Aeroflex Industries Ltd.
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ABOUT
AI Sector View
AI GENERATEDMetals & Mining
The sector backdrop is mixed. Iron ore output was very strong at 29.5% YoY (2026-07), but steel slowed to 2.9% YoY (2026-07), finished steel consumption was 8.0% YoY (2026-06), and headline mining production was still -0.9% (Jul/26). FPI outflows of INR -2349 crore over 3 months to 2026-08-31 also argue against an aggressive overweight.
PROS
- Company has delivered good profit growth of 56.0% CAGR over last 5 years
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 22.6%
- Latest quarter profit grew 162.2% YoY, showing strong momentum
- Company has consistently been profitable over the last 5 years
- Company has delivered good sales growth of 25.0% CAGR over last 5 years
CONS
- Free cash flow has been persistently negative
- Valuation is stretched - P/E of 111.1 is well above its own 5-year median (41.9)
- Equity base is being diluted - shares outstanding up 15.8%
- Stock is trading at 7.1x its book value
- Growth is decelerating - 3Y profit CAGR (22.6%) trails the 5Y trend (56.0%)
- Though reporting repeated profits, the company pays out little dividend (9.5%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| JSWSTEEL | 1308.00 | 12.91 | 319865.38 | 0.54 | 4696.00 | 112.58 | 47364.00 | 11.55 | 20.67 | 19.60 |
| TATASTEEL | 185.95 | 21.04 | 232129.86 | 2.15 | 2385.24 | 18.82 | 60794.29 | 15.26 | 12.70 | 15.40 |
| SAIL | 184.00 | 17.79 | 76001.67 | 1.28 | 1644.05 | 120.80 | 26245.67 | 1.25 | 7.08 | 15.92 |
| WELCORP | 2775.65 | 31.71 | 73219.05 | 0.18 | 1047.88 | 200.11 | 4081.12 | 14.91 | 23.94 | 32.17 |
| JSL | 762.35 | 19.35 | 62849.63 | 0.52 | 768.66 | 7.56 | 11278.54 | 10.50 | 19.19 | 12.09 |
| APLAPOLLO | 2198.00 | 49.66 | 61029.32 | 0.39 | 263.11 | 10.94 | 5606.71 | 12.07 | 31.83 | 7.34 |
| SHYAMMETL | 1086.30 | 27.00 | 30322.09 | 0.41 | 350.73 | 20.66 | 5455.09 | 23.45 | 13.88 | 14.03 |
| JINDALSAW | 317.60 | 31.08 | 20310.78 | 0.63 | 90.79 | -78.15 | 4452.31 | 9.00 | 10.38 | 8.79 |
| RATNAMANI | 2808.00 | 45.47 | 19681.83 | 0.36 | 107.03 | -15.82 | 971.63 | -15.63 | 18.01 | 16.69 |
| SARDAEN | 537.05 | 16.75 | 18924.64 | 0.37 | 478.13 | 9.50 | 1608.04 | -1.07 | 17.76 | 41.59 |
| GPIL | 252.40 | 21.07 | 16992.55 | 0.40 | 222.37 | 2.75 | 1750.47 | 32.29 | 20.20 | 19.36 |
| AEROFLEX | 563.55 | 111.05 | 7457.50 | 0.07 | 18.79 | 162.22 | 145.38 | 72.39 | 19.11 | 23.04 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 83 | 84 | 73 | 78 | 90 | 95 | 100 | 92 | 84 | 111 | 121 | 126 | 145 | |
| 67 | 66 | 59 | 63 | 72 | 75 | 78 | 73 | 69 | 85 | 93 | 96 | 120 | |
| Operating Profit | 16 | 18 | 14 | 14 | 18 | 20 | 22 | 19 | 15 | 26 | 28 | 30 | 25 |
| OPM % | 19.16% | 21.02% | 18.90% | 18.57% | 20.17% | 21.43% | 21.74% | 20.60% | 18.36% | 23.34% | 23.45% | 23.86% | 17.40% |
| 1 | 0 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 1 | 1 | |
| Interest | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 1 | 2 | 2 | 2 | 2 | 2 | 3 | 4 | 6 | 6 | 6 | 8 | 8 |
| Profit before Tax | 15 | 15 | 13 | 14 | 17 | 19 | 20 | 15 | 10 | 20 | 22 | 23 | 26 |
| Tax % | 24.56% | 24.12% | 32.28% | 28.10% | 25.64% | 26.83% | 22.67% | 24.73% | 26.16% | 27.84% | 25.32% | 21.88% | 27.42% |
