Sector Alpha Week of 2026-07-24
Sector Alpha — machine-written from the numbers · Data as of 2026-07-24

Aeroflex Enterprises Ltd

AEROENTER
Miscellaneous

Aeroflex Enterprises Ltd's earnings have outrun its stock. EPS grew +20.9% in a year against a +6.3% price move.

The sharpest disagreement: profits are rising, but only −20% of the last 3 years' profit arrived as operating cash — the gap between the P&L and the bank account is the thing to watch.

The price is in a confirmed uptrend (9 weeks in) while the P/E sits at the 60th percentile of its own 9-year range. Underneath, the last four quarters read improving — profit +36.8% year on year, and −20% of the last 3 years' profit arrived as cash. What settles it: whether the cash starts following the profit.

Stage
Improving
partial read
Price
₹118
+6.3% 1Y
P/E
22.2×
60th pctile
of its own 9-year range
Revenue (Mar 26)
₹200 Cr
+24.2% YoY
Profit (Mar 26)
₹26.0 Cr
+36.8% YoY
Operating margin
18.0%
+1.0 pp YoY
ROCE
13%
FY26
ROIC
11.2%
vs WACC 12.0% → −0.8 pp
Cash conversion
−20%
of profit, last 3 FY
Unverified figures: Some figures on this page come from a second financial-data feed that could not be cross-checked against the primary source — the two do not share enough overlapping reported history to compare. They are drawn, because they are the only evidence there is, and every section carrying one is marked unverified. PEG is the exception: the quarterly curve is not drawn at all. PEG asks what is being paid for growth — both sides of that division come from the source that could not be checked, so it is withheld instead of marked.
01 · Price story

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Aeroflex Enterprises Ltd trades at ₹118, in a confirmed uptrend and 9 weeks into that stage. That is +21.4% against its own 200-day average. It sits at 70% of a 52-week range of ₹67 to ₹140. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 21 straight weeks.

Today the stock is in a confirmed uptrend — week 9 of stage 2, confirmed. At ₹118 it trades +21.4% versus its 200-day average and sits at 70% of its 52-week range (₹67–₹140).

Jul 26: ₹118 Weekly closing price (₹) with 50- and 200-day averages; shaded bands mark the price stage (grey base, green advance, amber top, red decline). 3-year window.
+21.4% versus the 200-day line, week 9 of stage 2
Price50-day avg200-day avg
S2S4S2S4S4S2₹151₹128₹106₹83.1₹60.4₹118₹97Jul 23Apr 24Feb 25Nov 25Jul 26
S2S4S2S4S4S2₹151₹128₹106₹83.1₹60.4₹118₹97Jul 23Feb 25Jul 26
Beating or trailing, week by week since 2016 Each cell is one week from 2016 to now (547 weeks): the stock's trailing 13-week return minus the NIFTY 500's, green ahead / red behind (±25% ramp). Grey cells are the 13-week warm-up or weeks where the NIFTY 500 reading is not held.
trailing 13-week return vs the NIFTY 500
Mar 16Jul 26

Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved +1,179% while the NIFTY 500 moved +274% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 21 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 60th percentile of its own range.

02 · Valuation

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Aeroflex Enterprises Ltd trades at 22.2× P/E, mid-range by its own standards (60th percentile). Its long-run median P/E is 20.3×, measured across 9.2 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 22.2× is mid-range by its own standards (60th percentile), against a long-run median of 20.3× measured over 9.2 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

P/E 22.2× vs a 20.3× long-run median P/E, weekly (left axis); earnings per share, trailing twelve months, weekly (right axis). 9.2-year window; loss-period spikes above 61× shown pinned at the top. The eps (ttm) bars are red where the reading is lower than the quarter before.
mid-range by its own standards (60th percentile)
P/EMedianEPS (TTM) (quarterly)
65.5×₹24.949.1×₹18.632.7×₹12.416.4×₹6.20.0×₹0.0×22.30×₹6May 17Jul 19Jun 22Aug 24Jul 26
65.5×₹24.949.1×₹18.632.7×₹12.416.4×₹6.20.0×₹0.0×22.30×₹6May 17Jun 22Jul 26
P/E
22.2×
60th percentile of 9y

