AIA Engineering Ltd
AIAENG NSE
AIA Engineering Ltd
Industrial ProductsNSE: AIAENG BSE: 532683 Castings & Forgings
Key Fundamentals
MidcapCastings & ForgingsIndustrial ProductsMarket Cap
₹42,406 Cr
Volatility
Moderate
P/E Ratio
33.04
EBITDA
₹1,189 Cr
Return on Equity
15.28%
Debt to Equity
0
Book Value
₹859.98
EPS
₹119.04
52W High
₹5,180
52W Low
₹3,001.1
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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52 extracted metrics + investor summaries across FY11–FY26.
Tapetide Score
Data-driven rating, 0–100. How it works →
Technical Indicators
Key Insights
Strengths
2- Company has reduced debt.
- Company is almost debt free.
Weaknesses
5- The company has delivered a poor sales growth of 8.93% over past five years.
- Earnings include an other income of Rs.487 Cr.
- Dividend payout has been low at 13.0% of profits over last 3 years
- Debtor days have increased from 77.7 to 96.5 days.
- Working capital days have increased from 261 days to 537 days
Growth Rate
Revenue Growth
-5.71% ↗
Net Income Growth
20.07% ↗
Cash Flow Change
28.76% ↗
ROE
-10.38% ↗
ROCE
-12.28% ↗
EBITDA Margin (Avg.)
-23.46% ↘
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 1d agoAI opinion · based on fundamentals
Risk medium
AIA Engineering Ltd is a nearly debt-free industrial products company with a market cap of Rs.42,406 Cr trading at a PE of 32.7x. The company has delivered consistent ROE of ~17% over 3-5 years but faces challenges with sluggish sales growth (6% TTM, -3% 3-year CAGR) and significant working capital deterioration from 261 to 537 days.
Bull Case 8
- Company is virtually debt-free, providing strong balance sheet resilience and financial flexibility in a cyclical industrial sector
- Consistent ROE of 17% maintained over 3, 5, and last year periods, indicating disciplined capital allocation
- Compounded profit growth of 19% over 5 years outpaces sales growth, reflecting margin expansion and operating leverage
- Stock CAGR of 42% over 1 year suggests strong market re-rating driven by improved earnings visibility
- 10-year compounded profit growth of 12% demonstrates long-term earnings compounding ability
- TTM profit growth of 15% is accelerating relative to the 3-year CAGR of 7%, signaling recovery momentum
- Price-to-book of 5.16x paired with 17% ROE reflects a capital-efficient business earning well above cost of equity
- Company has actively reduced debt, improving its interest cost structure and de-risking the balance sheet further
Bear Case 8
- Working capital days have nearly doubled from 261 to 537 days, indicating severe cash conversion cycle deterioration and capital lock-up
- 3-year compounded sales CAGR is negative at -3%, reflecting a sustained period of revenue contraction
- Debtor days increased from 77.7 to 96.5 days, suggesting weaker collection efficiency or extended credit terms to customers
- Other income of Rs.487 Cr forms a significant portion of earnings, raising questions about core operating profit quality
- Dividend payout of only 13% of profits over last 3 years offers minimal income return to shareholders despite being debt-free
- PE of 32.7x is elevated for a company delivering only 6% TTM sales growth, implying demanding valuation relative to top-line momentum
- 5-year sales CAGR of only 8.93% classifies as poor growth for an industrial company in a growing economy
- Dividend yield of 0.36% provides negligible cash return cushion for investors in a high-interest-rate environment
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago Headwinds 2
- PAT decline on margin pressure Aug 14
Q1FY27 PAT declined slightly due to lower other income and margin pressure from elevated freight and raw material costs.
- Tonnage guidance withheld Aug 13
Management withheld tonnage targets pending trial results for New Generation Discharge System, creating near-term volume uncertainty.
Positives 4
- Revenue up 12% in Q1FY27 Aug 14
AIA Engineering posted 12.4% revenue growth in Q1FY27, indicating healthy top-line momentum despite cost headwinds.
- CapEx guidance raised sharply Aug 13
FY27 CapEx guidance raised to ₹350-400 crore from ₹130 crore, signaling confidence in long-term growth via new corporate infrastructure and land acquisition.
