# Aeroflex Industries share price today (Aeroflex Industries Ltd, NSE: AEROFLEX)

> Aeroflex Industries share price today: ₹512.60 at the NSE close on 3 November 2026, up 173.9% in a year. Aeroflex Industries (NSE: AEROFLEX) is worth ₹6,788 crore, trades at a P/E of 75.8 and has closed between ₹158.80 and ₹563.95 over the past 52 weeks. > Aeroflex Industries Ltd's share price has risen faster than its earnings: +173.9% in a year, against +3.4% for earnings per share. AEROFLEX · Stainless Steel · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/aeroflex-industries-ltd

Aeroflex Industries is one of the companies compared in a full read in the Sector Alpha newsletter: https://newsletter.sectoralpha.in/p/deep-dive-why-e2e-is-beating-nifty?utm_source=sectoralpha&utm_medium=ai_text&utm_campaign=llms

## Key numbers

- Business trend: Getting better, from the last 12 quarters
- Price: ₹512.60 (+173.9% in a year)
- P/E: 75.8× (higher than 80% of the last 3.2 years)
- Revenue (Sep 2026): ₹207 Cr (+86.5% on a year ago)
- Profit (Sep 2026): ₹37.0 Cr (+164.3% on a year ago)
- Operating margin: 24.0% (+1.0 points on a year ago)
- ROCE: 19%, FY26
- ROIC: 20.3%, against a 12.0% cost of capital: +8.3 points

The main question: the share price moved +173.9% in a year while yearly earnings per share moved +3.4%. The difference came from the market paying a higher multiple. ## What is the Aeroflex Industries share price today? Aeroflex Industries Ltd's share price was ₹512.60 at the close on 3 November 2026. It has been rising for 37 weeks. That is 26.9% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹159 and ₹564, and at that close it sat 87% of the way up from that low. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 14 weeks in a row. Over the last 3.2 years the share price moved +211% while the NIFTY 500 moved +27%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at Aeroflex Industries this quarter? Three changes stood out: foreign funds (FIIs) raised their stake for 3 quarters in a row, highest quarterly profit in 16 quarters and revenue up on a year earlier for 5 quarters in a row. 1. Foreign funds (FIIs) raised their stake for 3 quarters in a row From 0.5% to 3.9% of the company by the September 2026 quarter. 2. Highest quarterly profit in 16 quarters Profit of ₹37 crore in the September 2026 quarter is the highest of the last 16 quarters. Why: Profit hit a record partly because an accounting change lowered depreciation, the cost of equipment spread over time, by ₹8.4 crore in the quarter. Next results: check whether the Hyd-Air merger adds the expected few points to margin, the share of sales left after costs. From the earnings call on 29 Oct 2026. 3. Revenue up on a year earlier for 5 quarters in a row In the September 2026 quarter revenue was ₹207 crore, +86.5% on a year earlier. Why: Revenue rose because sales of cooling systems called skids became a much bigger part of the total, making up 24% of first half revenue. Next results: check whether skid orders turn into sales and capacity use reaches 40% to 50% this financial year. From the earnings call on 29 Oct 2026. ## What are Aeroflex Industries' latest quarterly results? For July to September 2026 (the quarter ended 30 September 2026), Aeroflex Industries reported revenue of ₹207 crore, up 86.5% from ₹111 crore a year earlier, and a profit of ₹37.0 crore, up 164.3% from ₹14.0 crore. ### Aeroflex Industries results: July to September 2026 against a year earlier

| Measure | July to September 2026 | July to September 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹207 crore | ₹111 crore | +86.5% |
| Profit | ₹37.0 crore | ₹14.0 crore | +164.3% |
| Earnings per share | ₹2.76 | ₹1.10 | +150.9% |
| Operating margin | 24.0% | 23.0% | +1.0 points |

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). Aeroflex Industries' management discussed these results on a call held on 29 October 2026; what it said is further down this page. (From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.)

## What is the Aeroflex Industries share price history? Aeroflex Industries closed at ₹512.60 on 3 November 2026, up 173.9% from ₹187.13 a year earlier (31 October 2025) and up 213.8% over three years. Its highest weekly close since September 2023 was ₹563.95 on 11 September 2026. ### Aeroflex Industries share price: then and now

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹451.30 | +13.6% |
| 1 month ago · 1 Oct 2026 | ₹521.35 | −1.7% |
| 6 months ago · 30 Apr 2026 | ₹304.67 | +68.2% |
| 1 year ago · 31 Oct 2025 | ₹187.13 | +173.9% |
| 3 years ago · 3 Nov 2023 | ₹163.35 | +213.8% |
| Earliest weekly close in our records · 1 Sep 2023 | ₹165.00 | +210.7% |
| Highest weekly close since September 2023, also the 52-week high · 11 Sep 2026 | ₹563.95 | −9.1% |
| Lowest weekly close since September 2023 · 28 Mar 2024 | ₹121.40 | +322.2% |
| 52-week low (weekly close) · 23 Jan 2026 | ₹158.80 | +222.8% |

Weekly closing prices. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (174 weekly closes from 1 September 2023 to 3 November 2026.)

