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Research updated
AIA Engineering Ltd.
NSE: AIAENGIndustrialsSpecialty Industrial Machinery
- Last close
- ₹3,579.20
- Day change
- −₹54.70 (−1.51%)vs
- Market cap
- ₹34,823 crIndian rupees
- Research updated
- 1 report
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About AIA Engineering
AIA Engineering Ltd. specializes in the manufacture of high-chrome grinding media for the mining, cement, and power industries. The company's primary function is to produce wear parts that are crucial in the grinding process, enhancing the efficiency and effectiveness of mineral processing operations. Its products serve as vital components in crushing and grinding machinery, impacting industries that rely heavily on extracting and processing raw materials. Based in Ahmedabad, India, AIA Engineering Ltd. plays a significant role in supporting the operations of mines and power plants globally, ensuring smoother processing operations with reduced downtime. The company is renowned for its focus on quality and innovation, constantly developing new alloys and solutions to meet the specific needs of its diverse clientele. With an extensive presence in international markets, AIA Engineering Ltd. underlines the importance of durability and precision in industrial manufacturing, making it an essential player in auxiliary manufacturing services.
- Sector
- Industrials
- Industry
- Specialty Industrial Machinery
- Listing
- NSE: AIAENG
- Employees
- 1,306
- Headquarters
- Ahmedabad, India
- ISIN
- INE212H01026
- Website
- aiaengineering.com
Public research · Report of
Business model & financial foundation
AIA Engineering (NSE: AIAENG), High-chrome grinding media and mill internals: revenue of ₹4,420 crore in FY26 (+3.1% on FY25), an EBITDA margin of 28.4%, net profit of ₹1,270 crore and net cash of ₹4,365 crore.
- Revenue, FY26 (₹ crore)
- 4,420
- consolidated
- Revenue growth, FY26
- +3.1%
- on FY25
- EBITDA margin, FY26
- 28.4%
- EBITDA (Operating EBITDA excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- 1,270
- to owners
- Return on equity, FY26
- 17.0%
- on average equity
- Net debt, FY26 (₹ crore)
- -4,365
- Net debt including leases less unrestricted current treasury
- Market capitalisation (₹ crore)
- 35,516
- at the close of 14 Oct 2026
Company profile
| Item | Value |
|---|---|
| Legal name | AIA Engineering Limited |
| Exchange and ticker | NSE: AIAENG; BSE: 532683 |
| ISIN | INE212H01026 |
| CIN | L29259GJ1991PLC015182 |
| Sector | Industrials |
| Industry | High-chrome grinding media and mill internals |
| Headquarters | Ahmedabad, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | B S R & Co. LLP |
| Market capitalisation | ₹35,516 crore (14 Oct 2026) |
| Shares outstanding | 9.33 crore shares (FY26) |
| Price | ₹3,745 (close, 14 Oct 2026) |
| 52-week range | ₹3,186 - ₹5,180 (to 14 Oct 2026) |
| Website | https://aiaengineering.com/ |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Vega Industries (Middle East) FZC | 100% | Overseas distribution of mill internals |
| Vega Middle East (DFTZ) FZE | 100% | Overseas distribution |
| Vega Industries Limited USA | 100% | US distribution |
Three material subsidiaries. Welcast manufacturing closed during FY26; other smaller entities and Vega MPS JV are reflected in capital record. Full minor-entity holding table is a gap.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 58.50% | 58.50% | 58.50% | 58.50% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 16.70% | 16.60% | 16.80% | 16.90% |
| Domestic institutions | 22.20% | 22.30% | 22.00% | 22.10% |
| of which mutual funds | 20.66% | 20.60% | 20.14% | 20.31% |
| Other | 2.60% | 2.70% | 2.70% | 2.50% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
| Peer | Why the dossier compares them |
|---|---|
