Aeron Composite Limited (AERON)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Aeron Composite's revenue was ₹103 Cr (-4.1% year on year, -11.7% on the previous half-year), and net profit ₹1.5 Cr (-77.8% year on year); the operating margin was 7.8%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹103 | -4.1% | -11.7% |
| Operating profit | ₹8.0 | -3.3% | -10.6% |
| Net profit | ₹1.5 | -77.8% | -79.5% |
| EPS (₹) | 0.87 | -80.4% | -79.5% |
| Operating margin | 7.8% | — | — |
AERON delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 75.0% of the AERON shares traded on NSE were taken to delivery, against the stock's own 20-session average of 79.06%. That is close to its usual level. Turnover was only ₹3 lakh, so a handful of trades can move this figure. Volume was 0.5 times its average, well below normal.
Delivery in the last 5 sessions: 100.0% · 100.0% · 100.0% · 70.0% · 75.0%
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
Aeron Composite Limited reported the voting results of its 15th Annual General Meeting held on September 30, 2026. All five proposed resolutions were approved by shareholders with over 99.97% of votes cast in favor. Key approvals include the re-designation of Mr. Ravi Pankajkumar Patel from Whole Time Director to Managing Director, the appointment of Mr. Hemang Bipinbhai Patel as Whole Time Director, and the adoption of FY26 financial statements.
- Resolution to re-designate Mr. Ravi Pankajkumar Patel as Managing Director passed with 99.97% votes in favor (1,15,52,000 votes).
- Appointment of Mr. Hemang Bipinbhai Patel as Whole Time Director approved with 99.97% majority (1,15,66,328 votes).
- Adoption of FY26 Standalone Financial Statements approved with 99.97% affirmative votes (1,25,82,000 votes).
- All 5 resolutions transacted via remote e-voting; 0 votes were cast through physical ballot at the meeting.
Aeron Composite Limited has issued an intimation regarding the dispatch of letters to shareholders without registered email addresses. The letter provides web links to access the Annual Report for FY 2025-26 and the Notice for the 15th Annual General Meeting (AGM). The AGM is scheduled to take place on Wednesday, September 30, 2026, at 04:00 PM IST at the company's registered office in Mehsana, Gujarat. The cut-off date for the dispatch list was September 4, 2026.
- 15th Annual General Meeting scheduled for Wednesday, September 30, 2026, at 04:00 PM IST
- Meeting to be held at registered office: Survey No. 170 to 174, Jornang-Akhaj Road, Mehsana, Gujarat
- Cut-off date for dispatch of physical communication was September 4, 2026
- Communication includes SEBI-mandated KYC updation reminder for physical shareholders
Aeron Composite Limited has issued a corrigendum regarding Item No. 03 of its August 29, 2026 Board Meeting outcome. The company has clarified and fixed Friday, September 4, 2026, as the cut-off date for determining eligible members entitled to receive the Notice of the 15th Annual General Meeting (AGM) and the FY26 Annual Report via electronic mode. All other details from the original board outcome remain unchanged.
- Corrigendum amends Item No. 03 of the Board Meeting outcome dated August 29, 2026
- Cut-off date fixed as Friday, September 4, 2026, for electronic dispatch of the 15th AGM Notice and Annual Report
- Applies to reporting for Financial Year 2025–26
- All other decisions and details from the August 29, 2026 board meeting remain unchanged
Aeron Composite Limited has issued the notice for its 15th Annual General Meeting (AGM) scheduled for September 30, 2026. Key special resolutions include the re-designation of Whole-Time Director Ravi Pankajkumar Patel as Managing Director for a 5-year term starting October 1, 2026, with an annual remuneration cap of ₹88,00,000. Additionally, the company is seeking approval for the appointment of Hemang Bipinbhai Patel as Whole-Time Director for 5 years with identical compensation terms of up to ₹88,00,000 per annum. The share transfer books and register of members will be closed from September 22 to September 26, 2026.
- 15th Annual General Meeting scheduled for September 30, 2026, at 04:00 PM at the registered office in Mehsana, Gujarat.
- Proposed redesignation of Mr. Ravi Pankajkumar Patel to Managing Director for 5 years w.e.f. October 1, 2026, with annual remuneration up to ₹88,00,000.