## What is the latest news on Aeroflex Industries? 3 Nov 2026: Aeroflex Industries closed at ₹512.60, up 13.6% on the week and down 1.7% on the month. 29 Oct 2026: Aeroflex Industries held its results call for July to September 2026. Management guided: Add 10m hose mpa to 30m and skids to 15k units by Dec 2026 then 30k by Mar 2028 for ₹124 crore plus ₹78 crore totaling ₹202 crore, phased. ### Earlier

- Results for July to September 2026: Revenue up 86.5% and profit up 164.3% on a year earlier. - 14 Jul 2026: ex-date for a dividend of ₹0.40 a share. ## What dividend does Aeroflex Industries pay? Aeroflex Industries paid ₹0.40 a share in regular dividends in the 12 months to 4 November 2026 (1 payment), a yield of 0.08% at the ₹512.60 close on 3 November 2026. The last was a dividend of ₹0.40 a share, ex-date 14 July 2026. ### Aeroflex Industries dividends since 1 April 2021

| Ex-date | Dividend per share | Type |
| --- | --- | --- |
| 14 Jul 2026 | ₹0.40 | Dividend |
| 29 Jul 2025 | ₹0.30 | Dividend |
| 28 Jun 2024 | ₹0.25 | Dividend |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. The record date is the same day as the ex-date for every payment here. 2 of 5 Of the last 5 financial years, years with an NSE dividend record

Yes. Aeroflex Industries Ltd paid out 10% of its profit as dividends in FY26, and it paid a dividend in 4 of its last 7 reported years. (From the NSE corporate-actions record, read 4 November 2026.)

## What did Aeroflex Industries management say on the latest results call? On the call for July to September 2026, held on 29 October 2026, Aeroflex Industries' management guided: Add 10m hose mpa to 30m and skids to 15k units by Dec 2026 then 30k by Mar 2028 for ₹124 crore plus ₹78 crore totaling ₹202 crore, phased. > “We are pleased to report our best-ever results, with quarterly revenue crossing the 200 crores milestone for the first time ever”
> Asad Daud, on the call for July to September 2026

### What management guided

- Peak incremental ₹500-550Cr yearly at peak utilization; hose segment peak ₹850-900Cr assuming 70-75% hose-to-assembly conversion. - FY27 company revenue ₹715-725Cr around 60% growth with skids ₹150-200Cr up from ₹125 crore initial goal. - FY27 skid utilization 40-50% with commissioned base planned at peak next year. - FY30 top line close to ₹1,500 crore at 25% and slightly higher, above prior ₹1,000 crore FY29 frame. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijoristack.ai/concall/transcript/55476-29-Oct-2026.pdf). (From the call for July to September 2026, 29 October 2026.)

## What is the future of Aeroflex Industries? What is changing in the business? One change in Aeroflex Industries' own numbers looks lasting: higher-value products and a better mix. Also showing up, but too early to call lasting: costs spread over more sales and new products. Higher-value products and a better mix looks lasting

Management says plain hose earns a 16-20% operating margin against 22-26% for assemblies, and that assemblies, fittings and other value-added products rose to 63% of the business in the June 2026 quarter (53% in the first half of FY26). Gross margin (sales minus raw materials, as a share of sales) and operating margin (profit from the business before interest, depreciation and tax, as a share of sales) were both above the same quarter a year earlier in all four of the last four quarters. Why it may last: The company chooses what to make: it has added assembly stations (46 in total by the January call) and is building fittings in-house through its Hydair subsidiary, so the shift from plain hose to assemblies is a capability it owns rather than a price it was handed. Next check: Gross margin stays above 43% and operating margin stays at or above 23% in the September 2026 quarter, with assemblies still at or above 60% of the business. Quarter by quarter, 4 quarters

July to September 2025

Gross margin 43.81% against 41.28% a year earlier; operating margin 23.34% against 21.44%. Management credits bigger-diameter hose assemblies, but also a favourable currency move, so part of this quarter is a one-off. ✓ fact

From our notes of the call for July to September 2025: Focused on moving towards higher diameter hoses (6 to 12 inches), where margins are significantly better and competition is less intense compared to smaller diameter hoses. October to December 2025

Gross margin 44.33% against 39.86% a year earlier; operating margin 23.44% against 21.74%. Value-added products said to be 54% of sales. ✓ fact

From our notes of the call for October to December 2025: Q3 achievement: 23.6% operating margin delivered through improved product mix shift toward value-adds and business scalability benefits. January to March 2026

