Aimtron H1 FY27 revenue rises 83.3% as margin falls to 21.6%

Aimtron Electronics Limited reported consolidated H1 FY27 revenue of Rs 224.71 crore, up 83.3% year on year, while EBITDA margin declined to 21.6% from 24.6%. EBITDA rose 61.4% to Rs 48.61 crore and profit after tax increased 71.5% to Rs 34.79 crore for the six months ended 30 September 2026.

Why did Aimtron’s H1 FY27 revenue rise 83.3%?

Aimtron’s revenue from operations rose to Rs 224.71 crore in H1 FY27 from Rs 122.58 crore in H1 FY26. Revenue was also above Rs 178.58 crore in H2 FY26, while orders executed in H1 FY27 totalled Rs 224.71 crore in the order-book reconciliation.

Telecom was the largest H1 FY27 revenue industry at 23.2%, followed by energy and power at 19.8% and Internet of Things, robotics and drone applications at 17.9%. Industrial and automation represented 13.5% and ruggedized electronics 7.4%, meaning no disclosed industry accounted for a majority of revenue.

Printed circuit board assembly, or PCBA, represented 52.2% of H1 FY27 revenue, compared with 47.4% for box build and 0.5% for end-to-end solutions. The closing order book at 30 September 2026 had a different segment mix: box build was 52.7%, PCBA 40.8% and end-to-end solutions 6.5%.

How did Aimtron’s H1 FY27 profitability change?

Aimtron’s EBITDA rose 61.4% year on year to Rs 48.61 crore, but its EBITDA margin fell by 3.0 percentage points to 21.6% from 24.6%. Total expenditure increased 90.4% to Rs 176.10 crore, exceeding the 83.3% growth rate in revenue.

Cost of goods sold, or COGS, increased 83.8% year on year to Rs 156.00 crore, employee benefit expense rose 69.7% to Rs 8.53 crore and other expenses increased 353.0% to Rs 11.57 crore. The presentation does not assign a specific cause for the margin change, but these costs resulted in EBITDA growing more slowly than revenue.

Aimtron’s profit after tax rose 71.5% year on year to Rs 34.79 crore, and earnings per share increased to Rs 16.75 from Rs 9.94. Net profit margin was 15.5%, below 16.5% in H1 FY26 but above 14.4% in H2 FY26; profit before tax increased 67.9% to Rs 47.28 crore.

Why did Aimtron’s interest expense increase sharply?

Aimtron’s interest expense increased to Rs 3.29 crore in H1 FY27 from Rs 13 lakh in H1 FY26 and Rs 56 lakh in H2 FY26. The presentation reports a 2,500.5% year-on-year increase but does not state the reason for the higher interest cost.

The balance sheet recorded long-term borrowings of Rs 36.73 crore at H1 FY27, down from Rs 54.82 crore at FY26, while short-term borrowings rose to Rs 21.59 crore from Rs 49 lakh. At FY25, the company reported no long-term borrowings and short-term borrowings of Rs 64 lakh.

EBIT, or earnings before interest and tax, rose 78.8% year on year to Rs 50.57 crore in H1 FY27. Other income increased to Rs 5.70 crore from Rs 1.07 crore and depreciation increased to Rs 3.73 crore from Rs 2.89 crore, resulting in profit before tax of Rs 47.28 crore.

Aimtron’s shareholders’ funds were Rs 314.27 crore at 30 September 2026, compared with Rs 234.59 crore at FY26. Cash and cash equivalents rose to Rs 36.47 crore from Rs 11.88 crore, while trade receivables declined to Rs 70.91 crore from Rs 135.47 crore over the same dates.

What does Aimtron’s order book show for execution?

Aimtron’s closing order book was Rs 733.30 crore at 30 September 2026, up from Rs 521.20 crore at 1 April 2026. During H1 FY27, orders received were Rs 436.80 crore and orders executed were Rs 224.71 crore, producing a Rs 212.10 crore increase in the closing balance.

The company presented the closing order book as about 2.4 times FY26 revenue of Rs 301.16 crore. The request-for-quotation pipeline exceeded Rs 1,400 crore, but it is a pipeline measure and is separate from the confirmed Rs 733.30 crore closing order book.

Internet of Things, robotics and drone applications accounted for 29.9% of the order book, energy and power for 26.7%, and industrial and automation for 13.8%. Non-India markets represented 61.8% of the closing book, compared with 38.2% for India; box build was its largest segment at 52.7%.

What growth plan has Aimtron disclosed?

Aimtron has disclosed a management growth ambition of 40% to 50% compound annual growth rate, or CAGR, for three to five years. Its greenfield Aimtron Mechatronics project is intended to add in-house manufacturing of plastic components, sheet metal and wire harnesses.

Management says backward integration is intended to reduce reliance on third-party suppliers and improve supply-chain efficiency. The plan also includes using its Aimnet digital solution for machinery utilisation and production optimisation, alongside capacity and supply-chain measures intended to reduce costs.

Aimtron has identified medical and healthcare equipment, industrial electronics, automobiles, drone technologies, defence and aerospace, telecom, railways, energy and power, battery energy storage systems and ruggedized electronics as expansion markets. The presentation says the company has entered the Indian Railways ecosystem with Safety Integrity Level 4 compliant systems and cites AS9100 certification in its defence and aerospace plan.

Conclusion

Aimtron’s H1 FY27 results combined an 83.3% rise in revenue with higher EBITDA and profit after tax, while both EBITDA and net profit margins remained below their H1 FY26 levels. The reported cost increase outpaced revenue growth, and interest expense rose to Rs 3.29 crore as the company reported higher short-term borrowings than at FY26.

The next indicators are execution against the Rs 733.30 crore order book as of 30 September 2026, conversion of the more than Rs 1,400 crore request-for-quotation pipeline and progress on Aimtron Mechatronics. Management’s stated 40% to 50% CAGR ambition for three to five years, including planned expansion in Europe and Australia, provides the disclosed framework for future updates.