Aia Engineering Limited (AIAENG)

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Aia Engineering Limited (AIAENG) · mywealthgrid

About

Aia Engineering manufactures castings and forgings for industrial applications. At ₹41,824 Cr market cap with ₹1,050 Cr average quarterly revenue (standalone), it operates with zero debt and 28.42% operating margins. Strong profitability positions it as a cash-generative player in the cyclical industrials sector.

Face value: ₹2

Market cap

₹35,682 Cr

P/E

28.2×

P/B

4.4×

Dividend yield

0.4%

ROE

17%

ROCE

21.3%

Debt / equity

OPM

28.4%

EPS (TTM)

₹135.7

Book value

₹860.2

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

PE 33.03 leaves limited valuation margin; downside amplifies if industrial demand weakens.
Quarterly revenue (₹890–₹1,270 Cr) and OPM (26–31%) vary significantly; verify root causes—cyclicality, customer concentration, project timing.
Public float 2.53% creates liquidity constraints for institutional and retail entry; verify trading depth.
Castings/forgings demand depends on industrial capex cycles; verify order book, customer concentration, and current cycle position.

Generated analysis · source review pending

Growth drivers

Zero debt (D/E 0) and OPM 28.42% provide financial flexibility for organic investment without dilution.
ROE 16.99% shows capital efficiency; maintaining or improving this while scaling revenue drives per-share growth.
Quarterly net profit ₹250–435 Cr demonstrates cash generation; verify capex plans and payout ratio to gauge reinvestment rate.
Castings/forgings serve industrials and auto sectors; verify order book, capacity utilization, and cycle position relative to macro capex trends.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹3,824.4-0.3%1Y

Quick read

rule-based

Pros

+High return on capital employed of 21.8%
+Healthy operating margin of 28.4%
+Profit CAGR of 17.5% over the last 5 years
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 44.3×

Cons

−Modest revenue growth of 8.9% a year over the last 5 years
−Low dividend payout of 11.8% of profit

Research score

Structured signal from quality, growth, valuation and momentum.

48/100

Business quality: 76
Growth: 22

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MIDCAP 150 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,467	3,070	2,981	2,881	3,567	4,909	4,854	4,287	4,420
COGS	964	1,225	1,173	1,143	1,471	2,066	2,073	1,738	1,695
Gross profit	1,502	1,844	1,807	1,739	2,095	2,843	2,781	2,550	2,725
	967	1,184	1,127	1,084	1,375	1,602	1,447	1,389	1,454
	536	660	680	655	721	1,241	1,334	1,161	1,270
OPM %	21.7%	21.5%	22.8%	22.7%	20.2%	25.3%	27.5%	27.1%	28.7%
Depreciation	66	79	98	94	92	93	100	103	113
Interest	7	8	6	4	4	20	28	21	37
	122	121	142	172	156	235	283	332	471
Profit before tax	585	694	719	730	781	1,362	1,488	1,368	1,592
Tax	141	183	128	164	162	306	351	308	323
Tax %	24.2%	26.4%	17.9%	22.5%	20.7%	22.4%	23.6%	22.5%	20.3%
	444	511	590	566	620	1,057	1,137	1,060	1,269
PAT margin %	18%	16.7%	19.8%	19.6%	17.4%	21.5%	23.4%	24.7%	28.7%
EPS (₹)	47	54.2	62.6	60	65.7	112	120.4	113.1	136.1
EPS adjusted (₹)	47	54.2	62.6	60	65.7	112	120.4	113.7	136.1
	0%	31.4%	43.1%	15%	13.7%	14.3%	13.3%	14.1%	11.8%
Annual report	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	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
Reserves	2,698	2,990	3,495	3,682	4,225	4,736	5,672	6,639	6,908	8,007
Minority interest	8	9	9	9	9	8	9	10	10	9
	116	123	128	97	184	3	496	455	485	0
	349	417	383	355	321	359	435	373	412	504
Total equity & liabilities	3,190	3,559	4,034	4,162	4,758	5,126	6,631	7,495	7,834	8,538
	655	656	829	890	811	738	1,003	1,110	1,102	1,168
CWIP	43	97	60	32	161	210	107	92	77	16
Investments	960	1,092	1,145	1,419	809	1,055	2,254	3,043	3,919	4,302
	1,533	1,714	2,000	1,822	2,977	3,122	3,267	3,250	2,737	3,052
Total assets	3,190	3,559	4,034	4,162	4,758	5,126	6,631	7,495	7,834	8,538

