Aartech Solonics Ltd.

•

aartechsolonics.comBSE: 542580NSE: AARTECH

Market Cap₹ 157 Cr.

Current Price

High / Low₹ 65 / 34

Stock P/E39.3

Book Value₹ 12

Price to Book5.14

Dividend Yield0.00 %

ROCE5.4 %

ROE6.4 %

Face Value₹ 5

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ABOUT

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 sales growth of 28.9% CAGR over last 5 years
Company maintains a comfortable, low leverage position
Company has a consistent dividend-paying track record

CONS

Company is loss-making at the operating / net level
A large part of profit comes from other income (230.1% of PBT)
Operating cash flow has been negative in recent years
Company has a low return on equity of 5.3% over last 3 years
Company has a low return on capital employed of 7.5%
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -1.25x)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsCapital GoodsElectric Equipment

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

S.No.	Name
1.	ABB	7419.90	52.62	157233.90	0.53	3623.00	930.02	35588.70	1110.31	30.18	12.56
2.	SIEMENS	3976.00	43.23	141593.51	0.45	214.31	-49.38	4713.70	8.44	21.42	9.14
3.	POWERINDIA	31650.00	122.63	141071.53	0.03	2941.50	2135.18	24936.90	1586.18	28.73	14.58
4.	CGPOWER	893.95	112.67	140837.36	0.15	308.28	15.52	3280.81	13.99	27.94	12.11
5.	ENRIN	3114.90	74.55	110927.98	0.13	440.90	67.83	2485.60	39.28	40.19	23.56
6.	GVT&D	4325.00	593.01	110740.13	0.23	362.99	24.65	1836.14	38.04	75.51	25.10
7.	WAAREEENER	2636.00	19.87	75824.89	0.15	891.87	15.39	7931.79	79.22	37.92	18.15
8.	APARINDS	17412.20	61.71	72908.95	0.34	4674.50	1677.98	65910.60	1191.31	31.84	11.50
9.	HAVELLS	1156.00	44.42	72546.13	0.87	289.71	-16.64	6518.19	19.48	25.74	7.15
10.	SUZLON	45.38	19.84	62377.70	0.00	305.22	-5.89	3829.09	22.83	35.79	15.55
11.	SCHNEIDER	1233.30	160.47	29488.70	0.00	12.44	-69.84	651.36	4.78	31.01	5.23
12.	AARTECH	49.40	31.28	156.95	0.00	1.55	145.34	7.28	67.86	6.46	12.27

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
	6	9	7	10	7	9	10	10	4	11	7	17	7
	6	9	8	9	7	8	9	13	4	9	5	16	7
Operating Profit	0	0	-1	1	-0	1	1	-3	-0	2	2	1	0
OPM %	6.19%	0.44%	-7.77%	5.30%	-4.39%	10.63%	9.63%	-25.47%	-1.15%	14.27%	31.30%	6.64%	1.03%
	1	1	1	0	2	1	1	-1	2	0	-1	1	2
Interest	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0
Profit before Tax	1	1	1	1	2	2	1	-3	1	2	1	2	2
Tax %	27.55%	5.88%	12.12%	77.05%	30.43%	10.00%	-27.46%	26.04%	35.65%	11.80%	47.93%	53.80%	30.93%
Net Profit	1	0	1	0	1	2	2	-2	1	1	1	1	1
	0.67	0.15	0.18	0.04	0.35	0.51	0.57	-0.79	0.23	0.45	0.20	0.23	0.38

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	10	13	11	15	10	11	16	22	33	36	43
	9	13	10	13	10	10	16	21	32	37	38
Operating Profit	0	0	1	1	0	0	0	0	0	-1	5
OPM %	2.76%	0.27%	8.63%	7.58%	2.27%	4.07%	1.65%	1.40%	1.21%	-2.67%	11.86%
	1	1	1	1	1	1	2	2	3	3	2
Interest	0	0	0	0	0	0	0	0	1	1	1
Depreciation	0	0	0	0	0	0	0	0	0	0	0
Profit before Tax	0	0	1	2	1	1	2	2	3	1	6
Tax %	12.57%	6.70%	14.19%	20.38%	18.25%	17.55%	17.57%	30.88%	47.60%	-40.96%	35.15%
Net Profit	0	0	1	2	1	1	1	1	1	2	4
EPS	0.00	0.00	0.00	0.00	0.84	1.19	1.34	1.30	1.36	0.64	—
Dividend Payout %	108.29%	0.00%	0.00%	0.00%	59.71%	42.11%	37.34%	38.34%	36.70%	19.43%	—

