Aeroflex Neu Limited (AERONEU)
₹69.50 +0.03% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Aeroflex Neu's revenue was ₹28.2 Cr (-4.9% year on year, -17.1% on the previous quarter), and net profit ₹0.1 Cr (-90.1% year on year); the operating margin was 3.4%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹28.2 | -4.9% | -17.1% |
| Operating profit | ₹1.0 | +35.2% | — |
| Net profit | ₹0.1 | -90.1% | from loss |
| EPS (₹) | 0.03 | -90.3% | from loss |
| Operating margin | 3.4% | — | — |
AERONEU delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 58.03% of the AERONEU shares traded on NSE were taken to delivery, against the stock's own 20-session average of 63.93%. That is close to its usual level. Turnover was only ₹44 lakh, so a handful of trades can move this figure. It closed at a price band (circuit) on 1 session in about the last 20.
Delivery in the last 5 sessions: 78.5% · 86.3% · 89.4% · 62.4% · 58.0%
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
Aeroflex Neu Limited has approved the further acquisition of 7,27,040 equity shares (31.43%) in Stilonn Valves and Controls Private Limited for an aggregate cash consideration of ₹16.00 Cr (₹220.10 per share). This will increase Aeroflex Neu's existing stake from 19.58% to 51.01%, turning Stilonn into a subsidiary. The acquisition consideration represents ~8.3% of Aeroflex Neu's current market capitalization of ₹192 Cr and aims to diversify operations into precision engineering products catering to AI infrastructure, data centres, and pharma. Stilonn recorded audited turnover of ₹16.22 Cr in FY26, up from ₹8.19 Cr in FY25.
- Acquiring 7,27,040 equity shares (31.43% stake) for ₹16,00,21,504 (₹220.10 per share)
- Increases stake from 19.58% to 51.01%, making Stilonn Valves a controlling subsidiary
- Target recorded FY26 turnover of ₹1,621.93 Lakhs, up 98% from ₹819.40 Lakhs in FY25
- Transaction scheduled to close within 60 days from board approval date
Aeroflex Neu Limited has approved the further acquisition of 7,27,040 equity shares (31.43%) in Stilonn Valves and Controls Private Limited for an aggregate cash consideration of ₹16.00 Cr (₹220.10 per share). This will increase Aeroflex Neu's existing stake from 19.58% to 51.01%, turning Stilonn into a subsidiary. The acquisition consideration represents ~8.3% of Aeroflex Neu's current market capitalization of ₹192 Cr and aims to diversify operations into precision engineering products catering to AI infrastructure, data centres, and pharma. Stilonn recorded audited turnover of ₹16.22 Cr in FY26, up from ₹8.19 Cr in FY25.
- Acquiring 7,27,040 equity shares (31.43% stake) for ₹16,00,21,504 (₹220.10 per share)
- Increases stake from 19.58% to 51.01%, making Stilonn Valves a controlling subsidiary
- Target recorded FY26 turnover of ₹1,621.93 Lakhs, up 98% from ₹819.40 Lakhs in FY25
- Transaction scheduled to close within 60 days from board approval date
Aeroflex Neu Limited submitted its compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. Issued by RTA MUFG Intime India Private Limited, the certificate noted that no requests were received from shareholders for dematerialisation during the quarter. This filing is purely statutory and reflects standard procedural compliance without any operational or financial impact.
- Zero requests received from shareholders for dematerialisation for the quarter ended September 30, 2026
- Certificate issued in compliance with Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
- Compliance confirmation provided by RTA MUFG Intime India Private Limited on October 06, 2026
Aeroflex Neu Limited has issued an EGM notice for October 22, 2026, seeking shareholder approval to substantially expand its Memorandum of Association (MoA) object clause into AI data centres, semiconductor fabrication, robotics, power equipment, and metal foundries. The company is also seeking approval to modify the utilization of proceeds from a preferential issue of warrants. Additionally, shareholders will vote on material related-party transactions with Aeroflex Enterprises Limited and Aeroflex Finance Private Limited. Remote e-voting is scheduled from October 19 to October 21, 2026, with a cut-off date of October 15, 2026.
