Aaron Industries Limited (AARON)
₹126.22 -1.51% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Aaron Industries' revenue was ₹24.4 Cr (+27.0% year on year, -10.6% on the previous quarter), and net profit ₹2.6 Cr (+141.9% year on year); the operating margin was 20.2%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹24.4 | +27.0% | -10.6% |
| Operating profit | ₹4.9 | +35.0% | -2.9% |
| Net profit | ₹2.6 | +141.9% | +10.3% |
| EPS (₹) | 1.22 | +141.6% | +8.0% |
| Operating margin | 20.2% | — | — |
EPS restated for the 1:1 bonus of Aug 2025: Q1 FY26 ₹1.01 to ₹0.51.
AARON delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 66.54% of the AARON shares traded on NSE were taken to delivery, against the stock's own 20-session average of 70.61%. That is close to its usual level. Turnover was only ₹12 lakh, so a handful of trades can move this figure.
Delivery in the last 5 sessions: 66.7% · 65.6% · 82.0% · 84.0% · 66.5%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Aaron Industries Limited has expanded its product portfolio by introducing Fire-Rated Steel Doors under the Commercial and Industrial Fire Door Systems category. The company's Swing Metal Fire Doors received a Fire Certificate from Gujarat Test House, Ahmedabad, achieving a 120-minute fire-resistance rating in accordance with IS 3614:2021. This broadens Aaron's offerings beyond elevator cabins and components into commercial, industrial, hospital, and residential safety infrastructure. While commercial terms and targeted revenues were not disclosed, it complements the company's TTM revenue base of Rs 97 Cr.
- Certified with a 120-minute fire-resistance rating under standard IS 3614:2021
- Certification received from Gujarat Test House, Ahmedabad
- Diversifies offerings beyond existing elevator cabins, door systems, and EVOQ360 Home Lifts
- Aims at commercial, industrial, hospitality, and residential fire-safety infrastructure
Aaron Industries Limited has launched Fire-Rated Steel Doors (Swing Metal Fire Doors) under its Commercial and Industrial Fire Door Systems category, effective October 15, 2026. The product has achieved a certified fire-resistance rating of 120 minutes in accordance with IS 3614:2021 from Gujarat Test House, Ahmedabad. Catering exclusively to the domestic market, the new product targets commercial, industrial, and institutional applications to expand the company's value-added offerings. Commercial revenue potential and capital investment details were not disclosed in the filing.
- Launched Fire-Rated Steel Doors effective October 15, 2026
- Certified with a 120-minute fire-resistance rating under standard IS 3614:2021
- Targeted exclusively at the domestic commercial and industrial market segment
- Certification received from Gujarat Test House, Ahmedabad
Aaron Industries Limited has received an order from domestic entity Gulf Elevators Private Limited for the supply of up to 30 units of EVOQ360 Home Lifts. The contract holds an estimated value of ₹2.00 crore (exclusive of GST). The execution is scheduled to be completed on or before September 30, 2027. Relative to Aaron's TTM revenue of ₹97 crore, the order represents ~2.1%, indicating a modest order inflow.
- Order size of estimated ₹2,00,00,000 (₹2 crore) exclusive of GST
- Supply contract covers up to 30 units of EVOQ360 Home Lifts
- Execution timeline set on or before September 30, 2027
- Awarded by domestic entity Gulf Elevators Private Limited without promoter or related-party interest
Aaron Industries released a business update for its EVOQ360 Home Lift segment as of September 30, 2026. The company secured confirmed advance orders for approximately 60 units from 18 parties, which are scheduled for phased dispatch up to December 2026. During Q2 FY27, it dispatched 19 units of EVOQ360 Home Lifts. Additionally, the company onboarded 5 distributors up to the September 2026 quarter to support market reach.
- Confirmed advance orders received for approximately 60 units from 18 parties as of September 30, 2026
- Dispatched 19 units of EVOQ360 Home Lifts during Q2 FY 2026-27
- Planned phase-wise dispatches against advance orders scheduled up to December 2026
- Onboarded 5 distributors up to the September 2026 quarter to expand distribution
Aaron Industries Limited reported a disclosure under SEBI SAST Regulation 29(2) regarding the acquisition of equity shares by a promoter group entity. Amar Chinubhai Doshi HUF acquired 4,075 equity shares of the company via open market purchase on September 24, 2026. Given the company's total market capitalization of approximately Rs 258 Cr and prevailing share price of Rs 124.1, the transaction value represents roughly Rs 5 lakh, which is minor relative to the overall equity base. Total promoter holding stood at 73.07% as of June 2026.
