Aeroflex Enterprises Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2023 • Manufacturing: 91.8% • Finance & Investment: 6.8% • Trading: 1.4%
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 is almost debt free
- Company has a healthy return on capital (ROCE) of 36.8%
- Company has a good return on equity (ROE) track record: 3 Years ROE 34.8%
- Latest quarter profit grew 2964.3% YoY, showing strong momentum
- Company has been maintaining a healthy dividend payout of 41.0%
CONS
- Operating cash flow has been negative in recent years
- A large part of profit comes from other income (104.5% of PBT)
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.41x)
- Operating margins have contracted to 3.9% from 10.6%
- Rich enterprise valuation - EV/EBITDA of 57.7x
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ADANIENT | 2894.80 | 52.64 | 391875.62 | 0.04 | -1461.54 | -249.67 | 32923.98 | 49.92 | 13.30 | 15.57 |
| PREMIERENE | 999.50 | 27.25 | 45372.45 | 0.10 | 471.92 | 53.32 | 2462.59 | 35.25 | 33.72 | 29.03 |
| CPPLUS | 3715.75 | 92.10 | 43957.48 | 0.04 | 142.20 | 332.51 | 1402.42 | 89.51 | 29.48 | 14.52 |
| AEGISLOG | 1242.80 | 34.86 | 43622.28 | 0.70 | 544.84 | 210.70 | 2356.86 | 37.07 | 19.76 | 30.28 |
| REDINGTON | 363.00 | 16.68 | 28378.41 | 1.65 | 453.49 | 94.65 | 34922.47 | 34.57 | 18.96 | 2.03 |
| HONASA | 470.45 | 61.63 | 15337.81 | 0.64 | 90.45 | 118.87 | 755.95 | 27.00 | 8.99 | 14.58 |
| LLOYDSENT | 70.95 | 96.45 | 10830.89 | 0.21 | 109.98 | -55.77 | 563.03 | 70.15 | 12.84 | 18.07 |
| SGMART | 825.65 | 83.70 | 10406.10 | 0.00 | 45.58 | 41.07 | 1308.57 | 14.41 | 10.43 | 4.49 |
| MMTC | 62.14 | 20.84 | 9321.00 | 0.00 | 104.24 | 135.52 | 0.68 | -50.00 | 33.46 | -1423.53 |
| ENTERO | 1799.70 | 62.46 | 7832.85 | 0.00 | 52.05 | 72.17 | 1940.50 | 38.23 | 10.93 | 5.00 |
| CELLO | 346.70 | 24.48 | 7658.08 | 0.43 | 73.40 | -8.99 | 526.72 | -0.43 | 17.15 | 18.80 |
| AEROENTER | 140.45 | 10.55 | 1589.39 | 0.28 | 103.22 | 615.77 | 189.00 | 40.54 | 14.81 | 9.14 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 23 | 26 | 18 | 2 | 1 | 1 | 1 | 1 | 1 | 4 | 2 | 2 | 3 | |
| 20 | 25 | 17 | 2 | 1 | 1 | 2 | 1 | 2 | 3 | 2 | 1 | 26 | |
| Operating Profit | 2 | 1 | 1 | 0 | 1 | -0 | -1 | -0 | -0 | -1 | 0 | 0 | -23 |
| OPM % | 9.97% | 4.40% | 5.18% | 6.71% | 37.06% | -5.26% | -146.15% | -23.23% | -42.61% | -14.77% | 7.51% | 17.96% | -830.70% |
| Other Income | 71 | 187 | 6 | 5 | 5 | 7 | 3 | 3 | 2 | 5 | 1 | 4 | 154 |
| Interest | 0 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 74 | 187 | 6 | 5 | 5 | 6 | 2 | 3 | 2 | 4 | 1 | 4 | 130 | |
| Tax % | 21.71% | 11.87% | 30.21% | 26.86% | 24.95% | 25.43% | -12.58% | 96.54% | -61.08% | 14.71% | 25.00% | 10.27% | 29.84% |
