NSE: AIAENG · BSE: 532683
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)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,567 | 4,909 | 4,854 | 4,287 | 4,420 |
| EBITDA (ex other income) | 721 | 1,241 | 1,335 | 1,149 | 1,253 |
| margin % | 20.2 | 25.3 | 27.5 | 26.8 | 28.3 |
| Owners' profit | 620 | 1,056 | 1,136 | 1,061 | 1,270 |
| EPS, as reported (₹) | 65.70 | 111.95 | 120.40 | 113.14 | 136.11 |
| ROE % · ROCE % | 13.0 · 16.3 | 18.5 · 24.0 | 17.1 · 22.5 | 15.3 · 19.6 | 15.8 · 19.8 |
| Debt / equity (x) | 0.00 | 0.09 | 0.07 | 0.07 | 0.00 |
| Cash from operations | (39) | 868 | 903 | 1,162 | 592 |
| Capex | (125) | (195) | (211) | (137) | (104) |
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 | 1,044 | 1,066 | 1,157 | 1,039 | 1,048 | 1,067 | 1,266 | 1,168 |
| Profit before tax | 337 | 323 | 357 | 380 | 360 | 378 | 460 | 389 |
| Net profit | 256 | 259 | 285 | 305 | 277 | 293 | 393 | 301 |
| EPS (₹) | 27.29 | 27.78 | 30.55 | 32.69 | 29.73 | 31.54 | 42.15 | 32.27 |
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. % |
|---|---|---|---|---|---|---|---|---|
| PTC INDUSTRIES LIMITED | 35,906 | 285.9 | 23.82 | 209.7 | 6.7 | 7.5 | 29.8 | 28.3 |
| AIA ENGINEERING LIMITED ◆ | 33,643 | 26.6 | 4.19 | 19.4 | 15.8 | 19.3 | 8.9 | 35.8 |
| HAPPY FORGINGS LIMITED | 16,966 | 51.8 | 7.97 | 34.4 | 14.2 | 18.5 | — | 33.8 |
| BALU FORGE INDUSTRIES LTD | 5,387 | 18.2 | 3.38 | 16.3 | 16.2 | 18.8 | — | 29.5 |
| STEELCAST LIMITED | 3,516 | 38.8 | 8.90 | — | 22.0 | 28.5 | — | 28.2 |
| Amic Forging Limited | 2,327 | 27.1 | — | — | — | 18.4 | — | — |
| INVESTMENT & PREC CAST L | 1,290 | 109.7 | 12.57 | 43.0 | 11.5 | 13.0 | 12.5 | 18.6 |
| NELCAST LIMITED | 1,148 | 27.9 | 1.92 | 10.6 | 8.1 | 9.4 | 16.8 | 5.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 26.6 | 26.7 | 11 of 22 | 52% |
| P/B | 4.2 | 3.6 | 12 of 20 | 42% |
| ROCE | 19.3 | 13.7 | 5 of 24 | 83% |
| ROE | 15.8 | 11.5 | 5 of 20 | 79% |
| Debt / Equity | 0.0 | 0.1 | 2 of 20 | 79% |
| EBITDA margin | 35.8 | 18.5 | 1 of 20 | 100% |
| Revenue growth | 12.4 | 12.2 | 9 of 18 | 53% |
| Profit growth | (1.4) | 19.3 | 11 of 17 | 38% |
| Market cap | 33643 | 425 | 2 of 24 | 96% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Investor call set for November 3 to discuss September quarter results | board shareholder meetings | low | — | — |
| 28 Oct 2026 · CRISIL reaffirms AA+ stable rating on Rs 860 crore bank facilities | credit debt | medium | — | — |
| 26 Oct 2026 · Board to approve September 2026 unaudited results on 3 November | results | low | — | — |
| 7 Oct 2026 · Routine RTA compliance certificate for Q2 FY27 filed with exchanges | compliance | minimal | — | — |
| 30 Sept 2026 · AIA Engineering gets CRISIL ESG rating of 60, Core ESG 63 | business updates | medium | — | — |
| 25 Sept 2026 · Trading Window closed from Oct 1, 2026 till Q2 results announcement | compliance | minimal | — | — |
| 19 Sept 2026 · AIA Engineering schedules plant visit for analysts on Sep 24, 2026 | board shareholder meetings | low | — | — |
| 16 Sept 2026 · AIA Engineering 36th AGM: All 5 resolutions passed, dividend declared | board shareholder meetings | low | — | — |
| 16 Sept 2026 · Scrutinizer report on AIA Engineering 36th AGM voting results | board shareholder meetings | low | — | — |
| 15 Sept 2026 · AIA Engineering re-appoints Bhadresh Shah as MD for 5 years | management changes | high | — | — |
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.