Sector Alpha Week of 2026-08-14
Sector Alpha — machine-written from the numbers · Data as of 2026-08-14

Aeroflex Enterprises Ltd

AEROENTER
Miscellaneous

Aeroflex Enterprises Ltd is coiled. The quarters are improving, yet the P/E sits at the 11th percentile of its own 9-year range — the business is moving before the market.

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 (13 weeks in) while the P/E sits at the 11th percentile of its own 9-year range. Underneath, the last four quarters read improving — profit +635.7% 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
₹128
+35.4% 1Y
P/E
9.5×
11th pctile
of its own 9-year range
Revenue (Jun 26)
₹189 Cr
+41.0% YoY
Profit (Jun 26)
₹103 Cr
+635.7% YoY
Operating margin
9.0%
−5.0 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 ₹128, in a confirmed uptrend and 13 weeks into that stage. That is +25.6% against its own 200-day average. It sits at 84% 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 25 straight weeks.

Today the stock is in a confirmed uptrend — week 13 of stage 2, confirmed. At ₹128 it trades +25.6% versus its 200-day average and sits at 84% of its 52-week range (₹67–₹140).

Aug 26: ₹128 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.
+25.6% versus the 200-day line, week 13 of stage 2
Price50-day avg200-day avg
S2S4S2S4S4S2₹151₹128₹106₹83.1₹60.4₹128₹102Aug 23May 24Feb 25Dec 25Aug 26
S2S4S2S4S4S2₹151₹128₹106₹83.1₹60.4₹128₹102Aug 23Feb 25Aug 26
Beating or trailing, week by week since 2016 Each cell is one week from 2016 to now (551 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 16Aug 26

Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +1,292% while the NIFTY 500 moved +278% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 25 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.

02 · Story check

Story check

Aeroflex Enterprises Ltd's story is not scored yet against the markers our research file set on 31 May 2026. Where it sits in its own cycle: Not stated in the research file. Our fortnightly research layers last read it on 19 July 2026.

NOT YET CHECKED

Our read, 31 May 2026. A specialised hose exporter pivoting to AI data-centre thermal management — the skid assembly vertical is early-stage but the TAM is real and the core business is still accelerating.

What is proven. A specialised hose exporter pivoting to AI data-centre thermal management — the skid assembly vertical is early-stage but the TAM is real and the core business is still accelerating.

What is not proven yet. Design responsibility shift from principal to Aeroflex caused delivery of Rs 21.2 Cr vs Rs 45 Cr communicated pipeline per; execution of 15,000 TPM target and 60-75% utilisation by March 2027 remains unverified.

Layer 1 read, 19 July 2026 — KEEP. Cheap, compressing multiple on a genuinely accelerating exporter — but the cash isn't converting yet. Revenue climbed from Rs 134cr to Rs 200cr and quarterly profit from Rs 14cr to Rs 26cr in four quarters at a de-rated PE of ~20. The catch is that three years of profit have produced negative operating cash as working capital swells with the scale-up, and the exciting AI data-centre vertical is still tiny and has already been re-scoped once (Hydair expansion abandoned).

What would change Layer 1’s mind. A quarter where operating cash flow turns clearly positive as receivables/inventory normalize would push toward P1; continued WC bloat with OCF negative, or the skid/liquid-cooling vertical stalling (single-customer concentration), would break the accelerating-cheap-compounder case.

Layer 2 read, 19 July 2026 — BENCH. Real earnings acceleration, but three years of negative operating cash flow keeps it on the bench, not in the book. Profit is genuinely inflecting — margins climbed from 14% to 20% and quarterly profit rose from Rs 14cr to Rs 26cr through FY26. But over three years the company has produced negative Rs 88cr of operating cash against Rs 440cr of reported profit, working capital has ballooned to 203 days, and the May-2026 concall never addressed the cash gap. That is exactly the pattern the fund's Working Capital Growth Governor model says to bench, so it stays P2 without an ADVANCE.

What would change Layer 2’s mind. One-to-two clean quarters where operating cash flow tracks PAT (OCF/PAT toward ~1.0) as working-capital days normalise below ~160, with management explicitly explaining the inventory build reverses — that would flip BENCH to ADVANCE.

The test written in advance. Skid Assembly Design and Audit Bottleneck — Skid Assembly Design and Audit Bottleneck by the next result.

The test written in advance. Repeated Guidance Inconsistency Pattern — Repeated Guidance Inconsistency Pattern Any further undisclosed pivot or delivery shortfall within 2 quarters would require DROP review. by the next result.

The test written in advance. Single-Customer Concentration in Skid Vertical — Single-Customer Concentration in Skid Vertical by the next result.

