Aaron Industries Ltd

AARON

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Market Cap

₹ 378 Cr

P/E

54.02

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Investment Checklist

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Performance

STEADY PERFORMER

Valuation

OVERVALUED

Growth

STABLE

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

MODERATE RISK

Investment Checklist

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Price

PE Ratio

Price

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Overview

Detailed Summary

Aaron Industries Limited specializes in manufacturing high-quality elevator components such as cabins, doors, and safety frames.

The company has recently launched 'STELIX', a brand focused on premium stainless steel solutions, marking its strategic foray into specialized steel products.

Aaron has expanded its manufacturing capacity significantly with the commissioning of Unit 3, enhancing its auto door systems production and operational efficiency.

The company is pursuing strategic growth through regional partnerships in India and expansion into international markets, including Africa and Nepal.

Despite recent performance challenges, Aaron's focus on capacity expansion and operational excellence positions it well for future growth.

Sector

Capital Goods-Non Electrical Equipment

Industry

Engineering - Light - General - Medium / Small

Market Cap

378 Cr

Volatility

Low Risk

P/E Ratio

54.0

Industry P/E

34.2

PEG Ratio

1.8

P/B Ratio

8.5

52W High

258.00

52W Low

152.48

Sales CAGR

23.25%

27.34%

29.50%

10Y

42.05%

Profit CAGR

30.17%

30.50%

43.73%

10Y

84.44%

ROE

TTM

15.84%

20.11%

20.10%

10Y

19.17%

ROCE

TTM

17.63%

21.14%

20.93%

10Y

20.59%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
TANKUP	767.00	406 Cr	266.32	15.51	0.00	11.29	10.21	5.27
DENORA	733.00	389 Cr	146.86	3.06	0.00	2.08	3.13	1.51
AXISOL	82.32	389 Cr	18.46	3.26	0.61	17.70	14.29	9.83
AARON	180.42	378 Cr	54.02	8.54	0.67	15.84	17.63	8.01
TECHERA	220.75	365 Cr	108.21	7.32	0.00	11.03	13.85	6.06
FLUIDOM	728.00	363 Cr	37.73	7.37	1.02	19.54	26.15	16.04
JOSTS	303.85	359 Cr	34.73	2.78	0.35	7.64	12.35	4.62

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	16	14	15	19	17	18	18	24	19	22
Expenses	13	12	12	15	14	15	15	19	16	18
Operating Profit	2.79	2.18	2.52	3.64	3.30	3.21	3.26	5.03	3.65	4.12
OPM %	17.98	15.57	17.24	19.08	19.20	17.55	17.79	20.86	18.97	18.53
Other Income	0.01	0.02	0.03	0.09	0.05	0.06	0.05	0.06	0.04	0.05
Interest	0.24	0.42	0.42	0.25	0.30	0.31	0.35	0.41	0.68	0.69
Depreciation	0.33	0.35	0.36	0.39	0.44	0.46	0.46	0.45	0.94	0.99
Profit Before Tax	2.23	1.42	1.77	3.08	2.61	2.51	2.51	4.24	2.08	2.49
Tax %	27.80	16.20	32.20	24.35	28.35	27.09	28.29	35.14	49.04	44.18
Net Profit	1.61	1.20	1.20	2.33	1.87	1.82	1.80	2.75	1.06	1.39
EPS in Rs	0.77	0.55	0.58	1.11	0.89	0.86	0.86	1.32	0.51	0.67