Gross margin 42.87% against 42.25% a year earlier (a small beat); operating margin 23.86% against 20.6%. Management credits mix (skids, bellows, value-added solutions) plus spreading of fixed costs. ✓ fact

From our notes of the call for January to March 2026: January to March 2026 operating margin 23.86 percent (+326 basis points on a year earlier) driven by improved product mix. April to June 2026

Gross margin 44.49% against 41.37% a year earlier and 42.87% the quarter before; operating margin 23.04% against 18.36%. Assemblies and fittings 63% of the business against 37% plain hose. ✓ fact

From our notes of the call for April to June 2026: Hose-only margins of 16.0%-20.0% versus assembly margins of 22.0%-26.0% make value-added mix a key margin lever. Costs spread over more sales too early to call

Sales grew much faster than the cost base for most of the year: revenue rose from 84 to 145 crore between the June 2025 and June 2026 quarters (+73%) while operating profit rose from 15 to 33 crore (+120%). Management says the next step to a 25% margin comes from filling new capacity (skids, bellows, hose). But new plant, staff and the Chakan facility are adding cost: depreciation went from 6 to 8 crore a quarter and the operating margin slipped from 23.86% to 23.04% in the latest quarter. Why it may last: The company keeps adding capacity (skids to 15,000 units, hose to 20 million metres), which resets the cost base each time; whether margins keep widening depends on these plants filling, which the September and December 2026 quarters will show. What could be flattering it: Growth measured against an unusually weak June 2025 quarter, other income or a tax benefit, or gains eaten by the depreciation and staff of the new capacity so that the next leg of growth needs fresh spending again. Next check: Operating margin climbs back above 23.86% in the September 2026 quarter while depreciation stays near 8 crore, as the skid staff and Chakan costs start to be covered by sales. Quarter by quarter, 4 quarters

July to September 2025

Revenue 111 crore against 95 a year earlier (+17%); operating profit 26 against 20 (+30%). Depreciation already 6 crore against 2 a year earlier, so less of the gain reached pre-tax profit (20 against 19). ✓ fact

From our notes of the call for July to September 2025: Ramp-up of capacity utilization from the new capital spending; Liquid cooling solutions becoming a significant, high-growth contributor to overall performance. October to December 2025

Revenue 121 against 100 crore (+21%); operating profit 28 against 22 (+27%). New hose capacity and six assembly stations added. ✓ fact

From our notes of the call for October to December 2025: Hose production: Added 1 million meters capacity this quarter; total installed 7.5 million meters/annum with balance 2.5 million meters phased completion by July to September 2026. January to March 2026

Revenue 126 against 92 crore (+37%); operating profit 30 against 19 (+58%). Depreciation 8 crore against 4. ✓ fact

From our notes of the call for January to March 2026: Bellows scaling (highest-margin business), and operating leverage from capacity ramp. April to June 2026

Against a weak year-ago quarter, operating profit 33 against 15 crore. But against the quarter before, revenue rose 15% (126 to 145) while operating profit rose only 10% (30 to 33) and operating margin fell from 23.86% to 23.04%, because staff hired for skids and the Chakan plant came in before their sales. ✓ fact

From our notes of the call for April to June 2026: Employee and other expenses caused about 300 basis points of sequential deleverage as manpower ramped for SSN and Chakan. New products too early to call

A new business: liquid-cooling skid assemblies (frames of pipes and valves that circulate coolant through data-centre server racks), supplied under an exclusive five-year contract to one US partner's Indian arm. It went from first dispatch in the December 2025 quarter to 21.2 crore of sales over four months of FY26, then 32.4 crore from 1,040 units in the June 2026 quarter, about 23% of revenue. Metal bellows (about 3 crore in the latest quarter, not yet profitable) and a fire-hose assembly are smaller launches. Why it may last: The whole line rests on one partner under a five-year exclusive contract, with orders visible only about two months ahead; whether it lasts depends on the partner's data-centre pipeline and on winning international skid customers, neither of which is disclosed. What could be flattering it: Launch orders from a single customer mistaken for lasting demand, or sales that do not add margin. Next check: Skid revenue in the September 2026 quarter at or above the 32.4 crore of June, and the 15,000-unit capacity commissioned by November 2026. Quarter by quarter, 4 quarters

July to September 2025

Second order received; no sales yet. Revenue 111 crore came from the existing business. ✓ fact

From our notes of the call for July to September 2025: The liquid cooling space is expected to be a significant growth driver over the next few years, with sales starting to contribute to the top line from October to December 2025 onwards. October to December 2025

First commercial dispatch made; immediate pipeline only 5 crore against the roughly 16 crore of orders described in October. ✓ fact

From our notes of the call for October to December 2025: Market launch milestone: Completed first commercial dispatch of advanced flow control components and skid assemblies for high-performance liquid cooling applications. January to March 2026

617 units and 21.2 crore over four months, about 5% of FY26 revenue; design work moved from the partner to Aeroflex and slowed supply. ✓ fact

From our notes of the call for January to March 2026: FY26 performance: 617 units generating ₹21.2 crore in 4-month period demonstrates strong market acceptance. April to June 2026

32.4 crore from 1,040 units in one quarter, about 23% of the 145 crore revenue; capacity raised from 6,000 to 9,000 units a year. ✓ fact

From our notes of the call for April to June 2026: SSN kit assembly revenue reached ₹32.4 crore from 1,040 units, approximately 23.0% of Q1 revenue. We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown. (Checked against results and calls up to April to June 2026, 10 October 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.)