- EGM scheduled for Thursday, October 22, 2026 at 11:00 AM in Udaipur
- Remote e-voting window runs from 9:00 AM on October 19 to 5:00 PM on October 21, 2026
- Cut-off date to determine e-voting eligibility set for Thursday, October 15, 2026
- Proposed alteration of MoA Clause III(A) by inserting new sub-clauses 15 to 21 covering data centres, semiconductors, power equipment, and metals
- Shareholder approval sought for modifying warrant proceeds utilization and approving related-party transactions involving Aeroflex Enterprises and Aeroflex Finance
Aeroflex Neu Limited announced that the State Bank of India (SBI) has released and discharged a corporate guarantee of ₹4.00 crore. The guarantee was previously furnished on behalf of Fibcorp Polyweave Private Limited as disclosed on 30 August 2025. SBI communicated the official discharge on 24 September 2026. This removes a contingent liability representing roughly 16.7% of Aeroflex Neu's current market capitalization of ₹24 crore.
- Corporate guarantee of ₹4,00,00,000 (₹4.00 crore) released and discharged by State Bank of India
- Guarantee was issued on behalf of Fibcorp Polyweave Private Limited
- Communication confirming the discharge received on 24 September 2026
- Relieves a contingent exposure equal to ~16.7% of company market cap (₹24 Cr)
Aeroflex Neu Limited has announced plans to enter the AI Infrastructure sector and establish an integrated platform for critical engineering products, including precision valves, wires, and cables, through greenfield projects and acquisitions. To support this diversification from its traditional packaging operations, the board approved altering the object clause of its Memorandum of Association and the deployment of proceeds from a previously approved preferential issue. An Extra-Ordinary General Meeting (EOGM) is scheduled for October 22, 2026, to seek shareholder approval. This pivot represents a major strategic shift for a micro-cap company with a ₹20 Cr market cap and ₹48 Cr TTM revenue.
- Board approved entry into AI Infrastructure and critical engineering products (valves, wires, cables) via greenfield projects and acquisitions.
- Proposed alteration of the objects of the preferential issue approved earlier on August 25, 2026.
- Proceeds will be applied toward the new businesses and debt repayment incurred for this transition.
- EOGM convened for October 22, 2026, to seek shareholder approvals.
Aeroflex Neu Limited has scheduled a Board of Directors meeting on September 23, 2026, at 3:30 p.m. to evaluate new business avenues and the expansion or diversification of existing activities. In connection with this, the company has closed its trading window for insiders starting September 18, 2026. The trading window is slated to reopen 48 hours post-meeting conclusion on September 25, 2026.
- Board meeting scheduled for September 23, 2026, at 3:30 p.m.
- Agenda focuses on exploring new business avenues and expansion/diversification
- Trading window closed from September 18, 2026, until September 25, 2026 (reopening 48 hours post-meeting)
Aeroflex Neu Limited has completed the sale and transfer of its entire 51.01% equity stake in its subsidiary, Fibcorp Polyweave Private Limited, on September 8, 2026. The company received a total cash consideration of ₹192.12 lakhs (₹1.92 crore). With this transaction completed pursuant to the Share Purchase Agreement dated July 15, 2026, Fibcorp Polyweave has ceased to be a subsidiary. The proceeds represent approximately 8.7% of Aeroflex Neu's current market capitalization of ₹22 crore.
- Sold entire 51.01% equity stake in subsidiary Fibcorp Polyweave Private Limited
- Received total cash consideration of ₹192.12 lakhs (₹1.92 crore)
- Transaction successfully completed on September 08, 2026
- Fibcorp Polyweave ceases to be a subsidiary of Aeroflex Neu
Aeroflex Neu Limited shareholders have approved modifications to the objects of its preferential issue at the 34th AGM on August 25, 2026. The company has broadened its capital deployment mandate to include Data Centers, hotels, resorts, and hospitality assets alongside existing plans for IT/AI parks and industrial complexes. Additionally, shareholders confirmed the appointment of Mr. Arpit Kalani and Mr. Tapan Tanmay Kothari as Independent Directors for a 5-year term ending July 14, 2031.
