---
title: "Aaron Industries Ltd (AARON) — Share Price, Financials & Analysis"
symbol: "AARON"
company: "Aaron Industries Ltd"
canonical: "https://tapetide.com/stocks/AARON"
isin: "INE721Z01010"
nse_symbol: "AARON"
sector: "Capital Goods"
industry: "Industrial Products"
market_cap_cr: 278.59
generated_at: "2026-09-13T18:58:52.934Z"
---

# Aaron Industries Ltd (AARON)

Canonical page: https://tapetide.com/stocks/AARON

## Company

- **NSE Symbol:** AARON
- **ISIN:** INE721Z01010
- **Sector:** Capital Goods
- **Industry:** Industrial Products
- **Macro Sector:** Industrials
- **Stock Type:** EQUITY
- **Listed Since:** 2020-11-06
- **CEO:** Mr. Amar Chinubhai Doshi
- **Employees:** 192
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** aaronindustries.net

## About

Incorporated in 2013, Aaron Industries
 Ltd manufactures Elevators and Elevators 
 parts and Stainless -Steel press plates[1]

## Latest Price

- **Price:** ₹126.94
- **Change:** -10.01 (-7.31%)
- **Open:** ₹137
- **Day High:** ₹137
- **Day Low:** ₹121.16
- **Previous Close:** ₹136.95
- **Volume:** 34810
- **As Of:** 2026-09-11T10:29:28+00:00

## Key Fundamentals

Observed at 2026-09-11T04:40:34.573719Z.

- **Market Cap:** ₹278.59 Cr
- **Classification:** Microcap
- **P/E (reported):** 34.6
- **P/E (TTM):** 32.14
- **EPS (TTM):** ₹3.95
- **EPS (reported):** ₹6.29
- **Book Value:** ₹23.21
- **Price to Book:** 5.9
- **Dividend Yield:** 0.37%
- **ROE:** 13.98%
- **ROCE:** 21.48%
- **Debt to Equity:** 0.57
- **Revenue (yearly):** ₹92.2 Cr
- **Net Income:** ₹6.8 Cr
- **EBITDA:** ₹17.9 Cr
- **52-Week High:** ₹228
- **52-Week Low:** ₹106.8
- **RSI (14):** 56.55

## Tapetide Score

- **Score:** 54 / 100
- **Score date:** 2026-09-04
- **Archetype:** Losing Momentum
- **What it means:** A capable business whose price trend has turned while the multiple is still demanding. Often a re-rating in progress rather than a broken company — watch whether earnings stay resilient.
- **Pillar profile:** Quality: Good · Valuation: Expensive · Momentum: Falling
- **Percentile:** 65.6 (of 4473 scored stocks)
- **Confidence:** 100%
- **Data coverage:** 100%

| Pillar | Score | Weight |
| --- | --- | --- |
| financial health | 64.47 | 9% |
| growth | 70.62 | 9% |
| momentum | 37.79 | 12% |
| ownership | 50 | 24% |
| quality | 77.21 | 22% |
| valuation | 32.95 | 24% |

The Tapetide Score is decision-support only, not investment advice.

