Aimtron Electronics Limited (AIMTRON)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Aimtron Electronics' revenue was ₹179 Cr (+75.5% year on year, +46.0% on the previous half-year), and net profit ₹26.0 Cr (+85.7% year on year); the operating margin was 20.1%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹179 | +75.5% | +46.0% |
| Operating profit | ₹36.0 | +89.5% | +19.6% |
| Net profit | ₹26.0 | +85.7% | +28.2% |
| EPS (₹) | 12.47 | +76.1% | +25.5% |
| Operating margin | 20.1% | — | — |
AIMTRON delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 56.25% of the AIMTRON shares traded on NSE were taken to delivery, against the stock's own 20-session average of 62.67%. That is lower than usual for this stock. Volume was 0.2 times its average, well below normal.
Delivery in the last 5 sessions: 61.8% · 58.4% · 58.3% · 68.7% · 56.2%
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
Aimtron Electronics Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the period ended September 30, 2026. The certificate from Registrar & Share Transfer Agent MUFG Intime India Private Limited confirms that security certificates received for dematerialisation were processed and confirmed within prescribed timelines. The mutilated certificates have been cancelled and depositories substituted in the register of members. This is a standard procedural compliance filing with zero operational or financial impact.
- Compliance certificate filed under Regulation 74(5) of SEBI Regulations, 2018
- Covers the quarter and half-year ended September 30, 2026
- Issued by Registrar & Share Transfer Agent MUFG Intime India Private Limited
- Confirms dematerialisation requests were verified, cancelled, and substituted within prescribed timelines
Aimtron Electronics has issued a corrigendum to its EGM notice for the proposed preferential issue of convertible warrants following observations from the NSE. The company detailed fund utilization plans totaling ₹204.99 crore, with ₹145 crore allocated for global M&A/JVs, ₹30 crore for working capital, and ₹29.99 crore for general corporate purposes over 24 months. Total equity base expands from 21,452,279 to 23,027,478 shares, reducing promoter shareholding from 68.08% to 63.55% post-dilution. Key institutional allottees include Clarus Capital (3.11% post-issue) and 360 ONE funds.
- Total planned fund deployment of ₹204.99 crore across global M&A (₹145 crore), working capital (₹30 crore), and GCP (₹29.99 crore)
- Fund deployment timeline set within 24 months from receipt of proceeds
- Post-issue promoter holding dilutes from 68.08% to 63.55%, while institutional holding rises from 3.19% to 8.29%
- Allotment of 7,16,644 shares (3.11% post-issue) to Clarus Capital 1 and 2,38,881 shares combined across 360 ONE funds
- EGM scheduled for October 22, 2026, via Video Conferencing
Aimtron Electronics has notified the stock exchange that it will convene an Extraordinary General Meeting (EGM) of its shareholders on October 22, 2026, at 05:30 p.m. IST. The meeting will be conducted virtually via Video Conferencing (VC) or Other Audio-Visual Means (OAVM). The specific agenda resolutions and explanatory statement details were referenced as attached with the notice. The company currently holds a market cap of Rs 3,673 Cr with TTM revenue of Rs 462 Cr.
- EGM scheduled for Thursday, October 22, 2026
- Meeting start time set for 05:30 p.m. (IST)
- Mode of meeting is Video Conferencing (VC) / Other Audio-Visual Means (OAVM)
- Filing submitted on September 30, 2026
Aimtron Electronics has approved a preferential allotment of up to 12,24,265 equity shares at ₹1,674.47 per share, raising ₹205.00 crore. The raise represents ~90% of its current net worth (₹228 crore) and ~5.5% of its market cap. The capital is allocated to non-promoter Alternative Investment Funds (AIFs), including Clarus Capital (taking a 3.16% stake), 360 ONE, and Alchemy. Funds will be deployed towards strategic acquisitions, joint ventures, working capital, and general corporate purposes, subject to shareholder approval on October 22, 2026.