The dials — and the exact level that would change the read
DialNowWasWhy it mattersWatch line
Data-Centre Liquid Cooling Skid Assembly…HIGH617 units in 4 months generated Rs 21.2 Cr per; at 15,000 TPM × 75% utilisation × Rs 3-3.25 L ASP, the vertical targets Rs…Monthly skid throughput below 60% of 15,000 TPM target by December 2026 would falsify the Rs 325-350 Cr revenue potential.
Core Hose Assembly Export RecoveryMEDIUM_HIGHBase business ex-skids guided 15-20% FY27 growth per; US customer at 25-26% of sales continued growing in absolute terms per; EU…Monthly skid throughput below 60% of 15,000 TPM target by December 2026 would falsify the Rs 325-350 Cr revenue potential.
Metal Bellows Scaling into High-Margin…MEDIUMFY26 Rs 8 Cr revenue; exit ARR Rs 12 Cr; peak potential Rs 80 Cr at 85% utilisation over 2-3 years per; identified as…Monthly skid throughput below 60% of 15,000 TPM target by December 2026 would falsify the Rs 325-350 Cr revenue potential.
Everything further down this page is evidence for or against these.
1 · Operating leverageBUILDING
2 · Value-added mixBUILDING
3 · Management changeQUIET
4 · Paying down debtBUILDING
5 · Regulatory approvalQUIET
6 · Order-book winsQUIET
7 · ConsolidationQUIET
8 · Demerger or value unlockQUIET
9 · BuybackQUIET
10 · New geographiesQUIET
11 · Selling more to existing customersQUIET
12 · New product launchQUIET
13 · Mandatory normsQUIET
14 · A bigger market to sell intoQUIET
15 · Market-share gainsQUIET
16 · Asset qualityQUIET

Lever 1 · Operating leverage — BUILDING. 617 units in 4 months generated Rs 21.2 Cr per; at 15,000 TPM × 75% utilisation × Rs 3-3.25 L ASP, the vertical targets Rs 325-350 Cr per — vs FY26 consolidated revenue of Rs 698 Cr. What proves it keeps working: Data-Centre Liquid Cooling Skid Assembly Ramp. It stops working if Monthly skid throughput below 60% of 15,000 TPM target by December 2026 would falsify the Rs 325-350 Cr revenue potential.

Lever 2 · Value-added mix — BUILDING. Base business ex-skids guided 15-20% FY27 growth per; US customer at 25-26% of sales continued growing in absolute terms per; EU FTA removes competitive disadvantage vs Turkish manufacturers. What proves it keeps working: Core Hose Assembly Export Recovery. It stops working if Monthly skid throughput below 60% of 15,000 TPM target by December 2026 would falsify the Rs 325-350 Cr revenue potential.

Lever 4 · Paying down debt — BUILDING. FY26 Rs 8 Cr revenue; exit ARR Rs 12 Cr; peak potential Rs 80 Cr at 85% utilisation over 2-3 years per; identified as highest-margin segment with aerospace, AI infrastructure, data-centre applications. What proves it keeps working: Metal Bellows Scaling into High-Margin Applications. It stops working if Monthly skid throughput below 60% of 15,000 TPM target by December 2026 would falsify the Rs 325-350 Cr revenue potential.

Sources: our stock research file (31 May 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

The whole page in one table — every row jumps to its section
SectionWhere it is nowVs a year agoThe one thing to watch nextRead
Margin18%Data-Centre Liquid Cooling Skid Assembly Ramp
Debtsee the sectionMetal Bellows Scaling into High-Margin Applications
03 · Revenue

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

Aeroflex Enterprises Ltd reported ₹189 Cr of revenue in the Jun 26 quarter, +41.0% year on year. That is the 8th 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 ₹752 Cr.

FY26 revenue came in at ₹698 Cr (+20.8% on the year), capping 10 years at 22.5% compound. The latest quarter (Jun 26) printed ₹189 Cr, +41.0% year on year — the 8th 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
Jun 26: ₹189 Cr (+41.0% 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.
8th straight quarter of growth
Revenue (quarterly)YoY growth
21645%16231%10818%544.3%0−9.1%₹ Cr%₹18941%Sep 23Dec 24Jun 26
21645%16231%10818%544.3%0−9.1%₹ Cr%₹18941%Sep 23Dec 24Jun 26

Pace check: the last four quarters averaged +27.9% growth against the decade's 22.5% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +27.5% over the last 4 quarters against +23.5%/yr over the last 8 — accelerating; TTM profit +126.0% vs −11.5%/yr — accelerating.

FY26-Q4. revenue ₹200 Cr and profit ₹26 Cr as reported.

FY27-Q1. revenue ₹189 Cr and profit ₹103 Cr as reported.

Why-sources: our stock research file (31 May 2026) and the company’s own results for those quarters.

04 · 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 9.0% in the Jun 26 quarter, −5.0 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.

Why this happened. Aeroflex launched skid assembly supply for data-centre liquid cooling in Q3 FY26 through an exclusive domestic contract with a large US principal per. FY26 delivered 617 units and Rs 21.2 Cr per. Capacity scaled from 2,000 to 6,000 units and targets 15,000 TPM by Q1 FY27 with March 2027 month-end utilisation of 60-75% per. Design finalisation bottleneck (design responsibility shifted from principal to Aeroflex's internal team per) is the current pace constraint. Management expects resolution within coming months.

The latest quarter's operating margin is 9.0%, −5.0 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 −4.4 pp year on year while gross margin went +4.1 pp — the loss 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%7.6%−160%−108%−225%−224%%%17%−1%FY14FY20FY26
36%239%−29%123%−95%7.6%−160%−108%−225%−224%%%17%−1%FY14FY20FY26
Jun 26: 9.0% operating margin (−5.0 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%5.8%18%2.9%15%0.0%11%−2.9%8.1%−5.8%%%9%−5%Sep 23Dec 24Jun 26
21%5.8%18%2.9%15%0.0%11%−2.9%8.1%−5.8%%%9%−5%Sep 23Dec 24Jun 26

FY26-Q4. revenue ₹200 Cr and profit ₹26 Cr as reported.

