Aeroflex Industries Limited (AEROFLEX)
₹451.30 -5.87% last close, 23 Oct
Snapshot
Aeroflex Industries Limited closed at ₹451.30 on 23 Oct 2026, 22.6% above its 200-day average, with an RSI(14) of 36.1 and a P/E of 88.93. On the daily chart it is in a range, with a technical score of 26/100 (bearish). In the quarter ended June 2026, revenue grew 73.1% and net profit grew 168.5% from a year earlier. The board meets on 28 Oct 2026 to consider the Q2 FY27 results. Data as of 23 Oct 2026.
Price
- Price
- ₹451.30
- Day change
- -5.87%
- Market Cap
- ₹5,972 Cr
- 52-week range
- ₹158.00 – ₹613.70
- From 52-week high
- -26.46%
Financials23 Oct 2026
- P/E
- 88.93
- P/B
- 13.36
- ROE
- 15.0%
- ROCE
- 19.0%
- Debt to Equity
- 0.02
- OPM
- 23.4%
- YoY qtr sales growth
- 73.1%
- YoY qtr profit growth
- 168.5%
- Dividend Yield
- 0.06%
Latest quarter Jun 2026 · Consolidated
Technicals23 Oct 2026
- Trend
- Range
- Technical score
- 26/100 · Bearish
- MACD
- Bearish
- RSI (14)
- 36.09
- ADX (14)
- 17.41
- SuperTrend
- Bearish
- vs 20-day SMA
- -14.35%
- vs 50-day SMA
- -13.07%
- vs 200-day SMA
- +22.57%
- RS rating
- 97.00
- Nearest support
- ₹398.15
- Nearest resistance
- ₹456.85
Exchange activity23 Oct 2026
- Delivery
- 26.63% vs 32.9% average
- Volume vs its average
- 1.4×
Events
- Next results
- 28 Oct 2026 (Q2 FY27)
- Latest results
- Q1 FY27, filed 27 Jul 2026
Exchange data. Each figure as its own page shows it; the dates are the data's. Information only, not investment advice.
📈 Share price & events
Q2 FY27 results
📅 Next results: 28 Oct 2026 (board meeting)Aeroflex Industries Limited's board meets on 28 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Aeroflex Industries' revenue was ₹145 Cr (+73.1% year on year, +15.5% on the previous quarter), and net profit ₹18.8 Cr (+168.5% year on year); the operating margin was 23.0%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹145 | +73.1% | +15.5% |
| Operating profit | ₹33.5 | +123.3% | +11.5% |
| Net profit | ₹18.8 | +168.5% | +6.6% |
| EPS (₹) | 1.42 | +158.2% | +4.4% |
| Operating margin | 23.0% | — | — |
AEROFLEX delivery percentage
NSE end-of-day data for
On Fri, 23 Oct 2026, 26.63% of the AEROFLEX shares traded on NSE were taken to delivery, against the stock's own 20-session average of 32.9%. That is close to its usual level.
Delivery in the last 5 sessions: 22.1% · 26.6% · 35.5% · 26.9% · 26.6%
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
Aeroflex Industries has been granted an Indian patent for automated technology to generate 3D computer-aided design (CAD) models of braided hose assemblies. The patent aims to bolster internal engineering, automation, and R&D design processes. Currently, the company manages an extensive portfolio exceeding 3,300 SKUs with hose diameters ranging from 1/4 inch to 14 inches. While this strengthens its intellectual property moat in flow control, the immediate direct financial impact is not quantified.
- Granted Indian patent for automated generation of 3D CAD models of braided hose assemblies
- Supports engineering and customization for product portfolio of over 3,300 SKUs
- Caters to hose dimensions spanning 1/4 inch to 14 inches in diameter
- No immediate capex or direct revenue addition disclosed from the patent grant
Aeroflex Industries has announced a major ₹202 crore capex plan to be completed by March 2028, representing ~45% of its net worth (₹446 Cr) and ~40% of TTM revenue (₹503 Cr). The expansion will scale SS Hose & Braiding capacity from 20 million to 30 million metres p.a. and build 30,000 pieces p.a. capacity in Liquid Cooling Skid Assemblies for AI data centres. At peak utilization, management projects incremental annual revenue of ₹500–550 crore, potentially doubling its current revenue base. The project will be financed via a mix of equity, bridge loans, and internal accruals.