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	60.1%	60.6%	60.3%	58.8%	57.9%	57.3%	59.5%	61.6%
EBITDA margin %	21.5%	22.8%	22.7%	20.2%	25.3%	27.5%	26.8%	28.4%
EBIT margin %	18.9%	19.5%	19.5%	17.6%	23.4%	25.4%	24.4%	25.9%
PAT margin %	16.7%	19.8%	19.6%	17.4%	21.5%	23.4%	24.7%	28.7%
Working capital
Receivable days	84	79	81	82	64	66	70	97
Inventory days	234	242	241	304	215	212	214	270
Payable days	5	42	53	49	46	31	41	47
NWC days	314	279	269	338	233	247	243	320
Leverage
Current ratio	7.67	8.67	7.78	12.26	6.07	8.01	8.17	19.09
Debt to EBITDA	0.19	0.14	0.28	0	0.4	0.34	0.42	0
Debt to equity	0.04	0.03	0.04	0	0.09	0.07	0.07	0
Interest coverage	93	129.6	171.1	203.9	68.8	53.4	65.3	44.3
Asset turnover	0.76	0.72	0.61	0.7	0.74	0.65	0.55	0.52
Return ratios
Return on assets %	12.7%	14.2%	11.9%	12.1%	15.9%	15.2%	13.5%	14.9%
Return on capital employed %	20.8%	19.5%	18.1%	17.2%	26.1%	24.2%	20%	21.3%
Return on equity %	14.6%	15.9%	13.3%	13%	18.6%	17.1%	15.3%	15.8%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	58.47%	58.47%	58.47%	58.47%	58.5%	58.5%	58.5%	58.5%	58.5%	58.5%	58.5%	58.5%
	18.5%	18.29%	18.17%	17.68%	17.94%	17.21%	17.06%	16.99%	16.66%	16.58%	16.79%	16.87%
	20.3%	20.47%	20.54%	20.95%	20.84%	21.85%	22.04%	22.03%	22.19%	22.26%	22.03%	22.1%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	2.73%	2.77%	2.82%	2.9%	2.72%	2.44%	2.4%	2.48%	2.65%	2.66%	2.68%	2.53%
No. of shareholders	—	—	—	—	—	—	—	—	59,297	55,406	59,500	58,979

Promoter holding up 0.03 percentage points since Sep 2023.

24 deals · 19 Sept 2022 – 14 Nov 2022

Date	Client	Type	Venue	Side	Quantity	Price	Value
14 Nov 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	NSE	Buy	56,083	₹2,593.55	₹14.55 Cr
14 Nov 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	NSE	Sell	56,083	₹2,593.55	₹14.55 Cr
3 Nov 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	NSE	Buy	56,084	₹2,773.70	₹15.56 Cr
3 Nov 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	NSE	Sell	56,084	₹2,773.70	₹15.56 Cr
25 Oct 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	BSE	Sell	52,292	₹2,605.10	₹13.62 Cr
25 Oct 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	BSE	Buy	52,292	₹2,605.10	₹13.62 Cr
25 Oct 2022	ISHARES MSCI INDIA SMALL-CAP ETF	Block	BSE	Buy	22,672	₹2,605.10	₹5.91 Cr
25 Oct 2022	ISHARES INDIA SC MAURITIUS COMPANY	Block	BSE	Sell	22,672	₹2,605.10	₹5.91 Cr
17 Oct 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	BSE	Buy	82,169	₹2,598.35	₹21.35 Cr
17 Oct 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	BSE	Sell	82,169	₹2,598.35	₹21.35 Cr

1–10 of 24

1 / 3

Mr. Bhadresh Kantilal ShahExecutive Director-Chairperson related to Promoter-MD
Mr. Sanjay Shaileshbhai MajmudarNon-Executive - Non Independent Director
Mr. Yashwant Manubhai PatelExecutive Director
Mrs. Khushali Samip SolankiNon-Executive - Non Independent Director
Mrs. Bhumika Shyamal ShodhanNon-Executive - Non Independent Director
Mrs. Janaki Udyanbhai ShahNon-Executive - Independent Director
Mr. Piyush B ShahNon-Executive - Independent Director
Mr. Udayan Dileep ChoksiNon-Executive - Independent Director
Mr. Nitin Chandrashanker ShuklaNon-Executive - Independent Director
Mr. Malay Jayendra DalalNon-Executive - Independent Director
Mr. Viren Thakkar

