BSE: 534733
Aerpace Industries Limited
Operates a Pune-based R&D and manufacturing facility that is operationally ready for solar panel and UAV drone production, grouped under an 'aerVerse' ecosystem of six verticals: aerWing (hydrogen aerial mobility), aerCar (ground mobility), aerDock (infrastructure hubs), aerVolt (renewable energy), aerShield (defence autonomous systems), and aerOS (intelligence platform). Solar manufacturing machinery is installed with trial production underway, while the defence vertical has executed international procurement agreements for a MALE fixed-wing UAV with 80 kg payload capacity and a loitering munition or kamikaze drone, to be imported in SKD format and assembled in India. Demonstrations are planned for Indian and UAE defence stakeholders. Standalone revenue from operations in FY26 was Rs 213.60 lakhs against a loss after tax of Rs 1,200.28 lakhs, with the business in a heavy investment phase carrying capital work-in-progress of Rs 29.03 crores. Employee costs ran to Rs 975.59 lakhs standalone in FY26, including Rs 407.55 lakhs of ESOP expense. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. aerShield (defence autonomous systems), aerVolt (renewable energy), aerWing (hydrogen aerial mobility), aerCar (ground mobility), aerDock (infrastructure hubs), aerOS (intelligence platform). Pre-commercial technology platform in heavy capex phase, with significant losses and a small revenue base
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 0 | 0 | 0 |
| EBITDA (ex other income) | (1) | (6) | (14) |
| margin % | — | — | — |
| Owners' profit | (1) | (7) | (15) |
| EPS, as reported (₹) | (0.39) | (0.50) | (1.07) |
| ROE % · ROCE % | (10.2) · (8.6) | (14.4) · (11.1) | (42.2) · (21.0) |
| Debt / equity (x) | 0.00 | 0.00 | 0.69 |
| Cash from operations | (2) | (5) | (3) |
| Capex | 0 | (17) | (14) |
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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | (1) | (3) | (3) | (2) | (4) | (2) | (9) | (4) |
| Net profit | (1) | (2) | (3) | (2) | (3) | (2) | (9) | (4) |
| EPS (₹) | (0.04) | (0.17) | (0.22) | (0.11) | (0.22) | (0.15) | (0.58) | (0.27) |
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 | 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 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 15.1 | 1.5 | 100 of 101 | 1% |
| ROCE | (22.5) | 9.1 | 113 of 115 | 2% |
| ROE | (42.2) | 8.6 | 101 of 103 | 2% |
| Debt / Equity | 0.7 | 0.2 | 85 of 101 | 16% |
| Profit growth | (135.1) | 29.3 | 99 of 105 | 6% |
| Market cap | 589 | 216 | 48 of 122 | 61% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 20 Oct 2026 · Aerpace Industries publishes Q2 FY27 unaudited results in two newspapers | compliance | minimal | — | — |
| 19 Oct 2026 · Aerpace Q2 FY26: revenue up, losses widen; Rs 30 cr preferential reallocation | results | high | — | — |
| 19 Oct 2026 · Q2FY26 results: revenue up, losses widen; promoter warrant proceeds reallocation approved | results | high | — | — |
| 12 Oct 2026 · Board Meeting set for October 19, 2026 to consider Q2/H1 FY26-27 results | results | low | — | — |
| 6 Oct 2026 · Compliance certificate on share dematerialisation for July-September 2026 quarter | compliance | minimal | — | — |
| 5 Oct 2026 · Promoter trust acquires 1.5 cr warrants via preferential allotment | ownership changes | high | — | — |
| 1 Oct 2026 · Aerpace Industries 15th AGM: All 5 resolutions passed with over 99.9 percent approval | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Aerpace Industries 15th AGM held on Sep 30, 2026; five resolutions tabled | board shareholder meetings | medium | — | — |
| 27 Sept 2026 · Allotment of 1.5 crore warrants to promoter group trust at Rs 32.55 each | fund raising | high | — | — |
| 9 Sept 2026 · Newspaper publication of 15th AGM Notice and Annual Report dispatch | compliance | minimal | — | — |
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.