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 55.8% CAGR over last 5 years
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 22.5%
- Latest quarter profit grew 150.1% YoY, showing strong momentum
- Company has delivered good sales growth of 23.3% CAGR over last 5 years
- Operating margins have improved to 23.8% from 19.8%
CONS
- Free cash flow has been persistently negative
- Valuation is stretched - P/E of 111.8 is well above its own 5-year median (42.4)
- 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 (22.4%) trails the 5Y trend (55.8%)
- Though reporting repeated profits, the company pays out little dividend (9.6%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| JSWSTEEL | 1267.50 | 12.51 | 309961.29 | 0.56 | 4696.00 | 112.58 | 47364.00 | 11.55 | 20.67 | 19.60 |
| TATASTEEL | 182.85 | 20.69 | 228259.99 | 2.19 | 2385.24 | 18.82 | 60794.29 | 15.26 | 12.70 | 15.40 |
| SAIL | 179.00 | 17.31 | 73936.40 | 1.31 | 1644.05 | 120.80 | 26245.67 | 1.25 | 7.08 | 15.92 |
| WELCORP | 2676.25 | 30.57 | 70596.97 | 0.19 | 1047.88 | 200.11 | 4081.12 | 14.91 | 23.94 | 32.17 |
| JSL | 755.20 | 19.16 | 62260.17 | 0.53 | 768.66 | 7.56 | 11278.54 | 10.50 | 19.19 | 12.09 |
| APLAPOLLO | 2153.00 | 48.64 | 59779.85 | 0.39 | 263.11 | 10.94 | 5606.71 | 12.07 | 31.83 | 7.34 |
| SHYAMMETL | 1074.35 | 26.70 | 29988.53 | 0.42 | 350.73 | 20.66 | 5455.09 | 23.45 | 13.88 | 14.03 |
| JINDALSAW | 311.85 | 30.52 | 19943.06 | 0.64 | 90.79 | -78.15 | 4452.31 | 9.00 | 10.38 | 8.79 |
| RATNAMANI | 2808.15 | 45.47 | 19682.88 | 0.36 | 107.03 | -15.82 | 971.63 | -15.63 | 18.01 | 16.69 |
| SARDAEN | 524.75 | 16.37 | 18491.21 | 0.38 | 478.13 | 9.50 | 1608.04 | -1.07 | 17.76 | 41.59 |
| GPIL | 244.50 | 20.41 | 16460.69 | 0.41 | 222.37 | 2.75 | 1750.47 | 32.29 | 20.20 | 19.36 |
| AEROFLEX | 563.75 | 111.09 | 7460.15 | 0.07 | 18.79 | 162.22 | 145.38 | 72.39 | 19.11 | 23.04 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 83 | 84 | 73 | 78 | 88 | 94 | 97 | 94 | 79 | 102 | 113 | 119 | 139 | |
| 67 | 66 | 59 | 63 | 70 | 73 | 75 | 76 | 64 | 77 | 85 | 90 | 114 | |
| Operating Profit | 16 | 18 | 14 | 14 | 18 | 20 | 21 | 18 | 16 | 25 | 28 | 29 | 25 |
| OPM % | 19.49% | 21.01% | 18.90% | 18.60% | 20.66% | 21.65% | 22.13% | 19.51% | 19.62% | 24.44% | 24.65% | 24.66% | 18.27% |
| 1 | 0 | 1 | 1 | 1 | 1 | 0 | 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 | 2 | 4 | 5 | 6 | 6 | 7 | 7 |
| Profit before Tax | 15 | 15 | 13 | 14 | 17 | 19 | 19 | 15 | 10 | 19 | 22 | 23 | 26 |
| Tax % | 24.64% | 24.18% | 32.06% | 28.06% | 25.69% | 26.94% | 22.93% | 24.16% | 25.27% | 28.83% | 26.05% | 21.49% | 27.14% |
| Net Profit | 11 | 12 | 9 | 10 | 12 | 14 | 15 | 11 | 8 | 14 | 16 | 18 | 19 |
