Aaron Industries Ltd
Incorporated in 2013, Aaron Industries
Ltd manufactures Elevators and Elevators
parts and Stainless -Steel press plates[1]
- Market Cap ₹ 390 Cr.
- Current Price ₹ 186
- High / Low ₹ 258 / 152
- Stock P/E 55.7
- Book Value ₹ 21.1
- Dividend Yield 0.32 %
- ROCE 18.6 %
- ROE 21.0 %
- Face Value ₹ 10.0
Pros
- Company has delivered good profit growth of 43.9% CAGR over last 5 years
- Company's working capital requirements have reduced from 28.2 days to 13.6 days
Cons
- Stock is trading at 8.82 times its book value
- Company might be capitalizing the interest cost
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Industrials Capital Goods Industrial Manufacturing Industrial Products
Quarterly Results
Figures in Rs. Crores
Profit & Loss
Figures in Rs. Crores
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 3.31 | 4.80 | 11.77 | 17.55 | 21.40 | 24.96 | 37.74 | 55.85 | 63.23 | 77.93 | 83.92 | |
| 3.17 | 4.55 | 10.21 | 15.51 | 18.33 | 21.49 | 31.88 | 46.31 | 52.11 | 63.09 | 67.83 | |
| Operating Profit | 0.14 | 0.25 | 1.56 | 2.04 | 3.07 | 3.47 | 5.86 | 9.54 | 11.12 | 14.84 | 16.09 |
| OPM % | 4.23% | 5.21% | 13.25% | 11.62% | 14.35% | 13.90% | 15.53% | 17.08% | 17.59% | 19.04% | 19.17% |
| 0.01 | 0.00 | 0.02 | 0.03 | 0.04 | 0.06 | 0.04 | 0.06 | 0.14 | 0.19 | 0.20 | |
| Interest | 0.08 | 0.17 | 0.14 | 0.29 | 0.59 | 0.44 | 0.19 | 1.01 | 1.34 | 1.36 | 2.13 |
| Depreciation | 0.01 | 0.01 | 0.10 | 0.20 | 0.55 | 0.63 | 0.85 | 1.15 | 1.42 | 1.81 | 2.84 |
| Profit before tax | 0.06 | 0.07 | 1.34 | 1.58 | 1.97 | 2.46 | 4.86 | 7.44 | 8.50 | 11.86 | 11.32 |
| Tax % | 33.33% | 28.57% | 29.85% | 32.28% | 31.47% | 21.54% | 23.66% | 27.28% | 25.53% | 30.52% | |
| 0.04 | 0.05 | 0.93 | 1.06 | 1.34 | 1.93 | 3.71 | 5.40 | 6.33 | 8.24 | 7.00 | |
| EPS in Rs | 0.44 | 0.56 | 1.16 | 0.53 | 0.67 | 0.96 | 1.85 | 2.69 | 3.03 | 3.94 | 3.35 |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 23.55% | 0.00% | 21.65% | 18.59% | 16.54% | 15.25% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 30% |
| 3 Years: | 27% |
| TTM: | 21% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 44% |
| 3 Years: | 31% |
| TTM: | -3% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | 45% |
| 3 Years: | 33% |
| 1 Year: | 14% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 23% |
| 3 Years: | 23% |
| Last Year: | 21% |
Balance Sheet
Figures in Rs. Crores
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 0.19 | 0.19 | 1.88 | 4.78 | 5.26 | 10.04 | 10.04 | 10.04 | 10.47 | 10.47 | 20.95 |
| Reserves | 0.05 | 0.10 | 1.66 | 4.59 | 5.30 | 2.13 | 5.85 | 10.44 | 25.37 | 32.56 | 23.29 |
| 1.15 | 1.33 | 1.05 | 5.27 | 5.20 | 7.07 | 9.15 | 11.37 | 31.56 | 31.86 | 32.04 | |
| 0.82 | 0.94 | 2.37 | 2.87 | 3.08 | 2.51 | 4.66 | 6.85 | 7.27 | 7.94 | 11.10 | |