## What could change the Aeroflex Industries story? What are the risks? After the revised commissioning window, skid dispatches fail to increase while operating margin falls below the latest annual baseline and inventory continues accumulating; that combination would show that capacity spending is not converting into profitable customer demand. ### Each change stops working if

- Commercial liquid-cooling contribution: Customer approvals or principal purchase orders prevent commissioned capacity from becoming repeat dispatches. - Dated capacity completion: Machines arrive without approved drawings or commissioning slips beyond the revised window. - Value-added hose mix: Assembly pricing or input costs erase the margin difference versus hose-only products. - Bellows reaching economic scale: Sales fail to rise during management's stated observation window or higher volume still fails to cover division costs. ### The main risks

- : Skid commissioning slipped and customer-specific approvals still limit delivery visibility. ⚠ estimate
- : Improved operating cash conversion coexists with capital expenditure and inventory demands. ⚠ estimate
- : A concentrated skid channel and undisclosed segment margins limit profit visibility. ⚠ estimate
- : Current margins exceed the normalized baseline, while new operating costs are already visible. ⚠ estimate

(Our read after the April to June 2026 results, written 10 October 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.)

## What to watch in Aeroflex Industries' next results? When Aeroflex Industries reports October to December 2026, these are the 6 checks that show whether the story is still on course. First: Gross margin stays above 43% and operating margin stays at or above 23% in the September 2026 quarter, with assemblies still at or above 60% of the business. | What to check | Why |
| --- | --- |
| Gross margin stays above 43% and operating margin stays at or above 23% in the September 2026 quarter, with assemblies still at or above 60% of the business. | Higher-value products and a better mix |
| Operating margin climbs back above 23.86% in the September 2026 quarter while depreciation stays near 8 crore, as the skid staff and Chakan costs start to be covered by sales. | Costs spread over more sales |
| Skid revenue in the September 2026 quarter at or above the 32.4 crore of June, and the 15,000-unit capacity commissioned by November 2026. | New products |
| Balance skid commissioning on flagged timeline - check start-up, order conversion and international sampling closure. | From the call |
| Skid utilization within flagged range - check ramp, realization mix and international premium emergence. | From the call |
| Flagged build funding and Hyd-Air scheme progress - check equity, bridge terms and approval timeline. | From the call |

## Which stock lists is Aeroflex Industries on? Aeroflex Industries is on 2 of our India lists: Multibagger study list and Momentum stocks. - [Multibagger study list Study stage: late](https://www.sectoralpha.in/multibagger-stocks-india)
- [Momentum stocks Market cap cr: 6798.941834451901](https://www.sectoralpha.in/momentum-stocks-india)