| 0.97 | 0.94 | 0.70 | 0.78 | 0.96 | 1.05 | 1.15 | 0.86 | 0.59 | 1.06 | 1.26 | 1.36 | 1.44 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 105 | 114 | 140 | 144 | 145 | 241 | 269 | 318 | 373 | 412 | 472 | |
| 88 | 104 | 117 | 122 | 122 | 194 | 216 | 256 | 294 | 314 | 365 | |
| Operating Profit | 17 | 10 | 24 | 22 | 23 | 47 | 53 | 62 | 79 | 98 | 107 |
| OPM % | 15.89% | 8.81% | 16.80% | 15.30% | 15.68% | 19.57% | 19.77% | 19.61% | 21.15% | 23.78% | 22.73% |
| 0 | 0 | 0 | -3 | -2 | 1 | -3 | 4 | 2 | 2 | 2 | |
| Interest | 16 | 6 | 15 | 12 | 9 | 7 | 4 | 3 | 1 | 2 | 1 |
| Depreciation | 5 | 4 | 4 | 4 | 4 | 4 | 5 | 6 | 11 | 24 | 26 |
| Profit before Tax | -5 | 0 | 5 | 4 | 8 | 37 | 41 | 57 | 69 | 74 | 90 |
| Tax % | -0.00% | 46.92% | -42.50% | -31.64% | 25.31% | 25.33% | 26.86% | 27.09% | 24.94% | 25.27% | 25.82% |
| Net Profit | -5 | 0 | 7 | 5 | 6 | 28 | 30 | 42 | 52 | 55 | 67 |
| EPS | -6.43 | 0.08 | 3.10 | 2.06 | 2.63 | 12.06 | 2.64 | 3.23 | 4.01 | 4.18 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 8.29% | 7.58% | 7.74% | 7.48% | 9.57% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 15%
- 5 Years:
- 23%
- 3 Years:
- 15%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 56%
- 3 Years:
- 22%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 56%
- 1 Year:
- 218%
RETURN ON EQUITY
- 10 Years:
- 16%
- 5 Years:
- 24%
- 3 Years:
- 17%
- Last Year:
- 14%
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 7 | 7 | 23 | 23 | 23 | 23 | 23 | 26 | 26 | 26 | |
| -143 | 12 | 25 | 30 | 36 | 63 | 91 | 267 | 316 | 420 | |
| 230 | 81 | 72 | 59 | 45 | 26 | 46 | 0 | 0 | 6 | |
| Trade Payables | 16 | 20 | 24 | 34 | 40 | 34 | 37 | 55 | 56 | 77 |
| 28 | 26 | 7 | 8 | 17 | 37 | 17 | 27 | 26 | 30 | |
| Total Liabilities | 138 | 147 | 151 | 154 | 161 | 184 | 214 | 375 | 424 | 560 |
| 53 | 48 | 47 | 44 | 43 | 46 | 56 | 83 | 149 | 188 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 0 | 7 | 1 | 5 | 9 | 22 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 28 | 28 | |
| 9 | 14 | 26 | 32 | 34 | 36 | 56 | 59 | 59 | 79 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 95 | 121 | 125 | |
| Cash & Bank | 8 | 8 | 3 | 5 | 3 | 8 | 6 | 105 | 25 | 69 |
| 67 | 78 | 76 | 73 | 80 | 87 | 95 | 27 | 32 | 48 | |
| Total Assets | 138 | 147 | 151 | 154 | 161 | 184 | 214 | 375 | 424 | 560 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -5 | -5 | 3 | 13 | 12 | 24 | -4 | 44 | 30 | 67 | |
| Cash from Investing | -3 | 2 | -3 | -1 | -3 | -13 | -10 | -64 | -78 | -120 |
| Cash from Financing | 13 | 3 | -5 | -10 | -10 | -14 | 0 | 90 | -3 | 47 |
| 5 | -0 | -5 | 2 | -1 | 5 | -2 | 70 | -51 | -6 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
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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