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 liq...
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.
75%Questions answered2Evaded / deflected12Questions auditedContradictedNumbers vs filing
Evasive
High priority
Order book for liquid cooling skids
Asked by Nikon Bhanushali, Walford PMS
Management cited non-disclosure agreements and refused to share the order book.
cited confidentialityno number given
Read the exchange
Question
Uh yeah, so I had a few questions. Uh so what is the uh order book for the uh liquid cooling skids that we have currently?
Management
So in the liquid the cooling skits we work on a long-term contract with our supplier... due to disclosure agreements not be able to share the order book with them that we have.
Answered
High priority
Planned utilization levels for 15,000 skid capacity
Asked by Nikon Bhanushali, Walford PMS
Management gave a specific utilization range (75-80%) for the capacity.
Read the exchange
Question
So just if you can uh share something on the planned utilization levels that we'll have uh for the 15,000 capacity for skids.
Management
I would say the maximum utilization that we can do of the capacity would be about 75 to 80% at the peak level.
Answered
Medium priority
Metal bellows revenue in FY26
Asked by Nikon Bhanushali, Walford PMS
Management provided a specific revenue figure of 8 crores for metal bellows.
Read the exchange
Question
So what uh how much was the business uh we did in the current year uh in the previous year for metal bellows in FI26?
Management
In the current year uh on an annual basis we did about 8 crores of business from the metal bellows section.
Answered
Medium priority
Hider revenue for FY26
Asked by Nikon Bhanushali, Walford PMS
Management gave a specific revenue number of 31.64 crores.
Read the exchange
Question
And uh lastly uh what was the hide air uh revenue for the FI26?
Management
Uh hide air revenue in FI26 was uh uh 31.64 crores.
Answered
Medium priority
Hider utilization and capex plans
Asked by Raman KB, Sequent Investments
Management provided current utilization (60%) and explained internal consumption plan.
Read the exchange
Question
So uh what's our current utilization and are we planning with respect of H highare and are we planning to do any capex with uh in the highare business?
Management
In terms of utilization I think uh it is uh currently at about 60% utilization... we want to utilize the capacity of hider for internal consumption.
Evasive
Medium priority
Revenue sharing or royalty under exclusive agreement
Asked by Raman KB, Sequent Investments
Management described the agreement structure but did not explicitly confirm or deny royalty payments.
did not directly answer royalty question
Read the exchange
Question
Is it a are you sharing any revenue or are you giving them any royalty and if so can we know?
Management
This is an exclusive agreement where we are going to supply the skid assemblies to them... we have tied up with the India subsidiary of theirs.
Partial answer
Medium priority
Expectation of 40:60 domestic-export split
Asked by Raman KB, Sequent Investments
Management explained the change but did not commit to a specific future ratio.
no specific guidance on future ratio
Read the exchange
Question
So can we expect this to be the new normal like 40 60 spread between exports.
Management
Export hasn't decreased... domestic share has increased significantly... the entire business of skid assemblies will be in the domestic market. So this ratio of domestic would also increase.
Answered
High priority
Share of product in data center cost and patents
Asked by Karan Gupta, ACMIL
Management provided a specific percentage (10%) for liquid cooling cost share and explained patent situation.
Read the exchange
Question
What is the share of our product in the overall van of the data center and liquid cooling systems? Do we have any patent?
Management
Liquid cooling comes to about 10% of the cost of the data centers... we don't have any patent on the particular product... the design of every data center is unique.
Answered
High priority
Reason for delay in skid execution from 42 crores order book
Asked by T Patil, NHI
Management clearly explained the design and quality audit bottlenecks.
Read the exchange
Question
Last quarter you said 42 crores of skids were for immediate execution. So is it like something was not done? What was the reason?
Management
The main bottleneck is from the design aspect... plus significant supplier quality control and customer audits... we are still slightly behind.
Answered
High priority
Utilization target for 15,000 skid capacity by year-end
Asked by T Patil, NHI
Management gave a specific utilization target range (60-70%) and timeline.
Read the exchange
Question
Once you expand it to 15,000, the incremental capacity would reach up to what utilization by end of year?
Management
Our target would be to reach at least 60 to 70%... by say March of next year.
Partial answer
High priority
Revenue potential at 75% skid capacity utilization
Asked by Sil Jen, Lucky Investment
Management redirected from megawatts to revenue, providing a revenue range but not the requested metric.
did not answer megawatt questiongave revenue instead
Read the exchange
Question
At 15,000 skids full utilization, can you give us a sense on how many megawatts of liquid cooled data centers that can support?
Management
At 75% capacity utilization we can expect a total revenue for the business to come in at about 300 325 to about 330 crores.
Answered
Medium priority
Income tax demand of 40 crores and confidence in appeal
Asked by Shwa, I thought PMS
Management expressed high confidence in the appeal outcome.
Read the exchange
Question
There was an income tax demand of around 40 crores... how confident are we on this appeal?
Management
We are extremely confident that these things is going to be reversed in the appeals that we are going to file.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Metal bellows revenue FY26: 8 crores | ₹8 cr | ₹126 cr | Understated vs filing |
| Hider revenue FY26: 31.64 crores | ₹31.64 cr | ₹126 cr | Understated vs filing |
| Revenue at 75% skid utilization: 300-330 crores | ₹315 cr | ₹126 cr | Overstated vs filing |
| Overall growth in Q4: more than 35% | 35% | 38% | Understated vs filing |
| EBITDA margin target FY27: 23% | 23% | 24% | Understated vs filing |
| Long-term EBITDA margin target: 25% | 25% | 24% | Overstated vs filing |
| Metal bellows peak revenue potential: 80 crores | ₹80 cr | ₹126 cr | Understated vs filing |
| Base business growth guidance: 15-20% | 17.5% | 38% | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.