- Shareholders approved modifications to the first object of the preferential issue at the 34th AGM on August 25, 2026
- Revised object expands fund utilization scope to include Data Centers, hotels, resorts, and hospitality ventures
- Appointed Mr. Arpit Kalani and Mr. Tapan Tanmay Kothari as Non-Executive Independent Directors for a 5-year tenure (July 15, 2026 to July 14, 2031)
Aeroflex Neu Limited reported the voting results of its 34th Annual General Meeting held on August 25, 2026. Shareholders approved all 9 resolutions with requisite majorities, including the adoption of FY26 financial statements and director appointments. Crucially, members passed a special resolution modifying the objects and fund utilization of the earlier preferential issue from May 14, 2025. Material related-party transactions with entities including Lion Houseware and Safe Polymer were also approved by non-interested public shareholders.
- All 9 resolutions passed with requisite majority at the 34th AGM held on August 25, 2026
- Total voter turnout represented 1,72,72,208 shares or 66.96% of total voting capital (2,57,96,000 shares)
- Special resolution passed modifying the objects of the preferential issue originally approved in May 2025
- Material related-party transactions with Lion Houseware Pvt Ltd and Safe Polymer Pvt Ltd approved by non-interested voting members (3,353 votes in favour vs 7 against)
- Appointments of Independent Directors Mr. Arpit Kalani and Mr. Tapan Tanmay Kothari approved
Aeroflex Neu Limited announced that shareholders at its 34th AGM approved the appointment of Mr. Arpit Kalani and Mr. Tapan Tanmay Kothari as Non-Executive Independent Directors for 5-year terms ending July 14, 2031. Additionally, shareholders approved a modification to the primary object of its preferential issue to include data centers, hotels, resorts, and hospitality-related businesses alongside existing real estate and IT park developments. The company operates at a market cap of approximately Rs 25 Cr with TTM revenue of Rs 48 Cr.
- Shareholders approved appointment of 2 Non-Executive Independent Directors for a 5-year term from July 15, 2026 to July 14, 2031.
- Preferential issue object widened to include Data Centers, hotels, resorts, and hospitality-related assets.
- Resolutions passed at the 34th Annual General Meeting held on August 25, 2026.
Aeroflex Neu Limited concluded its 34th Annual General Meeting on August 25, 2026, where shareholders approved all 9 proposed resolutions with requisite majority. Key approvals included the adoption of FY26 audited financial statements, re-appointment of director Mr. Asad Daud, and approval of material related party transactions with Lion Houseware, Safe Polymer, and promoters. Members also approved modifying the objects and utilization of proceeds from a prior preferential issue dated May 14, 2025, along with the appointment of two independent directors.
- All 9 ordinary and special resolutions passed with the requisite majority at the 34th AGM
- Approval granted for material related party transactions with Lion Houseware Pvt Ltd, Safe Polymer Pvt Ltd, Mr. Asad Daud, and Mrs. Shehnaz D. Ali
- Special resolution passed to modify the objects of the preferential issue approved in May 14, 2025 EGM
- A total of 43 members attended the AGM physically (2 promoter group and 41 public members)
Aeroflex Neu Limited has announced its book closure dates from August 19, 2026, to August 25, 2026, for the purpose of its 34th Annual General Meeting. The company is dispatching physical letters to shareholders without registered emails, providing a web link to access the FY 2025-26 Annual Report. This filing is procedural and follows a fiscal year where revenue significantly contracted to ₹50.46 crore from ₹119 crore in the previous year. Investors should use the upcoming AGM to seek clarity on the 57.6% year-on-year revenue decline.
- Book closure period scheduled for 7 days between August 19, 2026, and August 25, 2026.
