 | 5.7 | 21.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 93.4 | 15.6 | 97 of 105 | 8% |
| P/B | 14.3 | 1.4 | 99 of 101 | 2% |
| ROCE | 16.3 | 9.1 | 21 of 115 | 83% |
| ROE | 12.4 | 8.6 | 26 of 103 | 76% |
| Debt / Equity | 0.0 | 0.2 | 15 of 101 | 86% |
| EBITDA margin | 23.4 | 11.0 | 20 of 100 | 81% |
| Revenue growth | 72.4 | 13.7 | 14 of 97 | 87% |
| Profit growth | 162.2 | 29.3 | 20 of 105 | 82% |
| Market cap | 6375 | 210 | 12 of 122 | 91% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 19 Oct 2026 · Aeroflex Industries schedules Q2 and H1FY27 earnings call on Oct 29 | board shareholder meetings | low | — | — |
| 19 Oct 2026 · Board meeting on Oct 28 to consider Q2 and H1 FY26-27 results | results | low | — | — |
| 19 Oct 2026 · Aeroflex Industries secures patent for 3D braided hose modeling technology | business updates | medium | — | — |
| 14 Oct 2026 · Aeroflex to invest Rs 202 Cr by March 2028 to expand manufacturing capacity | compliance | low | — | — |
| 14 Oct 2026 · Board approves Rs 202 Cr expansion in SS Hose and Liquid Cooling divisions | capex operations | high | — | — |
| 14 Oct 2026 · Board approves Rs 202 Cr expansion in SS Hose and Liquid Cooling divisions | capex operations | high | — | — |
| 11 Oct 2026 · Board meeting on Oct 14 to consider expansion and capacity plans | capex operations | medium | — | — |
| 6 Oct 2026 · Quarterly compliance certificate for dematerialisation of securities | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1, 2026 ahead of Q2 FY26 results | compliance | minimal | — | — |
| 15 Sept 2026 · Aeroflex to attend Nomura investor conference on Sept 23 | board shareholder meetings | low | — | — |
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.