AEROFLEX

Aeroflex Industries share price & financials

Price
₹507.25
Market cap
₹5.6k Cr
Sector
Capital Goods
Calls analysed
6
Latest concall · Q1 FY27 · call held 28 Jul 2026

Aeroflex Industries Limited Q1 FY27

Revenue ₹145.97 cr +72%EBITDA ₹33.5 cr +116%EBITDA Margin 23.04% PAT ₹18.79 cr +162%

What went well

  • Consolidated revenue for Q1 FY27 stood at ₹145.97 crores, an increase of 72.4% on a year-on-year basis.
  • EBITDA grew by 116% YoY to ₹33.5 crores, with margins expanding 468 basis points to 23.04%.
  • Profit after tax (PAT) was ₹18.79 crores, up 162% YoY, and PAT margin improved 440 basis points to nearly 13%.

What to watch

  • Sequential gross margins declined by 80 bps, attributed to increased employee costs for ramp-up and higher logistics costs due to the West Asia crisis.
Read the full call →

What Aeroflex Industries Limited does

Aeroflex Industries manufactures metallic flexible flow solutions - stainless-steel corrugated flexible hoses, hose assemblies and fittings, composite and interlock hoses, and metal and miniature metal bellows - used to move liquids, gases and solids in industrial applications such as steel, petrochemicals and oil refineries, marine, solar, and data centers. It earns revenue by manufacturing these engineered, largely customised components and selling them to industrial OEMs and end-users domestically and via exports to 90+ countries across Asia, the Americas, Europe and Africa. Through its subsidiary Hyd-Air Engineering (acquired April 2024), it also makes hydraulic fittings, fluid connectors, flanges and valves, extending its customer base into railways, shipbuilding and heavy industries. It has more recently entered liquid-cooling skid assemblies (branded SFN) for AI data centers, a new product line built on its existing flow-engineering capability.

Segments

  • SS Flexible Hoses (with & without Braiding)
  • Assemblies & Fittings
  • Metal Bellows & Miniature Metal Bellows
  • SFN Skid Assemblies (Liquid Cooling)
Manufacturing facilities
4 facilities - Taloja (Navi Mumbai), Lodha-Palava (Thane), and two units at MIDC-Chakan (Pune, incl. Hyd-Air)
Stainless-steel hose production capacity
17.5 million meters per annum
Liquid-cooling skid assembly capacity
6,000 skids per annum
Assembly stations
46 assembly stations with 2 robotic welding lines
Metal bellows capacity
1,20,000 pieces per annum
Miniature metal bellows capacity
60,000 pieces per annum
Founded 1993Employees 690 (FY26 (year ended March 2) Company website

Guidance record · Q1 FY27

what the last two calls moved 15 tracked 1 delivered 0 missed 14 open
  • Miniature Metal Bellows Capacity & Revenue revised down said Q4 FY25 Promised: INR 25 crores to INR 30 crores at peak utilization, commissioned by March 2026 Q1 FY27: No update provided. The project remains shelved as per the Q4 FY26 commentary.
  • Hose Division Peak Revenue revised up said Q4 FY25 Promised: about INR 650 crores at 20 million meter capacity Q1 FY27: Peak revenue target revised up to INR 650-675 cr. Capacity expansion to 20M meters is now targeted for Q3 FY27, a slight delay from the previous Q2 FY27 timeline.
  • EBITDA Margin delivered said Q4 FY25 Promised: at least a 100 basis point increase in the margin (implying ~22.5% for FY26) Q4 FY26: Achieved 22.6% for full-year FY26, exceeding the original target of ~22.5%.

All 15 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 72.6%, net profit up 171.4% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue95 100 92 84 111 +17%121 +21%126 +37%145 +73%
EBITDA20 22 19 15 26 +30%28 +27%30 +58%33 +120%
Net profit14 15 11 7 14 +0%16 +7%18 +64%19 +171%
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 +219.2% 1Y

₹200₹300₹400₹500₹600Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 29 Oct 2025Q3 FY26 — 29 Jan 2026Q4 FY26 — 6 May 2026Q1 FY27 — 28 Jul 2026

1Y: ₹176.69 on 10 Sept 2025 → ₹563.95. High ₹573.5 (8 Sept 2026), low ₹158.8 (23 Jan 2026).

How the price took the results

close before → close after

Q1 FY27
+6.7%
28 Jul
Q4 FY26
+8.4%
6 May
Q3 FY26
+8.5%
29 Jan
Q2 FY26
+0.4%
29 Oct

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 17.9% a year over 2 years, FY24 to FY26. Operating margin widened to 22.4%.