- ₹16 dividend for FY26 Aug 14
Board recommended 800% dividend of ₹16 per share for FY26, payable to shareholders on record as of September 5, 2026.
- New Generation Discharge System trials Aug 14
Management highlighted ongoing trials for its New Generation Discharge System as a key future growth driver.
Neutral 2
- Q2FY27 earnings call scheduled Aug 6
Investor conference call scheduled for August 12, 2026 to discuss unaudited results for quarter ended June 30, 2026.
- Operating margin guidance steady Aug 13
Operating margin guidance maintained at 20-22% for FY27, unchanged despite elevated CapEx plans.
TL;DR: AIA Engineering delivered solid 12.4% revenue growth in Q1FY27 and sharply raised CapEx guidance to ₹350-400 crore, signaling long-term expansion confidence. However, PAT slipped on freight and raw material cost pressure, and volume visibility remains limited with tonnage targets withheld. The trend is cautiously positive — top-line growth is intact and capital allocation is aggressive, but margin recovery and trial outcomes for the new discharge system will determine whether the stock re-rates higher.
Quarterly Results
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,240 | 1,295 | 1,169 | 1,150 | 1,020 | 1,044 | 1,066 | 1,157 | 1,039 | 1,048 | 1,067 | 1,266 | 1,168 |
| Expenses | 897 | 913 | 858 | 853 | 731 | 769 | 783 | 855 | 733 | 751 | 777 | 904 | 860 |
| Operating Profit | 343 | 382 | 311 | 297 | 289 | 276 | 283 | 302 | 306 | 297 | 290 | 363 | 308 |
| OPM % | 28% | 30% | 27% | 26% | 28% | 26% | 27% | 26% | 29% | 28% | 27% | 29% | 26% |
| Other Income | 60 | 62 | 84 | 77 | 83 | 91 | 72 | 98 | 114 | 99 | 132 | 140 | 117 |
| Interest | 8 | 7 | 7 | 6 | 6 | 5 | 1 | 8 | 7 | 8 | 16 | 5 | 0 |
| Depreciation | 24 | 25 | 27 | 25 | 25 | 24 | 26 | 28 | 28 | 28 | 28 | 29 | 29 |
| PBT | 371 | 412 | 361 | 344 | 341 | 337 | 327 | 363 | 386 | 360 | 378 | 468 | 395 |
| Tax % | 26% | 21% | 22% | 24% | 24% | 24% | 21% | 21% | 21% | 23% | 22% | 16% | 24% |
| Net Profit | 273 | 324 | 280 | 260 | 259 | 256 | 259 | 285 | 305 | 277 | 293 | 393 | 301 |
| EPS in Rs | 28.87 | 34.25 | 29.64 | 27.62 | 27.52 | 27.51 | 27.78 | 30.56 | 32.69 | 29.73 | 31.55 | 42.14 | 32.27 |
Profit & Loss
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,182 | 2,097 | 2,246 | 2,445 | 3,070 | 2,970 | 2,881 | 3,567 | 4,909 | 4,854 | 4,287 | 4,420 | 4,549 |
| Expenses | 1,593 | 1,484 | 1,607 | 1,906 | 2,406 | 2,285 | 2,220 | 2,841 | 3,663 | 3,513 | 3,134 | 3,164 | 3,291 |
| Operating Profit | 589 | 613 | 639 | 540 | 664 | 685 | 661 | 726 | 1,245 | 1,340 | 1,154 | 1,256 | 1,258 |
| OPM % | 27% | 29% | 28% | 22% | 22% | 23% | 23% | 20% | 25% | 28% | 27% | 28% | 28% |
| Other Income | 83 | 101 | 104 | 122 | 121 | 142 | 170 | 156 | 235 | 281 | 343 | 485 | 487 |
| Interest | 8 | 8 | 8 | 11 | 11 | 10 | 8 | 8 | 25 | 33 | 26 | 37 | 30 |
| Depreciation | 70 | 66 | 72 | 66 | 79 | 98 | 94 | 92 | 93 | 100 | 103 | 113 | 114 |
| PBT | 594 | 641 | 662 | 585 | 694 | 719 | 730 | 781 | 1,362 | 1,488 | 1,368 | 1,592 | 1,601 |
| Tax % | 27% | 29% | 31% | 24% | 26% | 18% | 22% | 21% | 22% | 24% | 23% | 20% | — |
| Net Profit | 431 | 457 | 457 | 444 | 511 | 590 | 566 | 620 | 1,056 | 1,137 | 1,060 | 1,269 | 1,265 |