Why the multiple sits where it does: over the past year annual EPS moved +20.9% against a +6.3% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +32.9%/yr price move, ~+30.3%/yr came from earnings growth and ~+2.6 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources do not share enough overlapping reported history to be compared. A figure nobody could check is not used to price growth — the gap is a decision, not missing data.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

03 · Stage: Improving

Stage: Improving Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Aeroflex Enterprises Ltd reads as improving on its fundamental arc. Improving — profit growth bottomed 6 quarters ago at −74.3% and has held its recovery at +36.8% (single-quarter readings), ROCE slipping at 13.0%. The read is built from 10 quarters across 3 curves, on partial evidence.

Three growth curves, twelve quarters Year-on-year growth of trailing-twelve-month revenue (left axis), profit and EPS (right axis — they swing far wider), % at each quarter-end. Where the trailing-twelve-month history is short, the curve falls back to single-quarter year-on-year growth — noisier, and the classifier smooths and caps base-effect spikes before reading. A missing point means that reading is not held for the quarter.
the trajectory the stage is read from
RevenueProfitEPS
44%61%30%21%17%−19%4.1%−59%−9.0%−98%%%24.2%36.8%21.1%Jun 23Sep 24Mar 26
44%61%30%21%17%−19%4.1%−59%−9.0%−98%%%24.2%36.8%21.1%Jun 23Sep 24Mar 26
ROCE Annual readings — the quarterly balance-sheet pieces this curve needs are not held for this stock, so the returns read moves once a year and carries less weight in the call.
the return curve, annual readings
ROCE
17%16%15%14%13%%13%FY23FY24FY26
17%16%15%14%13%%13%FY23FY24FY26
Revenue growth
Steady high
latest +24.2% · span −5.4% to +33.1%
Profit growth
Rising
latest +36.8% · span −74.3% to +50.0%
ROCE
Falling
latest 13.0% · span 13.0%–17.0%

Why it matters: a sustained climb off the trough is the setup this page is built to catch — the question moves to what you pay for it.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

Growth, year by year: revenue +20.8% in FY26, profit +4.9% Year-over-year growth per fiscal year, %: revenue (left axis); net profit and EPS (right axis — profit growth swings far wider). Zero line drawn. Turnaround-year spikes shown pinned (▲).
Revenue YoYProfit YoYEPS YoY
997%331%727%220%457%109%187%0.0%−83%−112%%%20.8%4.9%FY16FY21FY26
997%331%727%220%457%109%187%0.0%−83%−112%%%20.8%4.9%FY16FY21FY26
TTM growth by quarter Trailing-twelve-month growth versus the year-ago TTM, per quarter, %: revenue (left axis); profit and EPS (right axis). The acceleration read compares the last 4 quarters (+20.4%) with the last 8 annualized (+18.1%).
revenue stabilising, profit accelerating
Revenue TTM YoYProfit TTM YoYEPS TTM YoY
28%29%21%0.0%14%−31%6.2%−61%−1.2%−91%%%20.4%4.9%Jun 23Sep 24Mar 26
28%29%21%0.0%14%−31%6.2%−61%−1.2%−91%%%20.4%4.9%Jun 23Sep 24Mar 26
Compound annual growth rate (%) Compound annual growth rate over each window, %. Revenue, profit and EPS from fiscal-year figures; share price is the price CAGR over the same spans. A dash = that window is not held, or the base was a loss.
1yr3yr5yr10yr
Revenue+20.8%+14.4%+27.8%+22.5%
Profit+4.9%+23.6%+56.7%
EPS+20.9%+14.5%+48.7%
Share price+6.3%+4.8%+32.9%+25.0%
Revenue YoY (Mar 26)
+24.2%
latest quarter vs a year ago
Profit YoY (Mar 26)
+36.8%
latest quarter vs a year ago
Revenue 10y
22.5%
long-run compound pace

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

04 · 4-Factor Sector Score

4-Factor Sector Score

59.9/100 — rank 4 of 36 in Miscellaneous · 83% evidence confidence

Aeroflex Enterprises Ltd scores 59.9 out of 100 against the 36 companies it is compared with in Miscellaneous, ranking 4. Price leads the evidence: RS versus the benchmark is 27.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation.