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 14 fund houses

Held by these funds

12.96%

of the company's equity

All mutual funds

20.31%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

65 schemes · 14 fund houses

		Shares
Aggressive Hybrid FundNEW	SBI Mutual Fund	29 L	1,234.68	1.39%	3.108%	—
ELSS Tax Saver Fund	SBI Mutual Fund	14.04 L	597.6	1.88%	1.504%	-80,697
Large & Mid Cap Fund	ICICI Prudential Mutual Fund	11.2 L	476.66	1.42%	1.2%	-0
Portfolio of Kotak Flexi Cap FundNEW	Kotak Mahindra Mutual Fund	10.72 L	456.61	0.81%	1.15%	—
Large and Midcap Fund	SBI Mutual Fund	10.55 L	448.96	1.06%	1.13%	-0
Midcap Fund	SBI Mutual Fund	10 L	425.75	1.74%	1.072%	-0
Flexicap Fund	SBI Mutual Fund	5.45 L	232.01	1%	0.584%	-0
Infrastructure Fund	ICICI Prudential Mutual Fund	4.88 L	207.9	2.43%	0.523%	-19,087

1–8 of 65

1 / 9

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

24

Dividend dividend4 Sept 2026 · ex-date₹16
Dividend dividend4 Sept 2025 · ex-date₹16
Dividend dividend20 Aug 2024 · ex-date₹16
Dividend dividend12 Sept 2023 · ex-date₹16
Dividend dividend2 Sept 2022 · ex-date₹9
Dividend dividend26 Aug 2021 · ex-date₹9
Interim dividend17 Mar 2020 · ex-date₹27
Dividend dividend2 Aug 2019 · ex-date₹9
Interim dividend4 Apr 2018 · ex-date₹8
Final dividend4 Aug 2017 · ex-date₹4
Interim dividend20 Feb 2017 · ex-date₹4
Interim dividend17 Mar 2016 · ex-date₹8
Special dividend17 Mar 2016 · ex-date₹10
Dividend dividend10 Sept 2015 · ex-date₹8
Dividend dividend27 Aug 2014 · ex-date₹6
Dividend dividend1 Aug 2013 · ex-date₹4
Dividend dividend2 Aug 2012 · ex-date₹3
Dividend dividend28 Jul 2011 · ex-date₹3
Final dividend29 Jul 2010 · ex-date₹1.7
Interim dividend18 Feb 2010 · ex-date₹0.8
Final dividend10 Sept 2009 · ex-date₹1.9
Interim dividend26 Nov 2008 · ex-date₹0.6
Dividend dividend28 Aug 2008 · ex-date₹4
Dividend dividend16 Aug 2007 · ex-date₹3.5

1

Board meeting to consider results12 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

14 announcementsExport CSV

30 Sept 2026, 2:19 pmCompany Update

AIA Engineering Ltd - 532683 - Announcement Under Regulation 30 (LODR) - ESG Rating

