Aeroflex Industries Limited (AEROFLEX)
📢 Recent Corporate Announcements
Aeroflex Industries Limited has scheduled 1x1 and group interactions with analysts and institutional investors on September 10, 2026. The meetings are organized by Axis Capital as part of the Axis Capital Consumer & Tech Conference in Mumbai. The company noted that discussions will be based on publicly available information without sharing any unpublished price-sensitive information (UPSI).
- Scheduled meeting date: September 10, 2026, starting from 09:00 AM IST onwards
- Meeting format: 1x1 and group meetings
- Event: Axis Capital Consumer & Tech Conference, Mumbai
- Company confirmed no Unpublished Price Sensitive Information (UPSI) will be shared
Aeroflex Industries has scheduled a series of 1x1 and group meetings with institutional investors and analysts on August 19, 2026. The interaction is part of Axis Capital's India Corporate Day 2026, held in Singapore. The company stated that no unpublished price-sensitive information (UPSI) will be shared, and discussions will be based on publicly available documents. This outreach comes as the company maintains a high P/E of 98.1 and focuses on its new liquid cooling segment which has an initial order book of ₹16 Cr.
- Investor meetings scheduled for August 19, 2026, starting from 10:00 AM IST.
- Interaction format includes 1x1 and Group Meetings organized by Axis Capital in Singapore.
- Company reported TTM revenue of ₹442 Cr with an operating profit margin of 22.5%.
- Liquid cooling systems for data centers launched in Q3 FY26 with ₹16 Cr in secured orders.
- Current manufacturing capacity stands at 16.5 Mn mtrs with 75.14% utilization.
Aeroflex Industries Limited has scheduled an interaction with institutional investors and analysts on August 18, 2026. The meeting is part of the Motilal Oswal 22nd Annual Global Investor Conference held in Mumbai. The company will conduct 1x1 or group meetings based on publicly available information, with no unpublished price sensitive information (UPSI) intended for discussion. This comes as the company maintains a high P/E of 98.5 and a TTM revenue of Rs 442 Cr.
- Interaction scheduled for August 18, 2026, starting at 10:00 AM IST
- Organized by Motilal Oswal as part of their 22nd Annual Global Investor Conference in Mumbai
- Format includes 1x1 and Group Meetings with various participants
- Company currently operates with a TTM revenue of Rs 442 Cr and a market cap of Rs 5,454 Cr
- Capacity utilization stands at 75.14% as per latest available operational data
Aeroflex reported its highest-ever quarterly performance in Q1 FY27, with consolidated revenue surging 72.4% YoY to ₹145.97 Cr. This growth was primarily driven by the rapid scale-up of the new SFN Skid Assemblies segment for data centers, which contributed ₹32.4 Cr (22.2% of total revenue). EBITDA margins expanded significantly by 468 bps to 23.04%, leading to a 162% YoY jump in PAT to ₹18.79 Cr. The company is aggressively expanding its skid assembly capacity from 6,000 to 9,000 units, with a further target of 15,000 units to meet AI infrastructure demand.
- Consolidated revenue grew 72.4% YoY to ₹145.97 Cr, representing ~33% of the previous full year's revenue in a single quarter.
- SFN Skid Assemblies for data center liquid cooling reached ₹32.4 Cr in revenue, up from near-zero a year ago.
- EBITDA increased 116% YoY to ₹33.5 Cr, with margins improving to 23.04% due to high-value product mix.
- Skid assembly capacity expanded from 6,000 to 9,000 units per annum, with plans to reach 15,000 units.
- Flexible hose capacity is on track to increase from 17.5 million to 20 million meters per annum by Q3 FY27.
Aeroflex Industries has made available the audio recording of its investor conference call held on July 28, 2026, following the release of its Q1 FY27 financial results. The company currently operates with a TTM revenue of ₹442 Cr and a high operating margin of 22.5%. Investors can access the management's commentary on the new Liquid Cooling segment and export performance via the provided link. This filing is a standard regulatory requirement under SEBI LODR regulations.