- The company is convening its 34th Annual General Meeting (AGM).
- Annual Report for FY 2025-26 is being made available to all shareholders via digital links.
- Revenue for FY26 stood at ₹50.46 crore, a sharp decline from ₹119 crore in FY25.
Aeroflex Neu Limited has announced that its Register of Members and Share Transfer Books will remain closed from August 19, 2026, to August 25, 2026. This procedural step is taken in accordance with SEBI regulations to facilitate the company's 34th Annual General Meeting (AGM). The company, which operates in the packaging industry, reported a TTM revenue of Rs 50.46 Cr for FY26, a sharp decline from Rs 119 Cr in FY25. Investors should note that this is a standard administrative requirement and does not impact the company's operational fundamentals.
- Book closure period scheduled for 7 days from August 19 to August 25, 2026
- Purpose of the closure is the 34th Annual General Meeting of the company
- Company reported FY26 revenue of Rs 50.46 Cr, representing a ~57% decline from FY25 revenue of Rs 119.00 Cr
- Operating margins remain thin at 0.91% for FY26 compared to 2.94% in FY25
Aeroflex Neu (formerly Sah Polymers) has issued a notice for its 34th AGM on August 25, 2026, seeking approval for massive Related Party Transactions (RPTs) totaling ₹315 crore through March 2029. The proposals include ₹110 crore with Lion Houseware and ₹130 crore with Safe Polymer for land, loans, and investments, plus ₹75 crore to acquire shares of Lion Houseware from Director Asad Daud. These proposed limits are highly significant, representing approximately 630% of the company's TTM revenue of ₹50 crore.
- Proposed RPT limit of ₹110 crore with Lion Houseware Private Limited for land acquisition, loans, and investments.
- Proposed RPT limit of ₹130 crore with Safe Polymer Private Limited for similar capital-intensive transactions.
- Proposed acquisition of equity shares in Lion Houseware from Director Asad Daud for up to ₹75 crore.
- Total proposed RPT limits of ₹315 crore over three years vs TTM revenue of ₹50 crore.
- AGM scheduled for August 25, 2026, with a voting cut-off date of August 18, 2026.
Financial Performance
Revenue Growth by Segment
Consolidated revenue from operations grew 18.36% YoY to INR 129.24 Cr in FY25 from INR 109.19 Cr in FY24. This growth was driven by volumetric increases and improved realizations across the product portfolio, including PP/PE woven bags and FIBCs.
Geographic Revenue Split
The company has a significant international presence, exporting to 30+ countries. While specific regional percentages are not disclosed, the export market is a key driver for the recently launched high-margin products like slit fences and ground covers.
Profitability Margins
Operating margins have seen a downward trend, declining to 3.6-3.7% in FY25 from 7.24% in FY23. Net Profit Margin (PAT Margin) stood at 0.18% in FY25, a decline of 65 bps from 0.83% in FY24, primarily due to raw material price volatility and increased freight costs.
EBITDA Margin
EBITDA margin was 4.73% in FY25, down 154 bps from 6.28% in FY24. Absolute EBITDA fell 11.15% YoY to INR 6.22 Cr from INR 7.00 Cr, reflecting the impact of higher operating expenses which rose to INR 41.28 Cr.
Capital Expenditure
The company ramped up its new manufacturing unit in Udaipur during FY25. Property, Plant & Equipment increased to INR 51.58 Cr from INR 48.01 Cr. Capital work-in-progress was reduced to zero from INR 0.52 Cr as projects were commissioned.
Credit Rating & Borrowing
The company maintains a 'CRISIL BB+/Stable' rating. Total borrowings as of March 31, 2025, stood at INR 28.29 Cr (INR 4.24 Cr non-current and INR 24.05 Cr current). Bank limit utilization is high at 91-92%.
Operational Drivers
Raw Materials
Specific raw materials include Polypropylene (PP) and Polyethylene (PE) resins. Cost of materials consumed was INR 75.06 Cr in FY25, representing 58.08% of total revenue.
