Aeroflex Enterprises Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Flexible Flow Solutions: 61.2% • Flexible Packging: 18.0% • Engineering Services: 16.8%
AI Sector View
AI GENERATEDOil Gas & Consumable Fuels
Sector economics are clouded by input volatility and uneven volume trends. WPI fuel inflation is very high at 20.05% (Jul/26), crude oil output is -5.3% YoY (2026-07), natural gas is -3.7% YoY (2026-07), and natural gas consumption is -3.0% YoY (2026-06), although refinery products grew 2.7% YoY (2026-07) and coal was 7.6% YoY (2026-07). Heavy FPI outflows of INR -15293 crore over 3 months to 2026-08-31 and negative oil-linked news flow reinforce the underweight.
PROS
- Company has delivered good profit growth of 55.3% CAGR over last 5 years
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 31.5%
- Company has a good return on equity (ROE) track record: 3 Years ROE 27.8%
- Latest quarter profit grew 615.8% YoY, showing strong momentum
- Company has consistently been profitable over the last 5 years
CONS
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.43x)
- A large part of profit comes from other income (25.5% of PBT)
- Recurring exceptional / one-off items are inflating headline profit
- Growth is decelerating - 3Y profit CAGR (23.7%) trails the 5Y trend (55.3%)
- Though reporting repeated profits, the company pays out little dividend (7.0%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ADANIENT | 2936.00 | 53.39 | 397452.96 | 0.04 | -1461.54 | -249.67 | 32923.98 | 49.92 | 13.30 | 15.57 |
| PREMIERENE | 998.00 | 27.21 | 45304.36 | 0.10 | 471.92 | 53.32 | 2462.59 | 35.25 | 33.72 | 29.03 |
| AEGISLOG | 1270.55 | 35.64 | 44596.31 | 0.68 | 544.84 | 210.70 | 2356.86 | 37.07 | 19.76 | 30.28 |
| CPPLUS | 3705.90 | 91.86 | 43840.96 | 0.04 | 142.20 | 332.51 | 1402.42 | 89.51 | 29.48 | 14.52 |
| REDINGTON | 371.40 | 17.07 | 29035.10 | 1.62 | 453.49 | 94.65 | 34922.47 | 34.57 | 18.96 | 2.03 |
| HONASA | 470.75 | 61.67 | 15347.59 | 0.64 | 90.45 | 118.87 | 755.95 | 27.00 | 8.99 | 14.58 |
| LLOYDSENT | 74.20 | 100.87 | 11327.02 | 0.20 | 109.98 | -55.77 | 563.03 | 70.15 | 12.84 | 18.07 |
| SGMART | 826.10 | 83.74 | 10411.77 | 0.00 | 45.58 | 41.07 | 1308.57 | 14.41 | 10.43 | 4.49 |
| MMTC | 64.18 | 21.52 | 9627.00 | 0.00 | 104.24 | 135.52 | 0.68 | -50.00 | 33.46 | -1423.53 |
| ENTERO | 1827.20 | 63.41 | 7952.54 | 0.00 | 52.05 | 72.17 | 1940.50 | 38.23 | 10.93 | 5.00 |
| CELLO | 342.50 | 24.69 | 7724.69 | 0.44 | 73.40 | -8.99 | 526.72 | -0.43 | 17.15 | 18.80 |
| AEROENTER | 141.20 | 10.61 | 1597.88 | 0.28 | 103.22 | 615.77 | 189.00 | 40.54 | 14.81 | 9.14 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 130 | 137 | 118 | 115 | 123 | 138 | 157 | 161 | 134 | 172 | 191 | 200 | 189 | |
| 109 | 117 | 103 | 99 | 101 | 113 | 129 | 133 | 116 | 143 | 154 | 164 | 182 | |
| Operating Profit | 21 | 20 | 16 | 17 | 21 | 25 | 29 | 27 | 18 | 30 | 38 | 36 | 7 |
| OPM % | 16.02% | 14.32% | 13.27% | 14.56% | 17.49% | 18.07% | 18.23% | 17.02% | 13.57% | 17.20% | 19.73% | 17.98% | 3.65% |
| 74 | 187 | 10 | 7 | 7 | 11 | 4 | 6 | 8 | 8 | 5 | 7 | 145 | |
| Interest | 2 | 3 | 2 | 2 | 1 | 2 | 1 | 1 | 1 | 1 | 2 | 1 | 1 |
| Depreciation | 2 | 2 | 2 | 2 | 3 | 3 | 3 | 5 | 7 | 8 | 8 | 10 | 9 |
| Profit before Tax | 90 | 201 | 21 | 20 | 24 | 31 | 27 | 27 | 17 | 28 | 33 | 32 | 150 |
