Aztec Fluids & Machinery Limit

Makes industrial coding, marking, serialization and track-and-trace equipment, primarily for manufacturing clients in pharma, FMCG and packaging. The product line splits between coding/marking hardware and a consumables business anchored by wholly-owned subsidiary Jet Inks, a Chennai-based ink manufacturer where backward integration of inks is approximately 95% complete and printer-parts indigenisation is at 40-50%. FY26 consolidated revenue was ₹96.53 crore, up 9.2% year-on-year, with H2 FY26 growing 12.4% to ₹47.61 crore; consolidated EBITDA was ₹13.96 crore at a 14.3% margin. The company is pivoting from a distributor model to a manufacturing/technology one, supported by a new 11,028 sq metre assembly unit running at 80% automation, and has begun winning government and PSU tenders in FY26, which it expects to contribute as recurring annuity revenue. Materials are the largest cost line at 45.5% of revenue (covering imported components and ink inputs), followed by employee costs at 14.8% and other operating expenses at 17.6%; capex was 6.7% of revenue.