## Growth Rates

| Metric | QoQ | 1Y | 3Y | 5Y |
| --- | --- | --- | --- | --- |
| cash flow growth | — | -11.12% | 36.96% | 555.56% |
| ebitda margin growth | -1.96% | 0.83% | 9.11% | 24.12% |
| net income growth | 13.04% | -17.07% | 8% | 29% |
| revenue growth | -10.58% | 17.9% | 18% | 30% |
| roce | — | 2.53% | 28.55% | 22.57% |
| roe | — | -27.04% | 16.93% | -40.1% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | 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 | 14 | 14.62 | 19.08 | 17.19 | 18.29 | 18.33 | 24.11 | 19.24 | 22.24 | 23.2 | 27.33 | 24.44 |
| Expenses | 11.83 | 12.1 | 15.45 | 13.89 | 15.08 | 15.06 | 19.07 | 15.58 | 18.12 | 18.36 | 22.25 | 19.5 |
| Operating Profit | 2.17 | 2.52 | 3.63 | 3.3 | 3.21 | 3.27 | 5.04 | 3.66 | 4.12 | 4.84 | 5.08 | 4.94 |
| OPM % | 15.5 | 17.24 | 19.03 | 19.2 | 17.55 | 17.84 | 20.9 | 19.02 | 18.53 | 20.86 | 18.59 | 20.21 |
| Other Income | 0.02 | 0.03 | 0.09 | 0.05 | 0.06 | 0.05 | 0.06 | 0.04 | 0.05 | 0.04 | 0.06 | 0.05 |
| Interest | 0.42 | 0.42 | 0.25 | 0.3 | 0.31 | 0.35 | 0.41 | 0.68 | 0.69 | 0.64 | 0.58 | 0.52 |
| Depreciation | 0.35 | 0.36 | 0.39 | 0.44 | 0.46 | 0.46 | 0.45 | 0.94 | 0.99 | 1 | 0.95 | 1 |
| Profit before tax | 1.42 | 1.77 | 3.08 | 2.61 | 2.5 | 2.51 | 4.24 | 2.08 | 2.49 | 3.24 | 3.61 | 3.47 |
| Tax % | 15.49 | 32.2 | 24.68 | 28.35 | 27.6 | 28.29 | 35.14 | 49.04 | 44.18 | 37.96 | 35.73 | 25.94 |
| Net Profit | 1.2 | 1.2 | 2.33 | 1.87 | 1.82 | 1.8 | 2.75 | 1.06 | 1.39 | 2.02 | 2.32 | 2.56 |
| EPS in Rs | 0.57 | 0.57 | 1.11 | 0.89 | 0.87 | 0.86 | 1.32 | 0.51 | 0.66 | 0.96 | 1.11 | 1.22 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 11.77 | 17.55 | 21.4 | 24.96 | 37.74 | 55.85 | 63.23 | 77.93 | 92.01 | 97.21 |
| Expenses | 10.21 | 15.51 | 18.35 | 21.49 | 31.88 | 46.31 | 52.11 | 63.09 | 74.22 | 78.23 |
| Operating Profit | 1.56 | 2.04 | 3.05 | 3.47 | 5.86 | 9.54 | 11.12 | 14.84 | 17.79 | 18.98 |
| OPM % | 13.25 | 11.62 | 14.25 | 13.9 | 15.53 | 17.08 | 17.59 | 19.04 | 19.33 | 19.52 |
| Other Income | 0.02 | 0.03 | 0.11 | 0.06 | 0.04 | 0.06 | 0.14 | 0.19 | 0.1 | 0.2 |
| Interest | 0.14 | 0.29 | 0.59 | 0.44 | 0.19 | 1.01 | 1.34 | 1.36 | 2.59 | 2.43 |
| Depreciation | 0.1 | 0.2 | 0.55 | 0.63 | 0.85 | 1.15 | 1.42 | 1.81 | 3.88 | 3.94 |
| Profit before tax | 1.34 | 1.58 | 2.02 | 2.46 | 4.86 | 7.44 | 8.5 | 11.86 | 11.42 | 12.81 |
| Tax % | 29.85 | 32.28 | 29.21 | 21.54 | 23.66 | 27.28 | 25.53 | 30.52 | 40.54 | — |
| Net Profit | 0.93 | 1.06 | 1.42 | 1.93 | 3.71 | 5.4 | 6.33 | 8.24 | 6.8 | 8.29 |
| EPS in Rs | 1.16 | 0.53 | 0.71 | 0.96 | 1.85 | 2.69 | 3.03 | 3.94 | 3.25 | 3.95 |
| Dividend Payout % | 0 | 0 | 22.23 | 31.21 | 21.65 | 18.59 | 16.54 | 15.25 | 15.4 | — |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 0.19 | 1.88 | 4.78 | 5.26 | 10.04 | 10.04 | 10.04 | 10.47 | 10.47 | 20.95 |
| Reserves | 0.1 | 1.66 | 4.59 | 5.54 | 2.13 | 5.85 | 10.44 | 25.37 | 32.56 | 27.67 |
| Borrowings | 1.33 | 1.05 | 5.27 | 5.21 | 7.07 | 9.15 | 11.37 | 31.56 | 31.86 | 27.74 |
| Other Liabilities | 0.94 | 2.37 | 2.87 | 3.1 | 2.51 | 4.66 | 6.85 | 7.27 | 7.94 | 14.82 |
| Total Liabilities | 2.56 | 6.96 | 17.51 | 19.11 | 21.75 | 29.7 | 38.7 | 74.67 | 82.83 | 91.18 |
| Fixed Assets | 0.12 | 1.45 | 8.71 | 9.29 | 12.88 | 14.85 | 18.92 | 24.35 | 24.88 | 55.33 |
| CWIP | 0 | 0 | 0 | 0.36 | 0.5 | 0.76 | 0.41 | 26.9 | 32.52 | 0 |
| Investments | 0 | 0 | 0.04 | 0.22 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 2.44 | 5.51 | 8.76 | 9.24 | 8.37 | 14.09 | 19.37 | 23.42 | 25.43 | 35.85 |
| Total Assets | 2.56 | 6.96 | 17.51 | 19.11 | 21.75 | 29.7 | 38.7 | 74.67 | 82.83 | 91.18 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | -0.06 | -0.47 | -0.15 | 1.4 | 3.27 | 1.17 | 4.07 | 5.6 | 8.63 | 7.67 |
| Cash from Investing Activity | -0.03 | -1.51 | -7.71 | -1.5 | -4.28 | -3.08 | -4.84 | -33.26 | -7.87 | -1.72 |
| Cash from Financing Activity | 0.03 | 1.97 | 8.24 | -0.65 | 1 | 1.91 | 0.78 | 27.69 | -0.72 | -6.07 |
| Net Cash Flow | -0.06 | -0.01 | 0.38 | -0.76 | -0.02 | 0.01 | 0.01 | 0.04 | 0.04 | -0.12 |
| Free Cash Flow | -0.1 | -1.9 | -7.61 | -0.1 | -1.36 | -1.92 | -0.8 | -27.74 | 0.64 | 5.76 |
| CFO/OP | -16 | -7 | 8 | 57 | 106 | 36 | 60 | 67 | 74 | 58 |