Year endingFY24FY25FY26
Revenue₹318 Cr₹377 Cr₹442 Cr
Operating profit₹62 Cr₹79 Cr₹99 Cr
Operating margin19.5%21.0%22.4%
Interest₹2 Cr₹0 Cr₹0 Cr
Depreciation₹7 Cr₹11 Cr₹26 Cr
Net profit₹42 Cr₹52 Cr₹55 Cr
Net margin13.2%13.8%12.4%
Cash from operations₹44 Cr₹27 Cr₹66 Cr
Free cash flow₹6 Cr₹-78 Cr₹-5 Cr
ROCE26.0%22.0%19.0%
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₹23 Cr₹23 Cr₹23 Cr₹26 Cr₹26 Cr₹26 Cr
Reserves₹36 Cr₹63 Cr₹91 Cr₹267 Cr₹334 Cr₹421 Cr
Borrowings₹53 Cr₹39 Cr₹45 Cr₹0 Cr₹9 Cr₹9 Cr
Other liabilities₹50 Cr₹58 Cr₹55 Cr₹82 Cr₹100 Cr₹109 Cr
Total liabilities₹162 Cr₹183 Cr₹214 Cr₹375 Cr₹469 Cr₹565 Cr
Fixed assets₹43 Cr₹46 Cr₹56 Cr₹83 Cr₹175 Cr₹213 Cr
Capital work in progress₹0 Cr₹7 Cr₹1 Cr₹5 Cr₹25 Cr₹23 Cr
Investments₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Other assets₹118 Cr₹131 Cr₹157 Cr₹287 Cr₹269 Cr₹329 Cr
Total assets₹162 Cr₹183 Cr₹214 Cr₹375 Cr₹469 Cr₹565 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, FIIs added +3.22 pp while DIIs trimmed −2.39 pp. The shareholder count shrank 7% to 1,09,759.

Promoters
65.5%
FIIs
3.6%
DIIs
1.5%
Public
29.4%

Since Jun 2025

  • FIIs +3.22 pp
  • DIIs −2.39 pp
  • Promoters −1.52 pp

How it drifted, 12 quarters

Over this window DIIs fell from 6.8% to 1.5% — −5.3 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 67.0%, FIIs 1.1%, DIIs 6.8%, Public 25.1%.Dec '23: Promoters 67.0%, FIIs 0.4%, DIIs 5.8%, Public 26.8%.Mar '24: Promoters 67.0%, FIIs 0.3%, DIIs 6.2%, Public 26.6%.Jun '24: Promoters 67.0%, FIIs 0.2%, DIIs 5.9%, Public 26.9%.Sep '24: Promoters 67.0%, FIIs 0.1%, DIIs 5.6%, Public 27.3%.Dec '24: Promoters 67.0%, FIIs 1.6%, DIIs 5.7%, Public 25.8%.Mar '25: Promoters 67.0%, FIIs 0.7%, DIIs 5.9%, Public 26.4%.Jun '25: Promoters 67.0%, FIIs 0.4%, DIIs 3.9%, Public 28.7%.Sep '25: Promoters 67.0%, FIIs 0.2%, DIIs 3.4%, Public 29.3%.Dec '25: Promoters 67.0%, FIIs 1.0%, DIIs 3.5%, Public 28.5%.Mar '26: Promoters 65.5%, FIIs 1.5%, DIIs 3.8%, Public 29.2%.Jun '26: Promoters 65.5%, FIIs 3.6%, DIIs 1.5%, Public 29.4%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

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

HolderStakeChange
Aeroflex Enterprises Limited 59.84%unchanged
Italica Global - F.Z.C. 5.63%unchanged
Ashish Kacholia 2.27%unchanged
Bengal Finance And Investment Pvt Ltd Corporate2.06%unchanged
Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund Mutual fund—off the list

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 ₹564, this stock must grow earnings at 47% every year for 7 years. Our analysis caps realistic growth at ~13%. At that growth it is worth ₹106 — downside of 81%.

Growth the price implies
47.0% a year
for 7 years, fading to 4%
It has actually compounded at
14.4% a year
net profit, FY24–FY26 · EPS 12.8%
The gap
0.3 pp
-81% downside if it only repeats history
Price today ₹563.95 Value at the reference growth ₹105.76

Change the assumptions yourself →

All earnings calls (6)

Read the Q1 FY27 call →

Learn to analyse Aeroflex Industries Limited

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