- Total capex outlay of ₹202 crore scheduled for completion in phases by March 2028
- SS Hose & Braiding capacity expanding by 50% from 20 million metres p.a. to 30 million metres p.a.
- Liquid Cooling Skid Assemblies capacity expanding to 30,000 pieces p.a. targeted at AI data centres
- Incremental revenue projected at ₹500–550 crore at peak capacity utilization
- Capex funded via a combination of equity, bridge loan, and internal accruals across Taloja brownfield and a new assembly unit
Aeroflex Industries approved a major ₹202 crore capex program by March 2028, representing ~40.2% of its TTM revenue (₹503 crore) and ~45.3% of net worth (₹446 crore). The plan includes ₹124 crore to expand SS Hose & Braiding capacity from 20 to 30 million meters annually, alongside a new plant to convert 70-75% into value-added assemblies. Additionally, ₹78 crore will be invested to double Liquid Cooling SFN Skid Assemblies capacity from 15,000 to 30,000 pieces per annum. The company also confirmed the recent completion of SS Hose expansion to 20 million meters and liquid cooling capacity to 12,000 pieces.
- Approved ₹202 crore total capex (₹124 crore for SS Hoses, ₹78 crore for Liquid Cooling Skids) targeted for completion by March 2028
- SS Hose capacity expanding by 50% from 20 million to 30 million meters per annum, targeting 70-75% conversion into assemblies
- Liquid Cooling SFN Skid Assemblies capacity doubling from 15,000 pieces (post-Dec 2026 completion) to 30,000 pieces per annum
- Capex will be funded through a mix of internal accruals, equity, and bridge loan financing
- Existing capacity utilization as of June 30, 2026 stood at 70% for SS Hoses and 69% for Liquid Cooling Skids
Aeroflex Industries Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited. The RTA confirmed that no dematerialisation requests were received from shareholders during the quarter ended September 30, 2026. This filing is a purely procedural regulatory requirement and contains no operational or financial updates.
- Compliance certificate filed under Regulation 74(5) of SEBI Regulations, 2018 for the quarter ended September 30, 2026
- Issued by RTA MUFG Intime India Private Limited on October 06, 2026
- Confirmed 0 requests received from shareholders for dematerialisation during the quarter ended September 30, 2026
Aeroflex Industries has notified exchanges regarding its participation in an investor conference organized by Nomura India. The event, titled 'Nomura India Power, Data Centers & AI Infrastructure Tour 2026', is scheduled for September 23, 2026, in Mumbai from 9:00 am to 10:00 am. The company will participate in a group meeting and affirmed that only publicly available information will be discussed with no unpublished price-sensitive information shared.
- Scheduled meeting date: September 23, 2026, from 09:00 am to 10:00 am
- Organized by: Nomura India (Power, Data Centers & AI Infrastructure Tour 2026)
- Nature of interaction: Group meeting held in Mumbai
- Compliance: Only publicly available information to be discussed, no UPSI
Aeroflex Industries has notified exchanges regarding its participation in the Anand Rathi Annual Flagship Conference G-200 Summit 2026. The 1x1 and group meetings are scheduled for September 21, 2026, from 10:00 am onwards in Mumbai. The company clarified that discussions will be based strictly on publicly available information without discussing unpublished price sensitive information (UPSI). With Aeroflex currently trading at a P/E of 98.4 on a market cap of Rs 6,606 Cr, institutional interactions are standard periodic engagements.
- Conference scheduled for September 21, 2026, starting at 10:00 am
- Format includes 1x1 and group meetings at the Anand Rathi Annual Flagship Conference G-200 Summit 2026
- Meeting location set for Mumbai
- No unpublished price sensitive information (UPSI) will be discussed
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 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.
Company profilewritten 13 Dec 2025
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).