FY27-Q1. revenue ₹189 Cr and profit ₹103 Cr as reported.

Why-sources: our stock research file (31 May 2026) and the company’s own results for those quarters.

Watch next
MetricData-Centre Liquid Cooling Skid Assembly Ramp
ThresholdMonthly skid throughput below 60% of 15,000 TPM target by December 2026 would falsify the Rs 325-350 Cr revenue potential.
Which resultthe next result
05 · 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 ₹103 Cr of net profit in the Jun 26 quarter, +635.7% year on year. It is the 3rd consecutive quarter of growth. Full-year FY26 profit was ₹85.0 Cr. That is 54.5% of the quarter's revenue. The same quarter a year earlier earned ₹14.0 Cr.

Jun 26 profit was ₹103 Cr, +635.7% year on year — the 3rd 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
Jun 26: ₹103 Cr (+635.7% 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.
3rd straight quarter of growth
Net profit (quarterly)YoY growth
189694%142484%95274%4764%0−145%₹ Cr%₹103635.7%Sep 23Dec 24Jun 26
189694%142484%95274%4764%0−145%₹ Cr%₹103635.7%Sep 23Dec 24Jun 26

Why profit moved: revenue contributed +41.0% and the margin −5.0 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit +169.3% vs revenue +27.9%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

FY26-Q4. revenue ₹200 Cr and profit ₹26 Cr as reported.

FY27-Q1. revenue ₹189 Cr and profit ₹103 Cr as reported.

Why-sources: our stock research file (31 May 2026) and the company’s own results for those quarters.

06 · 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.

07 · 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.

08 · 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
09 · 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.

Why this happened. Metal bellows generated Rs 8 Cr in FY26 per, targeting 50-60% capacity utilisation over next 2-3 years per. Margins are the highest in the portfolio per. Large OEM inquiries in pipeline. Bellows capex was rationalised from Rs 23 Cr to Rs 7.5 Cr to reduce gestation risk per.

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
Watch next
MetricMetal Bellows Scaling into High-Margin Applications
ThresholdMonthly skid throughput below 60% of 15,000 TPM target by December 2026 would falsify the Rs 325-350 Cr revenue potential.
Which resultthe next result
10 · 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
11 · 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.

12 · 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 9.5× P/E, near the bottom of its own range — cheaper only 11% of the time. Its long-run median P/E is 20.4×, 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 9.5× is near the bottom of its own range — cheaper only 11% of the time, against a long-run median of 20.4× 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 9.5× vs a 20.4× 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.
near the bottom of its own range — cheaper only 11% of the time
P/EMedianEPS (TTM) (quarterly)
65.7×₹24.949.3×₹18.632.8×₹12.416.4×₹6.20.0×₹0.0×9.50×₹14May 17Jul 19Jul 22Aug 24Aug 26
65.7×₹24.949.3×₹18.632.8×₹12.416.4×₹6.20.0×₹0.0×9.50×₹14May 17Jul 22Aug 26
P/E
9.5×
11th percentile of 9y

Why the multiple sits where it does: over the past year annual EPS moved +20.9% against a +35.4% price move — the price outran earnings, pushing the multiple UP its own range.

The price move, decomposed: over 5y, of the +31.3%/yr price move, ~+54.7%/yr came from earnings growth and ~−23.4 pp from the multiple (compressing). 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 low 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.

13 · 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 — EPS growth bottomed 7 quarters ago at −82.3% and has held its recovery at +200.7%, ROCE slipping at 13.0%. The read is built from 8 quarters across 4 curves, on partial evidence.

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
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. A missing point means that reading is not held for the quarter.
the trajectory the stage is read from · revenue accelerating, profit accelerating
RevenueProfitEPS
30%223%22%141%14%59%6.4%−23%−1.3%−105%%%27.5%126%200.7%Sep 23Dec 24Jun 26
30%223%22%141%14%59%6.4%−23%−1.3%−105%%%27.5%126%200.7%Sep 23Dec 24Jun 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 +27.5% · span +0.8% to +27.5%
Profit growth
Rising
latest +126.0% · span −74.1% to +126.0%
EPS growth
Rising
latest +200.7% · span −82.3% to +200.7%
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.

The latest quarter’s profit carries a one-off item larger than the operating base, so the profit curve is shown but does not vote in 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.

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+35.4%+1.9%+31.3%+25.6%
Revenue YoY (Jun 26)
+41.0%
latest quarter vs a year ago
Profit YoY (Jun 26)
+635.7%
latest quarter vs a year ago
Revenue 10y
22.5%
long-run compound pace
14 · 4-Factor Sector Score

4-Factor Sector Score

62.5/100 — rank 5 of 36 in Miscellaneous · 87% evidence confidence

Aeroflex Enterprises Ltd scores 62.5 out of 100 against the 36 companies it is compared with in Miscellaneous, ranking 5. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 19.7 + 14.7 + 8.9 + 19.2 = 62.5. 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.

15 · Said versus delivered

Said versus delivered

What Aeroflex Enterprises Ltd's management promised, set against what actually arrived — 4 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.

Hydair Capacity Expansion Plans Silently Abandoned · 6 May 2026. In both prior calls, management explicitly committed to an imminent Hydair capacity expansion announcement, stating in Oct 2025 it would come very soon and in Jan 2026 that details would be shared in due course of time. In the May 2026 call, when the same analyst directly asked whether any capex was planned for Hydair, management gave no mention of expansion and instead repositioned Hydair entirely as an internal manufacturing unit, while Hydair utilization simultaneously declined from approximately 70% in Jan 2026 to 60% in May 2026, contradicting the external scaling narrative maintained across both prior calls.