The four contributions add to the total exactly: 16.6 + 16.9 + 8 + 18.4 = 59.9. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

05 · Revenue

Revenue Revenue is the top line: everything the company billed its customers in the period.

Aeroflex Enterprises Ltd reported ₹200 Cr of revenue in the Mar 26 quarter, +24.2% year on year. That is the 7th straight quarter of year-on-year growth. Over 10 years it has compounded at 22.5% a year. The last full year, FY26, came in at ₹698 Cr. The last four reported quarters add to ₹697 Cr.

Aeroflex Enterprises Ltd reported ₹200 Cr of revenue in the Mar 26 quarter, +24.2% year on year. That is the 7th straight quarter of year-on-year growth. Over 10 years it has compounded at 22.5% a year. The last full year, FY26, came in at ₹698 Cr. The last four reported quarters add to ₹697 Cr.

FY26 revenue came in at ₹698 Cr (+20.8% on the year), capping 10 years at 22.5% compound. The latest quarter (Mar 26) printed ₹200 Cr, +24.2% year on year — the 7th consecutive quarter of year-over-year growth.

FY26 revenue ₹698 Cr (+20.8% YoY) Revenue bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
22.5% a year over 10 years
RevenueYoY growth
754997%565727%377457%188187%0−83%₹ Cr%₹69820.8%FY16FY21FY26
754997%565727%377457%188187%0−83%₹ Cr%₹69820.8%FY16FY21FY26
Mar 26: ₹200 Cr (+24.2% YoY) Quarterly revenue bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
7th straight quarter of growth
Revenue (quarterly)YoY growth
21644%16230%10817%544.1%0−9.0%₹ Cr%₹20024.2%Jun 23Sep 24Mar 26
21644%16230%10817%544.1%0−9.0%₹ Cr%₹20024.2%Jun 23Sep 24Mar 26

Pace check: the last four quarters averaged +19.9% growth against the decade's 22.5% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +20.4% over the last 4 quarters against +18.1%/yr over the last 8 — stabilising; TTM profit +4.9% vs −44.3%/yr — accelerating.

→ Revenue grew — did margins hold as it scaled? Next: 18.0% this quarter (+1.0 pp YoY).

06 · Operating margin

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Aeroflex Enterprises Ltd's operating margin is 18.0% in the Mar 26 quarter, +1.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −207.0% to 18.0%. The current quarter sits inside that band.

Aeroflex Enterprises Ltd's operating margin is 18.0% in the Mar 26 quarter, +1.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −207.0% to 18.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 18.0%, +1.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −207.0%–18.0%.

Why the margin moved: operating margin went +0.9 pp year on year while gross margin went +2.4 pp — the gain came mostly from the gross line: input costs and pricing.

FY26: 17.0% Operating margin by fiscal year, %, line (left); year-on-year change in the margin, in percentage points, line (right). 13-year window.
within a −207.0–18.0% band over 13 years
operating marginYoY change (pp)
36%239%−29%123%−95%7.5%−160%−108%−225%−224%%%17%−1%FY14FY20FY26
36%239%−29%123%−95%7.5%−160%−108%−225%−224%%%17%−1%FY14FY20FY26
Mar 26: 18.0% operating margin (+1.0 pp YoY) Quarterly operating margin, %, line (left); year-on-year change in the margin, in percentage points, line (right). Last 12 quarters. Operating profit as a share of revenue, per quarter.
Operating marginYoY change (pp)
21%5.6%19%3.3%17%1.0%14%−1.3%12%−3.6%%%18%1%Jun 23Sep 24Mar 26
21%5.6%19%3.3%17%1.0%14%−1.3%12%−3.6%%%18%1%Jun 23Sep 24Mar 26

→ Margins held — did that reach the bottom line? Next: profit +36.8% in the latest quarter.

