BSE: 544177
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Coding, marking and serialization equipment, Consumables (inks and printer parts), Track-and-trace and digital solutions, Government and PSU tenders. Small-cap industrial technology business with a mix of equipment sales and recurring consumables revenue.
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 88 | 97 |
| EBITDA (ex other income) | — | — |
| margin % | — | — |
| Owners' profit | — | — |
| EPS, as reported (₹) | 4.23 | 5.45 |
| ROE % · ROCE % | — · 22.1 | — · 19.8 |
| Debt / equity (x) | — | — |
| Cash from operations | 6 | 8 |
| Capex | (6) | (6) |
Exhibit 2: Quarterly performance, last 4 quarters
| ₹ crore | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|
| Revenue | 46 | 42 | 49 | 48 |
| Profit before tax | 6 | 4 | 6 | 4 |
| Net profit | — | — | — | — |
| EPS (₹) | 2.85 | 1.67 | 3.11 | 2.34 |
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. % |
|---|---|---|---|---|---|---|---|---|
| GNG ELECTRONICS LIMITED | 8,254 | 58.6 | 10.87 | 42.9 | 17.4 | 18.7 | — | 12.8 |
| RASHI PERIPHERALS LIMITED | 5,397 | 16.9 | 2.65 | 12.6 | 13.9 | 18.0 | — | 3.4 |
| MOSCHIP TECHNOLOGIES LTD | 3,370 | 123.9 | 8.25 | 56.9 | 8.6 | 7.4 | 40.9 | 10.1 |
| NELCO LTD | 1,625 | 421.3 | 12.61 | 57.2 | 2.6 | 3.1 | 6.3 | 11.9 |
| D-LINK INDIA LTD | 1,430 | 13.3 | 2.83 | 9.4 | 20.6 | 27.2 | 16.6 | 8.6 |
| IVALUE INFOSOLUTIONS LTD | 1,186 | 11.4 | 2.09 | 7.5 | 17.3 | 21.9 | — | 13.4 |
| CONTROL PRINT LIMITED | 951 | 24.4 | 2.11 | 9.8 | 9.7 | 15.5 | 18.8 | 13.4 |
| BHARAT GLOBAL DEVELOPERS LIMIT | 782 | 285.9 | 4.11 | — | (0.1) | (0.1) | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 9.8 | 24.9 | 3 of 16 | 87% |
| ROCE | 17.3 | 14.9 | 7 of 19 | 67% |
| Market cap | 133 | 551 | 12 of 19 | 39% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · Compliance Certificate under SEBI Reg 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 26 Sept 2026 · Trading window closed for insiders from Oct 1, 2026 ahead of H1 results | compliance | minimal | — | — |
| 14 Sept 2026 · Aztec Fluids launches AZTRACE digital traceability platform | business updates | medium | — | — |
| 12 Sept 2026 · All 8 resolutions passed at 16th AGM with full shareholder support | board shareholder meetings | medium | — | — |
| 10 Sept 2026 · Aztec Fluids launches new traceability product AZTRACE at AGM | board shareholder meetings | low | — | — |
| 10 Sept 2026 · 16th AGM held via video call; new product AZTRACE launched | board shareholder meetings | low | — | — |
| 18 Aug 2026 · Aztec sets 16th AGM for September 10, 2026 | compliance | minimal | — | — |
| 17 Aug 2026 · Record date for 16th AGM fixed at 4 September 2026 | board shareholder meetings | low | — | — |
| 17 Aug 2026 · Cut-off date for e-voting set for 16th AGM on September 10, 2026 | board shareholder meetings | low | — | — |
| 17 Aug 2026 · Aztec Fluids FY26 Annual Report: Revenue Up 9.2%, EBITDA Margin Expands | results | 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.