NSE: AERONEU · BSE: 543743
AEROFLEX NEU LIMITED
The company manufactures flexible packaging as its dominant business, with Flexible Packaging Solution Activity generating Rs 125.65 crore in FY26, equal to 97.3% of segment revenue, but operating at a negative 1.9% EBIT margin. A much smaller Engineering Activity contributed Rs 2.4 crore (1.9% of segment revenue) at a 92.1% EBIT margin. Materials are the single largest cost at Rs 65.4 crore, equal to 50.6% of revenue, and other operating expenses add another 28.4% of revenue. Fibcorp Polyweave, a material subsidiary, contributed 32.65% of FY26 turnover and is being divested for Rs 192.12 lakhs following a sale agreement signed on July 15, 2026. The company has invested Rs 3 crore for a 19.58% stake in Stilonn Valves and Controls Private Limited, which manufactures high-precision stainless steel valves and fittings. The board has also approved reallocating Rs 6,480 lakhs of warrant issue proceeds toward IT Parks, Data Centers, AI Parks, hotels and real estate projects. Q1 FY27 consolidated revenue came in at Rs 2,823.83 lakhs, down about 4.9% year-on-year. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Flexible Packaging Solution Activity (97%), Engineering Activity (2%), Others (1%). Small-cap packaging manufacturer; core flexible packaging segment loss-making at EBIT level, with a small high-margin engineering line and an ongoing shift of capital toward AI/IT infrastructure and real estate
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 95 | 109 | 129 | 129 |
| EBITDA (ex other income) | 7 | 5 | 4 | 3 |
| margin % | 7.3 | 4.3 | 3.1 | 2.6 |
| Owners' profit | 3 | 1 | 0 | 2 |
| EPS, as reported (₹) | 2.10 | 0.36 | 0.09 | 0.68 |
| ROE % · ROCE % | 4.3 · 7.5 | 1.1 · 4.8 | 0.3 · 3.8 | 1.7 · 5.0 |
| Debt / equity (x) | 0.29 | 0.35 | 0.32 | 0.23 |
| Cash from operations | (17) | 0 | 8 | 3 |
| Capex | (30) | (6) | (6) | (1) |
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 | 34 | 32 | 34 | 30 | 35 | 31 | 34 | 28 |
| Profit before tax | 0 | 0 | (0) | 1 | 1 | 1 | (0) | 0 |
| Net profit | 0 | (0) | (0) | 1 | 1 | 1 | (1) | 0 |
| EPS (₹) | 0.11 | 0.00 | (0.13) | 0.31 | 0.40 | 0.29 | (0.34) | 0.03 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Flexible Packaging Solution Activity | 65 | 46.4 |
| Engineering Activity | 2 | 1.7 |
| Others | 1 | 0.9 |
| Manufacturing- Flexible packaging | 72 | 51.0 |
| Total, before eliminations | 141 | 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. % |
|---|---|---|---|---|---|---|---|---|
| EPL LIMITED | 7,122 | 14.6 | 2.48 | 7.8 | 13.7 | 13.6 | 9.0 | 19.1 |
| AGI GREENPAC LIMITED | 4,672 | 12.9 | 1.94 | 7.1 | 14.6 | 16.5 | — | 23.4 |
| UFLEX LIMITED | 4,177 | 6.1 | 0.51 | 6.6 | 3.9 | 2.7 | 11.6 | 17.1 |
| TCPL PACKAGING LIMITED | 3,700 | 32.0 | 5.15 | 14.0 | 13.6 | 13.0 | 15.4 | 17.8 |
| JINDAL POLY FILMS LIMITED | 2,999 | 146.7 | 0.74 | 10.1 | 0.6 | 0.8 | 8.5 | 23.0 |
| POLYPLEX CORPORATION LTD | 2,900 | 18.7 | 0.41 | 8.0 | 0.6 | 0.3 | 7.6 | 14.3 |
| XPRO INDIA LIMITED | 2,359 | 71.4 | 2.95 | 51.2 | 2.4 | 2.8 | 6.2 | 11.4 |
| COSMO FIRST LIMITED | 1,940 | 11.5 | 1.20 | 7.3 | 9.6 | 6.4 | 9.8 | 12.6 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 178.9 | 16.6 | 64 of 64 | 0% |
| P/B | 1.7 | 1.3 | 36 of 61 | 40% |
| ROCE | 2.8 | 6.9 | 48 of 68 | 30% |
| ROE | 1.7 | 6.8 | 50 of 61 | 18% |
| Debt / Equity | 0.2 | 0.4 | 22 of 61 | 65% |
| EBITDA margin | 5.8 | 12.1 | 51 of 62 | 18% |
| Revenue growth | (4.9) | 14.0 | 48 of 61 | 22% |
| Profit growth | (89.6) | 23.4 | 52 of 60 | 14% |
| Market cap | 175 | 113 | 31 of 73 | 58% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 23 Oct 2026 · Aeroflex Neu completes 51.01 percent stake acquisition in Stilonn | strategic transactions | medium | — | — |
| 22 Oct 2026 · EGM Results: All 4 Resolutions Passed with 100% Approval | board shareholder meetings | low | — | — |
| 22 Oct 2026 · Aeroflex Neu EGM: All 4 resolutions passed, including MOA change and related party deals | board shareholder meetings | low | — | — |
| 15 Oct 2026 · Aeroflex Neu to acquire 51.01% stake in Stilonn Valves for Rs 16 crore | strategic transactions | medium | — | — |
| 15 Oct 2026 · Aeroflex Neu to acquire 51% stake in Stilonn Valves, making it subsidiary | strategic transactions | high | — | — |
| 12 Oct 2026 · Board meeting on Oct 15 to consider acquisition of Stilonn Valves equity shares | strategic transactions | medium | — | — |
| 7 Oct 2026 · Quarterly compliance certificate from registrar for Q2 FY27 | compliance | minimal | — | — |
| 30 Sept 2026 · EGM notice and e-voting information published in newspapers | compliance | minimal | — | — |
| 29 Sept 2026 · EGM on Oct 22 to vote on MOA change, fund use revision and related party deals | 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.