07 · Net profit

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Aeroflex Enterprises Ltd earned ₹26.0 Cr of net profit in the Mar 26 quarter, +36.8% year on year. It is the 2nd consecutive quarter of growth. Full-year FY26 profit was ₹85.0 Cr. That is 13.0% of the quarter's revenue. The same quarter a year earlier earned ₹19.0 Cr.

Aeroflex Enterprises Ltd earned ₹26.0 Cr of net profit in the Mar 26 quarter, +36.8% year on year. It is the 2nd consecutive quarter of growth. Full-year FY26 profit was ₹85.0 Cr. That is 13.0% of the quarter's revenue. The same quarter a year earlier earned ₹19.0 Cr.

Mar 26 profit was ₹26.0 Cr, +36.8% year on year — the 2nd consecutive quarter of growth. On the full year, FY26 printed ₹85.0 Cr (+4.9%).

FY26 profit ₹85.0 Cr (+4.9% YoY) Net profit bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
Net profitYoY growth
296556%216385%136214%5643%−24−129%₹ Cr%₹854.9%FY16FY21FY26
296556%216385%136214%5643%−24−129%₹ Cr%₹854.9%FY16FY21FY26
Mar 26: ₹26.0 Cr (+36.8% YoY) Quarterly net profit bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
2nd straight quarter of growth
Net profit (quarterly)YoY growth
18961%14221%95−19%47−59%0−98%₹ Cr%₹2636.8%Jun 23Sep 24Mar 26
18961%14221%95−19%47−59%0−98%₹ Cr%₹2636.8%Jun 23Sep 24Mar 26

Why profit moved: revenue contributed +24.2% and the margin +1.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +4.8% vs revenue +19.9%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

→ Profit rose — but did the cash follow? Next: −20% of the last 3 years' profit arrived as cash.

08 · Cash flow — the router

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years −20% of Aeroflex Enterprises Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹18.0 Cr of operating cash against ₹85.0 Cr of profit. After ₹120 Cr of capital spending, ₹−102 Cr was left as free cash.

FY26: operating cash of ₹18.0 Cr against reported profit of ₹85.0 Cr, leaving free cash of ₹−102 Cr after ₹120 Cr of capital spending. Across the last 3 fiscal years the conversion rate is −20% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

FY26: CFO ₹18.0 Cr vs profit ₹85.0 Cr Operating cash flow and net profit by fiscal year, ₹ Cr; the line is free cash flow (CFO minus capital spending). 11-year window, annual resolution.
−20% of 3-year profit arrived as cash
Operating cashNet profitFree cash
319155−9−172−336₹ Cr₹18₹85₹−102FY16FY21FY26
319155−9−172−336₹ Cr₹18₹85₹−102FY16FY21FY26
FY26: CFO = 21% of profit (three-year rate −20%) Operating cash as a share of net profit, per fiscal year, % (line). Dashed line = 100% — every unit of profit arriving as cash; outlier years shown pinned.
Conversion100%
348%174%0.0%−174%−348%%21%FY16FY21FY26
348%174%0.0%−174%−348%%21%FY16FY21FY26

🚨 Why conversion sits at −20%: the cash cycle stretched 84 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: conversion is below par and the cash cycle has stretched 84 days — the next section's job is to find where the cash is stuck.

→ So follow the cash to where it goes. Next: the 166-day cycle, in money terms.

09 · Where the cash goes

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Aeroflex Enterprises Ltd's cash conversion cycle runs 166 days in FY26, up from 82 days in FY21. Capital spending ran ₹311 Cr over the last 3 years. At FY26 sales of ₹698 Cr each day of that cycle holds about ₹1.9 Cr, so roughly ₹317 Cr sits inside the business at any moment.

FY26: debtors at 112 days, inventory at 149 days — roughly 4.9 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 166 days, looser than FY21's 82.

The full loop: cash goes out to suppliers and production on day 0; stock waits 149 days to sell; customers pay about 112 days after that; and suppliers themselves are paid at 95 days — netting out to the 166-day cycle.