| Net Profit | 58 | 165 | 4 | 3 | 4 | 5 | 2 | 0 | 3 | 4 | 1 | 4 | 91 |
| 5 | 15 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | |
| Equity Capital | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 23 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 48 | 52 | 34 | 21 | 6 | 19 | 107 | 67 | 4 | 8 | 10 | |
| 46 | 46 | 29 | 20 | 4 | 15 | 102 | 63 | 5 | 8 | 32 | |
| Operating Profit | 2 | 6 | 5 | 1 | 2 | 8 | 11 | 274 | 17 | 12 | — |
| OPM % | 5 | 11 | 16 | 7 | 30 | 42 | 11 | 412 | 388 | 142 | — |
| Other Income | 0 | 0 | 0 | 1 | 0 | 4 | 6 | 270 | 18 | 12 | 163 |
| Interest | 0 | 0 | 1 | 0 | 0 | 1 | 2 | 2 | 1 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 0 | 0 | 0 |
| 14 | 6 | 4 | 1 | 1 | 6 | 9 | 271 | 15 | 11 | 139 | |
| Tax % | 1 | 19 | 25 | 40 | 34 | 17 | 16 | 15 | 34 | 1 | 29 |
| Net Profit | 14 | 4 | 3 | 1 | 1 | 5 | 7 | 230 | 10 | 11 | 99 |
| EPS | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 20 | 1 | 1 | — |
| Dividend Payout % | 0 | 24 | 32 | 0 | 129 | 34 | 30 | 1 | 33 | 41 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 1 | 0 | 0 | 0 | 0 | 0 | 1 | 20 | 1 | 1 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- -16%
- 5 Years:
- 8%
- 3 Years:
- -57%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 66%
- 3 Years:
- 14%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- 59%
RETURN ON EQUITY
- 10 Years:
- 16%
- 5 Years:
- 23%
- 3 Years:
- 35%
- Last Year:
- 3%
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 20 | 22 | 22 | 23 | 23 | 23 | 23 | 23 | 23 | 23 |
| 53 | 69 | 70 | 84 | 85 | 93 | 98 | 325 | 334 | 341 | |
| 0 | 0 | 0 | 0 | 0 | 29 | 35 | 29 | 0 | 0 | |
| Trade Payables | 20 | 7 | 5 | 6 | 0 | 5 | 7 | 2 | 1 | 1 |
| 6 | 7 | 5 | 5 | 4 | 2 | 3 | 7 | 2 | 2 | |
| Total Liabilities | 98 | 104 | 102 | 118 | 113 | 151 | 165 | 385 | 359 | 366 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 2 | 4 | 6 | 6 | 6 | 8 | 6 | 8 | 7 | 8 | |
| 39 | 39 | 38 | 53 | 54 | 53 | 55 | 64 | 123 | 154 | |
| 0 | 0 | 0 | 0 | 0 | 4 | 4 | 0 | 0 | 0 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12 | 11 | 10 | |
| Cash & Bank | 14 | 5 | 1 | 0 | 4 | 3 | 18 | 210 | 144 | 45 |
| 43 | 56 | 57 | 59 | 49 | 83 | 82 | 92 | 75 | 149 | |
| Total Assets | 98 | 104 | 102 | 118 | 113 | 151 | 165 | 385 | 359 | 366 |
| Total Debt | 0 | 1 | 1 | 1 | 0 | 29 | 35 | 29 | 0 | 1 |
| Net Working Capital | 33 | 47 | 45 | 42 | 45 | 49 | 46 | 225 | 184 | 149 |
| Contingent Liabilities | 0 | 0 | 55 | 55 | 58 | 92 | 94 | 41 | 40 | 40 |
| Book Value per Share | 7.37 | 8.36 | 8.52 | 9.47 | 9.55 | 10.22 | 10.63 | 30.73 | 31.50 | 32.15 |
| Face Value | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -27 | -12 | 2 | -1 | 5 | 0 | 15 | -54 | 20 | -69 | |
| Cash from Investing | -6 | -2 | -2 | -14 | -1 | 1 | 5 | 46 | 12 | 72 |