- Proposed appointment of Mr. Hemang Bipinbhai Patel as Whole-Time Director for 5 years w.e.f. August 29, 2026, with annual remuneration up to ₹88,00,000.
- Book closure scheduled from September 22, 2026, to September 26, 2026 (both days inclusive).
Aeron Composite announced a key leadership transition during its board meeting on August 29, 2026. Mr. Chirag Chandulal Patel resigned as Managing Director effective September 30, 2026, and Mr. Ravi Pankajkumar Patel was redesignated as MD for a 5-year term starting October 1, 2026, with annual remuneration up to Rs. 88,00,000. Additionally, Mr. Hemang Bipinbhai Patel was inducted as an Additional and Whole-time Director. The 15th Annual General Meeting (AGM) has been scheduled for September 30, 2026, to seek shareholder approval for these board changes.
- Mr. Ravi Pankajkumar Patel appointed as Managing Director for a 5-year term starting October 1, 2026, with remuneration up to Rs. 88,00,000.
- Mr. Chirag Chandulal Patel resigned from the post of Managing Director and Director effective close of business on September 30, 2026.
- Mr. Hemang Bipinbhai Patel appointed as Additional and Whole-time Director w.e.f. August 29, 2026.
- 15th AGM scheduled for September 30, 2026, with the voting cut-off date fixed as September 23, 2026.
Aeron Composite Limited has announced the resignation of its Managing Director and Director, Mr. Chirag Chandulal Patel, effective from the close of business hours on September 30, 2026. Mr. Patel submitted his resignation via letter dated August 21, 2026 (received August 22, 2026), citing personal reasons and other professional commitments. This marks a key top-level leadership transition for the company, which reported TTM revenue of ₹435 Cr and TTM PAT of ₹22 Cr.
- Managing Director & Director Mr. Chirag Chandulal Patel resigns effective September 30, 2026
- Resignation letter dated August 21, 2026 was received by the company on August 22, 2026
- Reason stated: Personal reasons and other professional commitments
- Company operates at ₹435 Cr TTM revenue with promoter holding at 73.63%
Financial Performance
Revenue Growth by Segment
Total revenue grew at a 3-year CAGR of 25.7%, reaching INR 215.3 Cr in FY25. H1 FY26 revenue stood at INR 116.7 Cr. While specific segment-wise INR splits are not provided, the company is expanding into high-value segments like GFRP Rebar and CFRP to drive future growth.
Geographic Revenue Split
Exports contributed 61% (INR 129.0 Cr) of revenue in FY25, up from 56% (INR 109.5 Cr) in FY24. Domestic sales accounted for 39% (INR 83.2 Cr) in FY25. In H1 FY26, exports maintained a strong presence at 55% of total revenue, serving over 39 countries.
Profitability Margins
Profit After Tax (PAT) grew at a 3-year CAGR of 54.6%, reaching INR 13.3 Cr in FY25. Return on Equity (ROE) stood at 19.6% and Return on Capital Employed (ROCE) at 16.5% for FY25, indicating efficient capital utilization to generate profits.
EBITDA Margin
EBITDA margin was 8.3% (INR 17.9 Cr) in FY25 and 7.5% (INR 8.7 Cr) in H1 FY26. The company has a long-term target of 10%+ EBITDA margins, intended to be achieved through operational efficiencies, solar energy adoption, and increased high-margin export volumes.
Capital Expenditure
Planned CAPEX of INR 27 Cr funded from IPO proceeds for infrastructure and capacity expansion. Specifically, INR 7.5 Cr is allocated for 5 FRP rebar production lines and associated machinery to capture the growing infrastructure demand.
Credit Rating & Borrowing
The company maintains a strong, low-debt balance sheet with robust liquidity. Specific credit ratings and interest rate percentages are not disclosed in the available documents.
Operational Drivers
Raw Materials
Key raw materials include various resins (including specialized and alternate resins) and reinforcing fibers used in pultrusion and moulding processes. These constitute a significant portion of the cost structure, though specific percentage splits per material are not disclosed.
Import Sources
Not disclosed in available documents; however, the company employs a multi-supplier sourcing strategy to mitigate procurement risks.
Capacity Expansion
The company is adding 22,000 tons of capacity at its Mehsana plant. In the FRP rebar segment, 2 lines are currently installed, with plans to reach 5 operational lines by the end of FY26 to meet rising global demand.
