AIA ENGINEERING LIMITED

Manufactures high chrome cast grinding media used inside ball mills to grind ore and minerals, for global mining and industrial customers. In FY26 it sold 258,000 tonnes of grinding media; the mining segment (gold, copper, iron ore mills) accounted for 159,813 MT and the Others segment (cement, power and other industrial mills) for 98,189 MT. Revenue was INR 4,419.864 crore and EBITDA margin 39.075%, with raw materials the largest cost line at 38.3% of revenue and employee costs at 4.5%. The order book stood at INR 868 crore as of April 1, 2026. The business is shifting from pure grinding media sales to a full solution that adds mill linings and a new-generation discharge system; the discharge system was validated at a large South American mine with a throughput improvement of 15%+, and management says it is the only company globally offering this combined ball mill solution. Net cash stands at INR 4,300 crore; Brazil volumes are at 6,000–8,000 tonnes and the Ghana and China plants are paused pending approvals. AR · MarketPing reader · 2026-08-02

Revenue streams, as the annual report describes them. Mining, Others. Capital-intensive global grinding media castings supplier shifting to solution selling

Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)