AERON
Aeron Composites financials
- Market cap
- ₹145 Cr
- Sector
- Capital Goods
- Calls analysed
- 1
Aeron Composites Q2 FY26
What went well
- H1 FY26 Revenue from operations stood at INR 116.7 crores, showcasing steady growth.
- PAT for H1 FY26 was INR 7.2 crores.
- Commissioned new manufacturing facility in Mehsana (51,671 sq meters) by end of September 2025, expected to achieve full capacity of 22,000 metrics over next few quarters.
What to watch
- H1 FY26 EBITDA margin of 7.5% is below the full FY26 guidance of 10%, attributed to shifting operations to new premises and impact from the US market.
- Trade receivables due for more than 6 months deteriorated from INR 1.9 crores in FY24 to INR 4 crores in FY25.
What Aeron Composites does
Aeron Composite manufactures Fibre Glass Reinforced Polymer (FRP) products through an in-house pultrusion and moulding process, offering structural profiles, handrails, cable trays, fencing, poles, ladders, decking, cross arms, solar module structures and moulded gratings and rods. It has recently added GFRP Rebar (branded GIGABAR®) as a corrosion-free, lighter alternative to TMT steel rebar for infrastructure use, and is preparing to launch carbon-fibre reinforced polymer (CFRP) products. The company provides end-to-end service from design and prototyping to manufacturing, logistics, installation and after-sales support, serving utilities, telecom, oil & gas, renewable energy and industrial customers domestically and via exports.
Segments
- Pultruded FRP products
- Moulded FRP gratings
- FRP rods
- GFRP Rebar (GIGABAR®)
- CFRP products
- Installed manufacturing capacity
- 23,415 MT/yr
- Manufacturing unit area
- 51,671 sq. mtr. (Mehsana, Gujarat)
- Product categories
- 13
- Team size
- 450+
- Export countries
- 39
- Customers across globe
- 800+
Guidance record · Q2 FY26
what the last two calls moved 6 tracked 0 delivered 0 missed 6 open- Total Revenue Growth open said Q2 FY26 Promised: 15% year-on-year growth minimum / ~INR 300 crores by FY27 Q2 FY26: Target set for FY27 at ~INR 300 crores.
All 6 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q4 FY26: revenue down 12.7%, net profit down 80.0% against the same quarter last year.
| Line item | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|
| Revenue | 82 | 118 | 108 | 109 | 117 +43% | 103 −13% |
| EBITDA | 8 | 8 | 10 | 9 | 9 +13% | 8 +0% |
| Net profit | 5 | 5 | 7 | 7 | 7 +40% | 1 −80% |
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 −27.0% 1Y
1Y: ₹116.45 on 10 Sept 2025 → ₹85. High ₹119.3 (6 Oct 2025), low ₹71 (24 Aug 2026).
How the price took the results
close before → close after
- Q2 FY26
- −0.9%
- 21 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.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹1 Cr | ₹1 Cr | ₹2 Cr | ₹2 Cr | ₹17 Cr | ₹17 Cr |
| Reserves | ₹11 Cr | ₹14 Cr | ₹24 Cr | ₹34 Cr | ₹91 Cr | ₹93 Cr |
| Borrowings | ₹10 Cr | ₹13 Cr | ₹14 Cr | ₹12 Cr | ₹48 Cr | ₹58 Cr |
| Other liabilities | ₹21 Cr | ₹33 Cr | ₹30 Cr | ₹54 Cr | ₹57 Cr | ₹44 Cr |
| Total liabilities | ₹44 Cr | ₹61 Cr | ₹69 Cr | ₹101 Cr | ₹213 Cr | ₹212 Cr |
| Fixed assets | ₹8 Cr | ₹8 Cr | ₹9 Cr | ₹18 Cr | ₹40 Cr | ₹77 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹4 Cr | ₹28 Cr | ₹1 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹36 Cr | ₹53 Cr | ₹60 Cr | ₹80 Cr | ₹144 Cr | ₹133 Cr |
| Total assets | ₹44 Cr | ₹61 Cr | ₹69 Cr | ₹101 Cr | ₹213 Cr | ₹212 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 Mar 2026
Since Mar 2025, DIIs trimmed −2.73 pp while the public added +2.38 pp.
- Promoters
- 73.6%
- FIIs
- 0.7%
- DIIs
- 0.3%
- Public
- 25.4%
Since Mar 2025
- DIIs −2.73 pp
- Public +2.38 pp
- FIIs +0.34 pp
How it drifted, 4 quarters
Over this window the public went from 18.0% to 25.4% — +7.4 pp.
Ownership split by quarter, oldest first. Sep '24: Promoters 73.6%, FIIs 4.9%, DIIs 3.5%, Public 18.0%.Mar '25: Promoters 73.6%, FIIs 0.4%, DIIs 3.0%, Public 23.0%.Sep '25: Promoters 73.6%, FIIs 0.7%, DIIs 0.3%, Public 25.4%.Mar '26: Promoters 73.6%, FIIs 0.7%, DIIs 0.3%, Public 25.4%.
Who bought this quarter
since Sep 2025
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Ravi Pankajkumar Patel newly disclosed 3.13% held
The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Mar 2026 filing
Every holder of Aeron Composites above SEBI's 1% disclosure line, and what changed since Sep 2025.
| Holder | Stake | Change |
|---|---|---|
| A International Private Limited | 20.16% | unchanged |
| Pankaj Shantilal Dadhaniya | 8.20% | unchanged |
| Alpesh Shantilal Dadhaniya | 8.20% | unchanged |
| Patel Pankajkumar Ratilal | 4.49% | unchanged |
| Bipinkumar Ratilal Patel | 3.91% | unchanged |
| Hemang Bipinbhai Patel | 3.23% | unchanged |
| Ravi Pankajkumar Patel | 3.13% | newly disclosed |
| Patel Chandulal Ratilal | 2.97% | unchanged |
| Patel Dilipkumar Ratilal | 2.82% | unchanged |
| Prabhaben Chandulal Patel | 2.73% | unchanged |
| Chirag Chandulal Patel | 2.67% | unchanged |
| Vishal Dilipkumar Patel | 1.82% | 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 the price implies
- -4.3% a year
- for 7 years, fading to 4%
- It has actually compounded at
- Not enough history
- The gap
- —
- between what it did and what it must do
Learn to analyse Aeron Composites
Guides on how to read this kind of business and the numbers that matter.