Overview

Detailed Summary

Aeroflex Industries Limited is a leading manufacturer of metallic flexible engineering solutions, focusing on stainless-steel corrugated flexible hoses for the controlled flow of solids, liquids, and gases.
The company achieved its highest-ever quarterly revenue of Rs 121.12 crore, driven by a shift towards value-added products and a significant 30% YoY growth in exports, despite tariff challenges in the U.S.
Aeroflex is aggressively expanding into complex, high-growth applications like data centers, evidenced by their capacity increase and first dispatch of liquid cooling solutions.
With substantial investments in automation, such as robotic welding and a new annealing plant, Aeroflex aims to enhance throughput and margins, projecting completion by December 2026.
The company plans significant capacity expansion, notably increasing liquid cooling skid assembly capacity to meet rising demand from data centers and other high-performance applications by mid-2026.

Sector: Steel
Industry: Steel - Medium / Small
Market Cap: 2,990 Cr
Volatility: High Risk
P/E Ratio: 61.1
Industry P/E: 24.2
PEG Ratio: 1.6
P/B Ratio: 7.2
52W High: 239.90
52W Low: 145.05

Sales CAGR

1Y: 18.34%
3Y: 15.70%
5Y: 19.98%
10Y: 14.86%

Profit CAGR

1Y: 25.83%
3Y: 23.47%
5Y: 61.56%
10Y: —

ROE

TTM: 13.29%
3Y: 16.52%
5Y: 17.60%
10Y: 19.31%

ROCE

TTM: 17.51%
3Y: 22.46%
5Y: 23.94%
10Y: 29.98%

Technicals

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Forecasts

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Analyst Target, Price, EPS and Revenue Projections

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
GOODLUCK	1137.75	3,781 Cr	22.36	2.70	0.35	11.79	13.15	6.06
INTERARCH	1839.95	3,059 Cr	22.72	3.82	0.68	15.93	21.19	10.93
AEROFLEX	227.00	2,990 Cr	61.13	7.21	0.13	13.29	17.51	10.47
VSSL	247.35	2,406 Cr	25.78	2.03	1.02	11.67	15.64	8.20
RHETAN	25.50	2,034 Cr	212.50	20.96	0.00	5.64	5.13	5.95
PENIND	148.15	2,005 Cr	14.98	1.87	0.00	12.17	14.54	4.01
MUKANDLTD	132.00	1,904 Cr	31.81	1.99	1.52	6.76	8.90	1.59

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	84	73	78	90	95	100	92	84	111	121
Expenses	66	59	63	72	75	78	73	69	85	93
Operating Profit	18	14	14	18	20	22	19	15	26	28
OPM %	21.02	18.90	18.57	20.16	21.43	21.73	20.59	18.36	23.34	23.45
Other Income	0.20	1.19	1.31	1.03	0.81	0.57	0.12	0.33	0.18	0.23
Interest	1.09	0.07	0.06	0.06	0.08	0.09	0.13	0.18	0.24	0.23
Depreciation	1.52	1.59	1.74	2.37	2.43	2.51	3.95	5.93	6.10	6.26
Profit Before Tax	15	13	14	17	19	20	15	9.71	20	22
Tax %	24.12	32.28	28.10	25.64	26.83	22.67	24.73	26.16	27.79	25.32
Net Profit	12	9.04	10	12	14	15	11	7.17	14	16
EPS in Rs	0.92	0.68	0.76	0.94	1.04	1.15	0.85	0.54	1.07	1.25

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	150	145	241	269	318	376	371
Expenses	123	122	194	217	256	297	294
Operating Profit	27	22	47	53	62	79	76
OPM %	18.28	15.43	19.39	19.64	19.44	21.01	20.61
Other Income	-2.98	-1.57	0.61	-3.04	3.84	2.53	1.83
Interest	11	8.94	6.25	3.43	2.14	0.36	0.48
Depreciation	3.92	3.78	4.18	5.22	6.26	11	15
Profit Before Tax	3.55	8.05	37	41	57	70	63
Tax %	-32.04	25.32	25.38	26.86	27.10	24.93	24.93
Net Profit	4.69	6.01	28	30	42	53	47
EPS in Rs	—	—	—	—	3.39	3.98	3.71
Dividend Payout %	0.00	0.00	0.00	7.58	7.37	7.39	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	23	23	23	23	26	26
Reserves	30	36	63	91	267	317
Borrowings	63	53	39	45	0.12	0.58
Other Liabilities	41	50	58	55	82	84
Total Liabilities	157	162	183	214	375	427
Fixed Assets	44	43	46	56	83	172
CWIP	0.00	0.26	6.61	0.64	5.42	9.84
Investments	0.00	0.00	0.00	0.00	0.00	0.00
Other Assets	113	118	131	157	287	245
Total Assets	157	162	183	214	375	427

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	13	12	32	7.22	44	27
Cash from Investing Activity	-1.21	-2.91	-13	-9.45	-35	-74
Cash from Financing Activity	-9.51	-10	-14	0.16	90	-3.13
Net Cash Flow	2.13	-1.21	4.74	-2.08	99	-50

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Aug 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Feb 2026
Promoters	66.99%	66.99%	66.99%	66.99%	66.99%	66.99%	66.99%	66.99%	66.99%	66.99%	66.99%	65.47%
FIIs	1.70%	1.13%	0.36%	0.29%	0.21%	0.13%	1.58%	0.66%	0.39%	0.23%	0.99%	0.51%
DIIs	11.72%	6.79%	5.86%	6.15%	5.92%	5.61%	5.66%	5.91%	3.87%	3.43%	3.56%	3.50%
Public	19.59%	25.09%	26.79%	26.56%	26.88%	27.26%	25.77%	26.43%	28.74%	29.34%	28.46%	30.51%
Total Shareholders	89,433	94,506	97,153	94,670	92,602	93,397	95,796	1,04,640	1,17,540	1,11,985	1,03,736	1,04,822

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