| EPS in Rs | 45.69 | 48.44 | 48.43 | 47 | 54.16 | 62.59 | 60.02 | 65.7 | 112 | 120 | 114 | 136 | 136 |
| Div. Payout % | 18% | 37% | 17% | 17% | 17% | 43% | 15% | 14% | 14% | 13% | 14% | 12% | — |
Balance Sheet
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 19 | 19 | 19 | 19 | 19 | 19 | 19 | 19 | 19 | 19 | 19 | 19 |
| Reserves | 2,065 | 2,304 | 2,698 | 2,990 | 3,495 | 3,682 | 4,225 | 4,736 | 5,672 | 6,639 | 6,908 | 8,007 |
| Borrowings | 99 | 184 | 140 | 123 | 128 | 127 | 193 | 10 | 503 | 461 | 491 | 10 |
| Other Liabilities | 367 | 278 | 333 | 426 | 391 | 334 | 321 | 361 | 437 | 375 | 416 | 502 |
| Total Liabilities | 2,549 | 2,785 | 3,190 | 3,559 | 4,033 | 4,162 | 4,758 | 5,125 | 6,630 | 7,494 | 7,833 | 8,538 |
| Fixed Assets | 551 | 672 | 670 | 671 | 845 | 890 | 811 | 790 | 1,003 | 1,110 | 1,175 | 1,233 |
| CWIP | 46 | 38 | 43 | 97 | 60 | 32 | 161 | 210 | 107 | 92 | 77 | 16 |
| Investments | 637 | 946 | 960 | 1,092 | 1,145 | 1,418 | 809 | 1,055 | 2,254 | 3,043 | 3,919 | 4,302 |
| Other Assets | 1,314 | 1,128 | 1,518 | 1,699 | 1,984 | 1,821 | 2,977 | 3,070 | 3,266 | 3,249 | 2,663 | 2,987 |
| Total Assets | 2,549 | 2,785 | 3,190 | 3,559 | 4,033 | 4,162 | 4,758 | 5,125 | 6,630 | 7,494 | 7,833 | 8,538 |
Cash Flow
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 307 | 595 | 231 | 294 | 190 | 679 | 598 | -40 | 868 | 903 | 1,162 | 592 |
| Investing | -257 | -449 | -16 | -196 | -162 | -310 | -351 | 101 | -1,212 | -819 | -203 | -124 |
| Financing | -83 | -208 | -91 | -158 | 0 | -429 | 67 | -267 | 395 | -211 | -743 | -660 |
| Net Cash Flow | -33 | -63 | 124 | -60 | 27 | -60 | 314 | -205 | 51 | -127 | 217 | -193 |
| Free Cash Flow | 125 | 418 | 151 | 157 | -9 | 548 | 475 | -165 | 675 | 693 | 1,027 | 491 |
| CFO/OP | 85 | 125 | 61 | 84 | 56 | 121 | 118 | 17 | 94 | 92 | 123 | 69 |
Ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 66 | 75 | 80 | 90 | 84 | 80 | 81 | 82 | 64 | 66 | 70 | 97 |
| Inventory Days | 220 | 199 | 263 | 209 | 234 | 242 | 241 | 304 | 215 | 212 | 214 | 270 |
| Days Payable | 57 | 50 | 68 | 60 | 52 | 42 | 53 | 49 | 46 | 31 | 41 | 47 |
| Cash Conversion Cycle | 229 | 223 | 275 | 239 | 266 | 279 | 269 | 337 | 233 | 247 | 243 | 320 |
| Working Capital Days | 119 | 107 | 133 | 132 | 154 | 149 | 136 | 191 | 102 | 129 | 118 | 537 |
| ROCE % | 29% | 25% | 25% | 20% | 20% | 19% | 17% | 17% | 25% | 23% | 19% | 21% |
Documents
1
Announcement under Regulation 30 (LODR)-Newspaper Publication
14 Aug - Submission of Notice published in newspaper for attention of Equity Shareholders of the Company in respect of information regarding 36th Annual General Meeting of the … 14 Aug - Submission of Notice published in newspaper for attention of Equity Shareholders of the Company in respect of information regarding 36th Annual General Meeting of the …
2
Announcement under Regulation 30 (LODR)-Newspaper Publication
28 Apr - Copies of newspaper advertisements published in the Financial Express (in English & Gujarati) on April 28, 2026 regarding Postal Ballot Notice, E-Voting and other related … 28 Apr - Copies of newspaper advertisements published in the Financial Express (in English & Gujarati) on April 28, 2026 regarding Postal Ballot Notice, E-Voting and other related …
3