- Board approved preferential issue of up to 12,24,265 equity shares aggregating to ₹204,99,95,014.55
- Issue price fixed at ₹1,674.47 per share (face value ₹10 + premium of ₹1,664.47)
- Seven non-promoter AIFs participating, led by Clarus Capital 1 investing ₹120.00 crore for a 3.16% post-issue stake
- Proceeds designated for strategic M&A, global joint ventures, and working capital needs
- Extraordinary General Meeting (EGM) scheduled for October 22, 2026, to seek shareholder approval
Aimtron Electronics has approved the conversion of 1,77,800 warrants into an equal number of equity shares of ₹10 face value at an issue price of ₹680.64 per share (including ₹670.64 premium) to six non-promoter individuals. This conversion brings in the remaining 75% warrant subscription amount, approximately ₹9.08 crore. Following this, the company's paid-up equity share capital increases to ₹21.45 crore (2,14,52,279 shares). To date, 10,38,454 of the 13,89,388 warrants issued in September 2025 have been converted, leaving 3,50,934 warrants outstanding.
- Allotted 1,77,800 equity shares upon conversion of warrants at ₹680.64 per share
- Paid-up share capital increased to ₹21,45,22,790 comprising 2,14,52,279 equity shares
- Cumulative 10,38,454 warrants converted to date out of 13,89,388 total allotted warrants
- 3,50,934 warrants remain outstanding with conversion tenure expiring on March 02, 2027
Aimtron Electronics Limited has informed the exchange regarding its upcoming participation in the Arihant Capital Virtual Conference. The group meeting is scheduled for Friday, September 25, 2026, from 4:00 PM to 5:00 PM IST via virtual mode. The company confirmed that no unpublished price-sensitive information (UPSI) will be discussed during the interaction. This is a standard administrative disclosure pursuant to Regulation 30 of SEBI LODR Regulations.
- Participation scheduled for Friday, 25th September, 2026
- Meeting timing fixed between 4:00 PM to 5:00 PM IST
- Format specified as a virtual group meeting at Arihant Capital Virtual Conference
- Company confirmed no Unpublished Price Sensitive Information (UPSI) will be discussed
Aimtron Electronics announced that its step-down US subsidiary, Aimtron International Controls LLC (AIC, formerly ICS), secured record Q2 order bookings of US$11.8 million (~₹98-100 Cr) as of September 17, 2026. This booking is more than double the unit's historical quarterly average of under US$4 million. The order intake is equivalent to roughly 21% of Aimtron's consolidated TTM revenue of ₹462 Cr. The bookings were driven by ruggedized electronics and the addition of 5 new customer accounts.
- AIC bagged US$11.8 million in Q2 order bookings as of September 17, 2026
- Quarterly bookings more than doubled from ICS's historical average of less than US$4 million
- Added 5 new customers during the quarter in the ruggedized electronics segment
- AIC operates a 60,000+ sq ft manufacturing facility on 4 acres with 4 SMT lines
Aimtron Electronics has secured a pilot order from Curtiss-Wright Corporation, a NYSE-listed global engineering firm with approximately $3.5 billion in annual sales. The pilot engagement focuses on high-reliability, technology-intensive electronics manufacturing, particularly across aerospace, defense, and industrial applications. While the exact value of the pilot order is not disclosed, successful qualification could lead to multi-year program manufacturing contracts. This aligns with Aimtron's strategy of expanding export exposure and high-margin precision engineering.
- Pilot order secured from NYSE-listed Curtiss-Wright Corporation
- Curtiss-Wright reports annual sales of approximately US$3.5 billion
- Curtiss-Wright has approximately 9,100 employees globally
- Order value is not disclosed, serving as an initial qualification pilot
Aimtron Electronics shareholders approved the appointment of Mr. Mukesh Jeram Vasani as Managing Director for a 5-year term from August 1, 2026, to July 31, 2031. The AGM also cleared the AEL ESOP 2026 scheme covering up to 2,00,000 equity shares (face value Rs 10 each). With total equity shares around 2.04 crore (implied from Rs 3,529 Cr market cap), the ESOP pool represents an aggregate dilution of less than 1%, ensuring talent alignment with minimal share dilution.
