Aaron Industries Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Elevator: 75.0% • Steel Polishing: 25.0%
AI Sector View
AI GENERATEDCapital Goods
Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.
PROS
- Company has delivered good profit growth of 28.7% CAGR over last 5 years
- Latest quarter profit grew 141.7% YoY, showing strong momentum
- Company has delivered good sales growth of 29.8% CAGR over last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.03x)
- Company generates healthy free cash flow
- Company has a consistent dividend-paying track record
CONS
- Receivables are growing faster than sales - a possible quality concern
- Valuation is stretched - P/E of 32.6 is well above its own 5-year median (21.6)
- Growth is decelerating - 3Y profit CAGR (7.9%) trails the 5Y trend (28.7%)
- Expensive relative to growth - PEG of 4.1
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BHEL | 432.80 | 61.95 | 150703.70 | 0.32 | 376.71 | 182.70 | 7697.72 | 40.29 | 9.24 | 6.69 |
| INDOMIM | 922.60 | 85.51 | 45620.81 | 0.64 | 2401.22 | — | 12187.42 | — | 24.48 | 33.36 |
| THERMAX | 3729.70 | 74.90 | 44441.73 | 0.54 | 21.79 | -85.61 | 2302.73 | 7.09 | 15.85 | 2.98 |
| KIRLOSENG | 2267.40 | 60.41 | 32995.17 | 0.31 | 1110.60 | 699.45 | 19995.30 | 1034.94 | 14.46 | 15.02 |
| JYOTICNC | 1026.55 | 72.57 | 23346.12 | 0.00 | 57.14 | -19.99 | 508.47 | 23.97 | 23.88 | 21.40 |
| INOXINDIA | 2180.15 | 77.65 | 19787.80 | 0.09 | 58.07 | -4.98 | 370.79 | 9.18 | 33.54 | 20.46 |
| TRITURBINE | 572.05 | 54.07 | 18185.38 | 0.74 | 51.10 | -20.65 | 442.70 | 19.23 | 35.95 | 11.59 |
| AZAD | 2765.75 | 128.52 | 17861.70 | 0.00 | 351.60 | 1094.62 | 1725.99 | 1159.00 | 12.28 | 37.29 |
| LLOYDSENGG | 84.88 | 58.86 | 13165.22 | 0.29 | 68.23 | -77.28 | 527.15 | 142.92 | 17.99 | 15.04 |
| TEGA | 1552.65 | 552.07 | 11664.70 | 0.13 | -1082.52 | -3163.59 | 17234.42 | 4739.88 | 8.37 | 3.27 |
| KENNAMET | 4534.30 | 85.10 | 9965.59 | 0.00 | 31.50 | 11.31 | 267.30 | 12.55 | 18.99 | 17.51 |
| AARON | 128.98 | 32.55 | 270.17 | 0.39 | 25.62 | 2316.98 | 244.37 | 1170.11 | 18.53 | 20.19 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 16 | 14 | 15 | 19 | 17 | 18 | 18 | 24 | 19 | 22 | 23 | 27 | 244 | |
| 13 | 12 | 12 | 15 | 14 | 15 | 15 | 19 | 16 | 18 | 18 | 22 | 210 | |
| Operating Profit | 3 | 2 | 3 | 4 | 3 | 3 | 3 | 5 | 4 | 4 | 5 | 5 | 34 |
| OPM % | 17.91% | 15.57% | 17.31% | 19.03% | 19.14% | 17.55% | 17.84% | 20.86% | 18.97% | 18.53% | 20.82% | 18.59% | 13.95% |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 5 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 10 |
| Profit before Tax | 2 | 1 | 2 | 3 | 3 | 3 | 3 | 4 | 2 | 2 | 3 | 4 | 35 |
| Tax % | 27.80% | 16.20% | 32.20% | 24.35% | 28.35% | 27.09% | 28.29% | 35.14% | 49.04% | 44.00% | 37.65% | 35.73% | 25.98% |
| Net Profit | 2 | 1 | 1 | 2 | 2 | 2 | 2 | 3 | 1 | 1 | 2 | 2 | 26 |