In money terms: at FY26 sales of ₹698 Cr, each day of the cycle holds about ₹1.9 Cr — so the 166-day loop keeps roughly ₹317 Cr sitting inside the business at any moment.

FY26: a 166-day cash cycle Debtor days, inventory days, payable days and the cash conversion cycle by fiscal year. 13-year window.
+84 days vs FY21
Cash cycleInventory daysDebtor daysPayable days
36026216567−31days166d149d112d95dFY14FY17FY20FY23FY26
36026216567−31days166d149d112d95dFY14FY20FY26

On the investment side: capital spending of ₹311 Cr over the last 3 fiscal years against ₹57.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹23.0 Cr (FY26) — capacity paid for but not yet earning.

FY26: capex ₹120 Cr, work-in-progress ₹23.0 Cr Capital spending per fiscal year, ₹ Cr (bars); capital work-in-progress, ₹ Cr (line). Quarterly capital-spending history is not held for India — annual is the honest resolution.
a build-out
CapexWork-in-progress
15811879390₹ Cr₹120₹23FY16FY18FY21FY23FY26
15811879390₹ Cr₹120₹23FY16FY21FY26

The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 13% and the ROIC − WACC spread is −0.8 pp.

10 · Return on capital

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.⚠ unverified

Aeroflex Enterprises Ltd earns a ROCE of 13% in FY26. That is up from a trough of −86% in FY15. Return on invested capital clears the cost of that capital by −0.8 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 12.2% net margin on 0.60× asset turns.

FY26 ROCE is 13%, recovered from a FY15 trough of −86% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): 12.2% net margin × 0.60× asset turns × 1.40× balance-sheet leverage ≈ 10.2% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 11.2% − 12.0% = a −0.8 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

FY26: ROCE 13% Return on capital employed by fiscal year, % (line); ROIC by fiscal year, % (line). 13-year window, dips included. Dashed line = the 12.0% cost of capital used on this page.
the climb back from FY15's −86%
ROCEROIC (annual)WACC
81%36%−8.7%−54%−98%%13%11.9%FY14FY20FY26
81%36%−8.7%−54%−98%%13%11.9%FY14FY20FY26
Q4 FY26: ROCE 11.0% (TTM) vs WACC 12.0% Trailing-twelve-month ROCE and ROIC, per quarter, %; dashed line = the cost of capital. Last 12 quarters, put on a trailing-twelve-month basis and anchored to the annual figure.
ROCE (TTM)ROIC (TTM)WACC
63%49%34%19%4.6%%11%12.2%Q1 FY24Q2 FY25Q4 FY26
63%49%34%19%4.6%%11%12.2%Q1 FY24Q2 FY25Q4 FY26

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.05.

11 · Debt

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.⚠ unverified

Aeroflex Enterprises Ltd carries total debt of ₹41.0 Cr against shareholder equity of ₹962 Cr as of Mar 26, a debt-to-equity of 0.04 — effectively unlevered. On the annual view that ratio went from 0.43 in FY22 to 0.04 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹41.0 Cr against shareholder equity of ₹962 Cr — a debt-to-equity of 0.04. On the annual view, debt-to-equity went from 0.43 (FY22) to 0.04 (FY26). The returns on this page are earned, not borrowed.

FY26: debt ₹41.0 Cr at 0.04× equity Total debt by fiscal year, ₹ Cr (bars); debt-to-equity, × (line). 5-year window.
Total debtDebt-to-equity
1130.5×850.3×570.2×280.1×00.0×₹ Cr×₹410.04×FY22FY24FY26
1130.5×850.3×570.2×280.1×00.0×₹ Cr×₹410.04×FY22FY24FY26
Mar 26: debt ₹41.0 Cr, debt-to-equity 0.04 Total debt per quarter, ₹ Cr (bars); debt-to-equity, × (line). Last 12 quarters. India reports the full balance sheet half-yearly, so the intervening quarter carries the prior reading forward.
Total debt (quarterly)Debt-to-equity
1130.4×850.3×570.2×280.1×00.0×₹ Cr×₹410.04×Jun 23Sep 24Mar 26
1130.4×850.3×570.2×280.1×00.0×₹ Cr×₹410.04×Jun 23Sep 24Mar 26

→ Who owns this, and are they adding or leaving? Next: the register is quiet.