## Is Aeroflex Industries profitable? Aeroflex Industries Ltd earned ₹37.0 Cr of net profit in the Sep 2026 quarter, +164.3% on the same quarter a year earlier. That is the 4th quarter in a row of profit growth. Full-year FY26 profit was ₹56.0 Cr. Over 6 years profit has grown 49.6% a year on average. That is 17.9% of the quarter's revenue. The same quarter a year earlier earned ₹14.0 Cr. For the full year, FY26 profit was ₹56.0 Cr (+5.7% on the year before). Why profit moved: revenue changed +86.5% on a year earlier and the margin moved +1.0 percentage points. Sales did the work, and the margin was about flat. On average over the last four quarters, profit changed +101.5% and revenue +54.3%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit. FY27-Q1. revenue ₹145 Cr and profit ₹19 Cr as reported. FY27-Q2. revenue ₹207 Cr and profit ₹37 Cr as reported. Why-sources: our stock research file (10 October 2026) and the company’s own results for those quarters. ## How much revenue does Aeroflex Industries make, and is it growing? Aeroflex Industries Ltd reported ₹207 Cr of revenue in the Sep 2026 quarter, +86.5% on the same quarter a year earlier. That is the 5th quarter in a row with growth on the year before. Over 6 years it has grown 20.6% a year on average. The last full year, FY26, came in at ₹442 Cr. Why this happened. The Value Chain Climb applies to actual skid sales. Customers gain engineered systems; The exclusive domestic principal relationship provides access but also concentrates purchasing power. Production, utilization and revenue are links in the same mechanism, so their benefits must not be added as independent profit drivers. The last four reported quarters add to ₹599 Cr. FY26 revenue was ₹442 Cr, +17.6% on the year before. Recent pace: the last four quarters grew +54.3% on average, against 20.6% a year over the longer run, so this year is growing faster than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +54.8%, against +33.5% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +91.5%, against +41.4% a year (accelerating). FY27-Q1. revenue ₹145 Cr and profit ₹19 Cr as reported. FY27-Q2. revenue ₹207 Cr and profit ₹37 Cr as reported. Why-sources: our stock research file (10 October 2026) and the company’s own results for those quarters. ## How much of every ₹100 of sales does Aeroflex Industries keep? Aeroflex Industries Ltd's operating margin was 24.0% in the Sep 2026 quarter, 1.0 percentage points higher than the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Across 7 years it has been between 15.0% and 23.0%. The latest quarter is above every full year in that period. Why this happened. Management describes a higher margin range for assemblies than for hose-only products. That supports a mix mechanism, but it does not quantify the incremental consolidated benefit after product definitions, component purchases and facility costs. Core hose growth is separate from skid commissioning; mix and operating leverage within the same sales must not be counted twice. Competitor pricing responses and the durability of retained pricing remain unknown. Why the margin moved: operating margin changed +0.9 percentage points on the year while gross margin changed −0.9 points. So the gain came mostly from the gross margin, which means input costs and prices charged. When margins are at a record, every ratio built on profit looks better than usual, so watch whether they hold. FY27-Q1. revenue ₹145 Cr and profit ₹19 Cr as reported. FY27-Q2. revenue ₹207 Cr and profit ₹37 Cr as reported. Why-sources: our stock research file (10 October 2026) and the company’s own results for those quarters. ## Is Aeroflex Industries' profit turning into cash? Over the last 3 years, 91% of Aeroflex Industries Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹66.0 Cr of operating cash against ₹56.0 Cr of profit. After ₹80.0 Cr of spending on assets, free cash was −₹14.0 Cr: it spent more than its operations brought in. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why 91% of profit came in as cash: the cash cycle got 50 days longer between FY21 and FY26, so more of each rupee of profit waits in the business before it arrives. What to look at next: the bigger use of cash is spending on new assets, at 5.2× depreciation over three years. The next section checks what that spending is building. ## Where does Aeroflex Industries' cash go? Aeroflex Industries Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 112 days in FY26, up from 62 days in FY21. It spent ₹222 Cr on assets over the last 3 years. Customers take 107 days to pay, and stock sits for 122 days on average. Why this happened. The Capex Inflection Point remains prospective because the original skid deadline slipped. The latest call gives a revised commissioning window, not a contracted shipment schedule. Supplier delivery is external; installation and engineering execution are company responsibilities; drawing approval and dispatch timing are customer dependencies. The remaining benefit is additional approved throughput after commissioning, rather than the capacity already installed. At FY26 sales of ₹442 Cr, each day of that cycle ties up about ₹1.2 Cr, so roughly ₹136 Cr is tied up in the business at any time. FY26: customers took 107 days to pay and stock sat for 122 days, about 4.0 months of sales sitting as stock, for a full cycle of 112 days, longer than FY21's 62. The full loop: cash goes out to suppliers and production on day 0. Stock sits for 122 days. Customers pay about 107 days after that. Suppliers are paid at 117 days. Together that makes the 112-day cycle. Spending on assets: ₹222 Cr over the last 3 years, against ₹43.0 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹23.0 Cr (FY26): assets paid for that are not earning yet. In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns. ## What is Aeroflex Industries' P/E ratio, and how does it compare with its own history? Aeroflex Industries Ltd's P/E is 75.8×, near the high end of its own history: higher than 80% of past readings. Its usual P/E (the middle reading) is 53.4×, over 3.2 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. Why the multiple is where it is: over the past year earnings per share moved +3.4% while the price moved +173.9%. The price did better than earnings, which pushed the multiple up within its own range. Where the price move came from: over 3 years the price moved +46.4% a year; about +39.1% a year came from earnings growth and about +7.3 percentage points from the multiple (the market paying more). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is high against its own past, so the earnings trend underneath matters more than the multiple. ## Is the Aeroflex Industries business getting better or worse? Aeroflex Industries Ltd's business is getting better. EPS growth hit its low 8 quarters ago at −32.9% and has recovered to +83.5%, with ROCE rising at 27.4%. This is based on 12 quarters of 4 measures. Why it matters: a lasting rise from a low is what this page is built to show. ## What is the Aeroflex Industries story, and has it been checked? Aeroflex Industries Ltd's story is not scored yet against the checks our research set on 10 October 2026. Where it sits in its own cycle: EARLY EXPANSION. Our read, 10 October 2026. From the numbers. From the price. Price stage 2, week 37, above its 200-day line, relative strength falling. From the research. Where they disagree. What is proven. What is not proven yet. After the revised commissioning window, skid dispatches fail to increase while operating margin falls below the latest annual baseline and inventory continues accumulating; that combination would show that capacity spending is not converting into profitable customer demand. What would change our mind. After the revised commissioning window, skid dispatches fail to increase while operating margin falls below the latest annual baseline and inventory continues accumulating; that combination would show that capacity spending is not converting into profitable customer demand. The test written in advance. After the revised commissioning window, skid dispatches fail to increase while operating margin falls below the latest annual baseline and inventory continues accumulating; that combination would show that capacity spending is not converting into profitable customer demand. Measured by: the thesis as written as stated by the next result. What the company does. Skid revenue has reached commercial scale, while hose assemblies provide an existing route to higher-value products. Profit acceleration includes recovery from a depressed comparison quarter; staffing and facility costs are already absorbing part of the operating benefit. What the surface reading misses. The surface reading is: The latest quarter appears to show rapid profit acceleration. The research reads it further: Revenue growth and recovery in operating margin explain the operating improvement, while depreciation and tax still separate operating profit from net profit. What the surface reading misses. The surface reading is: Higher sales and margin indicate improved operating delivery. The research reads it further: The operating-profit leg grew faster than revenue, but increased depreciation consumed part of the gain before net profit. Lever 2 · Value-added mix: building. Assembly mix can retain more revenue as operating profit, although a consolidated margin bridge is missing. What proves it keeps working: Value-added hose mix. It stops working if Assembly pricing or input costs erase the margin difference versus hose-only products. Sources: our stock research file (10 October 2026) · quarterly results through Sep 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did Aeroflex Industries management deliver what it promised? What Aeroflex Industries Ltd's management promised, against what actually happened: 4 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. Skid Utilization Outlook Reduced · 29 October 2026. The May 2026 call planned at least 60%-70% utilization by the end of the financial year for the skid expansion. The Oct 2026 call instead guided to 40%-50% utilization for FY27; although management said projections are revised frequently, it did not reconcile the lower range with the prior goal, which is material for capacity and revenue models. Flexible Hose Capacity Baseline and Completion Timeline · 28 July 2026. In January 2026, management said installed capacity was 17.5 million meters per annum, with the remaining 2.5 million meters expected to be commissioned by Q2 of the next financial year. In July 2026, management instead described the current production base as 7.5 million meters and said the path to 20 million meters would be completed by Q3 of this financial year. Management did not reconcile the different 7.5 million versus 17.5 million baselines or explain the revised timing. Skid Capacity Expansion Delayed · 28 July 2026. Management's January 2026 commitment was to complete the 15,000-unit skid capacity expansion by June 2026. By July 2026, management said the 15,000-unit milestone would instead be reached in October-November, a material four-to-five-month delay; while supplier delays were cited, the call did not provide a quantified recovery plan or explain why the prior schedule was missed. 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. Every quote above is taken word for word from the company’s own earnings calls. ## What is Aeroflex Industries management's track record? Acknowledged tariff pressure and design constraints coexist with commercial deliveries. A full downturn record under current management is thin, so no strong grade; no ordinary delay is treated as a huge unowned miss. ### Regulatory and governance record