Shareholder Meeting / Postal Ballot-Notice of Postal Ballot
27 Apr - Postal ballot to appoint Malay Jayendra Dalal as Independent Director for five years, voting closes 28 May 2026. 27 Apr - Postal ballot to appoint Malay Jayendra Dalal as Independent Director for five years, voting closes 28 May 2026.
4
Announcement under Regulation 30 (LODR)-Newspaper Publication
28 Apr - Copies of newspaper advertisements published in the Financial Express (in English & Gujarati) on April 28, 2026 regarding Postal Ballot Notice, E-Voting and other related … 28 Apr - Copies of newspaper advertisements published in the Financial Express (in English & Gujarati) on April 28, 2026 regarding Postal Ballot Notice, E-Voting and other related …
5
Board Meeting Outcome for Outcome Of Board Meeting - Change In Directorate
20 Apr - Rajendra Shah resigns as Chairman and Director; Bhadresh Shah appointed Chairman, Malay Dalal appointed Independent Director. 20 Apr - Rajendra Shah resigns as Chairman and Director; Bhadresh Shah appointed Chairman, Malay Dalal appointed Independent Director.
3
Board Meeting Intimation for Unaudited Financial Results For The Quarter Ended 30Th June 2026 4 Aug 2026
Intimation
Frequently Asked Questions about AIA Engineering Ltd
What does AIA Engineering Ltd do?
AIA manufactures high-chrome grinding media, liners and diaphragms, collectively known as mill internals. These are used for crushing and grinding operations in the cement, power utility & aggregates and mining industries. [1]
Where is AIA Engineering Ltd (AIAENG) listed?
AIA Engineering Ltd is listed on the Indian stock exchanges. It is listed on NSE: AIAENG and BSE: 532683. You can view its live share price, financials, and ratios on Tapetide.
Which sector does AIA Engineering Ltd belong to?
AIA Engineering Ltd operates in the Industrial Products sector within the Castings & Forgings industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of AIA Engineering Ltd?
AIA Engineering Ltd has a market capitalisation of approximately ₹42405.71 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of AIA Engineering Ltd?
The Price-to-Earnings (PE) ratio of AIA Engineering Ltd is 33.04. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of AIA Engineering Ltd?
Over the past 52 weeks, AIA Engineering Ltd has traded between a low of ₹3,001.1 and a high of ₹5,180. This range helps investors understand the stock's price volatility and recent trading levels.
Does AIA Engineering Ltd pay dividends?
Yes, AIA Engineering Ltd has a dividend yield of 0.36%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of AIA Engineering Ltd?
AIA Engineering Ltd has a Return on Equity (ROE) of 15.28%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research AIA Engineering Ltd on Tapetide?
On Tapetide, you can view AIA Engineering Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.
Company Information
AIA manufactures high-chrome grinding media, liners and diaphragms, collectively known as mill internals. These are used for crushing and grinding operations in the cement, power utility & aggregates and mining industries. [1]
Website aiaengineering.com
CEO Mr. Bhadresh Kantilal Shah
Employees 1,306
Listed 2005-12-14
Face Value ₹ 2
Issued Size 9,33,20,370