- Mr. Mukesh Jeram Vasani appointed as Managing Director for a 5-year tenure from August 1, 2026, to July 31, 2031
- Approval of AEL ESOP 2026 scheme covering up to 2,00,000 equity shares
- ESOP exercise period set to a maximum of 5 years from option vesting date
- Pricing formula set by Nomination and Remuneration Committee, not below Rs 10 face value
Aimtron Electronics Limited has disclosed the voting results for its Annual General Meeting held on August 17, 2026. All 9 ordinary and special resolutions were approved unanimously with 100% of polled votes in favour, representing 64.40% of total outstanding shares (13,421,986 votes polled). Key approvals include the appointment of Mr. Mukesh Jeram Vasani as Managing Director for a 5-year term, remuneration fixation for Whole-time Director Mr. Sneh Satishkumar Shah, and the adoption of the AEL ESOP 2026 scheme across the company and its subsidiaries.
- All 9 resolutions passed with 100% approval across 13,421,986 polled votes (64.40% total voter turnout)
- Approved appointment of Mr. Mukesh Jeram Vasani as Managing Director for a 5-year period
- Sanctioned implementation of Employee Stock Option Scheme (AEL ESOP 2026) covering parent company, subsidiaries, and identified employees
- Adopted audited standalone and consolidated financial statements for FY ended March 31, 2026
Aimtron Electronics Limited announced the voting results for its Annual General Meeting held on August 17, 2026. All nine resolutions were passed unanimously with 100% votes cast in favour, representing 64.40% voter turnout (13,421,986 out of 20,841,357 shares). Key approvals included the adoption of FY26 audited accounts, the appointment of Mr. Mukesh Jeram Vasani as Managing Director for a 5-year tenure, and the approval of the Employee Stock Options Scheme (AEL ESOP 2026) covering parent and subsidiary employees.
- All 9 ordinary and special resolutions approved with 100% votes in favour (13,421,986 votes).
- Overall voting participation stood at 64.40% of the total 20,841,357 equity shares.
- Approved appointment of Mr. Mukesh Jeram Vasani as Managing Director for a period of 5 years.
- Shareholders approved the adoption of the AEL ESOP 2026 scheme for company and subsidiary employees.
Aimtron Electronics Limited conducted its Annual General Meeting on August 17, 2026, considering 9 key agenda items subject to shareholder voting. Key resolutions included the appointment of Mr. Mukesh Jeram Vasani as Managing Director and the remuneration fixation for Whole-time Director Mr. Sneh Satishkumar Shah. Shareholders also considered the rollout of the AEL ESOP 2026 scheme for company and subsidiary employees, with potential individual grants of 1% or more of issued share capital. In addition, audited FY26 standalone and consolidated financial statements were placed for adoption.
- AGM conducted on August 17, 2026, between 5:00 PM and 5:44 PM IST.
- Proposed appointment of Mr. Mukesh Jeram Vasani (DIN: 06542536) as Managing Director.
- Approval sought for implementation of Employee Stock Options Scheme (AEL ESOP 2026) across parent and subsidiaries.
- ESOP grants to identified employees may equal or exceed 1% of the issued share capital.
- Adoption of audited standalone and consolidated financial statements as of March 31, 2026.
Aimtron Electronics concluded its 15th Annual General Meeting on August 17, 2026, outlining its progress under the 'Aimtron 2.0' strategy. Management highlighted an open order book of approximately ₹521 crore (1.13x TTM revenue of ₹462 crore) and reiterated a long-term goal to build a ₹1,000 crore revenue business. Its US subsidiary, Aimtron International Controls (AIC), contributed $1.6 million in revenue over two months and holds an active RFQ pipeline of $49.3 million. Shareholders also approved ordinary business alongside the appointment of Mukesh Jeram Vasani as Managing Director and implementation of the AEL ESOP 2026 scheme.