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	4.80	12	18	21	25	38	56	63	78	80
Expenses	4.55	10	16	18	21	32	46	52	63	65
Operating Profit	0.25	1.56	2.03	3.07	3.47	5.87	9.53	11	15	15
OPM %	5.28	13.26	11.55	14.33	13.88	15.55	17.07	17.60	19.01	18.94
Other Income	0.00	0.02	0.03	0.04	0.07	0.04	0.06	0.14	0.22	0.21
Interest	0.17	0.14	0.29	0.59	0.44	0.19	1.01	1.34	1.36	1.75
Depreciation	0.01	0.10	0.20	0.55	0.63	0.85	1.15	1.42	1.81	2.31
Profit Before Tax	0.07	1.34	1.57	1.96	2.46	4.86	7.43	8.50	12	11
Tax %	29.85	30.51	32.69	31.49	21.55	23.69	27.31	25.51	30.52	34.48
Net Profit	0.05	0.93	1.06	1.34	1.93	3.71	5.40	6.33	8.24	7.43
EPS in Rs	—	—	—	—	1.59	1.77	2.57	3.00	3.93	3.36
Dividend Payout %	0.00	0.00	0.00	44.78	0.00	21.62	18.62	16.67	15.27	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	0.19	0.19	1.88	4.78	5.26	10	10	10	10	10
Reserves	0.05	0.10	1.66	4.59	5.30	2.13	5.85	10	25	33
Borrowings	1.15	1.34	0.99	4.45	4.32	7.07	9.15	11	32	32
Other Liabilities	0.82	0.93	2.43	3.69	3.96	2.51	4.66	6.84	7.27	7.94
Total Liabilities	2.21	2.56	6.96	18	19	22	30	39	75	83
Fixed Assets	0.10	0.12	1.45	8.71	9.29	13	15	19	24	25
CWIP	0.00	0.00	0.00	0.00	0.36	0.50	0.76	0.41	27	33
Investments	0.00	0.00	0.00	0.04	0.00	0.00	0.00	0.00	0.00	0.00
Other Assets	2.11	2.43	5.51	8.77	9.20	8.36	14	19	23	25
Total Assets	2.21	2.56	6.96	18	19	22	30	39	75	83

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-0.90	-0.21	-0.47	-0.15	1.40	3.27	1.17	4.07	5.60	8.63
Cash from Investing Activity	0.01	0.02	-1.51	-7.71	-1.50	-4.28	-3.08	-4.84	-33	-7.87
Cash from Financing Activity	0.90	0.19	1.97	8.24	-0.65	1.00	1.91	0.78	28	-0.72
Net Cash Flow	0.01	0.01	-0.01	0.38	-0.76	-0.02	0.01	0.01	0.04	0.04

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Aug 2025	Sep 2025
Promoters	74.97%	74.97%	73.06%	73.06%	73.06%	73.06%	73.06%	73.06%	73.06%	73.06%	73.06%	73.06%
FIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.52%	0.52%	0.52%	0.43%	0.00%	0.00%
Public	25.03%	25.03%	26.94%	26.94%	26.94%	26.94%	26.43%	26.43%	26.43%	26.51%	26.94%	26.94%
Total Shareholders	6,988	6,503	10,675	11,826	12,497	11,965	11,516	11,884	11,473	11,280	13,041	13,721

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Jul 29, 2024	Silver line ventures private ...	Bulk	Sell	310.87	1.56 Cr	50,093	0.47
Jul 29, 2024	Silver line ventures private ...	Bulk	Buy	310.92	2.11 Cr	67,838	0.64

Projection

Actions

Action Type

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Announcements

Last 7 days

Newest

Sentiment

Analyst/Investor Meet

5 days ago

Aaron Industries Scheduled Analyst Meet

Aaron Industries Limited has scheduled an Analyst/Institutional Investor Meet on December 17, 2025, at 11:00 AM IST.

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q2 FY26

Investor Presentation

Q4 FY25

Investor Presentation

Q2 FY25

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Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	16	14	15	19	17	18	18	24	19	22
Expenses	13	12	12	15	14	15	15	19	16	18
Operating Profit	2.79	2.18	2.52	3.64	3.30	3.21	3.26	5.03	3.65	4.12
OPM %	17.98	15.57	17.24	19.08	19.20	17.55	17.79	20.86	18.97	18.53
Other Income	0.01	0.02	0.03	0.09	0.05	0.06	0.05	0.06	0.04	0.05
Interest	0.24	0.42	0.42	0.25	0.30	0.31	0.35	0.41	0.68	0.69
Depreciation	0.33	0.35	0.36	0.39	0.44	0.46	0.46	0.45	0.94	0.99
Profit Before Tax	2.23	1.42	1.77	3.08	2.61	2.51	2.51	4.24	2.08	2.49
Tax %	27.80	16.20	32.20	24.35	28.35	27.09	28.29	35.14	49.04	44.18
Net Profit	1.61	1.20	1.20	2.33	1.87	1.82	1.80	2.75	1.06	1.39
EPS in Rs	0.77	0.55	0.58	1.11	0.89	0.86	0.86	1.32	0.51	0.67