IPO-expense GST demand is an additional tax exposure. The old wilful-default classification predates the present promoter and was disclosed; no proven fraud, conduct order or lie by current management is established. (Checked 14 October 2026.)

## How much does Aeroflex Industries earn on its capital? Aeroflex Industries Ltd earned a ROCE of 19% in FY26. That is up from a low of 17% in FY21. Its return on capital used (ROIC) is 8.3 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 12.7% net margin and 0.78× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 12.7% net margin × 0.78× asset turnover × 1.26× leverage (assets divided by equity) ≈ 12.5% on equity. The margin does its share; borrowing plays a small part, so this return is earned, not borrowed. The key test, return on capital used minus the cost of capital: 20.3% − 12.0% = +8.3 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. A gap this wide means each rupee put back into the business creates more than a rupee of value. The 20.3% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 15.7%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does Aeroflex Industries have too much debt? Aeroflex Industries Ltd has total debt of ₹24.0 Cr against shareholder equity of ₹497 Cr as of Sep 2026, so its debt is 0.05× its equity, which is very little. Year by year, that ratio went from 0.39 in FY23 to 0.02 in FY26. So the returns on this page come from the business, not from borrowed money. ## What is the Aeroflex Industries shareholding pattern? Domestic institutions cut their stake in Aeroflex Industries Ltd by 4.2 percentage points over 8 quarters, the biggest change among its owners. Domestic institutions now own 1.4% of the company. Foreign institutions moved +2.4 points over the same period, to 3.9%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Domestic institutions: −4.2 points over 8 quarters, to 1.4%; Foreign institutions: +2.4 points over 8 quarters, to 3.9%; Promoters: −1.5 points over 8 quarters, to 65.5%. Why the owners changed: foreign institutions moved +2.4 points and domestic institutions −4.2 points over 8 quarters, while promoters moved −1.5 points. One group of institutions took over shares from the other; it is not a change of mind by the people running the company. ## How far is Aeroflex Industries from balance-sheet trouble? For Aeroflex Industries Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Aeroflex Industries rank in its industry? 67.6 out of 100, rank 1 of 4 in Stainless Steel, with 97% of the evidence available. Aeroflex Industries Ltd scores 67.6 out of 100 against the 4 companies it is compared with in Stainless Steel, ranking 1. Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. The four parts add up to the total exactly: 32.2 + 19.4 + 2 + 14 = 67.6. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Aeroflex Industries compared with? Aeroflex Industries ranks 1 of 4 Stainless Steel companies on the 4-Factor Sector Score, with 67.6 out of 100. 1. Aeroflex Industries Ltd this page AEROFLEX · breaking out · Most evidence points up · 97% evidence 67.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 32.2/35 · Revenue 54.8% · Profit 91.5% · Operating margin change 1 points · 100% evidence Capital efficiency 19.4/25 · ROCE 18.9% · Operating margin 24% · 100% evidence Valuation 2.0/20 · P/E 79.3× · PEG 3.86 · 85% evidence Relative strength 14.0/20 · Lead over its industry 23.9% · Lead over NIFTY 500 63.7% · 1 year 186.6% · 100% evidence · 11 of 12 weeks ahead Exact sum: 32.2 + 19.4 + 2 + 14 = 67.6 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 2. [Ratnaveer Precision Engineering Ltd](https://www.sectoralpha.in/stocks/ratnaveer-precision-engineering-ltd) RATNAVEER · leader · Evidence leans up · 97% evidence 63.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.3/35 · Revenue 20.9% · Profit 46.1% · Operating margin change -1 points · 100% evidence Capital efficiency 9.8/25 · ROCE 12.3% · Operating margin 9% · 100% evidence Valuation 12.0/20 · P/E 39.6× · PEG 0.35 · 85% evidence Relative strength 20.0/20 · Lead over its industry 43.2% · Lead over NIFTY 500 93.5% · 1 year 140.8% · 100% evidence · 12 of 12 weeks ahead Exact sum: 21.3 + 9.8 + 12 + 20 = 63.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. [Jindal Stainless Ltd](https://www.sectoralpha.in/stocks/jindal-stainless-ltd) JSL · quiet · Evidence leans down · 90% evidence 48.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 16.9/35 · Revenue 11.7% · Profit 20.3% · Operating margin change -2 points · 100% evidence Capital efficiency 16.3/25 · ROCE 19.3% · Operating margin 11% · 100% evidence Valuation 15.0/20 · P/E 16.8× · PEG 0.67 · 50% evidence Relative strength 0.1/20 · Lead over its industry -33.9% · Lead over NIFTY 500 -4.8% · 1 year -10.5% · 100% evidence · 6 of 12 weeks ahead Exact sum: 16.9 + 16.3 + 15 + 0.1 = 48.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. [Ratnamani Metals & Tubes Ltd](https://www.sectoralpha.in/stocks/ratnamani-metals-tubes-ltd) RATNAMANI · turning · Evidence leans down · 75% evidence 36.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 9.0/35 · Revenue -16.3% · Profit -8.5% · Operating margin change 1 points · 83% evidence Capital efficiency 17.9/25 · ROCE 17.9% · Operating margin 17% · 76% evidence Valuation 7.0/20 · P/E 37× · PEG n/a · 35% evidence Relative strength 2.1/20 · Lead over its industry -30% · Lead over NIFTY 500 -0.8% · 1 year -4.4% · 100% evidence · 6 of 12 weeks ahead Exact sum: 9 + 17.9 + 7 + 2.1 = 36 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. 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 path the industry 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 growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Stainless Steel](https://www.sectoralpha.in/sectors/stainless-steel), all 4 compared on one page. ## Which companies are close to Aeroflex Industries in size? Aeroflex Industries is the 3rd largest of 4 Stainless Steel companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Jindal Stainless and Ratnamani Metals & Tubes. Just below it: Ratnaveer Precision Engineering. ### Stainless Steel companies close in size

1. [Jindal Stainless Ltd](https://www.sectoralpha.in/stocks/jindal-stainless-ltd) ₹55,566 crore
2. [Ratnamani Metals & Tubes Ltd](https://www.sectoralpha.in/stocks/ratnamani-metals-tubes-ltd) ₹16,256 crore
3. Aeroflex Industries Ltd ₹7,098 crore
4. [Ratnaveer Precision Engineering Ltd](https://www.sectoralpha.in/stocks/ratnaveer-precision-engineering-ltd) ₹3,023 crore