COMPOUNDED SALES GROWTH

10 Years:: 14%
5 Years:: 29%
3 Years:: 30%

COMPOUNDED PROFIT GROWTH

10 Years:: 6%
5 Years:: 28%
3 Years:: 13%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: -2%
1 Year:: -16%

RETURN ON EQUITY

10 Years:: 4%
5 Years:: 5%
3 Years:: 5%
Last Year:: 6%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	5	5	5	7	7	7	11	11	11	16
	12	12	13	20	20	21	18	20	21	17
	0	1	0	0	2	1	1	3	4	6
Trade Payables	1	1	0	1	2	1	4	5	6	4
	1	1	1	1	1	1	1	0	2	0
Total Liabilities	19	19	19	29	31	31	35	38	42	43
	3	2	2	2	2	2	2	3	3	4
	3	6	4	8	10	12	14	14	14	13
	2	4	4	2	3	2	2	4	7	10
	5	0	0	0	0	0	0	0	9	6
Cash & Bank	3	3	2	4	1	1	1	1	2	2
	3	5	7	12	15	14	15	14	6	9
Total Assets	19	19	19	29	31	31	35	38	42	43

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	1	2	0	1	2	-2	1	-6	3	-2
Cash from Investing	1	-2	-1	-6	-5	2	-1	6	-2	1
Cash from Financing	-0	0	0	7	0	0	-0	1	1	0
	1	0	-0	2	-3	0	0	0	1	-1

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE
EPS (₹)	0.46	0.61	2.38	2.41	0.84	1.19	1.34	1.30	1.36	0.64
Book Value (₹)	33.33	33.94	36.26	37.99	38.32	39.51	27.35	28.60	29.45	10.21
Dividend per Share (₹)	0.50	0.00	0.00	0.00	0.50	0.50	0.50	0.50	0.50	0.12
Cash EPS (₹)	0.26	0.28	0.67	0.60	0.25	0.33	0.51	0.53	0.57	0.77
PROFITABILITY
Operating Margin %	2.76%	5.71%	15.55%	16.64%	10.05%	12.70%	12.78%	11.99%	1.21%	-2.67%
Net Margin %	2.34%	2.36%	10.40%	11.66%	5.89%	7.67%	8.67%	6.38%	4.41%	5.73%
ROE %	1.38%	1.81%	6.78%	7.59%	2.19%	3.05%	4.99%	4.66%	4.69%	6.43%
ROCE %	2.75%	2.43%	8.22%	9.92%	2.94%	4.09%	6.48%	7.28%	9.72%	5.43%
	1.20%	1.58%	6.06%	7.09%	1.98%	2.69%	4.30%	3.81%	3.60%	4.80%
EFFICIENCY
Debtor Days	209	119	107	106	174	182	150	149	112	78
Inventory Days	80	87	124	79	95	81	50	58	63	84
Payable Days	89	61	60	29	90	103	97	121	86	100
	200	145	171	156	178	160	103	86	89	63
FINANCIAL HEALTH
Debt to Equity (x)	0.00x	0.03x	0.00x	0.00x	0.06x	0.03x	0.02x	0.09x	0.13x	0.17x
Interest Coverage (x)	2.36x	4.69x	19.22x	26.07x	8.59x	7.32x	11.07x	8.15x	5.90x	3.68x
	5.92x	5.33x	8.09x	11.31x	4.11x	5.22x	3.51x	3.09x	2.56x	2.79x
GROWTH
Revenue Growth %	5.43%	30.77%	-11.20%	28.86%	-31.04%	8.80%	49.70%	32.32%	51.03%	9.19%
Operating Profit Growth %	-56.01%	-8.35%	141.89%	37.85%	-58.35%	37.52%	50.60%	24.15%	41.32%	-35.08%
Net Profit Growth %	-79.75%	31.92%	290.78%	44.45%	-65.19%	41.80%	69.14%	-2.60%	4.47%	41.64%
	-79.75%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.47%	-52.79%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	37.70x	81.55x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	5.23x	5.14x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.32%	0.24%
	2.36x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	45.00x	71.63x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	52.68	52.68	52.72	52.72	52.72	52.72	52.75	52.75	52.75
	0.00	0.02	0.00	0.00	0.00	0.00	0.00	0.00	0.01
	1.39	1.39	1.39	1.67	1.38	0.31	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
	45.93	45.91	45.89	45.61	45.90	46.97	47.25	47.25	47.24