| Tax % | 22.05% | 12.93% | 30.74% | 26.35% | 24.39% | 27.68% | 20.34% | 30.94% | 16.54% | 27.86% | 25.08% | 19.61% | 31.25% |
| Net Profit | 0 | 0 | 0 | 0 | 18 | 22 | 22 | 19 | 14 | 20 | 25 | 26 | 103 |
| 6.22 | 15.46 | 1.30 | 1.27 | 1.16 | 1.31 | 1.24 | 0.98 | 0.90 | 1.24 | 1.42 | 2.12 | 8.54 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 91 | 100 | 230 | 225 | 205 | 347 | 466 | 501 | 579 | 698 | 752 | |
| 87 | 90 | 196 | 209 | 178 | 287 | 411 | 427 | 475 | 575 | 642 | |
| Operating Profit | 4 | 10 | 34 | 16 | 26 | 59 | 55 | 74 | 103 | 123 | 110 |
| OPM % | 4.40% | 10.16% | 14.65% | 7.28% | 12.86% | 17.09% | 11.89% | 14.74% | 17.88% | 17.61% | 14.65% |
| 20 | 1 | 1 | 4 | 0 | 5 | 16 | 278 | 27 | 27 | 165 | |
| Interest | 1 | 2 | 13 | 11 | 9 | 8 | 8 | 11 | 7 | 7 | 5 |
| Depreciation | 1 | 1 | 5 | 5 | 5 | 6 | 7 | 9 | 15 | 33 | 35 |
| Profit before Tax | 22 | 8 | 16 | 4 | 12 | 50 | 58 | 332 | 109 | 111 | 243 |
| Tax % | 3.31% | 13.07% | -1.69% | -11.37% | 24.06% | 23.00% | 22.71% | 17.34% | 25.91% | 22.87% | 28.49% |
| Net Profit | 21 | 7 | 16 | 4 | 9 | 39 | 45 | 274 | 81 | 85 | 174 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.83 | 3.42 | 3.98 | 22.81 | 4.70 | 5.68 | — |
| Dividend Payout % | 0.00% | 15.47% | 8.08% | 0.00% | 12.89% | 4.77% | 5.28% | 1.32% | 6.39% | 7.04% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 22%
- 5 Years:
- 28%
- 3 Years:
- 14%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 49%
- 3 Years:
- 14%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- 63%
RETURN ON EQUITY
- 10 Years:
- 20%
- 5 Years:
- 25%
- 3 Years:
- 28%
- Last Year:
- 11%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 20 | 22 | 22 | 23 | 23 | 23 | 23 | 23 | 23 | 23 |
| Minority Interest | 2 | 2 | 16 | 2 | 3 | 9 | 46 | 72 | 122 | 136 |
| 66 | 84 | 120 | 137 | 145 | 180 | 239 | 626 | 678 | 795 | |
| 10 | 30 | 86 | 71 | 73 | 76 | 105 | 66 | 41 | 47 | |
| Trade Payables | 28 | 10 | 39 | 45 | 45 | 47 | 53 | 66 | 71 | 102 |
| 7 | 5 | 5 | 10 | 15 | 44 | 25 | 41 | 40 | 54 | |
| Total Liabilities | 132 | 152 | 287 | 289 | 304 | 379 | 490 | 893 | 975 | 1,156 |
| 27 | 29 | 77 | 75 | 75 | 80 | 112 | 144 | 271 | 345 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 0 | 13 | 2 | 6 | 10 | 23 |
| 5 | 14 | 8 | 6 | 6 | 10 | 13 | 20 | 22 | 27 | |
| 7 | 8 | 31 | 37 | 40 | 55 | 85 | 89 | 131 | 159 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 148 | 190 | 214 | |
| Cash & Bank | 27 | 8 | 8 | 7 | 10 | 14 | 47 | 337 | 194 | 146 |
| 66 | 93 | 163 | 164 | 173 | 206 | 231 | 150 | 158 | 241 | |
| Total Assets | 132 | 152 | 287 | 289 | 304 | 379 | 490 | 893 | 975 | 1,156 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -25 | -21 | 39 | 29 | 20 | 19 | 8 | -246 | 37 | 18 | |
| Cash from Investing | -4 | -12 | -7 | -16 | -5 | -22 | -33 | 211 | 20 | -23 |
| Cash from Financing | 35 | 25 | -44 | -1 | -11 | 8 | 58 | 79 | -99 | 13 |
| 5 | -9 | -14 | 10 | 3 | 3 | 18 | 44 | -42 | 8 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 2.13 | 0.65 | 1.24 | 0.23 | 0.78 | 3.14 | 3.78 | 22.81 | 4.70 | 5.68 |
| Book Value (₹) | 8.71 | 9.79 | 13.07 | 14.14 | 14.86 | 17.95 | 23.11 | 57.33 | 61.96 | 72.34 |
| Dividend per Share (₹) | 0.00 | 0.10 | 0.10 | 0.00 | 0.10 | 0.15 | 0.20 | 0.30 | 0.30 | 0.40 |