🚨 Skid Assembly Execution Bottleneck Not Previously Disclosed · 6 May 2026. In the Jan 2026 call, management presented an INR45 crore near-term skid assembly pipeline as already committed and scheduled for dispatch by the principal partner, with no mention of any design dependency or operational risk that could impede execution. The May 2026 call revealed a previously undisclosed structural bottleneck - that design responsibility originally held by the principal had shifted to Aeroflex's internal team - causing material execution delays. Actual skid sales over the four months of operation totaled only approximately INR21.2 crores, well below the INR45 crore pipeline presented in Jan 2026 as ready for scheduled execution.

🚨 Skid Assembly Margin Characterization Downgraded Without Explanation · 6 May 2026. In the Jan 2026 call, management explicitly described skid assembly margins as better than hose margins and in line with the higher-margin assemblies segment, placing them above the overall company average. In the May 2026 call, without any explanation, the same margins are characterized only as being in line with the average margins of the company - a meaningful step down since the company average is pulled down by lower-margin hose products. Given that management is guiding skid assemblies to scale from 5% of FY26 revenue to 20-22% of FY27 revenue, this unexplained repositioning of margin expectations has a direct and material impact on forward earnings projections.

Capex and Capacity Rationalization · 29 January 2026. In the October 2025 call, management confirmed the expansion for miniature metal bellows was ongoing with a planned capex of INR 23 crores and capacity of 240,000 pieces. However, in the January 2026 call, they abruptly slashed this plan, revising the outlay down to INR 7.5 crores and capacity to 60,000 pieces (a 75% reduction), citing a need to reduce gestation risk. Earlier call (Oct 2025): “The planned capex... was INR23 crores for the miniature metal bellows... The miniature one that we are doing is about 240,000 pieces per annum. We are ongoing with our expansion.” Later call (Jan 2026): “We have decided to rationalize the capital expenditure for the miniature metal bellows project. The planned outlay has been revised from 23 crores to 7.5 crores... capacity... revised from 240,000 pieces per annum to 60,000 pieces per annum.”

Every quote above is taken word for word from the company’s own earnings calls.