- Open order book stood at approximately ₹521 crore at the close of FY 2025-26
- FY26 consolidated revenue grew 89.20% to ₹301.16 crore, with PAT up 79.4% to ₹45.97 crore
- Aimtron International Controls LLC (US) reported an RFQ pipeline of USD 49.3 million
- Completed 424 prototypes during the year while reiterating a ₹1,000 crore revenue target
Aimtron Electronics has approved the allotment of 4,33,122 equity shares of face value ₹10 each at an issue price of ₹680.64 per share (including ₹670.64 premium) pursuant to the conversion of warrants. Following this allotment, the company's paid-up equity share capital increases to ₹21.27 crore across 2,12,74,479 shares. Out of the 13,89,388 warrants originally issued, 8,60,654 warrants have been converted to date, leaving 5,28,734 warrants outstanding for conversion. The conversion was made to 25 allottees across promoter and non-promoter categories upon payment of the remaining 75% issue price.
- 4,33,122 warrants converted into an equal number of equity shares at ₹680.64 per share.
- Total paid-up share capital expands to ₹21,27,44,790 comprising 2,12,74,479 equity shares of ₹10 each.
- Promoter Mukesh Jeram Vasani allotted 2,00,188 shares, taking his post-conversion holding to 57.87% (1,23,12,323 shares).
- 8,60,654 of the total 13,89,388 warrants stand converted so far, with 5,28,734 warrants remaining outstanding.
Aimtron Electronics Limited has announced its participation in the Emkay Confluence 2026, scheduled for August 12, 2026, in Mumbai. The management will engage in group and one-to-one in-person meetings with analysts and institutional investors starting from 10:00 am. This interaction comes as the company maintains a strong financial profile with TTM revenue of ₹462 Cr and a zero-debt balance sheet. While no unpublished price-sensitive information will be shared, the meeting provides a platform for institutional engagement regarding the company's ESDM growth strategy.
- Investor interaction scheduled for Wednesday, 12th August, 2026, in Mumbai.
- Participation in the Emkay Confluence 2026 event involving group and one-to-one formats.
- Company currently operates with a TTM revenue of ₹462 Cr and a high OPM of 21.7%.
- Management is managing an order book of ₹463.9 Cr as per recent qualitative disclosures.
- The company maintains a zero debt-to-equity ratio with a net worth of ₹228 Cr.
Financial Performance
Revenue Growth by Segment
Industrial segment contributed 36.1% of H1 FY26 revenue, followed by IoT & Robotics at 27.7%, Telecom & Network Security at 16.7%, and BMS & Automotive at 8.0%. Overall revenue grew 70.27% in FY25 to INR 158.31 Cr and surged 112.5% YoY in H1 FY26 to INR 122.58 Cr.
Geographic Revenue Split
The company operates in India (Gujarat and Bangalore) and the USA (Texas). While specific percentage splits per region are not disclosed, the company won the 2nd Prize for Exports in the SME category at the 49th ELCINA Awards, indicating a significant international revenue component.
Profitability Margins
Net Profit Margin improved from 14.63% in FY24 to 16.10% in FY25. However, H1 FY26 saw some margin pressure due to increased Cost of Goods Sold (COGS) related to expansion plans, though PAT still grew 81.4% YoY to INR 20.29 Cr.
EBITDA Margin
EBITDA for H1 FY26 was INR 30.11 Cr, representing a 104.8% YoY increase. FY25 Operating Profit Margin stood at 20.27%, a slight improvement from 20.01% in FY24, driven by better cost controls and an efficient product mix.
Capital Expenditure
The company is executing greenfield projects to add two SMT lines every financial year. With each SMT line capable of producing approximately INR 100 Cr in revenue, this suggests a planned capacity-led Capex to support the INR 463.9 Cr order book.
Credit Rating & Borrowing
Aimtron is a Zero Debt company as of September 30, 2025. Finance costs significantly dropped by 85% from INR 1.58 Cr in FY24 to INR 0.24 Cr in FY25 as the company transitioned to a debt-free status.
Operational Drivers
Raw Materials
Electronic components and precision engineering parts represent the primary inputs, with Cost of Material Consumed totaling INR 110.35 Cr in FY25, accounting for 69.7% of total revenue.
Import Sources
Sourced globally to support operations in India and the USA; specific countries are not listed, but the company utilizes natural hedging to balance import outflows with export inflows.