| Net Profit | 0 | 0 | 0 | 0 | 12 | 14 | 15 | 11 | 7 | 14 | 16 | 18 | 19 |
| 0.97 | 0.94 | 0.70 | 0.78 | 0.96 | 1.06 | 1.18 | 0.87 | 0.55 | 1.10 | 1.28 | 1.36 | 1.42 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 144 | 145 | 241 | 269 | 318 | 376 | 442 | 503 | |
| 122 | 122 | 194 | 216 | 256 | 297 | 342 | 393 | |
| Operating Profit | 22 | 23 | 47 | 53 | 62 | 80 | 100 | 110 |
| OPM % | 15.28% | 15.61% | 19.54% | 19.76% | 19.60% | 21.16% | 22.70% | 21.78% |
| -3 | -2 | 1 | -3 | 4 | 3 | 1 | 2 | |
| Interest | 12 | 9 | 7 | 4 | 3 | 1 | 2 | 1 |
| Depreciation | 4 | 4 | 4 | 5 | 6 | 11 | 26 | 28 |
| Profit before Tax | 4 | 8 | 37 | 41 | 57 | 70 | 74 | 90 |
| Tax % | -32.02% | 25.32% | 25.38% | 26.86% | 27.10% | 24.93% | 25.05% | 25.61% |
| Net Profit | 5 | 6 | 28 | 30 | 42 | 53 | 56 | 67 |
| EPS | 2.05 | 0.53 | 2.41 | 2.64 | 3.23 | 4.06 | 4.20 | — |
| Dividend Payout % | 0.00% | 0.00% | 8.31% | 7.58% | 7.75% | 7.39% | 9.53% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- 25%
- 3 Years:
- 18%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 56%
- 3 Years:
- 23%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 56%
- 1 Year:
- 218%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- 24%
- 3 Years:
- 17%
- Last Year:
- 14%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 23 | 23 | 23 | 23 | 26 | 26 | 26 |
| 30 | 36 | 63 | 91 | 267 | 317 | 421 | |
| 64 | 54 | 40 | 46 | 0 | 0 | 6 | |
| Trade Payables | 34 | 40 | 34 | 37 | 55 | 57 | 81 |
| 3 | 8 | 23 | 17 | 27 | 27 | 31 | |
| Total Liabilities | 154 | 161 | 183 | 214 | 375 | 427 | 565 |
| 44 | 43 | 46 | 56 | 83 | 172 | 213 | |
| Capital Work in Progress | 0 | 0 | 6 | 1 | 5 | 10 | 23 |
| 32 | 34 | 36 | 56 | 59 | 67 | 84 | |
| 0 | 0 | 0 | 0 | 95 | 117 | 130 | |
| Cash & Bank | 5 | 4 | 8 | 6 | 106 | 27 | 70 |
| 73 | 79 | 87 | 95 | 27 | 35 | 45 | |
| Total Assets | 154 | 161 | 183 | 214 | 375 | 427 | 565 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| 13 | 12 | 24 | -4 | 44 | 27 | 66 | |
| Cash from Investing | -1 | -3 | -13 | -9 | -64 | -74 | -120 |
| Cash from Financing | -10 | -10 | -14 | 0 | 90 | -3 | 47 |
| 2 | -1 | 5 | -2 | 70 | -50 | -7 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-03 - Intimation of the schedule of group investors/analysts meeting to be held on September 10, 2026.
2026-08-10 - Intimation of Schedule of Investors/Analysts Meeting to be held on August 19, 2026.
2026-08-10 - Aeroflex Industries Limited has informed the Exchange about Schedule of meet
2026-07-30 - Transcript of the Investor's Conference call held on Tuesday, July 28, 2026, for Q1 & FY27 Results.
2026-07-29 - Newspaper advertisement of Extract of Un-audited Standalone and Consolidated Financial Results for the quarter ended June 30, 2026.
2026-07-28 - Aeroflex Industries Limited has informed the Exchange about Link of Recording
2026-07-27 - Aeroflex Industries Limited has informed the Exchange about Investor Presentation
2026-07-27 - Aeroflex Industries Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
2026-07-27 - Appointment of M/s. Kailash Chand Jain & Co., Chartered Accountants, as Tax Auditor of the Company for the Financial Year 2026 27.
News
Recent coverage and analyst commentary for AEROFLEX
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