Documents

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

2026-09-05

Shareholders meeting

2026-09-05 - Aartech Solonics Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 29, 2026

2026-09-05

Updates

2026-09-05 - Aartech Solonics Limited has informed the Exchange regarding 'Intimation of Book Closure'.

2026-09-05

Record Date

2026-09-05 - Aartech Solonics Limited has informed the Exchange that Record date for the purpose of Dividend is 22-Sep-2026.

2026-09-05

Dividend

2026-09-05 - Aartech Solonics Limited has informed the Exchange that Board of Directors at its meeting held on September 05, 2026, recommended Final Dividend of Rs. 0.125 per equity share.

2026-08-17

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-17 - Aartech Solonics Limited has informed the Exchange about Transcript

2026-08-14

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-14 - Aartech Solonics Limited has informed the Exchange that the audio recording of the Investor/Analyst Meet held today, i.e., Friday, August 14, 2026 at 12:00 P.M. (IST), with respect to the Unaudited Financial Results of the Company for the quarter ended June 30, 2026, has been made available on the website of the Company. The same can be accessed through the link provided below: Link: https://aartechsolonics.com/docs/recording-and-transcript-of-investor-meet/Audio%20Recording%20of%20Investor%20Meet%20Q1%20FY%202026-27.mp3

2026-08-14

Copy of Newspaper Publication

2026-08-14 - Aartech Solonics Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-13

Outcome of Board Meeting

2026-08-13 - Aartech Solonics Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.

2026-08-11

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-11 - Aartech Solonics Limited has informed the Exchange about Schedule of meet

News

Recent coverage and analyst commentary for AARTECH

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Aartech Solonics Ltd.

