AEROFLEX - Aeroflex
📢 Recent Corporate Announcements
Aeroflex Industries Limited has scheduled a virtual group meeting with institutional investors and analysts on March 9, 2026. The interaction is organized by JM Financial Services Ltd as part of their 'Data Centre Day' event. The session is scheduled for one hour, from 3:00 PM to 4:00 PM. The company has clarified that the discussions will be based strictly on publicly available information with no sharing of unpublished price-sensitive information.
- Virtual group meeting scheduled for March 09, 2026, from 3:00 PM to 4:00 PM
- Event organized by JM Financial Services Ltd under the 'Data Centre Day' theme
- Interaction aimed at institutional investors and analysts to discuss company performance
- Company confirms that no unpublished price sensitive information (UPSI) will be disclosed
- Compliance filing made under Regulation 30(6) of SEBI LODR Regulations 2015
Aeroflex Industries Limited has scheduled a virtual group meeting with analysts and institutional investors on March 9, 2026. The interaction is part of the 'Bharat Connect Conference: Rising Stars' organized by Arihant Capital. The meeting is slated to take place from 1:00 PM to 2:00 PM. The company has clarified that discussions will be based strictly on publicly available information and no unpublished price-sensitive information will be shared.
- Group meeting scheduled for March 9, 2026, from 1:00 PM to 2:00 PM
- Participation in the 'Bharat Connect Conference: Rising Stars' organized by Arihant Capital
- The interaction will be conducted via virtual mode
- Company confirms no unpublished price-sensitive information (UPSI) will be discussed
Aeroflex Industries has successfully completed a preferential allotment of 30,10,398 equity shares at an issue price of ₹182.70 per share, raising approximately ₹55 crore. Marquee investor Ashish Kacholia participated in the round, increasing his total stake in the company from 2.01% to 2.27%. Other notable allottees include Bengal Finance and Investment and Madhu Silica Private Limited. This capital infusion strengthens the company's equity base and provides growth capital for future operations.
- Allotted 30,10,398 equity shares at a price of ₹182.70 per share (including ₹180.70 premium).
- Total capital raised through this preferential issue amounts to ₹54,99,99,714.60.
- Ashish Kacholia was allotted 4,10,509 shares, taking his post-issue holding to 30,08,589 shares (2.27%).
- Total paid-up equity share capital increased from 12.93 crore shares to 13.23 crore shares.
- The issue involved 6 non-promoter investors including Bengal Finance and R K Investments.
Aeroflex Industries achieved its highest-ever quarterly performance in Q3 FY26, with revenue growing 21% YoY to ₹121 crore and EBITDA rising 28% to ₹28.5 crore. The growth was primarily driven by a 30% surge in exports and an increasing contribution from value-added products, which now account for 54% of total sales. The company is strategically pivoting towards the AI and data center infrastructure market by expanding its liquid cooling skid assembly capacity to 15,000 units by June 2026. Despite rationalizing capex for its bellows project to ₹10.5 crore, the management remains optimistic about sustaining growth through high-margin applications.
- Reported highest-ever quarterly revenue of ₹121 crore and PAT of ₹16.5 crore (up 8% YoY).
- EBITDA margins improved to 23.6% driven by a better product mix and operational efficiencies.
- Export revenue grew 30% YoY, now representing 74% of total business, with 85% of exports going to US and EU markets.
- Expanding liquid cooling skid assembly capacity from 2,000 to 15,000 units per annum by June 2026 to capture AI infrastructure demand.
- Installed hose capacity increased to 17.5 million meters, with a target of 20 million meters by Q2 FY27.
Aeroflex Industries Limited has scheduled an interaction with institutional investors and analysts on February 10, 2026, in Mumbai. The management will participate in the MANTHAN- Systematix India Annual Conference, involving both 1x1 and group meetings. The company has clarified that discussions will be strictly based on publicly available information with no disclosure of unpublished price sensitive information (UPSI). This move is part of the company's standard investor relations calendar to engage with the financial community.
- Investor meeting scheduled for February 10, 2026, starting at 09:00 AM.
- Participation in the MANTHAN- Systematix India Annual Conference in Mumbai.
