AEROFLEX Other 15 May 2026

Aeroflex Industries Ltd — Q4 FY26

Aeroflex delivered a standout Q4 FY26 with revenue of ₹126.5 Cr (+38% YoY) and EBITDA of ₹30 Cr (+59% YoY), driven by strong execution in hoses/assemblies and the ramp-up of liquid cooling skid assemblies (617 units sold, ₹21.2 Cr revenue).

bullish high

Revenue ₹126 Cr +38%

EBITDA ₹30 Cr +59%

PAT ₹18 Cr +57%

EBITDA Margin 24% +326bps

Duration 70 min

Read Time 1 min read

✓ Verified against BSE filing

2-Min Summary

✦ AI-Generated from Full Transcript

Aeroflex delivered a standout Q4 FY26 with revenue of ₹126.5 Cr (+38% YoY) and EBITDA of ₹30 Cr (+59% YoY), driven by strong execution in hoses/assemblies and the ramp-up of liquid cooling skid assemblies (617 units sold, ₹21.2 Cr revenue). EBITDA margin expanded 326 bps to 23.86% on improved product mix and operating leverage. The skid assembly capacity is being scaled from 2,000 to 15,000 units p.a. by Q1 FY27, with management targeting 60-70% utilization by March 2027. The base business (ex-skids) is expected to grow 15-20% in FY27, while skids could contribute 20-22% of total revenue. Key risk: execution bottlenecks in skid assembly design and customer quality audits could delay revenue ramp-up.

Key Numbers

Skid assemblies sold in FY26 617

New segment

First full year of sales; generated ₹21.2 Cr revenue in 4 months.

Skid assembly capacity (annualized) 6,000 units

+200% vs prior capacity

Expanded from 2,000 to 6,000; further expansion to 15,000 by Q1 FY27.

Domestic sales share 31%

+5pp YoY

Driven by skid assembly sales; domestic revenue grew ~40% YoY.

Metal bellows revenue FY26 ₹8 Cr

New segment

Gaining traction; ARR now ~₹12 Cr; targeting 50-60% capacity utilization in 2-3 years.

Management Guidance

FY27 revenue growth ~35% overall

Management guided for ~35% revenue growth in FY27, driven by skid assembly ramp-up and 15-20% growth in base business.

Management guidance revenue

FY27 EBITDA margin target ~23%

Full-year EBITDA margin target of ~23%, with a medium-term goal of 25% over the next couple of years.

Management guidance margins

Skid assembly capacity expansion to 15,000 units p.a. by Q1 FY27

Capacity to be expanded from 6,000 to 15,000 units per annum by the next quarter (Q1 FY27).

Management guidance expansion

Skid assembly utilization target of 60-70% by March 2027

Target to reach 60-70% utilization on the 15,000-unit capacity by March 2027.

Management guidance growth

Key Risks

Skid assembly design and quality audit bottlenecks

Management acknowledged that design finalization and rigorous customer quality audits are causing delays in skid assembly production and revenue recognition.

high · analyst_question

Customer concentration in skid assembly business

Skid assembly sales are currently 100% dependent on one exclusive customer, creating single-client risk.

medium · data_observation

Income tax demand of ~₹40 Cr

An income tax demand of ~₹40 Cr related to FY18-19 has been raised; management is confident of reversal on appeal but outcome is uncertain.

medium · analyst_question

Geopolitical and tariff risks in US market

Despite tariff reductions, US trade policy uncertainty and geopolitical tensions could impact export growth.

low · management_commentary

Notable Quotes

Our aim is to have an EBITDA margin of around 23% in FY27 and ultimately over the next couple of years reach about 25% annually.

Management · Senior Management

The main bottleneck is from the design aspect... until and unless the assembly is designed and finalized, the production cannot start.

Management · Senior Management

We have a vision for the entire year that they have shared with us and our capacity expansion is based on the same lines.

Management · Senior Management

Frequently Asked Questions

What was Aeroflex Industries's revenue in Q4 FY26?

Aeroflex Industries reported revenue of ₹126 Cr in Q4 FY26, representing a +38% change compared to the same quarter last year.

What guidance did Aeroflex Industries management give for FY27?

FY27 revenue growth ~35% overall: Management guided for ~35% revenue growth in FY27, driven by skid assembly ramp-up and 15-20% growth in base business. FY27 EBITDA margin target ~23%: Full-year EBITDA margin target of ~23%, with a medium-term goal of 25% over the next couple of years. Skid assembly capacity expansion to 15,000 units p.a. by Q1 FY27: Capacity to be expanded from 6,000 to 15,000 units per annum by the next quarter (Q1 FY27). Skid assembly utilization target of 60-70% by March 2027: Target to reach 60-70% utilization on the 15,000-unit capacity by March 2027.

What are the key risks for Aeroflex Industries in FY27?

Key risks include Skid assembly design and quality audit bottlenecks — Management acknowledged that design finalization and rigorous customer quality audits are causing delays in skid assembly production and revenue recognition.; Customer concentration in skid assembly business — Skid assembly sales are currently 100% dependent on one exclusive customer, creating single-client risk.; Income tax demand of ~₹40 Cr — An income tax demand of ~₹40 Cr related to FY18-19 has been raised; management is confident of reversal on appeal but outcome is uncertain.; Geopolitical and tariff risks in US market — Despite tariff reductions, US trade policy uncertainty and geopolitical tensions could impact export growth..

Did Aeroflex Industries meet its previous quarter's guidance?

Scorecard data is being built as historical quarters are processed.

Where can I read the full Aeroflex Industries Q4 FY26 concall transcript?

The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.