### Ratios

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 53.23 | 48.38 | 38.27 | 42.81 | 25.3 | 23.7 | 16.6 | 20.38 | 24.45 | 27.81 |
| Inventory Days | 180.69 | 172.59 | 157.5 | 151.49 | 140.4 | 104.85 | 142.94 | 148.91 | 120.29 | 157.67 |
| Days Payable | 92.76 | 95.94 | 55.13 | 42.16 | 21.79 | 32.89 | 38.57 | 24.24 | 22.87 | 49.52 |
| Cash Conversion Cycle | 141.17 | 125.03 | 140.65 | 152.15 | 143.91 | 95.66 | 120.97 | 145.04 | 121.87 | 135.96 |
| Working Capital Days | 91.25 | 77.84 | 77.58 | 63.11 | 47.53 | 61.22 | 42.81 | 28.17 | 13.63 | 25.79 |
| ROCE % | 15.95 | 47.67 | 19.34 | 17.03 | 16.51 | 22.81 | 29.71 | 19.83 | 18.62 | 18.66 |

## Shareholding Pattern

### Quarterly

| Category | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 73.06% | 73.06% | 73.06% | 73.06% | 73.06% | 73.06% | 73.06% | 73.06% | 73.06% | 73.06% | 73.07% | 73.07% |
| FIIs | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| DIIs | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Government | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Public | 24.29% | 24.28% | 24.39% | 24.33% | 23.85% | 23.81% | 23.77% | 23.98% | 25.16% | 25.14% | 24.96% | 25.06% |
| Others | 2.65% | 2.67% | 2.55% | 2.61% | 3.09% | 3.13% | 3.18% | 2.96% | 1.78% | 1.8% | 1.97% | 1.87% |
| No. of Shareholders | 10875 | 11826 | 12497 | 11965 | 11516 | 11884 | 11473 | 11280 | 13721 | 12934 | 12387 | 11985 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Sell
- **Buy / Neutral / Sell:** 0 / 7 / 12