- Investor conference call conducted on July 28, 2026, for the quarter ended June 30, 2026
- Company maintains an installed capacity of 16.5 Mn mtrs with 75.14% utilization
- Liquid Cooling segment for data centers has an initial order book of ₹16 Cr
- Exports account for approximately 75% of the company's revenue segment
- Hyd-Air Engineering acquisition contributed ₹9 Cr to revenue in a previous quarter
Aeroflex reported a robust Q1 FY27 with consolidated revenue growing 72.4% YoY to Rs 145.97 Cr, significantly exceeding historical growth rates. This was driven by the rapid scale-up of the liquid cooling solutions segment (SFN skid assemblies), which contributed Rs 32.4 Cr or ~22% of total revenue. EBITDA margins expanded by 468 bps to 23.04%, resulting in a 162% YoY surge in PAT to Rs 18.79 Cr. The company is aggressively expanding its skid assembly capacity from 9,000 to 15,000 units per annum to meet AI-driven data center demand.
- Consolidated Total Income increased 72.41% YoY to Rs 145.97 Cr in Q1 FY27.
- Liquid cooling (SFN skid assemblies) generated Rs 32.4 Cr in revenue, representing a major new growth vertical.
- EBITDA margins improved to 23.04% from 18.35% YoY, driven by high-value assemblies.
- Skid assembly capacity expanded from 6,000 to 9,000 units per annum, with a target of 15,000 units.
- Domestic revenue share grew to 42% in Q1 FY27 compared to 28% in the previous year.
Aeroflex Industries has reported zero deviation in the utilization of ₹55 crore raised via a preferential issue in February 2026. As of June 30, 2026, the company has utilized ₹40.77 crore for long-term working capital, nearly exhausting the ₹41.52 crore allocated for this purpose. Only ₹1.64 crore of the ₹12.02 crore allocated for General Corporate Purposes has been spent so far. The filing confirms that funds are being deployed strictly as per the original objects approved by shareholders.
- Total amount raised via preferential issue on February 3, 2026, was ₹54,99,99,714.60.
- ₹40.77 crore utilized for long-term working capital against an allocation of ₹41.52 crore.
- ₹1.64 crore utilized for General Corporate Purposes out of ₹12.02 crore allocated.
- ₹1.45 crore fully utilized for advisory fees and miscellaneous issue-related expenses.
- Audit Committee and Board confirmed zero deviation or variation in fund usage for the quarter.
Aeroflex Industries reported a robust Q1 FY27 with consolidated revenue growing 72.3% YoY to ₹145.32 Cr. Net profit (PAT) surged 162% YoY to ₹18.79 Cr, driven by strong operational performance and a shift toward value-added products. The company also announced a 50% capacity expansion in its high-growth liquid cooling SFN skid assemblies, increasing from 6,000 to 9,000 pieces per annum. While the core business is thriving, its subsidiary Hyd-Air Engineering reported a marginal loss of ₹0.27 Cr on revenue of ₹7.66 Cr.
- Consolidated Revenue for Q1 FY27 grew 72.3% YoY to ₹145.32 Cr from ₹84.33 Cr in the previous year.
- Net Profit (PAT) increased 162% YoY to ₹18.79 Cr, compared to ₹7.17 Cr in Q1 FY26.
- Liquid cooling SFN skid assembly capacity expanded by 50%, rising from 6,000 to 9,000 pieces per annum.
- Earnings Per Share (EPS) for the quarter improved significantly to ₹1.42 from ₹0.55 YoY.
- Subsidiary Hyd-Air Engineering contributed ₹7.66 Cr to revenue but recorded a net loss of ₹0.27 Cr.