| Cash EPS (₹) | 2.26 | 0.78 | 2.02 | 0.83 | 1.30 | 3.94 | 4.62 | 25.06 | 8.49 | 10.46 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 6.30% | 11.69% | 14.96% | 8.87% | 13.03% | 18.46% | 15.23% | 14.74% | 17.88% | 17.61% |
| Net Margin % | 22.15% | 7.25% | 7.17% | 1.81% | 4.62% | 11.16% | 9.66% | 54.78% | 13.95% | 12.23% |
| ROE % | 42.05% | 7.61% | 13.36% | 2.71% | 5.76% | 20.87% | 19.41% | 60.29% | 11.97% | 11.24% |
| ROCE % | 32.86% | 8.87% | 16.13% | 6.42% | 9.09% | 21.79% | 19.95% | 63.55% | 16.04% | 14.81% |
| 19.37% | 5.12% | 7.50% | 1.41% | 3.19% | 11.33% | 10.37% | 39.64% | 8.64% | 8.01% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 159 | 110 | 54 | 85 | 94 | 71 | 74 | 93 | 107 | 106 |
| Inventory Days | 22 | 27 | 31 | 56 | 69 | 50 | 55 | 63 | 69 | 76 |
| Payable Days | 159 | 88 | 56 | 100 | 124 | 73 | 58 | 67 | 75 | 81 |
| 22 | 49 | 29 | 41 | 40 | 48 | 71 | 89 | 101 | 101 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.13x | 0.26x | 0.61x | 0.44x | 0.43x | 0.45x | 0.40x | 0.10x | 0.04x | 0.03x |
| Interest Coverage (x) | 17.33x | 5.18x | 2.26x | 1.33x | 2.38x | 7.35x | 8.76x | 32.03x | 17.50x | 17.73x |
| 2.55x | 2.57x | 2.23x | 2.22x | 2.27x | 1.87x | 2.28x | 4.51x | 4.82x | 4.25x | |
| GROWTH | ||||||||||
| Revenue Growth % | -0.64% | 9.07% | 130.60% | -1.93% | -9.15% | 69.34% | 34.47% | 7.37% | 15.56% | 20.62% |
| Operating Profit Growth % | 496.15% | 95.43% | 193.43% | -41.88% | 33.42% | 139.94% | 10.93% | 395.32% | -62.75% | 15.41% |
| Net Profit Growth % | 1303.10% | -65.52% | 126.93% | -75.27% | 131.81% | 309.53% | 16.41% | 508.59% | -70.56% | 5.70% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 502.59% | -79.40% | 20.90% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 3.81x | 17.16x | 11.46x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 1.52x | 1.30x | 0.90x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.34% | 0.37% | 0.61% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 2.02x | 5.70x | 4.08x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-15 - Newspaper Publication regarding the Notice of 41st AGM of Aeroflex Enterprises Limited
2026-08-14 - We are enclosing herewith the intimation regarding letter dispatched to the shareholders whose e-mail is not registered with the Company/RTA/DPs, containing the weblink of the Company's website where the Annual Report for the F.Y 2025-26 can be accessed'.
2026-08-14 - The Register of Members and Share Transfer Books will remain closed from Wednesday, September 02, 2026, to Tuesday, September 08, 2026. (both days inclusive)
2026-08-14 - Aeroflex Enterprises Limited has informed the Exchange that Record date for the purpose of Dividend is 01-Sep-2026.
2026-08-14 - We are enclosing herewith the Notice of 41st Annual General Meeting of the Company scheduled to be held on Tuesday, September 08, 2026 at 11:00 a.m. through VC/OAVM.
2026-08-13 - Newspaper publication for extract of Unaudited financial results for quarter ended June 30, 2026
2026-08-12 - Newspaper Advertisement for the Information regarding 41st Annual General Meeting of Aeroflex Enterprises Limited.
2026-08-11 - Aeroflex Enterprises Limited has informed the Exchange about Investor Presentation
2026-08-11 - The un-audited Standalone and Consolidated Financial Results of the Company for the quarter ended June 30, 2026, along with Limited Review Reports
News
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