| 1.60 | 1.10 | 1.15 | 2.22 | 1.78 | 0.87 | 1.72 | 1.32 | 1.01 | 0.67 | 0.97 | 1.13 | 1.22 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 5 | 12 | 18 | 21 | 25 | 38 | 56 | 63 | 78 | 92 | 97 | |
| 5 | 10 | 16 | 18 | 21 | 32 | 46 | 52 | 63 | 74 | 80 | |
| Operating Profit | 0 | 2 | 2 | 3 | 3 | 6 | 10 | 11 | 15 | 18 | 17 |
| OPM % | 5.28% | 13.26% | 11.55% | 14.33% | 13.88% | 15.55% | 17.07% | 17.60% | 19.01% | 19.10% | 17.94% |
| 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | |
| Interest | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 3 | 2 |
| Depreciation | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 2 | 4 | 4 |
| Profit before Tax | 0 | 1 | 2 | 2 | 2 | 5 | 7 | 8 | 12 | 11 | 13 |
| Tax % | 29.85% | 30.51% | 32.69% | 31.49% | 21.55% | 23.69% | 27.31% | 25.51% | 30.52% | 40.48% | 35.20% |
| Net Profit | 0 | 1 | 1 | 1 | 2 | 4 | 5 | 6 | 8 | 7 | 8 |
| EPS | 0.00 | 0.00 | 0.00 | 1.34 | 1.92 | 3.70 | 5.37 | 6.04 | 7.87 | 3.25 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 23.49% | 0.00% | 21.66% | 18.58% | 16.54% | 15.25% | 15.41% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 40%
- 5 Years:
- 30%
- 3 Years:
- 18%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 70%
- 5 Years:
- 29%
- 3 Years:
- 8%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- 20%
- 3 Years:
- -1%
- 1 Year:
- -40%
RETURN ON EQUITY
- 10 Years:
- 23%
- 5 Years:
- 23%
- 3 Years:
- 19%
- Last Year:
- 15%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 0 | 2 | 5 | 5 | 10 | 10 | 10 | 10 | 10 | 21 |
| 0 | 2 | 5 | 5 | 2 | 6 | 10 | 25 | 33 | 28 | |
| 1 | 1 | 4 | 5 | 7 | 9 | 11 | 32 | 32 | 28 | |
| Trade Payables | 1 | 2 | 2 | 2 | 1 | 2 | 4 | 3 | 3 | 8 |
| 0 | 1 | 2 | 2 | 2 | 3 | 5 | 6 | 7 | 9 | |
| Total Liabilities | 3 | 7 | 18 | 19 | 22 | 31 | 40 | 77 | 85 | 93 |
| 0 | 1 | 9 | 9 | 13 | 15 | 19 | 24 | 25 | 55 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 27 | 33 | 0 |
| 1 | 3 | 5 | 6 | 6 | 7 | 14 | 16 | 16 | 24 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4 | 5 | 7 | |
| Cash & Bank | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 3 | 3 | 3 |
| 1 | 2 | 4 | 4 | 3 | 8 | 6 | 3 | 4 | 3 | |
| Total Assets | 3 | 7 | 18 | 19 | 22 | 31 | 40 | 77 | 85 | 93 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0 | 0 | 0 | 2 | 4 | 2 | 7 | 7 | 10 | 10 | |
| Cash from Investing | 0 | -2 | -8 | -2 | -4 | -3 | -5 | -33 | -8 | -2 |
| Cash from Financing | 0 | 2 | 8 | -1 | 1 | 2 | 1 | 28 | -1 | -6 |
| 0 | -0 | 0 | -1 | -0 | 0 | 0 | 0 | 0 | -0 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 2.71 | 4.95 | 2.21 | 2.55 | 1.92 | 3.69 | 5.38 | 6.04 | 7.87 | 3.25 |
| Book Value (₹) | 15.50 | 18.81 | 19.60 | 20.08 | 12.12 | 15.82 | 20.39 | 34.22 | 41.09 | 23.21 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.60 | 0.00 | 0.80 | 1.00 | 1.00 | 1.20 | 0.50 |
| Cash EPS (₹) | 0.28 | 0.70 | 0.63 | 0.94 | 1.27 | 2.27 | 3.26 | 3.70 | 4.80 | 5.10 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 5.34% | 13.44% | 11.75% | 14.51% | 14.74% | 17.00% | 17.28% | 17.60% | 19.01% | 19.10% |