Capacity Expansion
Currently operates 5 SMT lines (4 in Vadodara, 1 in Bangalore). Planned expansion includes adding 2 SMT lines annually, targeting a total of 6 additional lines in the mid-term to double or triple output.
Raw Material Costs
Raw material costs stood at INR 110.35 Cr (69.7% of revenue) in FY25, up from INR 57.24 Cr (61.5% of revenue) in FY24. The increase is attributed to higher production volumes and a shift in product mix.
Manufacturing Efficiency
AI inspection capabilities allow for increasing output by 2x to 4x with negligible increases in expenses or manpower, optimizing the conversion of the order pipeline into high-margin growth.
Strategic Growth
Expected Growth Rate
40-50%
Growth Strategy
Growth will be driven by 'Aimtron 2.0', focusing on high-growth sectors like Defense (AS9100 certification), EV, and Green Energy. The strategy involves adding 2 SMT lines per year, pursuing M&A for quick entry into new sectors (saving 10-15 months of organic lead time), and executing a 3x revenue-to-order-book ratio.
Products & Services
Electronics System Design and Manufacturing (ESDM) services, precision engineering products, IoT devices (200,000 unit export order), Battery Management Systems (BMS), and system integration for Aerospace and Defense.
Brand Portfolio
Aimtron
New Products/Services
Recent entry into AI, IoT, and Green Energy sectors. A major new contract for 200,000 IoT units (USD 3.9 Mn) was secured in October 2025.
Market Expansion
Expanding global footprint with a focus on the USA (Texas) and India (Bangalore/Vadodara), targeting the burgeoning UAV (drone) and medical device markets.
Strategic Alliances
Evaluating 5-6 inorganic growth opportunities to acquire specialized expertise and sector entry.
External Factors
Industry Trends
The global EMS market is projected to grow from USD 577.32 Bn in 2024 to USD 1,130.89 Bn by 2034. Aimtron is positioning itself as a global ODM powerhouse to capture this 7% industry CAGR with its own 40-50% growth target.
Competitive Landscape
Faces intense competition from both global EMS giants and local manufacturers; differentiates through speed of delivery and design-led engineering.
Competitive Moat
Moat is built on vertical integration, high-precision engineering capabilities, and stringent certifications (AS9100 for Defense). Sustainability is driven by a 'debt-free' balance sheet and AI-integrated manufacturing that lowers marginal costs.
Macro Economic Sensitivity
Highly sensitive to global electronics demand and India's PLI schemes, which support the domestic ESDM ecosystem.
Consumer Behavior
Shift toward 'Zero Carbon' and Green Energy is driving demand for Aimtron’s new green energy and EV-related electronic solutions.
Geopolitical Risks
Potential impacts from international tariff situations and geopolitical shifts are managed through a 'continuous SWOT analysis' and operational agility.
Regulatory & Governance
Industry Regulations
Complies with IPC standards for electronics manufacturing and AS9100 for aerospace and defense quality management.
Environmental Compliance
Maintains RoHS (Restriction of Hazardous Substances) compliance for all manufactured electronic products.
Taxation Policy Impact
Effective tax rate for FY25 was approximately 19.9% (INR 6.39 Cr tax on INR 32.13 Cr PBT).
Legal Contingencies
The Auditor's report confirms proper records are maintained; no specific pending litigation values or major legal disputes were disclosed in the provided snippets.
Risk Analysis
Key Uncertainties
The primary uncertainty is the timing of converting the large INR 463.9 Cr order book into revenue and the potential for margin dilution during rapid capacity scaling.
Geographic Concentration Risk
Operations are concentrated in Gujarat and Bangalore, though the revenue stream is globally diversified through exports.
Third Party Dependencies
Dependency on global component suppliers for ESDM manufacturing; mitigated through regular reviews of foreign exchange and supply chain exposure.
Technology Obsolescence Risk
Mitigated by 'Aimtron 2.0' transformation, focusing on AI, IoT, and robotics to stay ahead of industry shifts.
Credit & Counterparty Risk
Trade receivables increased significantly to INR 86.22 Cr in FY25 from INR 16.68 Cr in FY24, reflecting higher sales volume; Debtors Turnover ratio slowed to 3.07 from 9.28.