Raw Material Costs
Raw material costs are managed through long-term contracts and R&D into alternate resins. Volatility in resin prices directly impacts the cost of goods sold, necessitating a diversified supplier base to maintain the 8.3% EBITDA margin achieved in FY25.
Manufacturing Efficiency
Efficiency is driven by standardized operating procedures (SOPs), ERP-enabled controls for automated checks, and the integration of pultrusion, moulding, and fabrication processes under one roof.
Logistics & Distribution
Logistics costs are a factor of the 55% export revenue share. The company utilizes natural hedging and forward contracts to manage the financial impact of international distribution and forex fluctuations.
Strategic Growth
Expected Growth Rate
15%+
Growth Strategy
Growth will be achieved through a 22,000-ton capacity expansion at the Mehsana plant, increasing FRP rebar lines from 2 to 5 by FY26, and strategic entry into Carbon Fiber Reinforced Polymer (CFRP) markets. The company is leveraging its 'Star Export House' status to deepen penetration in 39+ international markets.
Products & Services
FRP/GRP Gratings, Pultruded Profiles, FRP Rebar, CFRP products, utility poles, and industrial structures used in railways, chemical plants, and wind energy sectors.
Brand Portfolio
Aeron Composite
New Products/Services
GFRP Rebar and CFRP (Carbon Fiber Reinforced Polymer) products are the primary new lines, expected to contribute meaningfully to EBITDA and profits within the next year as 5 production lines become fully operative.
Market Expansion
Targeting expansion in international markets (currently 55% of revenue) and niche domestic segments like telecom and oil & gas. The new Mehsana facility is central to this expansion timeline over FY26.
Strategic Alliances
The company engages in strategic alliances with industry players and research institutions to enhance R&D capabilities and foster technological advancements in composite materials.
External Factors
Industry Trends
The industry is shifting toward lightweight, corrosion-resistant materials like FRP to replace steel. The global composite market is growing, driven by aerospace and renewable energy (wind) requirements for high strength-to-weight ratios.
Competitive Landscape
Competes with global and domestic composite manufacturers. Competitive advantage is maintained through a low-debt balance sheet and a diversified product portfolio ranging from pultruded profiles to advanced CFRP.
Competitive Moat
Moat is built on 90+ years of combined promoter expertise, DSIR-recognized R&D, and a comprehensive suite of global certifications (ISO, CE, RoHS) which act as high entry barriers in regulated international markets.
Macro Economic Sensitivity
Demand is highly sensitive to infrastructure and industrial capex cycles. A 15%+ revenue growth outlook is supported by burgeoning demand for lightweight materials in automotive and wind energy sectors.
Consumer Behavior
Increasing preference for sustainable and long-life materials in construction (GFRP Rebar) to reduce lifecycle maintenance costs is driving adoption away from traditional steel.
Geopolitical Risks
Trade barriers or changes in import/export regulations in any of the 39 countries of operation could impact the 61% export revenue base. Mitigation is sought through geographic diversification.
Regulatory & Governance
Industry Regulations
Adheres to stringent manufacturing standards including ISO 9001:2015 and CE certifications. Operations are subject to DSIR guidelines for R&D and Star Export House regulations for international trade.
Environmental Compliance
Compliant with RoHS and REACH standards. The company is also investing in solar energy to reduce its carbon footprint and operational costs.
Legal Contingencies
Management has certified that there are no significant changes in internal controls, no significant changes in accounting policies, and no instances of significant fraud involving management or employees as of the FY25 annual report.
Risk Analysis
Key Uncertainties
Volatility in raw material prices (resins) and the cyclical nature of infrastructure spending are primary uncertainties that could impact the 15%+ growth guidance.
Geographic Concentration Risk
55% of revenue is concentrated in international markets (exports), making the company vulnerable to global trade dynamics, though this is spread across 39 countries.
Third Party Dependencies
Dependency on specialized resin and fiber suppliers is mitigated through a multi-vendor sourcing strategy.
Technology Obsolescence Risk
FRP technology evolves rapidly; the company mitigates this through its DSIR-approved R&D lab and strategic expansion into advanced CFRP materials.
Credit & Counterparty Risk
The company maintains robust liquidity and a strong capital structure to manage receivables and credit exposure, though specific receivables quality metrics are not disclosed.
