Aeroflex Industries Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹7,098 Cr
- P/E
- 105.73
- ROE
- 14.07%
- PEG
- 5.38
- Price to sales
- 14.10
- Debt to equity
- 0.02
- 52W high / low
- ₹574 / ₹159
- Sales growth (5Y)
- 25.06%
- EBITDA margin
- 23.41%
- Net profit margin
- 12.57%
- Promoter holding
- 65.47%
- Sales (last year)
- ₹503 Cr
Incorporated in 1993, Aeroflex Industries Limited, manufactures and supplies environment-friendly metallic flexible flow solution products.[1]
Guidance scorecard · Q2 FY27 call
What Aeroflex's management guided
and where it ranks in Industrial Products
Industrial Products
RevenueQ1 FY27 call
20–40%- Skid assembly capacity is planned to expand from 9,000 to 15,000 units per annum by Q3 FY27, with optimal utilization (~65%) targeted by Q4 FY27 and ~80% utilization expected in FY28.
- Revenue from skid assemblies reached INR32.4 crores in Q1 and is expected to increase with expanded capacity and international market entry.
- Flexible hose production capacity to increase from 17.5 million meters to 20 million meters per annum by Q3 FY27. Peak revenue potential from flexible hoses including assemblies is projected at INR650-675 crores annually.
- The company aims to scale rapidly on the back of strong core flexible hose business and fast-growing skid assembly vertical, driven by rising demand in data centers and AI infrastructure applications.
2 more points from Aeroflex's call on revenue
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MarginsQ1 FY27 call
Up 2%+See what Aeroflex said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Aeroflex has planned a capex to increase skid assembly capacity from 2,000 to 15,000 units per annum with a budget of INR 48 crores; equipment procurement is ongoing with some machines already installed and others arriving over coming quarters.
- Flexible hoses production capacity is planned to increase from 17.5 million meters to 20 million meters per annum, with a budgeted capex of INR 54 crores; most of this capex will be completed by Q3 FY27.
- Investment in automation, advanced welding solutions, and precision manufacturing to enhance product quality and reliability.
2 more points from Aeroflex's call on capex
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FundraisingQ1 FY27 call
See what Aeroflex said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
- Aeroflex receives tentative dispatch schedules from customers about 2 months in advance.
- Designs for these orders are typically in final stages of approval at the time schedules are shared.
- For Q3, customers have provided tentative plans for projects expected to materialize.
- Orders come indirectly through the customers' customers (end customers), so visibility depends on their discussions.
- Delivery schedules exist for about 2-3 months ahead, with broader visibility on upcoming projects beyond that.
- In Q1, sales value was INR 32.4 crores with 1,040 volumes dispatched.
- Can be shared one-on-one.
2 more points from Aeroflex's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Industrial Products
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Industrial Products companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹532 Cr | 21.2 | |
| 2 | 40%+ | Up 2%+ | ₹450 Cr | 13.2 | |
| 3 | 40%+ | Up 2%+ | ₹371 Cr | 26.1 | |
| 4 | 40%+ | Up 0–2% | ₹1,340 Cr | 32.9 | |
| 5 | 40%+ | Up 0–2% | ₹1,196 Cr | 14.1 | |
| 6 | 40%+ | Flat | ₹966 Cr | 25.0 |
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Pro shows every company guiding 40%+ revenue growth →Full Industrial Products rankingAeroflex announcements
All announcements →- Acquisition / mergerMajor developmentAeroflex Industries Limited announces Q2 & H1 FY27 results and CFO change
- Acquisition / mergerMajor developmentAeroflex Industries Ltd announces Q2 FY27 financials and management changes
- Capex / expansionNotableAeroflex Industries Limited approves ₹202 Crore capacity expansion plan
- Capex / expansionNotableAeroflex Industries approves ₹202 Crores expansion for SS Hose & Liquid Cooling divisions
Financials of Aeroflex
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Aeroflex
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 66.99% | 66.99% | 66.99% | 66.99% | 66.99% | 66.99% | 66.99% | 66.99% | 66.99% | 65.47% | 65.47% | 65.47% |
| FIIs + | 0.36% | 0.29% | 0.21% | 0.13% | 1.57% | 0.66% | 0.39% | 0.23% | 0.99% | 1.49% | 3.61% | 3.93% |
| DIIs + | 5.83% | 6.16% | 5.91% | 5.59% | 5.66% | 5.91% | 3.87% | 3.43% | 3.55% | 3.80% | 1.48% | 1.42% |