General PDF

Loading announcements…

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	60.1%	60.6%	60.3%	58.8%	57.9%	57.3%	59.5%	61.6%
EBITDA margin %	21.5%	22.8%	22.7%	20.2%	25.3%	27.5%	26.8%	28.4%
EBIT margin %	18.9%	19.5%	19.5%	17.6%	23.4%	25.4%	24.4%	25.9%
PAT margin %	16.7%	19.8%	19.6%	17.4%	21.5%	23.4%	24.7%	28.7%
Working capital
Receivable days	84	79	81	82	64	66	70	97
Inventory days	234	242	241	304	215	212	214	270
Payable days	5	42	53	49	46	31	41	47
NWC days	314	279	269	338	233	247	243	320
Leverage
Current ratio	7.67	8.67	7.78	12.26	6.07	8.01	8.17	19.09
Debt to EBITDA	0.19	0.14	0.28	0	0.4	0.34	0.42	0
Debt to equity	0.04	0.03	0.04	0	0.09	0.07	0.07	0
Interest coverage	93	129.6	171.1	203.9	68.8	53.4	65.3	44.3
Asset turnover	0.76	0.72	0.61	0.7	0.74	0.65	0.55	0.52
Return ratios
Return on assets %	12.7%	14.2%	11.9%	12.1%	15.9%	15.2%	13.5%	14.9%
Return on capital employed %	20.8%	19.5%	18.1%	17.2%	26.1%	24.2%	20%	21.3%
Return on equity %	14.6%	15.9%	13.3%	13%	18.6%	17.1%	15.3%	15.8%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Aia Engineering LimitedAIAENGAIAENG	₹35,682 Cr	₹35,682 Cr	₹4,549 Cr	₹1,258 Cr	28.4%	₹1,266 Cr	28.7%	21.3%	17%	320
Ptc Industries LimitedPTCILPTCIL	₹33,038 Cr	₹33,299 Cr	₹697 Cr	₹172 Cr	21.9%	₹126 Cr	16.9%	8.6%	7%	970
Happy Forgings LimitedHAPPYFORGEHAPPYFORGE	₹18,915 Cr	₹19,245 Cr	₹1,642 Cr	₹510 Cr	30.4%	₹327 Cr	19.5%	20.3%	15.2%	193
Balu Forge Industries LimitedBALUFORGEBALUFORGE	₹5,623 Cr	₹5,750 Cr	₹1,175 Cr	₹312 Cr	27.1%	₹268 Cr	23.4%	23.9%	19.6%	182
Steelcast LimitedSTEELCASSTEELCAS	₹3,607 Cr	₹3,607 Cr	₹441 Cr	₹119 Cr	27%	₹91 Cr	20.5%	31.3%	24.1%	158
Amic Forging LtdAMICAMIC	₹2,673 Cr	—	₹142 Cr	₹43 Cr	30.2%	₹28 Cr	20%	—	—	—
Investment & Precision Castings LimitedINVPRECQINVPRECQ	₹1,595 Cr	—	₹188 Cr	₹31 Cr	16.4%	₹12 Cr	6.3%	—	—	—
Nelcast LimitedNELCASTNELCAST	₹1,053 Cr	₹1,310 Cr	₹1,338 Cr	₹98 Cr	8.3%	₹41 Cr	3.7%	14.3%	8.4%	51
Synergy Green Industries LimitedSGILSGIL	₹951 Cr	₹1,202 Cr	₹366 Cr	₹39 Cr	10.7%	₹5 Cr	1.3%	10.8%	4.2%	44
Neetu Yoshi LtdNEETUYOSHINEETUYOSHI	₹927 Cr	₹931 Cr	₹98 Cr	₹31 Cr	31.1%	₹13 Cr	25.4%	33.4%	27.5%	152
Magna Electro Castings LtdMAGNAELQMAGNAELQ	₹546 Cr	₹560 Cr	₹176 Cr	₹34 Cr	16.9%	₹23 Cr	9.4%	17.4%	13.5%	—
Kalyani Forge LimitedKALYANIFRGKALYANIFRG	₹340 Cr	₹446 Cr	₹237 Cr	₹33 Cr	11.9%	₹12 Cr	4%	17.7%	10.1%	185

Date	Category	Subject	Filing
30 Sept 2026, 2:19 pm	Company Update General	AIA Engineering Ltd - 532683 - Announcement Under Regulation 30 (LODR) - ESG Rating	PDF
19 Sept 2026, 12:08 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
16 Sept 2026, 4:28 pm	AGM/EGM AGM	Details Of Voting In Respect For The 36Th Annual General Meeting Of The Company As Per Regulation 44 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015	PDF
16 Sept 2026, 4:14 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
15 Sept 2026, 5:25 pm	Company Update Change in Directorate	Announcement under Regulation 30 (LODR)-Change in Directorate	PDF
15 Sept 2026, 5:16 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
22 Aug 2026, 12:46 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
21 Aug 2026, 3:48 pm	Others Business Responsibility and Sustainability Reporting (BRSR)	Business Responsibility and Sustainability Reporting (BRSR)	PDF

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	294	190	679	598	-39	868	903	1,162	592
	-205	-164	-311	-351	100	-1,208	-819	-194	-124
	-158	-0	-429	67	-268	395	-211	-743	-660
Net cash flow	-69	26	-60	314	-207	54	-127	225	-193
Free cash flow	294	190	547	474	-165	673	692	1,025	487
CFO / Operating profit %	54.9%	28.8%	99.8%	91.3%	-5.4%	69.9%	67.7%	101.1%	47.1%

Aia Engineering Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

24

1

Announcements

24

1

Not in the F&O segment

Announcements

Annual reports

Investor Presentation and earnings call

Compounded sales growth

Compounded profit growth

Return on equity

Aia Engineering Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Dividends24

Board meetings1

Announcements

Dividends24

Board meetings1

Ratio timeline

Not in the F&O segment

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Investor Presentation and earnings call

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

24

1

24

1