16 · Related companies · Miscellaneous
CompanyScorePrice stageGrowth & earnings/35Capital efficiency/25Valuation/20Relative strength/20
1Gulshan Polyols LtdGULPOLY 74.3/100Favorable setup87% evidence ASLEEP 27.5/35 Revenue 9.4% · PAT 100% · OPM change 7 pp 95% evidence 19.1/25 ROCE 18.3% · OPM 13% 95% evidence 13.1/20 P/E 8× · PEG — 50% evidence 14.6/20 RS sector 13.6% · RS bench 12.7% · 1Y 8.5%8 of 12 weeks ahead 100% evidence
Exact sum: 27.5 + 19.1 + 13.1 + 14.6 = 74.3 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2Sagility LtdSAGILITY 66.2/100Favorable setup87% evidence BASING 24.7/35 Revenue 29.4% · PAT 49.3% · OPM change 0 pp 100% evidence 15.8/25 ROCE 13.4% · OPM 22% 100% evidence 13.9/20 P/E 19.3× · PEG 1.02 65% evidence 11.8/20 RS sector 7.2% · RS bench -7.7% · 1Y -6.4%0 of 10 weeks ahead 70% evidence
Exact sum: 24.7 + 15.8 + 13.9 + 11.8 = 66.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3IIRM Holdings India Ltd526530 64.4/100Mixed-positive evidence75% evidence LEADER 16.3/35 Revenue 14.9% · PAT 12.7% · OPM change 1.1 pp 95% evidence 19.0/25 ROCE 20.4% · OPM 24.6% 76% evidence 9.8/20 P/E 37.2× · PEG — 15% evidence 19.3/20 RS sector 40% · RS bench 38.6% · 1Y 71.7%12 of 12 weeks ahead 100% evidence
Exact sum: 16.3 + 19 + 9.8 + 19.3 = 64.4 · Decision use: Price leads the evidence: RS versus the benchmark is 38.6%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
4Exhicon Events Media Solutions Ltd543895 63.4/100Thin evidence · provisional60% evidence ASLEEP 19.0/35 Revenue 100% · PAT 100% · OPM change 0 pp 48% evidence 20.1/25 ROCE 29.5% · OPM 28% 76% evidence 13.2/20 P/E 18.8× · PEG — 50% evidence 11.1/20 RS sector 2.2% · RS bench -3.2% · 1Y -4.9%0 of 10 weeks ahead 70% evidence
Exact sum: 19 + 20.1 + 13.2 + 11.1 = 63.4 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
5Aeroflex Enterprises Ltdthis pageAEROENTER 62.5/100Mixed-positive evidence87% evidence LEADER 19.7/35 Revenue 27.5% · PAT 100% · OPM change -5 pp 95% evidence 14.7/25 ROCE 12.6% · OPM 9% 95% evidence 8.9/20 P/E 9.5× · PEG — 50% evidence 19.2/20 RS sector 36.3% · RS bench 34.8% · 1Y 32.4%12 of 12 weeks ahead 100% evidence
Exact sum: 19.7 + 14.7 + 8.9 + 19.2 = 62.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6Take Solutions LtdTAKE 58.7/100Thin evidence · provisional57% evidence 24.7/35 Revenue — · PAT 100% · OPM change 2932.2 pp 57% evidence 8.5/25 ROCE 11.2% · OPM — 80% evidence 8.5/20 P/E 3222× · PEG — 15% evidence 17.0/20 RS sector 71.1% · RS bench 71.4% · 1Y 384%11 of 12 weeks ahead to 2026-05-03 70% evidence
Exact sum: 24.7 + 8.5 + 8.5 + 17 = 58.7 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
7Global Education LtdGLOBAL 57.8/100Mixed-positive evidence80% evidence ASLEEP 14.2/35 Revenue 28.2% · PAT 3.3% · OPM change 0.3 pp 95% evidence 19.8/25 ROCE 29.2% · OPM 41% 95% evidence 10.3/20 P/E 20.8× · PEG — 15% evidence 13.5/20 RS sector 16.7% · RS bench 16% · 1Y 63%0 of 12 weeks ahead 100% evidence
Exact sum: 14.2 + 19.8 + 10.3 + 13.5 = 57.8 · Decision use: Price leads the evidence: RS versus the benchmark is 16%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
8GMR Airports LtdGMRAIRPORT 56.6/100Mixed-positive evidence74% evidence FADING 22.7/35 Revenue 38.8% · PAT 100% · OPM change 1 pp 74% evidence 11.3/25 ROCE 11.6% · OPM 37% 100% evidence 8.7/20 P/E 191× · PEG — 15% evidence 13.9/20 RS sector 2.6% · RS bench 1.9% · 1Y 14.3%8 of 12 weeks ahead 100% evidence
Exact sum: 22.7 + 11.3 + 8.7 + 13.9 = 56.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9R K Swamy LtdRKSWAMY 56.5/100Mixed-positive evidence65% evidence FADING 22.5/35 Revenue 14.3% · PAT 17.3% · OPM change 2.6 pp 95% evidence 15.3/25 ROCE 12.3% · OPM 10.4% 95% evidence 10.4/20 P/E 19.5× · PEG — 15% evidence 8.3/20 RS sector — · RS bench -16.7% · 1Y —4 of 5 weeks ahead 25% evidence
Exact sum: 22.5 + 15.3 + 10.4 + 8.3 = 56.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10Aegis Vopak Terminals LtdAEGISVOPAK 56.1/100Mixed-positive evidence60% evidence BREAKING OUT 21.9/35 Revenue 25.9% · PAT 40.9% · OPM change 2 pp 95% evidence 13.2/25 ROCE 7.6% · OPM 77% 76% evidence 9.2/20 P/E 110× · PEG — 15% evidence 11.8/20 RS sector — · RS bench 12% · 1Y 9%7 of 10 weeks ahead 25% evidence
Exact sum: 21.9 + 13.2 + 9.2 + 11.8 = 56.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11Inox Green Energy Services LtdINOXGREEN 54.1/100Mixed-positive evidence75% evidence FADING 22.2/35 Revenue 16.5% · PAT 100% · OPM change -13.2 pp 95% evidence 9.1/25 ROCE 8.4% · OPM -2.2% 76% evidence 9.6/20 P/E 61.3× · PEG — 15% evidence 13.2/20 RS sector 0.5% · RS bench -0.3% · 1Y 24.2%8 of 12 weeks ahead 100% evidence
Exact sum: 22.2 + 9.1 + 9.6 + 13.2 = 54.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12Parin Enterprises LtdPARIN 53.7/100Mixed-positive evidence63% evidence BREAKING OUT 19.4/35 Revenue 100% · PAT 100% · OPM change -3 pp 48% evidence 11.6/25 ROCE 10.8% · OPM 9% 95% evidence 8.8/20 P/E 124× · PEG — 15% evidence 13.9/20 RS sector 15.7% · RS bench 15% · 1Y 76.3%9 of 12 weeks ahead 100% evidence