| Public + | 26.82% | 26.56% | 26.89% | 27.27% | 25.76% | 26.43% | 28.74% | 29.34% | 28.46% | 29.23% | 29.45% | 29.18% |
| No. of Shareholders | 97,153 | 94,670 | 92,602 | 93,397 | 95,796 | 1,04,640 | 1,17,540 | 1,11,985 | 1,03,736 | 97,254 | 1,09,759 | 1,21,628 |
Financials of Aeroflex
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 84 | 73 | 78 | 90 | 95 | 100 | 92 | 84 | 111 | 121 | 126 | 145 | 207 |
| Expenses + | 66 | 59 | 63 | 72 | 75 | 78 | 73 | 69 | 85 | 93 | 96 | 112 | 157 |
| Operating Profit | 18 | 14 | 14 | 18 | 20 | 22 | 19 | 15 | 26 | 28 | 30 | 33 | 50 |
| OPM % | 21% | 19% | 19% | 20% | 21% | 22% | 21% | 18% | 23% | 23% | 24% | 23% | 24% |
| Other Income + | 0 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 1 | 1 | 0 |
| Interest | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Depreciation | 2 | 2 | 2 | 2 | 2 | 3 | 4 | 6 | 6 | 6 | 8 | 8 | 0 |
| Profit before tax | 15 | 13 | 14 | 17 | 19 | 20 | 15 | 10 | 20 | 22 | 23 | 26 | 50 |
| Tax % | 24% | 32% | 28% | 26% | 27% | 23% | 25% | 26% | 28% | 25% | 22% | 27% | 26% |
| Net Profit + | 12 | 9 | 10 | 12 | 14 | 15 | 11 | 7 | 14 | 16 | 18 | 19 | 37 |
| EPS in Rs | 0.90 | 0.70 | 0.78 | 0.96 | 1.06 | 1.18 | 0.87 | 0.55 | 1.10 | 1.28 | 1.33 | 1.42 | 2.76 |
Financials of Aeroflex
Profit & Loss
Annual income statement trend
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| Sales + | 144 | 144 | 241 | 269 | 318 | 376 | 442 | 599 |
| Expenses + | 122 | 122 | 194 | 216 | 256 | 296 | 342 | 457 |
| Operating Profit | 22 | 23 | 47 | 53 | 62 | 80 | 100 | 142 |
| OPM % | 15% | 16% | 20% | 20% | 20% | 21% | 23% | 24% |
| Other Income + | -3 | -2 | 1 | -3 | 4 | 2 | 1 | 2 |
| Interest | 12 | 9 | 7 | 4 | 3 | 1 | 2 | 1 |
| Depreciation | 4 | 4 | 4 | 5 | 6 | 11 | 26 | 22 |
| Profit before tax | 4 | 8 | 37 | 41 | 57 | 70 | 74 | 120 |
| Tax % | -32% | 25% | 25% | 27% | 27% | 25% | 25% | |
| Net Profit + | 5 | 6 | 28 | 30 | 42 | 53 | 56 | 89 |
| EPS in Rs | 0.41 | 0.53 | 2.41 | 2.64 | 3.23 | 4.06 | 4.20 | 6.79 |
| Dividend Payout % | 0% | 0% | 0% | 8% | 8% | 7% | 10% |
Financials of Aeroflex
Balance Sheet
Capital structure and asset base
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 23 | 23 | 23 | 23 | 26 | 26 | 26 | 26 |
| Reserves | 30 | 36 | 63 | 91 | 267 | 317 | 421 | 471 |
| Borrowings + | 63 | 53 | 39 | 45 | 0 | 1 | 9 | 24 |
| Other Liabilities + | 41 | 50 | 58 | 55 | 82 | 84 | 109 | 188 |
| Total Liabilities | 157 | 162 | 183 | 214 | 375 | 427 | 565 | 710 |
| Fixed Assets + | 44 | 43 | 46 | 56 | 83 | 172 | 213 | 240 |
| CWIP | 0 | 0 | 7 | 1 | 5 | 10 | 23 | 73 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4 |
| Other Assets + | 113 | 118 | 131 | 157 | 287 | 245 | 329 | 393 |
| Total Assets | 157 | 162 | 183 | 214 | 375 | 427 | 565 | 710 |
Financials of Aeroflex
Cash Flows
Operating, investing and financing cash movement
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 13 | 12 | 32 | 7 | 44 | 27 | 66 |
| Cash from Investing Activity + | -1 | -3 | -13 | -9 | -64 | -74 | -120 |
| Cash from Financing Activity + | -10 | -10 | -14 | 0 | 90 | -3 | 47 |
| Net Cash Flow | 2 | -1 | 5 | -2 | 70 | -50 | -7 |
| Free Cash Flow | 12 | 9 | 19 | -2 | 6 | -78 | -5 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 58% | 54% | 68% | 14% | 95% | 54% | 85% |
Financials of Aeroflex
Ratios
Working capital efficiency and return ratios
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 72 | 85 | 80 | 91 | 109 | 113 | 107 |
| Inventory Days | 122 | 134 | 84 | 120 | 107 | 111 | 122 |
| Days Payable | 130 | 157 | 80 | 78 | 100 | 94 | 117 |
| Cash Conversion Cycle | 64 | 62 | 84 | 132 | 116 | 129 | 112 |
| Working Capital Days | 91 | 114 | 69 | 94 | 107 | 126 | 118 |
| ROCE % | 17% | 36% | 34% | 26% | 22% | 19% |
Guidance history
How Aeroflex's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 20–40% | Up 2%+ | Planned | — | — |
| Q4 FY26 call → | 20–40% | Up 0–2% | Planned | — | — |
| Q3 FY26 call → | 20–40% | Up 2%+ | Planned | Planned | Flat |
| Q2 FY26 call → | 20–40% | Flat | Planned | — | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
95 out of 100 — Strengthening
Over the past year its share price has done better than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +199.1% | 98% |
| Last 6 months | +76.1% | 94% |
| Last 3 months | +23.2% | 90% |
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Aeroflex: 0.4 × 98 + 0.4 × 94 + 0.2 × 90 = 95.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
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What Aeroflex's management said in earlier quarters
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