AIAENG

AIA Engineering share price & financials

Price
₹4,687
Market cap
₹41.8k Cr
Sector
Capital Goods
Calls analysed
7
Latest concall · Q1 FY27 · call held 12 Aug 2026

AIA Engineering Limited Q1 FY27

Revenue ₹1,153 cr PAT ₹301 cr

What went well

  • Volume increased to 64,644 tons in Q1 FY27, up from 60,000 tons in Q1 FY26, indicating healthy demand.
  • The company is making progress with its New Generation Discharge System (NGDS) trials, which are seen as a unique solution for the mining sector.
  • FY27 Capex guidance was revised upwards to INR 350-400 crores, including significant investment in a new corporate house and land for future expansion, signaling long-term growth confidence.

What to watch

  • Operating margin declined to 27.8-27.9% in Q1 FY27 from 36% in Q4 FY26, attributed to lower foreign exchange gains (INR 25 crores vs INR 65 crores), an unfavorable product mix, and higher other expenses including freight and trial costs.
  • Management refrained from providing specific volume guidance for FY27, citing ongoing iterative trials and market uncertainties.
Read the full call →

What AIA Engineering Limited does

AIA Engineering Limited designs, manufactures, installs and services high-chromium, wear-resistant grinding media, mill liners and other mill-internal components used in grinding equipment for the mining, cement, thermal power and quarry industries. It earns by selling custom-engineered metallurgical solutions matched to each customer's ore or material type, supported by pilot-scale mill testing, mill audits and on-site engineering support, and increasingly by bundling grinding media with proprietary discharge-system and liner solutions. Products are manufactured across plants in Gujarat (Ahmedabad/Moraiya, Kerala GIDC) and other Indian locations, and sold globally through its marketing arm Vega Industries and a network of overseas warehouses and logistics partners; the company is also setting up satellite manufacturing in China and Ghana.

Segments

  • Mining
  • Cement
  • Thermal
  • Quarry
Total installed capacity (grinding media + castings)
4,60,000 MT
Grinding media capacity
3,40,000 MT
Castings capacity
1,20,000 MT
Manufacturing plants
Ahmedabad, Nagpur, Bengaluru, Trichy
Manufacturing clusters
5
Countries served
120+
Founded 1978Headquarters Ahmedabad, Gujarat, IndiaEmployees 1,306 (FY2024-25 (March 2025)) Company website

Guidance record · Q1 FY27

what the last two calls moved 18 tracked 4 delivered 6 missed 8 open
  • Full Year Sales Volume delivered said Q3 FY25 Promised: 250,000 - 260,000 tons for FY25 Q1 FY27: This promise pertains to a past fiscal year (FY25) and remains achieved.
  • Incremental Annual Volume Growth missed said Q3 FY25 Promised: 30,000 to 40,000 tons of incremental annual volume growth from FY26 Q1 FY27: This promise for FY26 was definitively missed, as confirmed by FY26 full-year results.
  • India Grinding Media Capacity revised down said Q3 FY25 Promised: staying put with our current capacity in India, which stands at 460,000 tons Q1 FY27: Management mentioned operating at 65-70% utilization, which is consistent with the previously revised capacity of 436,000 tons. The original promise remains revised down.

All 18 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 12.4%, net profit down 1.3% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue1,044 1,066 1,157 1,039 1,048 +0%1,067 +0%1,266 +9%1,168 +12%
EBITDA276 283 302 306 297 +8%290 +2%363 +20%308 +1%
Net profit256 259 285 305 277 +8%293 +13%393 +38%301 −1%
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 +33.8% 1Y

₹3.0k₹3.5k₹4.0k₹4.5k₹5.0kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 7 Nov 2025Q3 FY26 — 30 Jan 2026Q4 FY26 — 29 May 2026Q1 FY27 — 12 Aug 2026

1Y: ₹3,062.2 on 10 Sept 2025 → ₹4,096.6. High ₹5,081.4 (30 Jun 2026), low ₹3,035.1 (11 Sept 2025).

How the price took the results

close before → close after

Q1 FY27
−5.4%
12 Aug
Q4 FY26
+1.7%
29 May
Q3 FY26
−0.3%
30 Jan
Q2 FY26
−1.9%
7 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 fell 3.4% a year over 3 years, FY23 to FY26. Operating margin widened to 28.4%.

Year endingFY23FY24FY25FY26
Revenue₹4.9k Cr₹4.9k Cr₹4.3k Cr₹4.4k Cr
Operating profit₹1.2k Cr₹1.3k Cr₹1.1k Cr₹1.3k Cr
Operating margin25.3%27.5%26.8%28.4%
Interest₹20 Cr₹28 Cr₹20 Cr₹36 Cr
Depreciation₹93 Cr₹101 Cr₹103 Cr₹113 Cr
Net profit₹1.1k Cr₹1.1k Cr₹1.1k Cr₹1.3k Cr
Net margin21.5%23.4%24.7%28.7%
Cash from operations₹868 Cr₹903 Cr₹1.2k Cr₹592 Cr
Free cash flow₹675 Cr₹693 Cr₹1.0k Cr₹491 Cr
ROCE25.0%23.0%19.0%21.0%
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₹19 Cr₹19 Cr₹19 Cr₹19 Cr₹19 Cr₹19 Cr
Reserves₹4.2k Cr₹4.7k Cr₹5.7k Cr₹6.6k Cr₹7.3k Cr₹8.0k Cr
Borrowings₹193 Cr₹10 Cr₹503 Cr₹461 Cr₹1.0k Cr₹10 Cr
Other liabilities₹321 Cr₹361 Cr₹437 Cr₹375 Cr₹500 Cr₹497 Cr
Total liabilities₹4.8k Cr₹5.1k Cr₹6.6k Cr₹7.5k Cr₹8.9k Cr₹8.5k Cr
Fixed assets₹811 Cr₹790 Cr₹1.0k Cr₹1.1k Cr₹1.1k Cr₹1.2k Cr
Capital work in progress₹161 Cr₹210 Cr₹107 Cr₹92 Cr₹100 Cr₹16 Cr
Investments₹809 Cr₹1.1k Cr₹2.3k Cr₹3.0k Cr₹4.8k Cr₹4.3k Cr
Other assets₹3.0k Cr₹3.1k Cr₹3.3k Cr₹3.2k Cr₹2.9k Cr₹3.0k Cr
Total assets₹4.8k Cr₹5.1k Cr₹6.6k Cr₹7.5k Cr₹8.9k Cr₹8.5k 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 trimmed −0.13 pp. The shareholder count grew 6% to 58,979.