Exact sum: 19.4 + 11.6 + 8.8 + 13.9 = 53.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13Anzen India Energy Yield Plus TrustANZEN 50.5/100Mixed-positive evidence60% evidence FADING 20.7/35 Revenue 100% · PAT 100% · OPM change -9 pp 95% evidence 9.1/25 ROCE 3.3% · OPM 80% 76% evidence 9.3/20 P/E 102× · PEG — 15% evidence 11.4/20 RS sector — · RS bench 7.3% · 1Y 14.1%2 of 10 weeks ahead 25% evidence
Exact sum: 20.7 + 9.1 + 9.3 + 11.4 = 50.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14Eveready Industries India LtdEVEREADY 50.1/100Mixed-positive evidence94% evidence TURNING 18.9/35 Revenue 8.7% · PAT 100% · OPM change 1 pp 100% evidence 13.6/25 ROCE 17.2% · OPM 15% 100% evidence 8.8/20 P/E 16.3× · PEG 2.1 100% evidence 8.8/20 RS sector -9.5% · RS bench 1% · 1Y -12.8%5 of 10 weeks ahead 70% evidence
Exact sum: 18.9 + 13.6 + 8.8 + 8.8 = 50.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
15Jai Corp LtdJAICORPLTD 49.8/100Mixed-negative evidence74% evidence ASLEEP 19.6/35 Revenue 2.7% · PAT -40.4% · OPM change 9 pp 95% evidence 12.7/25 ROCE 13.3% · OPM 15% 95% evidence 10.8/20 P/E 18.7× · PEG — 15% evidence 6.7/20 RS sector -8.2% · RS bench -20% · 1Y -6.5%4 of 10 weeks ahead 70% evidence
Exact sum: 19.6 + 12.7 + 10.8 + 6.7 = 49.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16TCC Concept LtdTCC 47.2/100Mixed-negative evidence81% evidence ASLEEP 16.6/35 Revenue 100% · PAT 51.1% · OPM change -45 pp 95% evidence 11.8/25 ROCE 5.7% · OPM 36% 95% evidence 14.3/20 P/E 18.7× · PEG — 50% evidence 4.5/20 RS sector -17.6% · RS bench -40.7% · 1Y -48.8%0 of 11 weeks ahead 70% evidence
Exact sum: 16.6 + 11.8 + 14.3 + 4.5 = 47.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
17Jindal Photo LtdJINDALPHOT 46.6/100Mixed-negative evidence77% evidence ASLEEP 20.4/35 Revenue 100% · PAT -80% · OPM change 15 pp 95% evidence 10.1/25 ROCE -1.4% · OPM 98% 95% evidence 10.0/20 P/E — · PEG — 0% evidence 6.1/20 RS sector -14.8% · RS bench -15.1% · 1Y 26.3%1 of 12 weeks ahead 100% evidence
Exact sum: 20.4 + 10.1 + 10 + 6.1 = 46.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
18Aqylon Nexus LtdAQYLON 45.9/100Mixed-negative evidence72% evidence ASLEEP 18.5/35 Revenue 100% · PAT 100% · OPM change 2358 pp 71% evidence 18.8/25 ROCE 131% · OPM 58% 95% evidence 8.6/20 P/E 819× · PEG — 15% evidence 0.0/20 RS sector -76% · RS bench -76% · 1Y -80.8%0 of 12 weeks ahead 100% evidence
Exact sum: 18.5 + 18.8 + 8.6 + 0 = 45.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
19Shipping Corporation of India Land & Assets LtdSCILAL 42.9/100Mixed-negative evidence80% evidence ASLEEP 24.2/35 Revenue 23.8% · PAT 100% · OPM change 13 pp 95% evidence 5.0/25 ROCE 1.3% · OPM -14% 95% evidence 9.4/20 P/E 65.9× · PEG — 15% evidence 4.3/20 RS sector -13.8% · RS bench -14.3% · 1Y -17.8%2 of 12 weeks ahead 100% evidence
Exact sum: 24.2 + 5 + 9.4 + 4.3 = 42.9 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -13.8% and the one-year return is -17.8%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
20TruAlt Bioenergy LtdTRUALT 40.1/100Mixed-negative evidence63% evidence TURNING 10.7/35 Revenue 1.8% · PAT -8.1% · OPM change 7 pp 100% evidence 9.3/25 ROCE 10.4% · OPM 21% 100% evidence 10.1/20 P/E 26.4× · PEG — 15% evidence 10.0/20 RS sector — · RS bench — · 1Y —6 of 12 weeks ahead 0% evidence
Exact sum: 10.7 + 9.3 + 10.1 + 10 = 40.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
21GKW LtdGKWLIMITED 39.2/100Mixed-negative evidence71% evidence ASLEEP 10.9/35 Revenue -13.5% · PAT 0% · OPM change -2 pp 95% evidence 9.2/25 ROCE 0.5% · OPM 84% 95% evidence 10.0/20 P/E — · PEG — 0% evidence 9.1/20 RS sector -0.9% · RS bench -6.6% · 1Y -2.4%3 of 10 weeks ahead 70% evidence
Exact sum: 10.9 + 9.2 + 10 + 9.1 = 39.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
22Unitech LtdUNITECH 36.3/100Mixed-negative evidence69% evidence ASLEEP 18.0/35 Revenue 45.3% · PAT -10% · OPM change 15 pp 71% evidence 3.5/25 ROCE 0.1% · OPM 6% 95% evidence 10.0/20 P/E — · PEG — 0% evidence 4.8/20 RS sector -28.9% · RS bench -29.3% · 1Y -42.7%3 of 12 weeks ahead 100% evidence
Exact sum: 18 + 3.5 + 10 + 4.8 = 36.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
23Kaveri Seed Company LtdKSCL 36.0/100Mixed-negative evidence94% evidence ASLEEP 11.3/35 Revenue 1.4% · PAT -21.7% · OPM change 1 pp 100% evidence 14.4/25 ROCE 18.8% · OPM 40% 100% evidence 4.9/20 P/E 16.1× · PEG 3.12 100% evidence 5.4/20 RS sector -17.2% · RS bench -18.3% · 1Y -27.6%3 of 11 weeks ahead 70% evidence
Exact sum: 11.3 + 14.4 + 4.9 + 5.4 = 36 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
24Delta Corp LtdDELTACORP 35.5/100Mixed-negative evidence81% evidence ASLEEP 9.7/35 Revenue -9.3% · PAT -80% · OPM change -3 pp 95% evidence 8.6/25 ROCE 5% · OPM 18% 95% evidence 11.9/20 P/E 10.5× · PEG — 50% evidence 5.3/20 RS sector -18.1% · RS bench -14.3% · 1Y -26.9%5 of 10 weeks ahead 70% evidence