12 · Ownership

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of Aeroflex Enterprises Ltd moved a full percentage point over the last two years — the register is quiet. Foreign institutions moved +0.1 points over the same window, to 1.3%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: +0.7 points over 8 quarters to 52.3%; Foreign institutions: +0.1 points over 8 quarters to 1.3%; Domestic institutions: −0.1 points over 8 quarters to 0.1%.

Fiscal-year ends: promoters +0.0 pts from Mar 24 to Mar 26 Shareholding at each fiscal-year end (March quarter), % of the company. 3 year-ends held.
PromotersForeign inst.Domestic inst.Public
56%41%26%11%−4.1%%51.6%0.5%0.1%47.8%Mar 24Mar 25Mar 26
56%41%26%11%−4.1%%51.6%0.5%0.1%47.8%Mar 24Mar 25Mar 26
A quiet register: no holder moved a full point in two years Shareholding by holder class, % of the company, quarterly, last 13 quarters.
PromotersForeign inst.Domestic inst.Public
56%41%26%11%−4.2%%52.3%1.3%0.1%46.4%Jun 23Dec 24Jun 26
56%41%26%11%−4.2%%52.3%1.3%0.1%46.4%Jun 23Dec 24Jun 26

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

13 · Safety line

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Aeroflex Enterprises Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Related companies · same sector · Miscellaneous Every company is compared on the shape of its own curves, not static ratios. The Revenue, EPS and ROCE columns each draw that company's last 12 quarters as a mini line of the ACTUAL level (trailing-twelve-month revenue and EPS, and the ROCE itself) — so a line that climbs is a business getting bigger, a line that sinks is one shrinking. The colour tracks the same line: green when it is rising or steadily healthy, amber when it is rolling over from a high (still elevated but turning down), red when it is falling, grey when flat or stuck. Colour and direction always agree — a green line never points down. The ROCE curve is the return on capital (annual readings for peers, so a slightly coarser line than the quarterly one at the top of this page). The Stage column then runs the same 12-quarter trajectory classifier used at the top of the page on each company and names where it sits. What lands a company in each bucket: CONSISTENT — growth stays positive across the window and returns are healthy (ROCE ≥ 15%, or ROE ≥ 12% for lenders); IMPROVING — profit or EPS fell into real decline, bottomed a few quarters back, and has climbed back to positive and held there; TURNING AROUND — the same kind of trough but more recent, with the latest quarters just lifting off it (an early, unconfirmed turn); TOPPING OUT — growth is still positive but decelerating hard from its own peak while returns have stopped rising; DETERIORATING — two or more growth curves are shrinking (latest below zero) and staying there, not one soft quarter; MIXED — the curves genuinely disagree, or no clean majority, so no single word fits; NO READ — fewer than eight usable quarters. It is a like-for-like read of every company against its own past, not a ranking against the group.
CompanyP/EMkt capRevenueEPSROCEStage
Aeroflex Enterprises Ltd this page22.2×₹1,441 CrImproving
GMR Airports Ltd544.0×₹1.1L CrNo read
Aegis Vopak Terminals Ltd104.0×₹32,424 CrNo read
Sagility Ltd18.4×₹18,922 CrMixed
Central Mine Planning & Design Institute Ltd27.1×₹17,738 Cr
Embassy Developments Ltd₹8,512 CrNo read
Inox Green Energy Services Ltd74.6×₹7,703 CrMixed
RattanIndia Enterprises Ltd₹4,368 CrNo read
Kaveri Seed Company Ltd14.5×₹4,298 CrNo read
Indiqube Spaces Ltd₹3,844 CrNo read
TruAlt Bioenergy Ltd38.3×₹3,678 CrNo read
Anzen India Energy Yield Plus Trust₹3,324 CrNo read
Eveready Industries India Ltd25.9×₹2,595 CrNo read
Shipping Corporation of India Land & Assets Ltd66.8×₹1,925 CrTurning around
Jai Corp Ltd10.3×₹1,761 CrMixed
Delta Corp Ltd18.9×₹1,687 CrDeteriorating
TCC Concept Ltd20.5×₹1,293 CrMixed
Gulshan Polyols Ltd28.5×₹1,217 CrImproving
Unitech Ltd₹1,146 CrNo read
Jindal Photo Ltd₹1,104 CrNo read
GKW Ltd₹980 CrDeteriorating
Shree Vasu Logistics Ltd154.0×₹888 Cr
IIRM Holdings India Ltd36.3×₹886 CrNo read
Stanley Lifestyles Ltd61.4×₹879 CrDeteriorating
Parin Enterprises Ltd125.0×₹810 CrMixed
FlySBS Aviation Ltd13.3×₹807 Cr
Exhicon Events Media Solutions Ltd19.6×₹799 CrNo read
Tandhan Industries Ltd₹746 CrNo read
Exhicon Events Media Solutions Ltd19.7×₹731 CrNo read
Prozone Realty Ltd62.5×₹668 CrNo read
Aqylon Nexus Ltd₹666 CrNo read
Take Solutions Ltd3,222.0×₹644 CrNo read
Aqylon Nexus Ltd₹639 CrNo read
Maagh Advertising & Marketing Services Ltd₹572 CrNo read
IIRM Holdings India Ltd28.4×₹569 CrNo read
Shree Rama Newsprint Ltd₹532 CrNo read
Global Education Ltd19.6×₹519 CrTurning around
Qualitek Labs Ltd35.0×₹513 Cr
R K Swamy Ltd21.0×₹512 CrNo read
12 · Frequently asked questions