- Amar Chinubhai Doshi HUF acquired 4,075 equity shares
- Acquisition was conducted via open market purchase on September 24, 2026
- Filing submitted under Regulation 29(2) of SEBI SAST Regulations, 2011
Aaron Industries Limited has submitted a prior intimation under SEBI SAST Regulation 10(5) regarding a proposed inter-se transfer within its Promoter and Promoter Group. Three individual promoters (Amar Chinubhai Doshi, Karan Amar Doshi, and Monish Amar Doshi) propose to transfer 10,00,000 equity shares (4.77% each) to their respective HUFs. The total shares to be gifted amount to 30,00,000 equity shares, representing approximately 14.31% of the company's equity capital. The transfers are gifts without financial consideration, leaving the aggregate promoter shareholding entirely unchanged.
- Proposed inter-se transfer of 30,00,000 equity shares totaling approximately 14.31% stake
- Amar Chinubhai Doshi to transfer 10,00,000 shares (4.77%) to Amar Chinubhai Doshi HUF
- Karan Amar Doshi to transfer 10,00,000 shares (4.77%) to Doshi Karan Amar HUF
- Monish Amar Doshi to transfer 10,00,000 shares (4.77%) to Monish Amarbhai Doshi HUF
- Transfers are by way of gift without monetary consideration; overall promoter holding remains unchanged
Aaron Industries Limited published the transcript of its 13th Annual General Meeting held on August 19, 2026. Management highlighted FY26 total income of ₹92.21 crore (up 17.99% YoY) and PAT of ₹6.80 crore, supported by the operationalization of its Unit-3 facility at Kosamba. The company reported a current monthly order book run-rate of ₹10–12 crore and guided for operating margins of 18–20% in FY27, with ability to pass on raw material inflation to customers. Working capital needs are currently met via internal cash flows, with international expansion in Africa seeing modest order inflows.
- Monthly order book currently stands at ₹10–12 crore, providing strong near-term revenue visibility
- Operating margin guidance maintained at approximately 18–20% for FY27 despite raw material cost pressures
- FY26 total income grew 17.99% YoY to ₹92.21 crore, with PAT reported at ₹6.80 crore
- Management noted ~20% YoY growth delivered in Q1 FY27 as project execution normalized after prior delays
Aaron Industries released its Q1FY27 earnings conference call transcript, highlighting a 27.01% YoY rise in revenue to ₹24.44 crore and a 141.94% YoY increase in PAT to ₹2.56 crore. Operating margins improved to 20.19% on enhanced operational efficiencies. Management noted ongoing OEM vendor registration processes with global players like Johnson, Kone, and Wittur, with regular sheet orders already commenced with Fujitec. The company is targeting utilization of 3,500+ elevator doors per month as demand ramps up.
- Revenue from operations grew 27.01% YoY to ₹24.44 crore in Q1FY27 compared to ₹19.24 crore in Q1FY26
- EBITDA rose 34.83% YoY to ₹4.99 crore with EBITDA margins expanding to 20.19% from 18.99% YoY
- Net profit surged 141.94% YoY to ₹2.56 crore with PAT margin expanding to 10.46%
- Targeting capacity utilization ramp-up to over 3,500 elevator doors per month
- Vendor registration and sampling underway with major OEMs including Kone, Johnson, and Wittur, while Fujitec has commenced regular orders
Aaron Industries Limited has submitted the Consolidated Scrutinizer's Report for remote e-voting and e-voting conducted at its 13th Annual General Meeting held on August 19, 2026. The meeting commenced at 11:00 AM IST and concluded at 11:27 AM IST via video conference. This is a routine statutory compliance disclosure following the conclusion of the company's AGM.
- 13th Annual General Meeting held on August 19, 2026
- Meeting conducted via Video Conference from 11:00 AM to 11:27 AM IST
- Consolidated Scrutinizer Report dated August 20, 2026 submitted pursuant to Section 108 of the Companies Act, 2013
Aaron Industries Limited conducted its 13th Annual General Meeting on August 19, 2026, via Video Conferencing. Key business items transacted included the adoption of FY26 financial statements and declaration of a final dividend of ₹0.50 per equity share (5% on face value of ₹10). Shareholders also voted on special resolutions regarding the reappointment and remuneration revisions for Chairman & MD Amar Doshi and Whole-Time Director Karan Doshi. Voting results and scrutinizer reports will be submitted separately.
- Declared final dividend of ₹0.50 per equity share (5% of face value ₹10) for FY26
- Special resolutions put forth for re-appointment and remuneration revision of CMD Amar Doshi and WTD Karan Doshi
- Remote e-voting was conducted from August 16, 2026 (09:00 AM) to August 18, 2026 (05:00 PM)
- AGM commenced at 11:00 AM and concluded in 27 minutes at 11:27 AM on August 19, 2026
Aaron Industries Limited has made available the audio recording of its post-earnings conference call held on August 17, 2026, to discuss the financial results for Q1 FY27 (quarter ended June 30, 2026). The meeting was attended by Director & CFO Monish Doshi and President Paresh Naik. For the June 2026 quarter, the company reported revenue of Rs 24.44 Cr and PAT of Rs 2.56 Cr. The filing confirms no unpublished price-sensitive information was disclosed.