Import Sources
Not specifically disclosed in the documents, though the company notes sensitivity to global price fluctuations and freight costs associated with procurement.
Capacity Expansion
The company recently ramped up a new unit in Udaipur to support revenue growth. Current fixed assets of INR 51.58 Cr support the production of FIBC bags and new products like slit fences.
Raw Material Costs
Raw material costs increased 18.33% YoY to INR 75.06 Cr in FY25. The company manages costs through judicious inventory liquidation and monitoring price fluctuations to mitigate margin compression.
Manufacturing Efficiency
Efficiency is monitored through working capital management. The company maintains a healthy current ratio of 2.0x despite stretched liquidity.
Logistics & Distribution
Increased freight costs were a primary driver for the decline in operating profitability to 3.6% in FY25.
Strategic Growth
Expected Growth Rate
18%
Growth Strategy
Growth is targeted through the expansion of the customer base in the food and pharmaceutical industries and the aggressive sale of new high-margin products such as slit fences and ground covers. The company is also actively seeking inorganic growth through strategic investments in India and abroad.
Products & Services
Polypropylene (PP) and Polyethylene (PE) woven fabric bags, Flexible Intermediate Bulk Container (FIBC) bags, ground covers, slit fences (fabric rolls), and polytubes.
Brand Portfolio
Aeroflex Neu (formerly Sah Polymers Limited).
New Products/Services
Slit fences and ground covers are the primary new product launches expected to contribute to higher margins and revenue growth toward a target of INR 120 Cr+.
Market Expansion
Expansion into 30+ export countries and targeting new industrial segments like pharmaceuticals to diversify the revenue base.
Strategic Alliances
The company is evaluating strategic/inorganic growth transactions in India and abroad to expand its market reach.
External Factors
Industry Trends
The packaging industry is shifting toward specialized FIBC and technical textiles like ground covers. Aeroneu is positioning itself by moving from basic woven bags to these higher-value products to improve its 3.6% operating margin.
Competitive Landscape
The company operates in a competitive market for packaging products, facing pressure from both raw material suppliers and end-user pricing demands.
Competitive Moat
The moat is based on the promoters' 30-year experience and established relationships with clients. Sustainability depends on successfully transitioning to high-margin technical products to offset commodity price risks.
Macro Economic Sensitivity
Highly sensitive to global commodity prices (PP/PE) and international shipping/freight rates which impacted FY25 margins by over 150 bps.
Consumer Behavior
Increased demand for specialized industrial packaging in the food and pharma sectors is driving the company's shift in product strategy.
Geopolitical Risks
Export operations are subject to international trade dynamics and freight cost volatility.
Regulatory & Governance
Industry Regulations
Compliant with SEBI (LODR) Regulations and Companies Act 2013. The company maintains a Whistle Blower Policy and Vigil Mechanism.
Taxation Policy Impact
Effective tax expense was INR 0.15 Cr in FY25 on a PBT of INR 0.38 Cr, representing an effective rate of approximately 39%.
Legal Contingencies
No instances of non-compliance, penalties, or strictures were imposed by Stock Exchanges or SEBI during the year 2024-25.
Risk Analysis
Key Uncertainties
Operating margin sustainability is the key uncertainty; a decline below 3.5% could lead to a credit rating downgrade due to tight cash accruals (INR 3.0-3.5 Cr) vs debt obligations.
Geographic Concentration Risk
While exporting to 30+ countries, the company maintains a strong manufacturing base in Udaipur, Rajasthan.
Third Party Dependencies
High dependency on raw material suppliers for PP/PE resins, where price fluctuations directly impact the 58% cost of materials.
Technology Obsolescence Risk
The company is mitigating technology risks by investing in new units and R&D for advanced products like FIBC and ground covers.
Credit & Counterparty Risk
Trade receivables stood at INR 21.35 Cr. The company extends credit of 60-70 days to customers, which contributes to a high GCA of 190-200 days.