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	4.80	12	18	21	25	38	56	63	78	80
Expenses	4.55	10	16	18	21	32	46	52	63	65
Operating Profit	0.25	1.56	2.03	3.07	3.47	5.87	9.53	11	15	15
OPM %	5.28	13.26	11.55	14.33	13.88	15.55	17.07	17.60	19.01	18.94
Other Income	0.00	0.02	0.03	0.04	0.07	0.04	0.06	0.14	0.22	0.21
Interest	0.17	0.14	0.29	0.59	0.44	0.19	1.01	1.34	1.36	1.75
Depreciation	0.01	0.10	0.20	0.55	0.63	0.85	1.15	1.42	1.81	2.31
Profit Before Tax	0.07	1.34	1.57	1.96	2.46	4.86	7.43	8.50	12	11
Tax %	29.85	30.51	32.69	31.49	21.55	23.69	27.31	25.51	30.52	34.48
Net Profit	0.05	0.93	1.06	1.34	1.93	3.71	5.40	6.33	8.24	7.43
EPS in Rs	—	—	—	—	1.59	1.77	2.57	3.00	3.93	3.36
Dividend Payout %	0.00	0.00	0.00	44.78	0.00	21.62	18.62	16.67	15.27	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	0.19	0.19	1.88	4.78	5.26	10	10	10	10	10
Reserves	0.05	0.10	1.66	4.59	5.30	2.13	5.85	10	25	33
Borrowings	1.15	1.34	0.99	4.45	4.32	7.07	9.15	11	32	32
Other Liabilities	0.82	0.93	2.43	3.69	3.96	2.51	4.66	6.84	7.27	7.94
Total Liabilities	2.21	2.56	6.96	18	19	22	30	39	75	83
Fixed Assets	0.10	0.12	1.45	8.71	9.29	13	15	19	24	25
CWIP	0.00	0.00	0.00	0.00	0.36	0.50	0.76	0.41	27	33
Investments	0.00	0.00	0.00	0.04	0.00	0.00	0.00	0.00	0.00	0.00
Other Assets	2.11	2.43	5.51	8.77	9.20	8.36	14	19	23	25
Total Assets	2.21	2.56	6.96	18	19	22	30	39	75	83

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-0.90	-0.21	-0.47	-0.15	1.40	3.27	1.17	4.07	5.60	8.63
Cash from Investing Activity	0.01	0.02	-1.51	-7.71	-1.50	-4.28	-3.08	-4.84	-33	-7.87
Cash from Financing Activity	0.90	0.19	1.97	8.24	-0.65	1.00	1.91	0.78	28	-0.72
Net Cash Flow	0.01	0.01	-0.01	0.38	-0.76	-0.02	0.01	0.01	0.04	0.04

Oscillators

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Overview

Detailed Summary

Aaron Industries Limited specializes in manufacturing high-quality elevator components such as cabins, doors, and safety frames.

The company has recently launched 'STELIX', a brand focused on premium stainless steel solutions, marking its strategic foray into specialized steel products.

Aaron has expanded its manufacturing capacity significantly with the commissioning of Unit 3, enhancing its auto door systems production and operational efficiency.

The company is pursuing strategic growth through regional partnerships in India and expansion into international markets, including Africa and Nepal.

Despite recent performance challenges, Aaron's focus on capacity expansion and operational excellence positions it well for future growth.

Sector

Capital Goods-Non Electrical Equipment

Industry

Engineering - Light - General - Medium / Small

Market Cap

378 Cr

Volatility

Low Risk

P/E Ratio

54.0

Industry P/E

34.2

PEG Ratio

1.8

P/B Ratio

8.5

52W High

258.00

52W Low

152.48

Sales CAGR

23.25%

27.34%

29.50%

10Y

42.05%

Profit CAGR

30.17%

30.50%

43.73%

10Y

84.44%

ROE

TTM

15.84%

20.11%

20.10%

10Y

19.17%

ROCE

TTM

17.63%

21.14%

20.93%

10Y

20.59%

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
TANKUP	767.00	406 Cr	266.32	15.51	0.00	11.29	10.21	5.27
DENORA	733.00	389 Cr	146.86	3.06	0.00	2.08	3.13	1.51
AXISOL	82.32	389 Cr	18.46	3.26	0.61	17.70	14.29	9.83
AARON	180.42	378 Cr	54.02	8.54	0.67	15.84	17.63	8.01
TECHERA	220.75	365 Cr	108.21	7.32	0.00	11.03	13.85	6.06
FLUIDOM	728.00	363 Cr	37.73	7.37	1.02	19.54	26.15	16.04
JOSTS	303.85	359 Cr	34.73	2.78	0.35	7.64	12.35	4.62