| Grindwell Norton (GRINDWELL) | Engineered abrasive consumables, customer qualification and replacement demand; adjacent not direct grinding-media peer. |
| Carborundum Universal (CARBORUNIV) | Abrasives and industrial ceramics; material technology and consumables. |
| Timken India (TIMKEN) | Precision industrial components and technical customer qualification. |
| SKF India (SKFINDIA) | Industrial bearing aftermarket; demerger limits comparability. |
| Schaeffler India (SCHAEFFLER) | Premium engineered industrial components; calendar-year reporter. |
| Thermax (THERMAX) | Technical process-industry equipment; capital goods rather than consumables. |
| Elecon Engineering (ELECON) | Industrial transmissions and processing customers; different order-cycle economics. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 3,523 | 4,852 | 4,854 | 4,287 | 4,420 |
| Cost of revenue (vendor classification) * | 1,728 | 2,388 | 2,374 | 2,008 | 1,979 |
| Other operating costs (vendor classification) * | 899.6 | 1,042 | 870.5 | 845.2 | 882.3 |
| EBITDA (vendor classification) * | 862.7 | 1,453 | 1,565 | 1,307 | 1,480 |
| EBIT * | 785.1 | 1,382 | 1,516 | 1,390 | 1,628 |
| Finance cost | 3.85 | 20.1 | 28.4 | 21.1 | 36.5 |
| Profit before tax | 781.3 | 1,362 | 1,488 | 1,368 | 1,592 |
| Tax expense | 161.7 | 305.5 | 351.0 | 308.4 | 322.8 |
| PAT before minority interest | 619.6 | 1,057 | 1,137 | 1,060 | 1,269 |
| Diluted earnings per share (₹) | 65.70 | 112.0 | 120.4 | 113.1 | 136.1 |
| PAT attributable to owners | 1,136 | 1,061 | 1,270 | ||
| Cost of goods sold | 2,073 | 1,738 | 1,695 | ||
| Employee benefits expense | 171.4 | 185.5 | 198.6 | ||
| Other expenses | 1,276 | 1,215 | 1,270 | ||
| Operating EBITDA excluding other income | 1,334 | 1,149 | 1,256 | ||
| Other income including forex | 281.4 | 331.6 | 474.1 | ||
| Depreciation and amortisation | 100.3 | 103.1 | 112.7 | ||
| Signed exceptional items (negative expense) | 0.00 | 0.00 | -3.28 | ||
| Non-controlling share of PAT (signed deduction) | 1.42 | -0.66 | -1.23 | ||
| Signed share of JV profit/(loss), net of JV tax | 1.51 | 11.8 | 13.9 | ||
| Treasury income | 257.8 | 278.7 | 304.1 | ||
| Forex income | 23.6 | 52.9 | 170.0 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including non-controlling interests | 4,763 | 5,700 | 6,668 | 6,937 | 8,034 |
| Borrowings excluding lease liabilities | 9.83 | 502.6 | 454.6 | 485.0 | 0.00 |
| Cash equivalents plus other bank balances | 256.7 | 307.5 | 553.6 | 437.5 | 223.9 |
| Trade receivables | 800.2 | 860.8 | 880.3 | 826.4 | 1,169 |
| Inventories | 1,226 | 1,218 | 1,205 | 1,017 | 1,256 |
| Trade payables | 196.8 | 261.4 | 178.6 | 196.7 | 219.5 |
| Property plant equipment net book value | 16.8 | 21.2 | 1,035 | 1,094 | 1,143 |
| Capital work-in-progress | 210.2 | 107.4 | 92.2 | 76.9 | 15.9 |
| Total assets | 5,126 | 6,631 | 7,495 | 7,834 | 8,538 |
| Current treasury investments | 2,977 | 3,825 | 4,160 | ||
| Noncurrent treasury investments | 0.00 | 0.00 | 0.00 | ||
| Net debt including leases less unrestricted current treasury | -3,055 | -3,764 | -4,365 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 72.5 | 1,054 | 902.7 | 1,162 | 591.5 |
| Free cash flow (vendor definition) * | -165.0 | 672.9 | 692.0 | 1,025 | 487.4 |
| Dividends paid net of TDS | -76.3 | -77.1 | -136.9 | -137.1 | -136.0 |
| Acquisition of PPE CWIP leasehold land and intangibles | -125.3 | -192.4 | -210.8 | -137.1 | -104.1 |
| Buyback outflow including tax and expenses | 0.00 | -619.7 | 0.00 | ||
| Net purchase of investments | -730.7 | -736.3 | -111.0 | ||
| Net redemption or investment in bank fixed deposits | -59.6 | 502.0 | 53.4 | ||
| Proceeds less repayment of current borrowings | -43.1 | 32.1 | -485.0 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding at year end (crore shares) | 9.43 | 9.43 | 9.43 | 9.33 | 9.33 |
| Final dividend per equity share for fiscal year (₹) | 16.00 | 16.00 | 16.00 | ||