| Net Margin % | 1.06% | 7.91% | 6.03% | 6.28% | 7.72% | 9.83% | 9.68% | 10.01% | 10.58% | 7.39% |
| ROE % | 19.23% | 48.60% | 16.40% | 13.48% | 16.95% | 26.44% | 29.72% | 22.48% | 20.90% | 14.83% |
| ROCE % | 16.25% | 47.64% | 19.34% | 16.77% | 17.40% | 25.14% | 29.88% | 19.83% | 18.59% | 18.53% |
| 2.14% | 19.56% | 8.65% | 7.32% | 9.33% | 14.06% | 15.21% | 10.83% | 10.19% | 7.63% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 55 | 35 | 35 | 36 | 30 | 20 | 16 | 18 | 21 | 24 |
| Inventory Days | 102 | 75 | 82 | 87 | 85 | 64 | 71 | 89 | 76 | 80 |
| Payable Days | 77 | 68 | 59 | 43 | 29 | 23 | 30 | 30 | 21 | 35 |
| 80 | 42 | 59 | 80 | 87 | 61 | 57 | 77 | 75 | 70 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 4.58x | 0.30x | 0.56x | 0.49x | 0.58x | 0.58x | 0.56x | 0.88x | 0.74x | 0.57x |
| Interest Coverage (x) | 1.42x | 10.39x | 6.50x | 4.33x | 5.17x | 7.88x | 7.98x | 7.32x | 9.71x | 5.41x |
| 2.01x | 1.86x | 1.95x | 1.69x | 1.65x | 1.81x | 1.56x | 1.42x | 1.25x | 1.35x | |
| GROWTH | ||||||||||
| Revenue Growth % | 47.32% | 145.46% | 49.15% | 21.91% | 16.66% | 51.18% | 47.98% | 13.21% | 23.26% | 18.06% |
| Operating Profit Growth % | 79.92% | 516.76% | 30.32% | 50.57% | 18.49% | 74.45% | 50.42% | 16.73% | 33.40% | 19.00% |
| Net Profit Growth % | 52.92% | 1723.25% | 13.80% | 26.92% | 43.38% | 92.49% | 45.70% | 17.14% | 30.21% | -17.54% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 12.34% | 30.21% | -58.77% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 21.57x | 20.75x | 33.67x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 7.62x | 7.95x | 4.71x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.38% | 0.37% | 0.46% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 26.81x | 24.71x | 14.17x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-21 - Aaron Industries Limited has informed the Exchange regarding 'Transcript of the 13th Annual General Meeting of the Company'.
2026-08-21 - Aaron Industries Limited has informed the Exchange about Transcript
2026-08-20 - Aaron Industries Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 19, 2026
2026-08-19 - Aaron Industries Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 19, 2026
2026-08-17 - Aaron Industries Limited has informed the Exchange about Link of Recording
2026-08-14 - Aaron Industries Limited has informed the Exchange about Investor Presentation
2026-08-12 - Aaron Industries Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-12 - Aaron Industries Limited has informed the Exchange about Submission of Unaudited Financial Results for the Quarter Ended June 30, 2026 due to Technical Issue in Accessing Earlier Filing on NSE Website
2026-08-11 - Aaron Industries Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
News
Recent coverage and analyst commentary for AARON
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