AARON

Aaron Industries financials

Market cap
₹288 Cr
Sector
Capital Goods
Calls analysed
3
Latest concall · Q1 FY27 · call held 17 Aug 2026

Aaron Industries Limited Q1 FY27

Revenue from Operations ₹24.44 cr +27%EBITDA ₹4.99 cr +35%EBITDA Margin 20.19% Profit After Tax ₹2.56 cr +142%

What went well

  • Revenue from Operations grew 27.01% YoY to ₹24.44 crore, demonstrating healthy top-line expansion.
  • EBITDA increased 34.83% YoY to ₹4.99 crore, reflecting improved operating efficiency.
  • EBITDA margin improved to 20.19% in Q1 FY27 from 18.99% in Q1 FY26.

What to watch

  • International OEM orders (Johnson, Schindler, Wittur) have not yet materialized beyond samples, with only Fujitec placing regular orders.
  • Steel price fluctuations in the last 3-4 months impacted utilization, procurement, and sales in the SS sheet business.
Read the full call →

What Aaron Industries Limited does

Aaron Industries manufactures elevator cabins, automatic door systems, fire-resistant doors and cabin safety frames as an OEM, supplying licensed elevator installers, traders and other elevator manufacturers rather than performing installation itself. Its Stainless Steel Division processes SS coils in-house (cutting, polishing, embossing, PVD coating) both for its own elevator products and for external sale to other elevator makers and industries. The company runs three production units in Surat, Gujarat, manufactures roughly 40-50% of its elevator components in-house, and has recently launched a premium SS brand (STELIX) and a home-lift product line (EVOQ360).

Segments

  • Elevator Division
  • Stainless Steel Division
Manufacturing units
3 (all in Surat, Gujarat)
Combined manufacturing area
1.5 lakh sq. ft.
Auto Door Systems production capacity
5,000+ per month
In-house elevator component manufacturing
40-50% of components made in-house
Cities served (India)
60+
Export countries
2+ (Nepal, Kenya)
Founded 2013Headquarters Surat, Gujarat, IndiaEmployees 200 (FY26) Company website

Guidance record · Q1 FY27

what the last two calls moved 9 tracked 0 delivered 3 missed 6 open
  • Top-line growth missed said Q4 FY25 Promised: 20 to 25% growth in FY26 Q1 FY27: The FY26 period has concluded. No mention of achieving the 20-25% growth target was made. The company has issued new guidance for FY27, implying the FY26 target was not met.
  • Elevator doors production volume on track said Q4 FY25 Promised: 3,000 doors per month in FY26 Q1 FY27: Management reiterated the delayed target, stating 'we are going towards 3,500 units of production per month, and I'm pretty sure we'll be able to achieve that in the coming quarters.' Current overall capacity utilization is 45-50%.

All 9 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 27.0%, net profit up 141.5% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue18 18 24 19 22 +22%23 +27%27 +13%24 +27%
EBITDA3 3 5 4 4 +28%5 +48%5 +1%5 +35%
Net profit2 2 3 1 1 −24%2 +12%2 −16%3 +142%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −37.2% 1Y

₹150₹200Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 19 Nov 2025Q1 FY27 — 17 Aug 2026

1Y: ₹202.23 on 10 Sept 2025 → ₹126.94. High ₹218.52 (28 Oct 2025), low ₹109.27 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
+2.5%
17 Aug
Q2 FY26
−0.2%
19 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 18.1% a year over 3 years, FY23 to FY26. Operating margin widened to 19.2%.

