Aeroflex Industries Limited — Q3 FY26
Aeroflex reported a strong Q3 FY26 with ₹121 crore revenue (+21% YoY) and ₹28.12 crore EBITDA (+28% YoY), driven by value-added products and entry into liquid cooling for data c...
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
79%Questions answered0Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Liquid cooling skid system: royalty model and unit economics
Asked by Raman KV, Sequin Investment
Answered royalty question directly but gave no specifics on unit economics.
no unit economics details givendescribed business model instead
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Question
are we going to pay some royalty to use their ... or is it like a revenue share model between the both of the company and on the unit economics if you can explain the unit economics of this liquid cooling skate stuff
Management (not named)
So in this there is no royalty ... it's the normal buyer seller transaction. ... in terms of the unit economics so it works on a ... receive the orders from them ... manufacture the products and supply to them.
Partial answer
High priority
Liquid cooling: per piece realization and TAM
Asked by Raman KV, Sequin Investment
Confirmed assumption but did not give per piece number; provided global market size but not TAM.
did not confirm per piece realizationgave global market size instead of TAM for India
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Question
your realization is around three lakhs per piece correct at peak utilization ... how much out of that will be your liquid cooling systems kit? I just want to understand the total addressable market
Management (not named)
Assuming that's assuming an 80% capacity utilization. ... it depends a lot on the entire layout of the project ... I can tell you about the global market size for liquid cooling right now it's about almost close to 3 billion ... growing at about 33% every year
Partial answer
Medium priority
Highair capacity utilization and capex plans
Asked by Raman KV, Sequin Investment
Gave utilization but withheld capex numbers.
no capex amount givendeferred to future
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Question
with respect to high air what's our current capacity utilization and are we planning to have any further capex with respect to this?
Management (not named)
we are running at about 70 odd% capacity utilization ... we plan to add a few more machines ... capex is planned soon. I'll we'll be able to share the numbers in due course of time
Answered
High priority
Export revenue split by geography and FTA impact
Asked by Raman KV, Sequin Investment
Provided specific percentages for export share and geographic split.
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Question
what percentage of your total revenue is exports and if you can bifocate the export like where it comes from how much is USA how much is EU and will the current FTA signing with EU and UK will beneficial
Management (not named)
right now about 74% of our total business comes from export ... out of that almost 90% 85 to 95% comes from the EU and the USA ... EU right now is about 30% and the USA is about 55%.
Partial answer
High priority
Export weakness in 9 months and Q4 outlook
Asked by Virat Parak, Kelian
Explained weakness but did not give Q4 outlook or quantify spillover.
no specific Q4 guidanceblamed Q1 base effect
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Question
exports has kind of been weak this 9 months ... are we supposed to be a spillover in Q4? Is Q4 supposed to be very strong for us or is it more pessimism in the American market?
Management (not named)
Q1 was a very bad number ... because of that you see that our 9 months numbers are still don't appear as good ... we are starting to receive repeat orders ... getting new customers is taking a lot more time because of these tariffs
Answered
Medium priority
Domestic growth drivers and end-user industry mix
Asked by Virat Parak, Kelian
Provided specific industries and confirmed new customer wins.
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Question
Can you highlight a certain areas where we've done well? ... end user industry mix like where are we seeing more traction more growth
Management (not named)
steel industry ... ports and terminal industry ... railways industry ... we have gained more business from them and also entered into new ports
Partial answer
High priority
Capex breakdown, cash position, and liquid cooling margins
Asked by Virat Parak, Kelian
Provided capex and cash numbers but evaded on liquid cooling margins.
declined to give liquid cooling margingave overall margin range instead
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Question
bifocate the capex that we've done ... cash on the books ... what kind of margins are we going to see ... for the liquid cooling solutions
Management (not named)
total capex done in 9 months is approximately 36 cr ... cash balance as of 31st December about 20 cr ... for liquid cooling margins it will not be possible for me to give you a specific number ... we expect overall margins to remain in the range of 23 to 25%
Answered
High priority
Metal bellows and liquid cooling peak utilization timeline
Asked by Prates, Lucky Investment
Provided specific run rates and timelines for peak utilization.
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Question
at what sales level is your metal bellows ... when do you see the peak utilization and the peak revenue on the current capacity? ... on the liquid skid assembly side this 15,000 unit and this 350 cr of revenue which is the year or the quarter where we start seeing the peak utilization
Management (not named)
metal bellows right now is at an annual run rate of 12 crores ... expect to achieve a run rate of 36 crores over the next few quarters ... peak utilization in about two years time ... liquid cooling peak utilization should be achieved in 2 and a half years ... peak of about 350 crores in FY29
Answered
Medium priority
Liquid cooling margins directionally vs hoses
Asked by Prates, Lucky Investment
Gave directional comparison without exact numbers.
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Question
directionally are they better or inferior to the existing margins that you have in hoses?
Management (not named)
they are better than the margin in the hoses. They are almost in line with the margins that we have of assemblies.
Answered
Medium priority
Liquid cooling: substitutability and adaptability beyond data centers
Asked by Shringa Raju Ram, Omiti Holdings
Answered both questions directly with explanations.
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Question
if our SFN systems are not available, would customers need to redesign their entire cooling systems or can they substitute components? ... can the SM liquid cooling solutions be adapted beyond data centers?
Management (not named)
as of now if we are not providing the system the only option available to the customers would be to import it ... it can be used for cooling any other kind of system ... the adaptability ... the machines are not specifically meant just for data centers
Answered
High priority
Peak revenues from each division
Asked by Nikon Banushali, Koshwell
Provided specific peak revenue numbers for each division.
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Question
peak revenues from each of the division if you could give me the numbers
Management (not named)
liquid cooling 300 to 350 crores ... hose and assemblies 650 to 675 ... bellows around 85 crores ... hide about 45 crores ... miniature metal bellows about 8-9 crores
Answered
High priority
Reason for capacity curtailment in bellows
Asked by Ashar Kapalia, Frontwave Research
Explained the reason for capacity reduction and capital reallocation.
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Question
there's a delay across all categories ... for bellows the capacity addition plan was 1.2 to 3 lakh units ... now that has been caged significantly ... just wanted to understand the particular reason
Management (not named)
expansion from 1.2 to 3 lakh was part of phase 2 ... we have reduced capital expenditure in miniature metal bellows from 23 crores to about 10.5 crores ... we want to deploy capital to areas where we see significant demand
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Overall margin target 23-25% | 25% | 23% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.