### Moving Averages — summary: **Strong Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 129 | Sell |
| EMA (10) | 130.69 | Sell |
| SMA (20) | 133.64 | Sell |
| EMA (20) | 131.77 | Sell |
| SMA (50) | 129.91 | Sell |
| EMA (50) | 130.95 | Sell |
| SMA (100) | 127.86 | Sell |
| EMA (100) | 132.96 | Sell |
| SMA (200) | 143.78 | Sell |
| EMA (200) | 143.03 | Sell |

### Oscillators — summary: **Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 44.34 | Neutral |
| MACD (12,26,9) | -0.84 | Sell |
| Stochastic (14,3,3) | 53.48 | Neutral |
| ADX (14) | 21.82 | Neutral |
| Williams %R (14) | -72.26 | Neutral |
| ATR (14) | 7.31 | High Volatility |
| ROC (12) | -6.72 | Sell |
| Stoch RSI (14) | 30.98 | Neutral |
| UO (7,14,28) | 43.73 | Neutral |

## Filings & Documents

### Exchange Filings & Announcements

| Date | Document |
| --- | --- |
| 2026-08-21 | [Updates](https://nsearchives.nseindia.com/corporate/AARON_21082026145517_AGMTranscript.pdf) |
| 2026-08-20 | [Shareholders meeting](https://nsearchives.nseindia.com/corporate/AARON_20082026114632_ScrutinizersReport_.pdf) |
| 2026-08-19 | [Shareholders meeting](https://nsearchives.nseindia.com/corporate/AARON_19082026171024_ProceedingsofAGM.pdf) |
| 2026-08-12 | [Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/AARON_12082026114223_FRNewspaperAdvt.pdf) |
| 2026-08-12 | [General Updates](https://nsearchives.nseindia.com/corporate/AARON_12082026093857_ClarificationonFR.pdf) |
| 2026-08-11 | [Press Release](https://nsearchives.nseindia.com/corporate/AARON_11082026100007_PressRelease_HomeLIFTEVOQ360BusinessUpdate.pdf) |
| 2026-08-10 | [Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/AARON_10082026182022_EarningCallsIntimation.pdf) |
| 2026-07-28 | [Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/AARON_28072026140358_NoticeDispatchNewsAdvt.pdf) |
| 2026-07-25 | [Shareholders meeting](https://nsearchives.nseindia.com/corporate/AARON_25072026114437_NoticeofAGM.pdf) |
| 2026-07-25 | [Updates](https://nsearchives.nseindia.com/corporate/AARON_25072026143909_WelinkLetterIntimation.pdf) |

### Earnings Call Transcripts

| Date | Document |
| --- | --- |
| 2026-08-21 | [Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/AARON_21082026114050_ConcallTranscript_Q1FY27.pdf) |
| 2025-11-24 | [Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/AARON_24112025152712_EarningConcallQ2H1FY26.pdf) |

### Earnings Call Recordings

| Date | Document |
| --- | --- |
| 2026-08-17 | [Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/AARON_17082026172649_ConcallAudioRecording.pdf) |
| 2025-11-19 | [Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/AARON_19112025173724_ConcallRecording_19112025.pdf) |

### Investor Presentations

| Date | Document |
| --- | --- |
| 2026-08-14 | [Investor Presentation](https://nsearchives.nseindia.com/corporate/AARON_14082026170615_InvestorPresentation.pdf) |
| 2026-05-16 | [Investor Presentation](https://nsearchives.nseindia.com/corporate/AARON_16052026152655_Presentation_FY26.pdf) |
| 2025-11-13 | [Investor Presentation](https://nsearchives.nseindia.com/corporate/AARON_13112025180951_InvestorPresentation_13112025.pdf) |