Frequently asked questions

What is Aeroflex Enterprises Ltd's share price today?

Aeroflex Enterprises Ltd trades at ₹118, +6.3% over the past year. The company is valued at ₹1,441 Cr. The stock sits at 70% of its 52-week range of ₹67–₹140, +21.4% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 9 weeks in. — as of 24 July 2026.

What were Aeroflex Enterprises Ltd's latest quarterly results?

Aeroflex Enterprises Ltd reported revenue of ₹200 Cr and net profit of ₹26.0 Cr for the Mar 26 quarter. Revenue rose 24.2% and profit rose 36.8% year on year. Earnings per share were ₹2.12. The operating margin was 18.0%, 1.0 pp higher than a year earlier. — as of 24 July 2026.

What is Aeroflex Enterprises Ltd's revenue?

Aeroflex Enterprises Ltd reported revenue of ₹200 Cr in the Mar 26 quarter, +24.2% year on year. For the full FY26 fiscal year, revenue was ₹698 Cr (+20.8%). Over the last 10 years revenue compounded at 22.5% a year. — as of 24 July 2026.

What is Aeroflex Enterprises Ltd's profit?

Aeroflex Enterprises Ltd earned ₹26.0 Cr of net profit in the Mar 26 quarter, +36.8% year on year — the 2nd straight quarter of growth. Full-year FY26 profit was ₹85.0 Cr. The operating margin ran 18.0% in the latest quarter. — as of 24 July 2026.

What is Aeroflex Enterprises Ltd's market cap?

Aeroflex Enterprises Ltd's market capitalisation is ₹1,441 Cr at a share price of ₹118. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.

What is Aeroflex Enterprises Ltd's P/E ratio?

Aeroflex Enterprises Ltd trades at a P/E of 22.2×, at the 60th percentile of its own 9-year range, against a long-run median of 20.3×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.

Does Aeroflex Enterprises Ltd pay a dividend?

Not in its latest year — Aeroflex Enterprises Ltd's dividend payout was 0% of profit in FY26. It did record a payout in 7 of its last 13 reported fiscal years, so there is a history but no current dividend. This page holds the payout ratio, not a per-share amount. — as of 24 July 2026.

Is Aeroflex Enterprises Ltd overvalued?

