Aartech Solonics Ltd.
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ABOUT
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 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
| 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 |
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 |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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 - Aartech Solonics Limited has informed the Exchange regarding 'Intimation of Book Closure'.
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 - 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 - Aartech Solonics Limited has informed the Exchange about Transcript
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 - Aartech Solonics Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-13 - Aartech Solonics Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-08-11 - Aartech Solonics Limited has informed the Exchange about Schedule of meet
News
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