| Total Liabilities | 2.21 | 2.56 | 6.96 | 17.51 | 18.84 | 21.75 | 29.70 | 38.70 | 74.67 | 82.83 | 87.38 |
| 0.10 | 0.12 | 1.45 | 8.71 | 9.29 | 12.88 | 14.85 | 18.92 | 24.35 | 24.88 | 56.38 | |
| CWIP | 0.00 | 0.00 | 0.00 | 0.00 | 0.36 | 0.50 | 0.76 | 0.41 | 26.90 | 32.52 | 0.00 |
| Investments | 0.00 | 0.00 | 0.00 | 0.04 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 2.11 | 2.44 | 5.51 | 8.76 | 9.19 | 8.37 | 14.09 | 19.37 | 23.42 | 25.43 | 31.00 | |
| Total Assets | 2.21 | 2.56 | 6.96 | 17.51 | 18.84 | 21.75 | 29.70 | 38.70 | 74.67 | 82.83 | 87.38 |
Cash Flows
Figures in Rs. Crores
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.91 | -0.06 | -0.47 | -0.15 | 1.40 | 3.27 | 1.17 | 4.07 | 5.60 | 8.63 | |
| -0.02 | -0.03 | -1.51 | -7.71 | -1.50 | -4.28 | -3.08 | -4.84 | -33.26 | -7.87 | |
| 0.93 | 0.03 | 1.97 | 8.24 | -0.65 | 1.00 | 1.91 | 0.78 | 27.69 | -0.72 | |
| Net Cash Flow | 0.00 | -0.06 | -0.01 | 0.38 | -0.76 | -0.02 | 0.01 | 0.01 | 0.04 | 0.04 |
Ratios
Figures in Rs. Crores
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 83.81 | 53.23 | 48.38 | 38.27 | 41.11 | 25.30 | 23.70 | 16.60 | 20.38 | 24.45 |
| Inventory Days | 239.97 | 180.69 | 172.59 | 157.50 | 151.49 | 140.40 | 104.85 | 142.94 | 148.91 | 120.29 |
| Days Payable | 155.28 | 92.76 | 95.94 | 55.13 | 42.16 | 21.79 | 32.89 | 38.57 | 24.24 | 22.87 |
| Cash Conversion Cycle | 168.50 | 141.17 | 125.03 | 140.65 | 150.44 | 143.91 | 95.66 | 120.97 | 145.04 | 121.87 |
| Working Capital Days | 120.20 | 91.25 | 77.84 | 77.58 | 61.23 | 47.53 | 61.22 | 42.81 | 28.17 | 13.63 |
| ROCE % | 15.95% | 47.67% | 19.34% | 16.84% | 16.63% | 22.81% | 29.71% | 19.83% | 18.62% |
Documents
Announcements
-
Analysts/Institutional Investor Meet/Con. Call Updates
24 November 2025 - Transcript of Q2 & H1 FY26 earnings call (Nov 19, 2025); no unpublished price-sensitive information; available on website.
-
Analysts/Institutional Investor Meet/Con. Call Updates
19 November 2025 - Audio of Nov 19, 2025 post-earnings Q2&H1FY26 conference call available; management attendees listed; no UPSI shared.
-
Analysts/Institutional Investor Meet/Con. Call Updates
14 November 2025 - Earnings call for Q2 & H1 FY26 on Nov 19, 2025 at 4:00 PM IST.
-
Copy of Newspaper Publication
14 November 2025 - Unaudited standalone financial results for quarter and half-year ended September 30, 2025; approved Nov 13, 2025, posted online.
-
Investor Presentation
13 November 2025 - Nov 13, 2025 investor presentation: launch of STELIX, Unit 3 commissioned, 5,000 monthly door capacity.
Annual reports
Concalls
-
Nov 2025TranscriptNotesPPT
-
Jun 2025Transcript PPT REC
-
Nov 2024Transcript PPT REC
Business Overview:[1]
AIL is the 1st public limited company in the Elevator Industry that is listed on the NSE SME platform. It is also in the Stainless Steel Polishing business