[All 4 Stainless Steel companies, largest first](https://www.sectoralpha.in/sectors/stainless-steel#all-companies)

### Companies close in size in other industries

1. [Precision Wires India Ltd](https://www.sectoralpha.in/stocks/precision-wires-india-ltd) ₹7,125 crore · Copper Wires
2. [Optiemus Infracom Ltd](https://www.sectoralpha.in/stocks/optiemus-infracom-ltd) ₹7,118 crore · Consumer Electronics - EMS
3. Aeroflex Industries Ltd ₹7,098 crore
4. [Intellect Design Arena Ltd](https://www.sectoralpha.in/stocks/intellect-design-arena-ltd) ₹7,091 crore · IT Product Companies
5. [Aditya Vision Ltd](https://www.sectoralpha.in/stocks/aditya-vision-ltd) ₹7,090 crore · Retail - Electronics

## What else do people ask about Aeroflex Industries? ### What is Aeroflex Industries's share price today? Aeroflex Industries Ltd's share price is ₹512.60, +173.9% over the past year. The whole company is worth ₹6,788 Cr on the market. In the last 52 weeks it traded between ₹159 to ₹564; today it is 87% of the way up from the low, 26.9% above its 200-day average (as of 3 November 2026). ### What were Aeroflex Industries's latest quarterly results? Aeroflex Industries Ltd reported revenue of ₹207 Cr and net profit of ₹37.0 Cr for the Sep 2026 quarter. Revenue rose 86.5% and profit rose 164.3% compared with a year earlier. Earnings per share were ₹2.76. The operating margin was 24.0%, 1.0 percentage points higher than a year earlier (as of 3 November 2026). ### What is Aeroflex Industries's market cap? Aeroflex Industries Ltd's market capitalisation is ₹6,788 Cr at a share price of ₹512.60. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Aeroflex Industries performing? Aeroflex Industries Ltd's share price has been rising for 37 weeks. In its latest quarter, revenue rose 86.5% and profit rose 164.3% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 14 weeks running (as of 3 November 2026). ### Will Aeroflex Industries's share price go up? This page does not forecast Aeroflex Industries Ltd's share price. What it shows instead: the share price is ₹512.60, and it has been rising for 37 weeks. Its P/E of 75.8× is higher than 80% of its own last 3 years (as of 3 November 2026). ### Who owns Aeroflex Industries? Promoters own 65.5% of Aeroflex Industries Ltd, foreign institutions 3.9%, domestic institutions 1.4% and the public 29.2% (latest quarter). The biggest change over the last two years: Domestic institutions cut their stake by 4.2 percentage points over 8 quarters (as of 3 November 2026). ### Does Aeroflex Industries have too much debt? No, Aeroflex Industries Ltd has little debt: its debt is 0.02× its equity, and its operating profit is 50 times its interest bill. FY26 borrowings were ₹9.0 Cr against equity of ₹447 Cr. So the returns on this page come from the business, not borrowed money (as of 3 November 2026). ### Where is Aeroflex Industries in its business cycle? Aeroflex Industries Ltd's FY26 operating margin was 23.0%, against a 7-year range of 15.0% to 23.0%: the top of its range, a record year. When profit is at a record, every ratio looks better than usual, and the story depends on margins staying high. The latest quarter was 24.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Aeroflex Industries story? The main question: the share price moved +173.9% in a year while yearly earnings per share moved +3.4%. The difference came from the market paying a higher multiple. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Aeroflex Industries a stock worth studying right now? What the numbers show: Aeroflex Industries Ltd's share price has risen faster than its earnings: +173.9% in a year, against +3.4% for earnings per share. The main open question: whether earnings grow into a price that has already moved. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a Aeroflex Industries share price forecast for 2026? What management itself guided: Add 10m hose mpa to 30m and skids to 15k units by Dec 2026 then 30k by Mar 2028 for ₹124 crore plus ₹78 crore totaling ₹202 crore, phased. One change in Aeroflex Industries' own numbers looks lasting: higher-value products and a better mix. Also showing up, but too early to call lasting: costs spread over more sales and new products. What would change the story: After the revised commissioning window, skid dispatches fail to increase while operating margin falls below the latest annual baseline and inventory continues accumulating; that combination would show that capacity spending is not converting into profitable customer demand. ### Where does this page get Aeroflex Industries' management information? From Aeroflex Industries' results calls, its filings and public records on governance, each dated on the page. Management’s plans are shown as plans, never as results. ## Lists

- Multibagger study list: https://www.sectoralpha.in/multibagger-stocks-india
- Momentum stocks: https://www.sectoralpha.in/momentum-stocks-india

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