Aeroflex Industries Ltd Q2 FY26 Results & Concall Highlights: Revenue, Margins & Order Book

Q2 FY26 earnings call analysis: revenue, margin, capex, fundraise and order book outlook from management commentary.

Published 5 Aug 2026 | Industrial Products | Market Cap: ₹6.0K Cr

Large customers continue placing orders; next calendar year discussions indicate higher business than the current year. - Liquid cooling division expected to significantly contribute to growth over the next 2-3 years. - Post tariff rationalization, U.S. Mid- to high-teens CAGR growth expected over the next few years, particularly from 2027 onwards, driven by tariff improvements and increased demand. - Significant revenue growth anticipated from Hyd-Air’s expanding capacity and orders, with H1 FY26 showing INR15 crores sales vs.

From Aeroflex Industries Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.

Price

₹503

Market Cap

₹6.0K Cr

P/E Ratio

89.9

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Aeroflex Industries Ltd — Quarterly revenue & net profit

Revenue Net Profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹126 Cr, net profit ₹18 Cr.

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📊 Revenue & Sales Performance

→Large customers continue placing orders; next calendar year discussions indicate higher business than the current year.
→Liquid cooling division expected to significantly contribute to growth over the next 2-3 years.
→Post tariff rationalization, U.S. market contribution (currently ~40-45% of exports) expected to increase.
→Mid- to high-teens CAGR growth anticipated over the next few years, especially from 2027 onwards.
→Expansion plans underway for Hyd-Air and liquid cooling segments, with capacity ramp-ups expected in phases post-March 2026.
→Hose division capacity to increase to 20 million meters per annum; miniature metal bellows expected annual revenue of INR 25-30 crores at peak utilization.
→Focus on higher-margin, value-added products and larger diameter hoses to drive revenue and margin growth.
→Overall aim for sustained top-line and bottom-line growth over the next 4-5 years.

📈 Profitability & Margins

→Mid- to high-teens CAGR growth expected over the next few years, particularly from 2027 onwards, driven by tariff improvements and increased demand.
→Significant revenue growth anticipated from Hyd-Air’s expanding capacity and orders, with H1 FY26 showing INR15 crores sales vs. INR3 crores last year.
→Liquid cooling business projected to contribute significantly over the next 2-3 years, with INR16 crores orders already received for FY26 and ramp-up planned.
→EBITDA margins expected to stabilize between 21%-22% annually, with Q2 FY26 margin at an all-time high of 23.5% due to value-added products and favorable currency movement.
→Incremental revenue potential post-capex: INR650-670 crores for hose division and INR25-30 crores for miniature metal bellows at peak utilization.
→Focus on profitable growth via capacity expansion, higher value products, geographic diversification, and product innovation.
→Strong cash PAT growth witnessed (26% Y-o-Y for H1 FY26), reflecting improved operational performance.

See what Aeroflex Industries Ltd said on profitability & margins — free account, 30 seconds.

🏗️ Capital Expenditure Plans

→Total capex budgeted in January 2025: INR 77 crores
→ - INR 54 crores for hose division
→ - INR 23 crores for miniature metal bellows division
→Capex progress till Q2 2025:
→ - Hose division: INR 19.74 crores spent
→ - Miniature metal bellows: INR 6.08 crores spent
→Capex expected completion: By March 2026
→Capacity and revenue potential post-capex:
→ - Hose division capacity expected to reach 20 million meters per annum
→ - Miniature metal bellows expected to generate annual revenue of INR 25-30 crores
→ - Hose division potential revenue at peak utilization around INR 650-670 crores
→Plans for Hyd-Air capacity expansion are under discussion and expected announcement soon
→Peak utilization of expanded capacity expected within 2 years after completion

💰 Fundraising & Capital Structure

→There is no mention of any current or planned fundraising through debt or equity in the provided transcript.
→The company discussed ongoing and planned capital expenditure (capex) of INR77 crores for capacity expansion in hose assemblies and metal bellows divisions, funded presumably through internal resources.
→No explicit reference to raising funds from the market or banks for this capex or any other purpose.
→The focus appears to be on organic growth through operational expansion, new product development, and improving capacity utilization.
→The management encourages investors to contact their Investor Relations Advisors or the company for any further information, but no fundraising plans were disclosed during the call.

See what Aeroflex Industries Ltd said on fundraising & capital structure — free account, 30 seconds.

📋 Order Book & Pipeline

→Aeroflex has already received orders for the cooling product worth approximately INR16 crores (two orders of about INR8 crores each).
→Discussions for next calendar year orders have started with many customers, with expectations of significant business growth compared to the current year.
→Approximately INR5-6 crores worth of U.S. orders were deferred from Q2 to Q3, but no cancellations were reported.
→Bellows division currently holds about INR2-2.5 crores in orders from Europe, Canada, and South America.
→The company has ongoing and expected capacity expansions to meet increasing demand, such as miniature metal bellows and hose assembly capex.
→Hyd-Air has seen substantial order growth, with H1 sales increasing from INR3 crores to INR15 crores year-over-year, indicating strong order inflow.
→Overall, Aeroflex is confident in growing order book and business despite temporary deferments and tariff-related challenges.

Key Metrics

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Frequently Asked Questions

What were Aeroflex Industries Ltd Q2 FY26 results?

What is Aeroflex Industries Ltd share price analysis?

Aeroflex Industries Ltd currently shows a neutral. The stock trades at a P/E of 89.9 with a market cap of ₹6,034 Cr. Investors should review the full earnings analysis for detailed insights.

Is Aeroflex Industries Ltd planning capital expenditure?

Total capex budgeted in January 2025: INR 77 crores - INR 54 crores for hose division - INR 23 crores for miniature metal bellows division - Capex progress till Q2 2025: - Hose division: INR 19

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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.