Aeroflex Industries reported a robust Q1 FY27 with consolidated revenue growing 72.3% YoY to ₹145.32 Cr. Net profit surged to ₹18.79 Cr from ₹7.17 Cr in the year-ago period, reflecting strong demand and a shift toward value-added products. The company also announced a 50% capacity expansion in its high-growth liquid cooling SFN skid assemblies, increasing from 6,000 to 9,000 pieces per annum. While the core business is performing well, the subsidiary Hyd-Air Engineering reported a marginal loss of ₹0.27 Cr on revenue of ₹7.66 Cr.
- Consolidated Revenue from operations increased 72.3% YoY to ₹145.32 Cr in Q1 FY27.
- Net Profit (PAT) grew 162% YoY to ₹18.79 Cr compared to ₹7.17 Cr in Q1 FY26.
- Liquid cooling SFN skid assembly capacity expanded by 50%, from 6,000 to 9,000 pieces per annum.
- Subsidiary Hyd-Air Engineering contributed ₹7.66 Cr to revenue but posted a loss of ₹0.27 Cr.
- Earnings Per Share (EPS) for the quarter rose to ₹1.42 from ₹0.55 in the previous year's corresponding quarter.
Aeroflex Industries reported a robust Q1 FY27 with consolidated revenue growing 72.3% YoY to ₹145.32 Cr, significantly outpacing the previous year's run rate. Net profit surged 162% YoY to ₹18.79 Cr, driven by a shift toward value-added products. The company also announced a 50% capacity expansion in its high-margin liquid cooling SFN skid assembly segment, increasing from 6,000 to 9,000 pieces per annum. While the core business is strong, the recently acquired subsidiary Hyd-Air Engineering reported a marginal loss of ₹0.27 Cr on revenue of ₹7.66 Cr.
- Consolidated Revenue from operations increased 72.3% YoY to ₹145.32 Cr from ₹84.33 Cr.
- Consolidated Net Profit (PAT) grew 162.1% YoY to ₹18.79 Cr from ₹7.17 Cr.
- Liquid cooling SFN skid assembly capacity expanded by 50% to 9,000 pieces per annum.
- Quarterly EPS rose to ₹1.42 from ₹0.55 in the corresponding quarter of the previous year.
- Subsidiary Hyd-Air Engineering contributed ₹7.66 Cr to revenue with a net loss of ₹0.27 Cr.
Aeroflex Industries concluded its 32nd Annual General Meeting on July 21, 2026, with shareholders approving all five proposed resolutions with a requisite majority. Key approvals include the adoption of FY26 audited financial statements and the declaration of a final dividend for the financial year 2025-26. The re-appointment of Director Mr. Asad Daud and Statutory Auditors M/s. Shweta Jain & Co. LLP were also confirmed. While promoter participation was 100%, public institutional voting stood at 56.43%, and retail participation remained very low at 0.16%.
- All 5 resolutions passed with requisite majority, including the adoption of FY26 standalone and consolidated financials.
- Total of 1,16,238 shareholders were eligible to vote as of the cut-off date for the AGM.
- Public institutional voting participation was 56.43% of their 60,03,536 shares held.
- Director Mr. Asad Daud's re-appointment received 99.87% votes in favor from the total votes polled.
- Statutory Auditor re-appointment for M/s. Shweta Jain & Co. LLP passed with 100% favor from voting members.
Aeroflex Industries Limited has received shareholder approval at its 32nd Annual General Meeting (AGM) held on July 21, 2026, to re-appoint M/s. Shweta Jain & Co. LLP as Statutory Auditors. The re-appointment is for a second term of five consecutive financial years, extending until the conclusion of the 37th AGM. This move ensures continuity in financial oversight as the company maintains a healthy 22.5% OPM and targets 16-18% growth. The auditor firm, established in 2006, has been associated with the company through its recent growth phase where TTM revenue reached ₹442 Cr.
- Re-appointment of M/s. Shweta Jain & Co. LLP for a second term of 5 consecutive financial years.