| Cash from Financing | 36 | 13 | -2 | 15 | -0 | -3 | -5 | -10 | -32 | -3 |
| 3 | -1 | -1 | -1 | 4 | -1 | 15 | -18 | 0 | 0 | |
| Free Cash Flow | -28 | -14 | 1 | -2 | 5 | -4 | 15 | -56 | 20 | -70 |
| OCF / Net Profit | -1.98 | -2.67 | 0.67 | -1.94 | 6.26 | 0.08 | 1.97 | -0.23 | 1.95 | -6.27 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | -38 | -14 | 15 | -42 | -20 | -95 |
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 (₹) | 1.39 | 0.42 | 0.31 | 0.06 | 0.08 | 0.45 | 0.66 | 20.34 | 0.91 | 0.98 |
| Book Value (₹) | 7.37 | 8.36 | 8.52 | 9.47 | 9.55 | 10.22 | 10.63 | 30.73 | 31.50 | 32.15 |
| 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 (₹) | 1.40 | 0.43 | 0.33 | 0.08 | 0.11 | 0.50 | 0.71 | 20.39 | 0.94 | 1.01 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 4.73% | 11.45% | 15.81% | 6.77% | 30.42% | 42.20% | 10.59% | 5.58% | -24.27% | 3.92% |
| Net Margin % | 28.49% | 8.72% | 9.70% | 3.00% | 15.24% | 26.32% | 6.92% | 345.65% | 239.65% | 130.42% |
| ROE % | 33.36% | 5.53% | 3.66% | 0.63% | 0.82% | 4.51% | 6.31% | 98.37% | 2.92% | 3.06% |
| ROCE % | 26.27% | 6.89% | 5.61% | 1.09% | 1.29% | 5.90% | 7.23% | 102.83% | 4.41% | 3.10% |
| 16.81% | 4.43% | 3.23% | 0.57% | 0.76% | 3.82% | 4.71% | 83.71% | 2.76% | 3.04% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 214 | 103 | 73 | 91 | 177 | 43 | 20 | 56 | 960 | 454 |
| Inventory Days | 0 | 0 | 0 | 0 | 0 | 38 | 13 | 0 | 0 | 0 |
| Payable Days | 222 | 112 | 82 | 132 | 831 | 71 | 24 | 30 | 0 | 100 |
| -8 | -9 | -10 | -40 | -653 | 10 | 9 | 26 | 960 | 354 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.01x | 0.01x | 0.01x | 0.01x | 0.00x | 0.25x | 0.29x | 0.08x | 0.00x | 0.00x |
| Interest Coverage (x) | 522.83x | 25.21x | 7.55x | 18.88x | 24.67x | 5.32x | 5.47x | 122.98x | 22.19x | 309.18x |
| 2.49x | 4.52x | 6.14x | 5.26x | 13.75x | 2.44x | 2.07x | 7.24x | 168.66x | 142.29x | |
| GROWTH | ||||||||||
| Revenue Growth % | -0.88% | 7.39% | -33.29% | -39.37% | -72.38% | 232.59% | 461.48% | -38.06% | -93.56% | 97.41% |
| Operating Profit Growth % | 410.09% | 159.67% | -7.86% | -74.04% | 24.14% | 361.37% | 40.89% | 2308.89% | -93.94% | -27.81% |
| Net Profit Growth % | 4687.01% | -67.13% | -25.78% | -81.25% | 40.33% | 474.52% | 47.57% | 2995.00% | -95.54% | 7.43% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 2995.21% | -95.54% | 7.42% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 4.28x | 88.82x | 66.76x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 2.83x | 2.56x | 2.02x |
| 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 | 2.93x | 46.29x | 57.73x |
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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