- Interaction format includes both 1x1 and group meetings with institutional participants.
- Company confirms that no unpublished price sensitive information (UPSI) will be shared during the meet.
Aeroflex Industries has made the audio recording of its Q3 FY26 earnings conference call available to the public. The call, held on January 29, 2026, discussed the company's financial performance for the quarter ended December 31, 2025. This disclosure is a standard compliance procedure under SEBI (LODR) Regulations. Investors can access the recording on the company's website to gain deeper insights into management's commentary and future outlook.
- Audio recording for the Q3 FY26 earnings call held on January 29, 2026, is now live.
- The recording pertains to the financial performance for the quarter ended December 31, 2025.
- Disclosure made in accordance with Regulation 30 and 46 of SEBI (LODR) Regulations, 2015.
Aeroflex Industries reported its highest-ever quarterly revenue of ₹121.12 crore for Q3 FY26, marking a 21% YoY growth. The company achieved a significant strategic breakthrough by commencing commercial dispatches for liquid-cooling data center applications under a long-term agreement with a major U.S. corporation. EBITDA margins expanded by 141 bps YoY to 23.59%, driven by a shift toward value-added products and robust 30% export growth. Capacity expansion is on track, with hose capacity reaching 17.5 million meters and plans to scale liquid cooling skid units to 15,000 per annum by June 2026.
- Highest-ever quarterly revenue of ₹121.12 crore, up 21% YoY and 9% QoQ
- EBITDA grew 28% YoY to ₹28.58 crore with margins improving to 23.59%
- Successfully added 1 million meters of hose capacity in Jan 2026, reaching 17.5 million meters total
- First commercial dispatch of liquid-cooling components for data centers completed during the quarter
- Export revenue grew by 30% YoY despite global tariff pressures, reflecting strong customer stickiness
Aeroflex Industries reported a robust Q3 FY26 with consolidated revenue growing 21% YoY to ₹120.89 crore. Net profit for the quarter stood at ₹16.49 crore, showing a healthy sequential (QoQ) growth of 15.8%. The company successfully commissioned an additional 1 million meters of hose capacity in January 2026, bringing its total annual capacity to 17.5 million meters. Furthermore, the company has diversified into the high-growth data center segment by manufacturing skid assemblies for liquid cooling systems.
- Consolidated Revenue from operations increased 21.1% YoY to ₹120.89 crore in Q3 FY26.
- Net Profit (PAT) grew 15.8% QoQ to ₹16.49 crore, recovering from the previous quarter.
- Total annual installed capacity reached 17.5 million meters after adding 1 million meters in Jan 2026.
- Entry into the data center infrastructure market with the manufacturing of liquid cooling skid assemblies.
- 9-month (9M FY26) revenue stands at ₹316.10 crore compared to ₹284.54 crore in the previous year.
Aeroflex Industries Limited has scheduled an earnings conference call for January 29, 2026, at 11:00 AM IST to discuss its financial performance. The management team, led by Managing Director Mr. Asad Daud, will review the results for the third quarter and the nine-month period ending December 31, 2025. This virtual meeting serves as a key platform for institutional investors and analysts to engage with the company's leadership. Investors can expect updates on operational efficiency and the company's growth outlook for the remainder of the fiscal year.
- Earnings call scheduled for January 29, 2026, at 11:00 AM IST.
- Focus on operational and financial performance for Q3 FY26 and 9M FY26.
- Management representation includes Managing Director Mr. Asad Daud and the core team.
- The meeting will be conducted virtually via a group investor and analyst call.
- Pre-registration is available through Strategic Growth Advisors for interested participants.
Aeroflex Industries Limited successfully conducted its Extra-Ordinary General Meeting (EOGM) on January 15, 2026, where shareholders approved a special resolution for the issuance of equity shares to non-promoters on a preferential basis. The meeting was attended by 62 members, including 60 from the public category, and the resolution was passed with the requisite majority. The primary objective of this fundraise is to strengthen the company's capital structure and provide the necessary capital to support its long-term growth strategy. Detailed voting results and the scrutinizer's report confirmed the approval following the e-voting period which ended on January 14, 2026.
