Aaron Industries Ltd.

•

aaronindustries.netBSE: -NSE: AARON

Market Cap₹ 270 Cr.

Current Price

High / Low₹ 228 / 107

Stock P/E32.6

Book Value₹ 24

Price to Book4.71

Dividend Yield0.39 %

ROCE18.5 %

ROE14.8 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Elevator: 75.0% • Steel Polishing: 25.0%

AI Sector View

AI GENERATED

Capital Goods

Buy

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.

Confidence

72%

View full sector analysis →

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

Capital GoodsCapital GoodsEngineering - Industrial Equipments

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	BHEL	432.80	61.95	150703.70	0.32	376.71	182.70	7697.72	40.29	9.24	6.69
2.	INDOMIM	922.60	85.51	45620.81	0.64	2401.22	—	12187.42	—	24.48	33.36
3.	THERMAX	3729.70	74.90	44441.73	0.54	21.79	-85.61	2302.73	7.09	15.85	2.98
4.	KIRLOSENG	2267.40	60.41	32995.17	0.31	1110.60	699.45	19995.30	1034.94	14.46	15.02
5.	JYOTICNC	1026.55	72.57	23346.12	0.00	57.14	-19.99	508.47	23.97	23.88	21.40
6.	INOXINDIA	2180.15	77.65	19787.80	0.09	58.07	-4.98	370.79	9.18	33.54	20.46
7.	TRITURBINE	572.05	54.07	18185.38	0.74	51.10	-20.65	442.70	19.23	35.95	11.59
8.	AZAD	2765.75	128.52	17861.70	0.00	351.60	1094.62	1725.99	1159.00	12.28	37.29
9.	LLOYDSENGG	84.88	58.86	13165.22	0.29	68.23	-77.28	527.15	142.92	17.99	15.04
10.	TEGA	1552.65	552.07	11664.70	0.13	-1082.52	-3163.59	17234.42	4739.88	8.37	3.27
11.	KENNAMET	4534.30	85.10	9965.59	0.00	31.50	11.31	267.30	12.55	18.99	17.51
12.	AARON	128.98	32.55	270.17	0.39	25.62	2316.98	244.37	1170.11	18.53	20.19

Detailed Comparison with:

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

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	73.06	73.06	73.06	73.06	73.06	73.06	73.06	73.07	73.07
FIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	0.00	0.52	0.52	0.52	0.43	0.00	0.00	0.00	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	26.94	26.43	26.43	26.43	26.51	26.94	26.94	26.93	26.93

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-21

Updates

2026-08-21 - Aaron Industries Limited has informed the Exchange regarding 'Transcript of the 13th Annual General Meeting of the Company'.

2026-08-21

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-21 - Aaron Industries Limited has informed the Exchange about Transcript

2026-08-20

Shareholders meeting

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

Shareholders meeting

2026-08-19 - Aaron Industries Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 19, 2026

2026-08-17

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-17 - Aaron Industries Limited has informed the Exchange about Link of Recording

2026-08-14

Investor Presentation

2026-08-14 - Aaron Industries Limited has informed the Exchange about Investor Presentation

2026-08-12

Copy of Newspaper Publication

2026-08-12 - Aaron Industries Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-12

General Updates

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

Outcome of Board Meeting

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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Aaron Industries Ltd.

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Free 5nance Account

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

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

244

210

Operating Profit

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%

Interest

Depreciation

Profit before Tax

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

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

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

Operating Profit

OPM %

5.28%

13.26%

11.55%

14.33%

13.88%

15.55%

17.07%

17.60%

19.01%

19.10%

17.94%

Interest

Depreciation

Profit before Tax

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

EPS

0.00

1.34

1.92

3.70

5.37

6.04

7.87

3.25

—

Dividend Payout %

0.00%

23.49%

0.00%

21.66%

18.58%

16.54%

15.25%

15.41%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Trade Payables

Total Liabilities

Capital Work in Progress

Cash & Bank

Total Assets

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-0

Cash from Investing

-2

-8

-2

-4

-3

-5

-33

-8

-2

Cash from Financing

-1

-6

-0

-1

-0

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

0.60

0.00

0.80

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

Inventory Days

102

Payable Days

FINANCIAL HEALTH

Debt to Equity (x)

4.58x

0.30x

0.56x

0.49x

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%

12.34%

30.21%

-58.77%

VALUATION

P/E (x)

0.00x

21.57x

20.75x

33.67x

P/B (x)

0.00x

7.62x

7.95x

4.71x

Dividend Yield %

0.00%

0.38%

0.37%

0.46%

0.00x

26.81x

24.71x

14.17x

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

73.06

73.07

FIIs

0.00

0.52

0.43

0.00

Government

0.00

26.94

26.43

26.51

26.94

26.93

Aaron Industries Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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Aaron Industries Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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