### Results & Financial Statements

| Date | Document |
| --- | --- |
| 2026-08-11 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/AARON_11082026113905_BMOutcoome.pdf) |
| 2026-07-24 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/AARON_24072026110030_BMOutcome.pdf) |
| 2026-07-24 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/AARON_24072026105831_BMOutcome.pdf) |
| 2026-05-16 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/AARON_16052026121103_AFR_31032026.pdf) |
| 2026-05-16 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/AARON_16052026121659_AFR_31032026.pdf) |
| 2026-02-05 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/AARON_05022026110933_UFR_31122025.pdf) |
| 2026-02-05 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/AARON_05022026111317_BMOutcome.pdf) |
| 2025-11-13 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/AARON_13112025111736_UAFR_30092025.pdf) |
| 2025-11-13 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/AARON_13112025111219_UAFR_30092025.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Annual Report 2026 from nse](https://archives.nseindia.com/annual_reports/AR_29997_AARON_2025_2026_A_6140986_25072026114846.pdf) |
| from nse | [Annual Report 2025 from nse](https://archives.nseindia.com/annual_reports/AR_27101_AARON_2024_2025_A_25072025120932.pdf) |
| from nse | [Annual Report 2024 from nse](https://archives.nseindia.com/annual_reports/AR_25219_AARON_2023_2024_28082024144414.pdf) |
| from nse | [Annual Report 2023 from nse](https://archives.nseindia.com/annual_reports/AR_22729_AARON_2022_2023_11082023184152_08112023190001.zip) |
| from nse | [Annual Report 2022 from nse](https://archives.nseindia.com/annual_reports/AR_20664_AARON_2021_2022_08082022182053_08082022190003.zip) |
| from nse | [Annual Report 2021 from nse](https://archives.nseindia.com/annual_reports/AR_18695_AARON_2020_2021_11082021092633_11082021100002.zip) |
| from nse | [Financial Year 2012 from nse](https://archives.nseindia.com/annual_reports/AR_SIMPLEX_2011_2012_01012013121718.zip) |
| from nse | [Financial Year 2011 from nse](https://archives.nseindia.com/annual_reports/AR_SIMPLEX_2010_2011_16122011102407.zip) |
| from nse | [Financial Year 2010 from nse](https://archives.nseindia.com/annual_reports/AR_SIMPLEX_2009_2010_01092010120000.zip) |
| from bse | [Financial Year 2021 from bse](https://www.bseindia.com/bseplus/AnnualReport/532877/69800532877.pdf) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| Nov 2024 | [Concall - Nov 2024](https://nsearchives.nseindia.com/corporate/AARON_25112024160451_Transcript_Q2FY25_25112024.pdf) |
| Jun 2025 | [Concall - Jun 2025](https://nsearchives.nseindia.com/corporate/AARON_13062025172528_TranscriptQ4FY25_13062025.pdf) |

### Other Documents

| Date | Document |
| --- | --- |
| 14 Jan 2022 - Depositories and Participants) Regulations, 2011, read with SEBI Circular no. MRD/DOPZ/ DSAZ/OW/ 2019/ 2498/ 1 dated 24th January, 2019; we submit herewith the certificate from … | [Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018 14 Jan 2022 - Depositories and Participants) Regulations, 2011, read with SEBI Circular no. MRD/DOPZ/ DSAZ/OW/ 2019/ 2498/ 1 dated 24th January, 2019; we submit herewith the certificate from …](https://www.bseindia.com/xml-data/corpfiling/AttachHis/3dfa9ff5-b701-442a-b7e2-c900bdccd6fa.pdf) |
| — | [Standalone And Consolidated Financial Result/Statement Of The Company For The Quarter Ended June 30Th 2021 16 Mar 2022](https://www.bseindia.com/xml-data/corpfiling/AttachHis/717fd5ee-a5df-4f3e-98ec-380f8203fca1.pdf) |
| — | [Board Meeting Intimation for Notice Of Board Meeting Pursuant To Regulation 29(1) Of SEBI (LODR) Regulations, 2015. 9 Mar 2022](https://www.bseindia.com/xml-data/corpfiling/AttachHis/c933d4a1-d622-4b86-86f3-622c0a31ea57.pdf) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T18:58:52.934Z.