| Consolidated diluted earnings per share (₹) | 120.4 | 113.1 | 136.1 | ||
| Weighted average diluted shares (crore shares) | 9.43 | 9.38 | 9.33 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,044 | 1,066 | 1,157 | 1,039 | 1,048 | 1,067 | 1,266 | 1,168 |
| Cost of revenue (vendor classification) * | 429.5 | 433.4 | 519.5 | 462.5 | 466.0 | 484.2 | 583.9 | 528.3 |
| Other operating costs (vendor classification) * | 292.5 | 303.2 | 190.3 | 221.7 | 237.6 | 236.5 | 272.7 | 280.1 |
| EBITDA (vendor classification) * | 366.2 | 354.6 | 399.5 | 420.4 | 395.6 | 425.6 | 502.7 | 424.6 |
| EBIT * | 342.6 | 328.4 | 371.6 | 392.7 | 367.7 | 394.1 | 473.8 | 395.5 |
| Finance cost | 5.27 | 0.99 | 8.45 | 7.20 | 7.70 | 16.2 | 5.38 | 0.45 |
| Profit before tax | 337.4 | 327.4 | 363.1 | 385.5 | 360.0 | 377.9 | 468.5 | 395.1 |
| Tax expense | 80.9 | 68.5 | 77.8 | 80.3 | 82.5 | 84.9 | 75.1 | 94.1 |
| PAT before minority interest | 256.4 | 258.9 | 285.4 | 305.2 | 277.5 | 293.0 | 393.3 | 301.0 |
| Diluted earnings per share (₹) | 27.29 | 27.78 | 30.55 | 32.69 | 29.73 | 31.54 | 42.15 | 32.27 |
| Cost of goods sold | 429.5 | 433.4 | 475.9 | 392.2 | 387.2 | 405.5 | 510.5 | 453.2 |
| Employee benefits expense | 46.5 | 46.5 | 46.4 | 48.4 | 47.3 | 55.8 | 47.1 | 51.6 |
| Other expenses | 292.5 | 303.2 | 333.1 | 292.0 | 316.5 | 315.1 | 346.1 | 355.3 |
| Operating EBITDA excluding other income | 275.7 | 283.1 | 301.6 | 306.4 | 296.9 | 290.4 | 362.6 | 307.9 |
| Other income including forex | 90.1 | 67.3 | 92.2 | 108.3 | 98.3 | 135.3 | 132.1 | 110.5 |
| Depreciation and amortisation | 23.6 | 26.2 | 28.0 | 27.7 | 28.0 | 28.2 | 28.8 | 29.1 |
| Signed exceptional items (negative expense) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -3.28 | 0.00 | 0.00 |
| Non-controlling share of PAT (signed deduction) | -0.29 | -0.32 | 0.13 | 0.15 | 0.03 | -1.47 | 0.07 | -0.11 |
| PAT attributable to owners | 256.7 | 259.2 | 285.2 | 305.0 | 277.4 | 294.4 | 393.3 | 301.1 |
| Signed share of JV profit/(loss), net of JV tax | 0.42 | 4.18 | 5.71 | 5.71 | 0.40 | -0.20 | 8.01 | 6.11 |
| Treasury income | 73.7 | 58.7 | 73.3 | 88.4 | 64.5 | 83.6 | 67.6 | 85.4 |
| Forex income | 16.4 | 8.59 | 18.9 | 19.9 | 33.9 | 51.7 | 64.5 | 25.2 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 24.7% | 37.7% | 0.0% | -11.7% | 3.1% |
| EBITDA margin | 27.5% | 26.8% | 28.4% | ||
| Net margin | 23.4% | 24.7% | 28.7% | ||
| Return on equity | 18.4% | 15.6% | 17.0% | ||
| Return on capital employed | 17.0% | 25.2% | 22.8% | 19.1% | 21.1% |
| Return on assets | 16.1% | 13.8% | 15.5% | ||
| Net debt (₹ crore) | -3,055 | -3,764 | -4,365 | ||
| Net debt / EBITDA | -2.29x | -3.28x | -3.47x | ||
| Interest cover | 203.9x | 68.8x | 53.4x | 65.9x | 44.6x |
| Asset turnover | 0.71x | 0.83x | 0.69x | 0.56x | 0.54x |
| Receivable days | 83 | 65 | 66 | 70 | 97 |
| Inventory days (on revenue) | 127 | 92 | 91 | 87 | 104 |
| Payable days (on revenue) | 20 | 20 | 13 | 17 | 18 |
| Cash conversion | 0.79x | 1.10x | 0.47x | ||
| Capex intensity | 3.6% | 4.0% | 4.3% | 3.2% | 2.4% |
| Free cash flow (₹ crore) | -52.8 | 861.4 | 692.0 | 1,025 | 487.4 |
| Dividend payout | 12.1% | 12.9% | 10.7% | ||
| EPS, diluted (₹) | 65.70 | 112.0 | 120.4 | 113.1 | 136.1 |
| Book value per share (₹) | 5,05,02,96,862 | 6,04,35,32,655 | 7,06,95,55,919 | 7,43,36,15,833 | 8,60,92,92,484 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt including leases less unrestricted current treasury; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted earnings per share).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 14 Oct 2026); market data at the close of 14 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on AIA Engineering includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on AIA Engineering
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 15 Oct 2026; page updated 25 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.