Promoters
58.5%
FIIs
16.9%
DIIs
22.1%
Public
2.5%

Since Jun 2025

  • FIIs −0.13 pp
  • DIIs +0.08 pp
  • Public +0.06 pp

How it drifted, 12 quarters

Over this window DIIs went from 20.3% to 22.1% — +1.8 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 58.5%, FIIs 18.5%, DIIs 20.3%, Public 2.7%.Dec '23: Promoters 58.5%, FIIs 18.3%, DIIs 20.5%, Public 2.8%.Mar '24: Promoters 58.5%, FIIs 18.2%, DIIs 20.5%, Government 0.0%, Public 2.8%.Jun '24: Promoters 58.5%, FIIs 17.7%, DIIs 20.9%, Government 0.0%, Public 2.9%.Sep '24: Promoters 58.5%, FIIs 17.9%, DIIs 20.8%, Government 0.0%, Public 2.7%.Dec '24: Promoters 58.5%, FIIs 17.2%, DIIs 21.8%, Government 0.0%, Public 2.4%.Mar '25: Promoters 58.5%, FIIs 17.1%, DIIs 22.0%, Public 2.4%.Jun '25: Promoters 58.5%, FIIs 17.0%, DIIs 22.0%, Public 2.5%.Sep '25: Promoters 58.5%, FIIs 16.7%, DIIs 22.2%, Public 2.6%.Dec '25: Promoters 58.5%, FIIs 16.6%, DIIs 22.3%, Public 2.7%.Mar '26: Promoters 58.5%, FIIs 16.8%, DIIs 22.0%, Public 2.7%.Jun '26: Promoters 58.5%, FIIs 16.9%, DIIs 22.1%, Public 2.5%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 2 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

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

HolderStakeChange
Bhadresh Kantilal Shah 58.47%unchanged
Nalanda India Equity Fund Limited FPI fund9.29%unchanged
SBI Equity Hybrid Fund Mutual fund7.95%−0.51 pp
HDFC Mutual Fund - HDFC Mid-Cap Fund Mutual fund3.93%unchanged
ICICI Prudential Midcap Fund Mutual fund3.40%−0.43 pp
Kotak Flexicap Fund Mutual fund1.36%unchanged
Franklin India Opportunites Fund Mutual fund1.15%newly disclosed
SBI Life Insurance Co. Ltd Insurer1.06%newly disclosed
Bhumika Shyamal Shodhan 0.01%unchanged
Khushali Samip Solanki 0.01%unchanged
Gita Bhadresh Shah 0.00%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.

Mutual funds in AIAENG

Filings to Aug 2026

0 new, 7 added, 2 trimmed, 0 sold out — net −0.75 L shares (−1.0%).

Held by funds
₹3.2k Cr
19 schemes
Biggest holder
SBI Aggressive Hybrid Fund
₹1.2k Cr · 1.4% of that fund
SchemeHoldingLast month
SBI Aggressive Hybrid Fund SBI Mutual Fund₹1.2k Crheld
SBI ELSS Tax Saver Fund SBI Mutual Fund₹598 Cr−0.81 L
SBI Large and Midcap Fund SBI Mutual Fund₹449 Crheld
SBI Midcap Fund SBI Mutual Fund₹426 Crheld
SBI Flexicap Fund SBI Mutual Fund₹232 Crheld
HDFC Large and Mid Cap Fund HDFC Mutual Fund₹77 Crheld
SBI Quality Fund SBI Mutual Fund₹48 Crheld
HDFC Dividend Yield Fund HDFC Mutual Fund₹41 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

7 added, 2 trimmed — net −75,338 shares (−1.0%)

Funds are sitting on
+64%
vs est. average cost
Held by funds
₹3.2k Cr
19 schemes · ≈ 8.3% of the company
Biggest holder
SBI Aggressive Hybrid Fund
₹1.2k Cr · 1.4% of that fund
Longest holder
Nippon India ETF Nifty Midcap 150
7y 8m · since Jan '19

Shares held by these funds −10%

Aug '23 75.10 L shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹4097, this stock must grow earnings at 24% every year for 7 years. Our analysis caps realistic growth at ~7%. At that growth it is worth ₹1619 — downside of 60%.

Growth the price implies
24.5% a year
for 7 years, fading to 4%
It has actually compounded at
6.3% a year
net profit, FY23–FY26 · EPS 6.7%
The gap
0.2 pp
-60% downside if it only repeats history
Price today ₹4,096.6 Value at the reference growth ₹1,618.82

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse AIA Engineering Limited

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