- Audio recording of post-earnings conference call held on August 17, 2026, made available on company website.
- Call covered financial performance for the quarter ended June 30, 2026 (Q1 FY27).
- Management attendees included Director & CFO Monish Doshi and President Paresh Naik.
- Company confirmed that no unpublished price-sensitive information was shared during the call.
Aaron Industries submitted its corporate investor presentation highlighting operational developments and Q1 FY27 financial performance. Revenue from operations grew 27.01% YoY to ₹24.44 Cr compared to ₹19.24 Cr in Q1 FY26, while PAT rose 141.94% YoY to ₹2.56 Cr. EBITDA margin improved by 120 bps YoY to 20.19%, supported by higher in-house integration at its stainless steel processing division. The company operates across 3 units in Surat spanning 1.5 lakh sq. ft. with an auto door systems capacity of 5,000+ units per month.
- Q1 FY27 Revenue from operations increased 27.01% YoY to ₹24.44 Cr from ₹19.24 Cr in Q1 FY26
- Q1 FY27 PAT rose 141.94% YoY to ₹2.56 Cr with PAT margin expanding 496 bps to 10.46%
- EBITDA increased 34.83% YoY to ₹4.99 Cr, with EBITDA margins expanding to 20.19%
- Operates 3 manufacturing units in Surat spanning 1.5 lakh sq. ft. with a monthly capacity of 5,000+ auto door systems
- Customer base exceeds 700 clients across 60+ cities and exports to 2+ countries (Kenya, Nepal)
Aaron Industries reported a strong year-on-year performance for Q1 FY27, with revenue from operations growing 27% to ₹24.44 Cr compared to ₹19.24 Cr in Q1 FY26. Net profit saw a significant jump of 141% YoY, reaching ₹2.56 Cr, up from ₹1.06 Cr. The growth was primarily driven by the Elevator Division, which contributed ₹19.86 Cr to revenue. However, the Steel Polishing division remains a drag on profitability, reporting a segment loss of ₹3.98 Cr for the quarter.
- Revenue from operations increased 27% YoY to ₹24.44 Cr from ₹19.24 Cr.
- Net profit grew 141% YoY to ₹2.56 Cr, compared to ₹1.06 Cr in the same quarter last year.
- Elevator Division segment profit stood at ₹8.14 Cr, while the Steel Polishing Division reported a loss of ₹3.98 Cr.
- Basic and Diluted EPS improved to ₹1.22 from ₹1.01 YoY (adjusted for bonus shares).
- Total expenses for the quarter were ₹21.03 Cr, representing 86% of total income.
Aaron Industries reported a strong year-on-year performance for Q1 FY27, with revenue from operations growing 27% to ₹24.44 Cr compared to ₹19.24 Cr in Q1 FY26. Net profit surged 141% YoY to ₹2.56 Cr, driven by robust performance in the Elevator division and lower finance costs. While revenue saw a seasonal sequential decline of 10.6% from Q4 FY26, net profit improved 10.3% QoQ. The Steel Polishing division remains a drag, reporting a segment loss of ₹3.98 Cr for the quarter.
- Revenue from operations grew 27% YoY to ₹24.44 Cr from ₹19.24 Cr
- Net profit increased 141% YoY to ₹2.56 Cr from ₹1.06 Cr
- Elevator division revenue rose 20% YoY to ₹19.86 Cr, contributing 81% of total revenue
- Finance costs reduced by 23% YoY to ₹0.52 Cr from ₹0.68 Cr
- Basic EPS improved to ₹1.22 from ₹1.01 YoY (restated for bonus issue)
Aaron Industries has been appointed as the All-India Distributor for components used in its 'EVOQ360' home lift product following discussions with a Chinese manufacturer. The company reported successful execution of over 25 projects across India since the product's launch. Management is currently negotiating exclusive territory-wise partnerships to further scale its market reach. This expansion supports the company's stated goal of 25% growth and its focus on Tier 2 and Tier 3 cities.
- Successfully executed 25+ home lift projects across India since the launch of EVOQ360
- Appointed as the All-India Distributor for key components used in the Home Lift – EVOQ360 segment
- Currently in discussions for exclusive territory-wise partnerships to expand distribution reach
- Aligns with the company's TTM revenue of Rs 92 Cr and its 25% annual growth target
- Management aims to improve EBITDA margins to 22-23% through increased capacity utilization and automation
Financial Performance
Revenue Growth by Segment
Total income for FY 2024-25 was INR 78.15 Cr, representing a growth of 23.32% YoY from INR 63.37 Cr. In Q2 FY26, revenue from operations grew by 15.60% QoQ and 21.59% YoY. The steel business segment typically generates margins between 15-20%, while the elevator door segment yields 20-25%.