- Special resolution passed for the issuance of equity shares to non-promoters on a preferential allotment basis.
- The EOGM was held on January 15, 2026, with 62 members participating via video conferencing.
- Remote e-voting was conducted from January 12 to January 14, 2026, based on a cut-off date of January 8, 2026.
- Funds are intended to be utilized for strengthening the capital structure and supporting long-term growth initiatives.
Aeroflex Industries Limited held an Extraordinary General Meeting on January 15, 2026, where shareholders approved a special resolution for the issuance of equity shares to non-promoters on a preferential basis. The capital raise is intended to strengthen the company's capital structure and support its long-term growth strategy. The resolution was passed with a requisite majority following a voting process that included 62 participating members. This move indicates a strategic push for expansion and capital infusion from external investors.
- Shareholders approved the issuance of equity shares to non-promoters via preferential allotment.
- The meeting was attended by 62 members, including 60 from the public category.
- The resolution was passed with the requisite majority as per the Scrutinizer's report.
- Capital raised will be utilized for strengthening the capital structure and supporting growth.
- Remote e-voting was conducted between January 12 and January 14, 2026, prior to the EGM.
Aeroflex Industries Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the period ended December 31, 2025. The certificate, issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited, confirms that the company is in compliance with dematerialization procedures. Notably, the RTA reported that no requests for dematerialization were received from shareholders during this specific quarter. This is a standard administrative filing required by Indian stock exchanges to ensure the integrity of shareholder records.
- Quarterly compliance certificate submitted for the period ending December 31, 2025.
- Registrar and Share Transfer Agent (RTA) confirmed zero dematerialization requests were received during the quarter.
- The filing confirms adherence to SEBI (Depositories and Participants) Regulations, 2018.
- The certificate was issued by MUFG Intime India Private Limited (formerly Link Intime India).
Aeroflex Industries has issued a clarification regarding its EGM notice for a proposed preferential issue of approximately Rs 55 crore. A previous corrigendum incorrectly labeled financial figures in 'Lakhs' instead of absolute rupees. The company confirmed that the actual quantum of funds to be raised remains unchanged at Rs 54,99,99,714.60. This clarification ensures regulatory compliance and provides accuracy for the upcoming EGM scheduled for January 15, 2026.
- Clarification issued for the EGM notice regarding a typographical error in financial reporting.
- The column heading '(Rs. in Lakhs)' was mistakenly used for figures that were in absolute rupee terms.
- Total proposed fundraise amount confirmed as Rs 54,99,99,714.60.
- The EGM is scheduled for January 15, 2026, to discuss the preferential issue.
Aeroflex Industries Limited has informed the stock exchanges that its trading window will be closed starting January 1, 2026. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations for the purpose of declaring financial results for the quarter ended December 31, 2025. The window will remain shut for all designated persons and their relatives until 48 hours after the results are announced. The company has also implemented PAN-level freezing for designated persons as per the latest SEBI mandates.
- Trading window closure effective from Thursday, January 1, 2026.
- Restriction pertains to the financial results for the quarter ended December 31, 2025.
- Window to reopen 48 hours after the declaration of quarterly financial results.
- PAN of Designated Persons frozen at security level (ISIN: INE024001021) via NSDL portal.
- Board meeting date for result approval to be announced separately in due course.
Aeroflex Industries has called for an Extraordinary General Meeting (EGM) on January 15, 2026, to approve a preferential allotment of equity shares. The company intends to issue 30,10,398 equity shares at a price of ₹182.70 per share, aggregating to approximately ₹55 crore. The allotment includes high-profile investors such as Ashish Kacholia and Bengal Finance and Investment Private Limited. This capital infusion is expected to support the company's growth initiatives and general corporate purposes.
- Proposed issuance of 30,10,398 equity shares at a fixed price of ₹182.70 per share
- Total fundraise amount is approximately ₹54,99,99,714.60 from non-promoter entities
- Marquee investor Ashish Kacholia to be allotted 4,10,509 shares as part of the issue
- Relevant date for determining the issue price was fixed as December 16, 2025
- EGM scheduled for January 15, 2026, with remote e-voting starting from January 12, 2026
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).