Year endingFY23FY24FY25FY26
Revenue₹56 Cr₹63 Cr₹78 Cr₹92 Cr
Operating profit₹10 Cr₹11 Cr₹15 Cr₹18 Cr
Operating margin17.0%17.6%19.0%19.2%
Interest₹1 Cr₹1 Cr₹1 Cr₹3 Cr
Depreciation₹1 Cr₹1 Cr₹2 Cr₹4 Cr
Net profit₹5 Cr₹6 Cr₹8 Cr₹7 Cr
Net margin9.7%10.0%10.6%7.4%
Cash from operations₹4 Cr₹6 Cr₹9 Cr₹8 Cr
Free cash flow₹-1 Cr₹-28 Cr₹1 Cr₹6 Cr
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹10 Cr₹10 Cr₹10 Cr₹10 Cr₹21 Cr₹21 Cr
Reserves₹2 Cr₹6 Cr₹10 Cr₹25 Cr₹23 Cr₹28 Cr
Borrowings₹7 Cr₹9 Cr₹11 Cr₹32 Cr₹32 Cr₹28 Cr
Other liabilities₹3 Cr₹5 Cr₹7 Cr₹7 Cr₹11 Cr₹15 Cr
Total liabilities₹22 Cr₹30 Cr₹39 Cr₹75 Cr₹87 Cr₹91 Cr
Fixed assets₹13 Cr₹15 Cr₹19 Cr₹24 Cr₹56 Cr₹55 Cr
Capital work in progress₹1 Cr₹1 Cr₹0 Cr₹27 Cr₹0 Cr₹0 Cr
Investments₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Other assets₹8 Cr₹14 Cr₹19 Cr₹23 Cr₹31 Cr₹36 Cr
Total assets₹22 Cr₹30 Cr₹39 Cr₹75 Cr₹87 Cr₹91 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs trimmed −0.43 pp while the public added +0.42 pp. The shareholder count grew 6% to 11,985.

Promoters
73.1%
Public
26.9%

Since Jun 2025

  • DIIs −0.43 pp
  • Public +0.42 pp
  • Promoters +0.01 pp

How it drifted, 12 quarters

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 73.1%, Public 26.9%.Dec '23: Promoters 73.1%, Public 26.9%.Mar '24: Promoters 73.1%, Public 26.9%.Jun '24: Promoters 73.1%, Public 26.9%.Sep '24: Promoters 73.1%, DIIs 0.5%, Public 26.4%.Dec '24: Promoters 73.1%, DIIs 0.5%, Public 26.4%.Mar '25: Promoters 73.1%, DIIs 0.5%, Public 26.4%.Jun '25: Promoters 73.1%, DIIs 0.4%, Public 26.5%.Sep '25: Promoters 73.0%, Public 27.0%.Dec '25: Promoters 73.1%, Public 26.9%.Mar '26: Promoters 73.1%, Public 26.9%.Jun '26: Promoters 73.1%, Public 26.9%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Aaron Industries Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Amar Chinubhai Doshi 25.77%unchanged
Karan Amar Doshi 13.90%unchanged
Monish Amar Doshi 13.55%unchanged
Radhika Amar Doshi 10.62%unchanged
Amar Chinubhai Doshi (Huf) 2.59%unchanged
Monish Amarbhai Doshi (Huf) 1.82%unchanged
Karan Amar Doshi (Huf) 1.41%unchanged
Toral Karan Doshi 0.97%unchanged
Bhoomi Doshi 0.93%unchanged
Rajiv Chandrakant Shah 0.70%unchanged
Falguni Rajiv Shah 0.70%unchanged
Kushal Mitesh Jariwala 0.10%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Growth trap

To justify its price of ₹127, this stock must grow earnings at 21% every year for 7 years. Our analysis caps realistic growth at ~6%. At that growth it is worth ₹57 — downside of 55%.

Growth the price implies
21.3% a year
for 7 years, fading to 4%
It has actually compounded at
7.9% a year
net profit, FY23–FY26 · EPS 6.3%
The gap
0.2 pp
-55% downside if it only repeats history
Price today ₹126.94 Value at the reference growth ₹57.48

Change the assumptions yourself →

All earnings calls (3)

Read the Q1 FY27 call →

Learn to analyse Aaron Industries Limited

Guides on how to read this kind of business and the numbers that matter.