Geographic Revenue Split
The company primarily operates in the domestic Indian market but is actively expanding into international markets, specifically Kenya, where it is participating in exhibitions to secure continuous business within a 6-7 month timeline.
Profitability Margins
Gross margins improved from 35.7% to 37.8% (up 110 basis points). Net Profit after Tax for FY 2024-25 was INR 8.24 Cr, a 30.2% increase from INR 6.33 Cr in the previous year. Profit Before Tax stood at INR 11.86 Cr compared to INR 8.50 Cr YoY.
EBITDA Margin
The EBITDA margin for FY 2024-25 was 19.29%, up from 17.82% in the previous year. For Q2 FY26, the EBITDA margin was 18.78%, with an absolute EBITDA of INR 4.18 Cr, reflecting a 27.80% YoY increase.
Capital Expenditure
The company is currently onboarding a new plant (Unit 3) and land to increase capacity. Specific INR values for planned Capex were not disclosed in the available documents.
Operational Drivers
Raw Materials
Stainless steel (domestic and imported) is the primary raw material. Fluctuations in steel prices directly impact the company's cost structure and margins.
Import Sources
The company sources stainless steel from both domestic markets and international imports, though specific countries were not named.
Capacity Expansion
The company is scaling up through its new Unit 3 facility and additional land acquisition. Management aims to reach an EBITDA margin of 22-23% as utilization of this new capacity increases.
Raw Material Costs
Raw material costs are a significant driver; management noted that increased volumes from contract manufacturing help in bulk procurement and better machine utilization to offset margin pressure.
Manufacturing Efficiency
Management is focusing on automation and productivity improvements to drive EBITDA margins from the current ~19% toward a target of 22-23%.
Strategic Growth
Expected Growth Rate
25%
Growth Strategy
The company plans to achieve its 25% growth target through contract manufacturing for Tier 1 players, expanding its presence in Tier 2 and Tier 3 cities, and entering the Kenyan export market. Automation at the new Unit 3 facility is expected to enhance operational efficiency and margins.
Products & Services
Finished stainless steel sheets, elevator doors, and specialized steel products for specific infrastructure projects.
Brand Portfolio
Aaron Industries Limited.
New Products/Services
Specialized steel products for specific large-scale projects and contract manufacturing services for major national players.
Market Expansion
Targeting the African market, specifically Kenya, with a timeline of 6-7 months to establish continuous business flow.
Strategic Alliances
The company has entered into contract manufacturing arrangements with Tier 1 national players in the steel and elevator segments.
External Factors
Industry Trends
The industry is seeing a shift toward automation and higher quality standards in stainless steel processing. Aaron is positioning itself as a specialized player to avoid the 'commodity trap' of standard steel products.
Competitive Landscape
Intense competition exists from both local unorganized players and large international manufacturers.
Competitive Moat
The company's moat is built on its ability to produce specialized, project-specific steel products and its integrated manufacturing process (Unit 3), which allows for better margin control than standard players.
Macro Economic Sensitivity
Global economic growth is projected at 2.7% to 3.3% in 2025. The company is sensitive to domestic industrial growth and infrastructure spending.
Consumer Behavior
Increased demand for modern elevator infrastructure in Tier 2 and Tier 3 cities is driving the elevator door segment.
Geopolitical Risks
General exposure to international economic risks and supply chain disruptions for imported materials.
Regulatory & Governance
Industry Regulations
Operations are governed by the Companies Act 2013 and SEBI Listing Obligations. The company complies with mandatory Secretarial Standards issued by ICSI.
Environmental Compliance
The company identifies environmental risk as a business concern and maintains systems to ensure compliance with applicable laws.
Taxation Policy Impact
The effective tax rate for FY 2024-25 was approximately 30.5% (INR 3.62 Cr tax on INR 11.86 Cr PBT).
Legal Contingencies
No instances of fraud were reported by statutory or internal auditors during FY 2024-25. No sexual harassment complaints were received.
Risk Analysis
Key Uncertainties
Volatility in steel prices and project execution delays due to extended monsoons are the primary uncertainties, potentially impacting the 25% annual growth guidance.
Geographic Concentration Risk
Currently heavily concentrated in India, with emerging exposure to Kenya.
Third Party Dependencies
Dependency on Tier 1 customers for contract manufacturing volumes, which can lead to margin squeezing.
Technology Obsolescence Risk
Failure to adopt new technologies or product upgrades is identified as a risk that could erode market competitiveness.
Credit & Counterparty Risk
The company monitors credit risk and liquidity risk as part of its internal financial control framework.