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Free 5nance Account

Name

ABB

7419.90

52.62

157233.90

0.53

3623.00

930.02

35588.70

1110.31

30.18

12.56

SIEMENS

3976.00

43.23

141593.51

0.45

214.31

-49.38

4713.70

8.44

21.42

9.14

POWERINDIA

31650.00

122.63

141071.53

0.03

2941.50

2135.18

24936.90

1586.18

28.73

14.58

CGPOWER

893.95

112.67

140837.36

0.15

308.28

15.52

3280.81

13.99

27.94

12.11

ENRIN

3114.90

74.55

110927.98

0.13

440.90

67.83

2485.60

39.28

40.19

23.56

GVT&D

4325.00

593.01

110740.13

0.23

362.99

24.65

1836.14

38.04

75.51

25.10

WAAREEENER

2636.00

19.87

75824.89

0.15

891.87

15.39

7931.79

79.22

37.92

18.15

APARINDS

17412.20

61.71

72908.95

0.34

4674.50

1677.98

65910.60

1191.31

31.84

11.50

HAVELLS

1156.00

44.42

72546.13

0.87

289.71

-16.64

6518.19

19.48

25.74

7.15

SUZLON

45.38

19.84

62377.70

0.00

305.22

-5.89

3829.09

22.83

35.79

15.55

SCHNEIDER

1233.30

160.47

29488.70

0.00

12.44

-69.84

651.36

4.78

31.01

5.23

AARTECH

49.40

31.28

156.95

0.00

1.55

145.34

7.28

67.86

6.46

12.27

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

Operating Profit

-1

-0

-3

-0

OPM %

6.19%

0.44%

-7.77%

5.30%

-4.39%

10.63%

9.63%

-25.47%

-1.15%

14.27%

31.30%

6.64%

1.03%

-1

Interest

Depreciation

Profit before Tax

-3

Tax %

27.55%

5.88%

12.12%

77.05%

30.43%

10.00%

-27.46%

26.04%

35.65%

11.80%

47.93%

53.80%

30.93%

Net Profit

-2

0.67

0.15

0.18

0.04

0.35

0.51

0.57

-0.79

0.23

0.45

0.20

0.23

0.38

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

Operating Profit

-1

OPM %

2.76%

0.27%

8.63%

7.58%

2.27%

4.07%

1.65%

1.40%

1.21%

-2.67%

11.86%

Interest

Depreciation

Profit before Tax

Tax %

12.57%

6.70%

14.19%

20.38%

18.25%

17.55%

17.57%

30.88%

47.60%

-40.96%

35.15%

Net Profit

EPS

0.00

0.84

1.19

1.34

1.30

1.36

0.64

—

Dividend Payout %

108.29%

0.00%

59.71%

42.11%

37.34%

38.34%

36.70%

19.43%

—

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Equity Capital

Trade Payables

Total Liabilities

Cash & Bank

Total Assets

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

-2

-6

-2

Cash from Investing

-2

-1

-6

-5

-1

-2

Cash from Financing

-0

-3

-1

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

PER SHARE

EPS (₹)

0.46

0.61

2.38

2.41

0.84

1.19

1.34

1.30

1.36

0.64

Book Value (₹)

33.33

33.94

36.26

37.99

38.32

39.51

27.35

28.60

29.45

10.21

Dividend per Share (₹)

0.50

0.00

0.50

0.12

Cash EPS (₹)

0.26

0.28

0.67

0.60

0.25

0.33

0.51

0.53

0.57

0.77

PROFITABILITY

Operating Margin %

2.76%

5.71%

15.55%

16.64%

10.05%

12.70%

12.78%

11.99%

1.21%

-2.67%

Net Margin %

2.34%

2.36%

10.40%

11.66%

5.89%

7.67%

8.67%

6.38%

4.41%

5.73%

ROE %

1.38%

1.81%

6.78%

7.59%

2.19%

3.05%

4.99%

4.66%

4.69%

6.43%

ROCE %

2.75%

2.43%

8.22%

9.92%

2.94%

4.09%

6.48%

7.28%

9.72%

5.43%

1.20%

1.58%

6.06%

7.09%

1.98%

2.69%

4.30%

3.81%

3.60%

4.80%

EFFICIENCY

Debtor Days

209

119

107

106

174

182

150

149

112

Inventory Days

124

Payable Days

103

121

100

200

145

171

156

178

160

103

FINANCIAL HEALTH

Debt to Equity (x)

0.00x

0.03x

0.00x

0.06x

0.03x

0.02x

0.09x

0.13x

0.17x

Interest Coverage (x)

2.36x

4.69x

19.22x

26.07x

8.59x

7.32x

11.07x

8.15x

5.90x

3.68x

5.92x

5.33x

8.09x

11.31x

4.11x

5.22x

3.51x

3.09x

2.56x

2.79x

GROWTH

Revenue Growth %

5.43%

30.77%

-11.20%

28.86%

-31.04%

8.80%

49.70%

32.32%

51.03%

9.19%

Operating Profit Growth %

-56.01%

-8.35%

141.89%

37.85%

-58.35%

37.52%

50.60%

24.15%

41.32%

-35.08%

Net Profit Growth %

-79.75%

31.92%

290.78%

44.45%

-65.19%

41.80%

69.14%

-2.60%

4.47%

41.64%

-79.75%

0.00%

4.47%

-52.79%

VALUATION

P/E (x)

0.00x

37.70x

81.55x

P/B (x)

0.00x

5.23x

5.14x

Dividend Yield %

0.00%

0.32%

0.24%

2.36x

0.00x

45.00x

71.63x

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

52.68

52.72

52.75

0.00

0.02

0.00

0.01

1.39

1.67

1.38

0.31

0.00

Government

0.00

45.93

45.91

45.89

45.61

45.90

46.97

47.25

47.24

Aartech Solonics Ltd.

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Quarterly Results

Profit & Loss

Balance Sheet

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Aartech Solonics 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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