On its own history, Aeroflex Enterprises Ltd looks mid-range against its own history: its P/E of 22.2× sits at the 60th percentile of its 9-year range (long-run median 20.3×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 24 July 2026.

Is Aeroflex Enterprises Ltd growing?

Yes — Aeroflex Enterprises Ltd is growing: latest-quarter revenue +24.2% year on year, profit +36.8%, and the margin +1.0 pp at 18.0%. The earnings engine currently reads: improving — as of 24 July 2026.

How is Aeroflex Enterprises Ltd performing?

Aeroflex Enterprises Ltd is in a confirmed uptrend, 9 weeks in. Its latest quarter's revenue rose 24.2% and profit rose 36.8% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 21 weeks. This describes what the data did, not a rating. — as of 24 July 2026.

What stage is Aeroflex Enterprises Ltd in?

Improving — profit growth bottomed 6 quarters ago at −74.3% and has held its recovery at +36.8% (single-quarter readings), ROCE slipping at 13.0%. The read comes from the last 12 quarters of growth (revenue growth +24.2% latest, profit growth +36.8% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.

Is Aeroflex Enterprises Ltd in an uptrend?

Yes — the price is in a confirmed uptrend (week 9 of stage 2), trading +21.4% versus its 200-day average and at 70% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.

Is Aeroflex Enterprises Ltd beating the market?

On recent form, yes — Aeroflex Enterprises Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 21 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.3 years the stock moved +1,179% against the NIFTY 500's +274% — ahead of the index over the full window. — as of 24 July 2026.

Will Aeroflex Enterprises Ltd's share price go up?

This page publishes no price forecast for Aeroflex Enterprises Ltd. What it measures instead: the share price is ₹118, the price is in a confirmed uptrend 9 weeks in. Its P/E of 22.2× sits at the 60th percentile of its own 9-year range. — as of 24 July 2026.

Who owns Aeroflex Enterprises Ltd?

Promoters hold 52.3% of Aeroflex Enterprises Ltd, foreign institutions 1.3%, domestic institutions 0.1% and the public 46.4% (latest quarter). No holder moved a full point over the last two years — the register is quiet. — as of 24 July 2026.

Does Aeroflex Enterprises Ltd have too much debt?

No — Aeroflex Enterprises Ltd's debt-to-equity is 0.05, and operating profit covers the interest bill 24×. FY26 borrowings were ₹41.0 Cr against equity of ₹827 Cr. The returns on this page are earned, not borrowed — as of 24 July 2026.

What is Aeroflex Enterprises Ltd's capex?

Aeroflex Enterprises Ltd spent ₹311 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹120 Cr, with ₹23.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.

What is Aeroflex Enterprises Ltd's cash flow?

Aeroflex Enterprises Ltd generated ₹18.0 Cr of operating cash flow in FY26 and ₹−102 Cr of free cash flow after ₹120 Cr of capital spending. Reported profit that year was ₹85.0 Cr, so operating cash ran behind profit. Cash-flow resolution for India is annual. — as of 24 July 2026.

Is Aeroflex Enterprises Ltd's profit real cash?

Not fully — over the last 3 fiscal years, −20% of Aeroflex Enterprises Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹18.0 Cr against reported profit of ₹85.0 Cr. The cash then goes mostly into the working-capital cycle. Cash-flow resolution is annual — as of 24 July 2026.

Where is Aeroflex Enterprises Ltd in its business cycle?

Aeroflex Enterprises Ltd's FY26 operating margin was 17.0%, against a 13-year band of −207.0%–18.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 18.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.

What could break the Aeroflex Enterprises Ltd story?

The sharpest disagreement: profits are rising, but only −20% of the last 3 years' profit arrived as operating cash — the gap between the P&L and the bank account is the thing to watch. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.

Is Aeroflex Enterprises Ltd a stock worth studying right now?

This is not investment advice. The machine read: Aeroflex Enterprises Ltd's earnings have outrun its stock. EPS grew +20.9% in a year against a +6.3% price move. The sharpest open question: whether the cash starts following the profit. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.

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