- Approval finalized at the 32nd Annual General Meeting on July 21, 2026.
- The audit firm holds a valid peer review certificate (No. 025485) and was converted to an LLP in 2025.
- The term will conclude at the 37th Annual General Meeting of the company.
- Aeroflex currently operates with a low Debt/Equity ratio of 0.02 and TTM PAT of ₹55 Cr.
Aeroflex Industries Limited held its 32nd Annual General Meeting on July 21, 2026, where shareholders approved the audited financial statements for FY26 and the declaration of a final dividend. The meeting also confirmed the re-appointment of Mr. Asad Daud as a director and M/s. Shweta Jain & Co. LLP as statutory auditors. Management highlighted the company's operational performance and future growth plans, including the liquid cooling segment which has an initial order book of Rs 16 Cr. All five resolutions were passed with the requisite majority.
- 32nd Annual General Meeting concluded on July 21, 2026, with 59 members attending via video conferencing.
- Remote e-voting was conducted over 4 days from July 17 to July 20, 2026, based on a cut-off date of July 14, 2026.
- Shareholders approved 5 key resolutions including the adoption of FY26 financial statements and dividend declaration.
- The meeting proceedings lasted 49 minutes, commencing at 11:00 AM and concluding at 11:49 AM.
Aeroflex Industries has submitted annual declarations from its promoter group entities, Aeroflex Enterprises Limited and Italica Global F.Z.C, for the financial year ended March 31, 2026. Aeroflex Enterprises Limited confirmed a holding of 7,91,81,833 equity shares with no direct or indirect encumbrances created during the year. This disclosure is a mandatory annual requirement under SEBI (SAST) Regulation 31(4) to confirm that promoter shares are not pledged.
- Aeroflex Enterprises Limited holds 7,91,81,833 equity shares as of March 31, 2026
- Zero encumbrances or pledges were created by the promoter group during the financial year 2025-26
- Compliance filing submitted under Regulation 31(4) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
- The declaration covers the full financial year ending March 31, 2026
Aeroflex Industries has scheduled its Q1FY27 earnings conference call for July 28, 2026, at 11:00 AM IST. Managing Director Mr. Asad Daud and the management team will discuss the company's operational and financial performance for the quarter ended June 2026. This follows a period of significant growth, with TTM revenue reaching Rs 442 Cr and a high P/E ratio of 94.7. Investors will be looking for updates on the Liquid Cooling segment, which recently secured Rs 16 Cr in initial orders.
- Earnings conference call scheduled for July 28, 2026, at 11:00 AM IST
- Management to discuss Q1FY27 financial performance and operational updates
- Company currently operates with an installed capacity of 16.5 Mn mtrs as of FY25
- Liquid cooling systems for data centers launched with an initial order book of Rs 16 Cr
- TTM revenue stands at Rs 442 Cr with an operating profit margin of 22.5%
Financial Performance
Revenue Growth by Segment
Hyd-Air subsidiary sales grew 500% from INR 1.5 Cr to INR 9 Cr in Q2 FY26. The value-added assembly segment contributed 53% of total sales, aligning with high-margin targets.
Geographic Revenue Split
Exports contributed 75% of total revenue in FY25. Domestic sales contribution improved from 19% to 27% in H1 FY26, driven by standalone growth and Hyd-Air integration.
Profitability Margins
Gross margins improved in Q2 FY26. Net Profit margin for H1 FY26 was 10.93% (INR 21.4 Cr), while Cash PAT margin stood at 17.08% (INR 33.43 Cr).
EBITDA Margin
EBITDA margin reached a record 23.47% in Q2 FY26, up 136 bps YoY from 22.10%. H1 FY26 EBITDA margin was 21.39% (INR 41.87 Cr).
Capital Expenditure
Production capacity was expanded by 22.22% to 16.5 Mn mtrs in FY25. IPO proceeds of INR 351 Cr were utilized for debt prepayment and working capital.