Exact sum: 9.7 + 8.6 + 11.9 + 5.3 = 35.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
25Prozone Realty LtdPROZONER 34.7/100Adverse evidence80% evidence ASLEEP 17.0/35 Revenue -9.9% · PAT 100% · OPM change 8.2 pp 95% evidence 6.4/25 ROCE -1% · OPM -35.6% 95% evidence 9.5/20 P/E 62.1× · PEG — 15% evidence 1.8/20 RS sector -19.6% · RS bench -20% · 1Y -3.6%2 of 12 weeks ahead 100% evidence
Exact sum: 17 + 6.4 + 9.5 + 1.8 = 34.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
26Stanley Lifestyles LtdSTANLEY 29.9/100Adverse evidence74% evidence ASLEEP 6.6/35 Revenue -5.6% · PAT -80% · OPM change -3.4 pp 95% evidence 10.8/25 ROCE 6.4% · OPM 17.3% 95% evidence 9.1/20 P/E 113× · PEG — 15% evidence 3.4/20 RS sector -43.7% · RS bench -32% · 1Y -56.2%3 of 10 weeks ahead 70% evidence
Exact sum: 6.6 + 10.8 + 9.1 + 3.4 = 29.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
27Embassy Developments LtdEMBDL 28.1/100Adverse evidence64% evidence ASLEEP 5.9/35 Revenue -46.6% · PAT -80% · OPM change -58.4 pp 71% evidence 3.4/25 ROCE -2.4% · OPM -60% 76% evidence 10.0/20 P/E — · PEG — 0% evidence 8.8/20 RS sector -12% · RS bench -12.7% · 1Y -35.7%7 of 12 weeks ahead 100% evidence
Exact sum: 5.9 + 3.4 + 10 + 8.8 = 28.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
28RattanIndia Enterprises LtdRTNINDIA 17.6/100Adverse evidence74% evidence ASLEEP 2.7/35 Revenue 2.1% · PAT -80% · OPM change -23.9 pp 100% evidence 1.0/25 ROCE -4.8% · OPM 2.1% 100% evidence 10.0/20 P/E — · PEG — 0% evidence 3.9/20 RS sector -32.1% · RS bench -25.1% · 1Y -41.7%5 of 10 weeks ahead 70% evidence
Exact sum: 2.7 + 1 + 10 + 3.9 = 17.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
29Central Mine Planning & Design Institute LtdCMPDI 62.4/100Thin evidence · provisional38% evidence ASLEEP 22.1/35 Revenue — · PAT — · OPM change 8 pp 32% evidence 20.1/25 ROCE 38.1% · OPM 30% 95% evidence 10.2/20 P/E 25.9× · PEG — 15% evidence 10.0/20 RS sector — · RS bench — · 1Y —4 of 5 weeks ahead 0% evidence
Exact sum: 22.1 + 20.1 + 10.2 + 10 = 62.4 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
30FlySBS Aviation LtdFLYSBS 54.8/100Thin evidence · provisional41% evidence TURNING 15.4/35 Revenue — · PAT — · OPM change -8 pp 26% evidence 19.4/25 ROCE 32.5% · OPM 21% 95% evidence 11.2/20 P/E 12.6× · PEG — 15% evidence 8.8/20 RS sector — · RS bench -12.2% · 1Y -1.6%3 of 10 weeks ahead 25% evidence
Exact sum: 15.4 + 19.4 + 11.2 + 8.8 = 54.8 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
31Qualitek Labs Ltd544091 53.5/100Thin evidence · provisional29% evidence TURNING 17.3/35 Revenue — · PAT — · OPM change -3 pp 7% evidence 14.8/25 ROCE 11.9% · OPM 26% 76% evidence 9.9/20 P/E 34× · PEG — 15% evidence 11.5/20 RS sector — · RS bench 8.5% · 1Y —2 of 2 weeks ahead 25% evidence
Exact sum: 17.3 + 14.8 + 9.9 + 11.5 = 53.5 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
32Shree Vasu Logistics LtdSVLL 52.0/100Thin evidence · provisional50% evidence BREAKING OUT 18.3/35 Revenue — · PAT — · OPM change 0.8 pp 26% evidence 15.8/25 ROCE 12.9% · OPM 25.8% 95% evidence 8.9/20 P/E 121× · PEG — 15% evidence 9.0/20 RS sector -16.1% · RS bench 9.8% · 1Y -4.4%10 of 10 weeks ahead 70% evidence
Exact sum: 18.3 + 15.8 + 8.9 + 9 = 52 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
33Maagh Advertising & Marketing Services Ltd543624 49.8/100Thin evidence · provisional35% evidence 18.4/35 Revenue — · PAT — · OPM change 275.6 pp 32% evidence 9.1/25 ROCE -0.4% · OPM 55.6% 76% evidence 10.0/20 P/E — · PEG — 0% evidence 12.3/20 RS sector — · RS bench 37% · 1Y —7 of 9 weeks ahead to 2025-03-19 25% evidence
Exact sum: 18.4 + 9.1 + 10 + 12.3 = 49.8 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
34Indiqube Spaces LtdINDIQUBE 47.3/100Thin evidence · provisional49% evidence TURNING 18.9/35 Revenue 38.9% · PAT 30.4% · OPM change 0 pp 71% evidence 9.3/25 ROCE 6.4% · OPM 61% 76% evidence 10.0/20 P/E — · PEG — 0% evidence 9.1/20 RS sector — · RS bench -6.3% · 1Y -16.7%2 of 10 weeks ahead 25% evidence
Exact sum: 18.9 + 9.3 + 10 + 9.1 = 47.3 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
35Tandhan Industries Ltd512062 46.6/100Thin evidence · provisional33% evidence BREAKING OUT 20.2/35 Revenue — · PAT 100% · OPM change — 33% evidence 6.7/25 ROCE -0.3% · OPM 15.8% 76% evidence 9.7/20 P/E 60.6× · PEG — 15% evidence 10.0/20 RS sector — · RS bench — · 1Y —6 of 6 weeks ahead 0% evidence
Exact sum: 20.2 + 6.7 + 9.7 + 10 = 46.6 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
36Shree Rama Newsprint LtdRAMANEWS 45.0/100Thin evidence · provisional46% evidence 14.1/35 Revenue -20% · PAT 69.8% · OPM change -8 pp 40% evidence 6.1/25 ROCE 1.9% · OPM 8% 71% evidence 10.0/20 P/E — · PEG — 0% evidence 14.8/20 RS sector 9.7% · RS bench 10.5% · 1Y 9.2%11 of 12 weeks ahead to 2026-04-19 70% evidence
Exact sum: 14.1 + 6.1 + 10 + 14.8 = 45 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.

