AIA Engineering logo

AIA Engineering

AIAENG NSE

Key Fundamentals

MidcapCastings & ForgingsIndustrial Products
Market Cap
₹38,103 Cr
Volatility
Moderate
P/E Ratio
30.19
EBITDA
₹1,730 Cr
Return on Equity
15.79%
Debt to Equity
0
Book Value
₹859.98
EPS
₹119.04
52W High
₹5,180
52W Low
₹3,002

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

2
  • Company has reduced debt.
  • Company is almost debt free.

Weaknesses

4
  • 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.

Growth Rate

Revenue Growth
5.95% higher than 3Y
Net Income Growth
19.7% higher than 3Y
Cash Flow Change
-49.11% lower than 3Y
ROE
3.34% lower than 3Y
ROCE
1.12% higher than 3Y
EBITDA Margin (Avg.)
10.29% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2h ago
AI opinion · based on fundamentals
Risk medium

AIA Engineering Ltd operates in the industrial products sector with a market cap of ₹38,103 Cr and trades at a PE of 30.3x. The company is virtually debt-free and has maintained a steady ROE of ~17% over the last 5 years, though sales growth has been tepid at a 5-year CAGR of 9% and TTM growth of just 6%.

Bull Case 8
  • Company is almost debt-free, significantly reducing financial risk and interest burden
  • Consistent ROE of 17% maintained over 3-year, 5-year, and last-year periods, indicating disciplined capital allocation
  • Compounded profit growth of 19% over 5 years outpaces sales growth, reflecting improving margins and operational efficiency
  • TTM profit growth of 15% is healthy and accelerating relative to the 3-year CAGR of 7%
  • 10-year compounded profit CAGR of 12% demonstrates long-term earnings compounding ability
  • Stock has delivered a 1-year return of 33%, indicating strong recent market re-rating
  • Company has been actively reducing debt, strengthening the balance sheet further
  • 10-year stock CAGR of 13% shows the company has created meaningful long-term shareholder value
Bear Case 8
  • Sales growth has been weak at just 8-9% over 5 years and turned negative at -3% over the 3-year period
  • Earnings quality is a concern as other income of ₹487 Cr forms a significant portion of total profits
  • Debtor days have increased from 77.7 to 96.5 days, suggesting deteriorating working capital efficiency and potential collection issues
  • Dividend payout is low at just 13% of profits over the last 3 years, with a yield of only 0.39%
  • PE of 30.3x is elevated for a company delivering only 6% TTM sales growth, leaving limited margin of safety
  • Price-to-book ratio of 4.78x is rich, implying significant premium over book value
  • 3-year stock CAGR of only 5% suggests the recent 33% rally may be driven by re-rating rather than fundamental improvement
  • TTM sales growth of 6% is decelerating compared to the 10-year CAGR of 8%, raising questions about volume growth sustainability

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 1d ago
Headwinds 1
  • PAT dip on margin pressure Aug 14

    Q1FY27 PAT declined slightly despite 12.4% revenue growth, driven by higher freight and raw material costs squeezing margins.

Positives 4
  • 800% dividend for FY26 Aug 14

    AIA Engineering recommended a dividend of ₹16 per share (800% payout) for FY ended March 2026, with AGM scheduled for September 15, 2026.

  • Revenue up 12% in Q1FY27 Aug 14

    Q1FY27 revenue grew 12.4% year-on-year, signaling healthy top-line momentum in the industrial products segment.

  • Capex guidance raised sharply Aug 14

    Management raised FY27 capex guidance to ₹350-400 crore for new corporate infrastructure and land acquisition, indicating confidence in future growth.

  • New Gen Discharge System trials Aug 14

    Management highlighted ongoing trials for its New Generation Discharge System as a key growth driver going forward.

TL;DR: AIA Engineering is delivering solid top-line growth at 12.4% in Q1FY27 and rewarding shareholders with a generous 800% dividend. Margin pressure from freight and raw material costs is a near-term headwind that weighed on PAT. The raised capex guidance and new product trials suggest management is investing for medium-term growth. The trend is constructive if margin pressures ease and the New Generation Discharge System gains commercial traction.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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
3,158
3,291
Operating Profit
589
613
639
540
664
685
661
726
1,245
1,340
1,154
1,261
1,258
OPM %
27%
29%
28%
22%
22%
23%
23%
20%
25%
28%
27%
29%
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
42
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%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
497
Total Liabilities
2,549
2,785
3,190
3,559
4,033
4,162
4,758
5,125
6,630
7,494
7,833
8,532
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
2,981
Total Assets
2,549
2,785
3,190
3,559
4,033
4,162
4,758
5,125
6,630
7,494
7,833
8,532
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
-114
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
-182
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
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
193
ROCE %
29%
25%
25%
20%
20%
19%
17%
17%
25%
23%
19%
21%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others0.56%Promot.58.50%Public1.97%FIIs16.87%DIIs22.10%As ofJun 2026

Documents

Frequently Asked Questions about AIA Engineering

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 trades as AIAENG on the NSE and under code 532683 on the BSE.
Which sector does AIA Engineering Ltd belong to?
AIA Engineering Ltd is classified under the Industrial Products sector, in the Castings & Forgings industry.
What is the market capitalisation of AIA Engineering Ltd?
AIA Engineering Ltd has a market capitalisation of ₹38,103 Cr, which places it in the Large Cap band.
What is the PE ratio of AIA Engineering Ltd?
AIA Engineering Ltd trades at a PE ratio of 30.19, on earnings per share of ₹119.04, against a book value of ₹859.98 per share.
What is the 52-week high and low of AIA Engineering Ltd?
Over the last 52 weeks AIA Engineering Ltd has traded between ₹3,002 and ₹5,180.
Does AIA Engineering Ltd pay dividends?
AIA Engineering Ltd has a dividend yield of 0.39%.
What is the Return on Equity (ROE) of AIA Engineering Ltd?
AIA Engineering Ltd reported a return on equity of 15.79%. Its debt-to-equity ratio is 0.00.

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

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