Credit Rating & Borrowing
IVR BBB- (Under watch with positive implications) was withdrawn in Oct 2023 after the company prepaid all outstanding debt using IPO proceeds.
Operational Drivers
Raw Materials
Stainless Steel (SS), Bronze, Inconel, Monel, and PTFE represent the primary raw materials, with material costs totaling INR 65.68 Cr in Q2 FY26 (59.2% of revenue).
Import Sources
Sourced from global markets with a strategic focus on supporting growth in the Americas and Europe.
Capacity Expansion
Current installed capacity is 16.5 Mn mtrs (FY25), up from 13.5 Mn mtrs. Capacity utilization stands at 75.14%.
Raw Material Costs
Cost of materials consumed was INR 65.68 Cr in Q2 FY26, up 7.7% YoY, while revenue grew 16.7%, indicating improved procurement efficiency.
Manufacturing Efficiency
Capacity utilization is 75.14%. Automation and process optimization are being implemented to improve productivity and sustain 23%+ margins.
Strategic Growth
Expected Growth Rate
16-18%
Growth Strategy
Growth will be achieved through the launch of the Liquid Cooling segment (INR 16 Cr orders secured), increasing the share of 53% value-added assemblies, and inorganic expansion in Americas/Europe.
Products & Services
Stainless steel corrugated flexible hoses, braided/non-braided hoses, assemblies, fluid control solutions, and liquid cooling systems.
Brand Portfolio
Aeroflex, Hyd-Air Engineering.
New Products/Services
Liquid cooling systems for data centers/high-performance computing launch in Q3 FY26 with an initial order book of INR 16 Cr.
Market Expansion
Focussed thrust on the Americas and Europe for FY 2024-25, alongside domestic expansion in Railways and Shipbuilding via Hyd-Air.
Market Share & Ranking
Metal bellows market projected to reach USD 5,607.7 Mn by 2035 (6.4% CAGR); Aeroflex is positioning for global leadership in metallic flexible hoses.
Strategic Alliances
Sole supplier for a major liquid cooling project in India, with potential for international customer delivery.
External Factors
Industry Trends
The metal bellows market is growing at a 6.4% CAGR, evolving toward specialized applications in Aerospace, Semiconductors, and Green Energy.
Competitive Landscape
Intense competition in standard hose segments is mitigated by moving into the 53% value-added assembly segment.
Competitive Moat
Moat is sustained by sole-supplier status for critical cooling projects, NABL-accredited R&D, and high switching costs for specialized metallic assemblies.
Macro Economic Sensitivity
Sensitive to global industrial capex and the shift toward high-performance computing/data centers driving cooling demand.
Consumer Behavior
Increasing global demand for sustainable cooling systems and high-performance computing is driving the pivot to liquid cooling.
Geopolitical Risks
US-India trade tariffs are a primary risk, causing shipment deferments in Q2 FY26.
Regulatory & Governance
Industry Regulations
Complies with TUV NORD Germany accreditation and NABL standards for R&D and manufacturing.
Environmental Compliance
Sustainability initiatives are integrated to enhance operational efficiency, though specific costs are not disclosed.
Taxation Policy Impact
Effective tax rate is approximately 27.8% based on Q2 FY26 PBT of INR 19.72 Cr and PAT of INR 14.23 Cr.
Risk Analysis
Key Uncertainties
Impact of international tariffs on export volumes (75% of revenue) and the timing of revenue realization for deferred US shipments.
Geographic Concentration Risk
High concentration in exports (75%), with North/South America and Europe being key growth drivers.
Technology Obsolescence Risk
Mitigated by R&D focus on new materials (Inconel, Monel) and transition to liquid cooling for the semiconductor industry.
Credit & Counterparty Risk
Strong liquidity with a current ratio of 2.89 and significant cash generation (Cash PAT of INR 20.33 Cr in Q2 FY26).