17 · Frequently asked questions

Frequently asked questions

What is Aeroflex Enterprises Ltd's share price today?

Aeroflex Enterprises Ltd trades at ₹128, +35.4% over the past year. The company is valued at ₹1,448 Cr. The stock sits at 84% of its 52-week range of ₹67–₹140, +25.6% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 13 weeks in. — as of 14 August 2026.

What were Aeroflex Enterprises Ltd's latest quarterly results?

Aeroflex Enterprises Ltd reported revenue of ₹189 Cr and net profit of ₹103 Cr for the Jun 26 quarter. Revenue rose 41.0% and profit rose 635.7% year on year. Earnings per share were ₹8.54. The operating margin was 9.0%, 5.0 pp lower than a year earlier. — as of 14 August 2026.

What is Aeroflex Enterprises Ltd's revenue?

Aeroflex Enterprises Ltd reported revenue of ₹189 Cr in the Jun 26 quarter, +41.0% 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 14 August 2026.

What is Aeroflex Enterprises Ltd's profit?

Aeroflex Enterprises Ltd earned ₹103 Cr of net profit in the Jun 26 quarter, +635.7% year on year — the 3rd straight quarter of growth. Full-year FY26 profit was ₹85.0 Cr. The operating margin ran 9.0% in the latest quarter. — as of 14 August 2026.

What is Aeroflex Enterprises Ltd's market cap?

Aeroflex Enterprises Ltd's market capitalisation is ₹1,448 Cr at a share price of ₹128. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 14 August 2026.

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

Aeroflex Enterprises Ltd trades at a P/E of 9.5×, at the 11th percentile of its own 9-year range, against a long-run median of 20.4×. This is a comparison with the stock's own history, not a value call — as of 14 August 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 14 August 2026.

Is Aeroflex Enterprises Ltd overvalued?

On its own history, Aeroflex Enterprises Ltd looks cheap: its P/E of 9.5× has been cheaper only 11% of the time in 9 years (long-run median 20.4×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 14 August 2026.

Is Aeroflex Enterprises Ltd growing?

Yes — Aeroflex Enterprises Ltd is growing: latest-quarter revenue +41.0% year on year, profit +635.7%, and the margin −5.0 pp at 9.0%. The earnings engine currently reads: improving — as of 14 August 2026.

How is Aeroflex Enterprises Ltd performing?

Aeroflex Enterprises Ltd is in a confirmed uptrend, 13 weeks in. Its latest quarter's revenue rose 41.0% and profit rose 635.7% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 25 weeks. This describes what the data did, not a rating. — as of 14 August 2026.

What stage is Aeroflex Enterprises Ltd in?

Improving — EPS growth bottomed 7 quarters ago at −82.3% and has held its recovery at +200.7%, ROCE slipping at 13.0%. The read comes from the last 12 quarters of growth (revenue growth +27.5% latest, profit growth +126.0% latest, eps growth +200.7% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 14 August 2026.

Is Aeroflex Enterprises Ltd in an uptrend?

Yes — the price is in a confirmed uptrend (week 13 of stage 2), trading +25.6% versus its 200-day average and at 84% 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 14 August 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 25 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.4 years the stock moved +1,292% against the NIFTY 500's +278% — ahead of the index over the full window. — as of 14 August 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 ₹128, the price is in a confirmed uptrend 13 weeks in. Its P/E of 9.5× sits at the 11th percentile of its own 9-year range. — as of 14 August 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 14 August 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 14 August 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 14 August 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 14 August 2026.

Is Aeroflex Enterprises Ltd's profit real cash?

No — operating cash was negative over the last 3 fiscal years: Aeroflex Enterprises Ltd consumed cash while reporting profit. In FY26, operating cash was ₹18.0 Cr against reported profit of ₹85.0 Cr. Cash-flow resolution is annual — as of 14 August 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 9.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 14 August 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 14 August 2026.

Is Aeroflex Enterprises Ltd a stock worth studying right now?

This is not investment advice. The machine read: Aeroflex Enterprises Ltd is coiled. The quarters are improving, yet the P/E sits at the 11th percentile of its own 9-year range — the business is moving before the market. 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 14 August 2026.

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