AIA Engineering Limited — Q3 FY26
AIA Engineering reported a steady Q3 FY26 with revenue of INR 1,066 crore and EBITDA of INR 425 crore (40% margin).
neutral
medium
✓ 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.
73%Questions answered1Evaded / deflected11Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Mining volume breakdown: India vs Hindustan Copper
Asked by Varun Jain, Dolat Capital
Gave a broad range but refused client-specific breakdown, partially answering.
declined client-wise detailsgave broad range instead of specific
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Question
in your mining volumes, which are close to 40,000 MT per quarter, how much of it is in India, and how much of that is to, approximately how much is, of that is to Hindustan Copper?
Sanjay Majmudar, Independent Director and Principal Advisor
Sir, we, Mr. Jain, we don't give, client-wise details, but broadly, you can say that, if you look at the mining volumes, on an average, around, 3,000-4,000 tons maximum would be from India.
Evasive
High priority
Opportunity from Hindustan Copper capacity expansion
Asked by Varun Jain, Dolat Capital
Did not address the specific volume potential from Hindustan Copper, instead pivoted to international markets.
redirected to outside India opportunityno quantification for Hindustan Copper
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Question
Hindustan Copper, they have said that they will increase their capacity from 3.5 million metric ton to 12 million metric ton by FY 2031. So that represents a big opportunity for AI. How do you see, like, will, will that give us 30, 40, 50 thousand metric ton structural volume increase over the next five, six years?
Sanjay Majmudar, Independent Director and Principal Advisor
our fundamental focus in mining is actually in the opportunity outside India. The reason is, we are looking at very large, much, much bigger markets, like Latin...
Answered
High priority
CapEx for FY26 and timeline for China/Ghana plants
Asked by Varun Jain, Dolat Capital
Provided specific CapEx breakdown and timeline for Q4, and later addressed China/Ghana timelines.
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Question
FY 2026, I think you guided close to INR 180 crore, out of which INR 105 crore is done. Will balance 75 be done in Q4? What about this China and Ghana, like, any timeline on that?
Sanjay Majmudar, Independent Director and Principal Advisor
Balance 75-80 may around INR 30 crore is for our new solar hybrid capacity, which is committed and which is 100% going to happen in Q4, plus certain CapEx. I would say a realistic number is in the range of about 50-55.
Partial answer
High priority
Conversion of large mine trials and mill liner capacity utilization
Asked by Varun Jain, Dolat Capital
Gave capacity utilization but did not quantify conversion progress or specific mine outcomes.
no specific conversion numbersdeferred timeline
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Question
last call, you said, like, two large mines were in advanced stages and 10-12 others... What is the conversion, and is this mill liner driven approach working? And what is the mill liner capacity utilization for nine months and Q3?
Sanjay Majmudar, Independent Director and Principal Advisor
mill liner-based approach is the focus on which we are working right now... the progress is happening satisfactorily, but it is taking a little time... capacity utilization currently are working at around 50%.
Answered
High priority
Timeline for results from large mine trials
Asked by Priyanka Biswas, JM Financial
Provided clear timeline for both mines.
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Question
for the sort of the large 2 mines that we were on very advanced stages, so we should be expecting the results in the coming 2-3 months, is what you are saying, right?
Sanjay Majmudar, Independent Director and Principal Advisor
Correct. To be very clear, at least one mine in next 2-3 months, the second mine could be maybe 4-5 months.
Answered
Medium priority
Forex effect on sales and margins
Asked by Priyanka Biswas, JM Financial
Explained currency pass-through mechanism and that it's not a margin driver.
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Question
how much, let's say, of your sales currently, like a ball, ballpark amount will also do, like, is, USD denominated? ...how should we see the realizations, let's say, in a rupee term going forward?
Kunal Shah, Executive Director, Corporate Planning
We are not an Indian exporter who benefits or loses on account of, you know, the dollar change... transactional currency is U.S. dollars... currency for us is a pass-through...
Answered
Low priority
Impact of EU FTA on tariffs
Asked by Priyanka Biswas, JM Financial
Clearly stated no material impact from EU FTA.
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Question
Recently, we are hearing talks about the EU FTA... what sort of, tariffs that you, or, or duties that you're facing in Europe at present, and so if that deal translates, like, over a period of time?
Kunal Shah, Executive Director, Corporate Planning
We don't sell to Hermès or European luxury houses. Our customers are mines and cement plants... Europe FTA, by and large, we're neutral to it. It does not change anything materially for us.
Answered
High priority
Capacity utilization and EBITDA margin outlook
Asked by Devansh Sevani, DD Enterprise
Provided specific margin guidance range and explained product mix impact.
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Question
if the capacity utilization grows up by 75% or 80% or 85%, the EBITDA level, what we are posting currently is 27%, so that will also increase?
Kunal Shah, Executive Director, Corporate Planning
we are refraining from giving any guidance on the margins... our guidance per se, on an operating side, at a much higher volume, is actually lower. We are talking of 23%-24% and not even 27%.
Partial answer
High priority
Progress on liners business and capacity utilization
Asked by Bhavin Vithlani, SBI Mutual Fund
Gave capacity utilization but no breakdown of metal vs hybrid liner volumes.
no specific output numbersdeferred to trial outcomes
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Question
Could you give us a bit more flavor on the non-grinding media piece, which is the liners out there... What was the output on the metal liners, and what was the output on the hybrid liners?
Kunal Shah, Executive Director, Corporate Planning
we are currently operating at a little lower than 50% of our rated installed capacity... as soon as this ball mill related trials are over, there could be a significant uptake in the volumes of liners.
Answered
Medium priority
Ability to ramp up capacity if South America succeeds
Asked by Bhavin Vithlani, SBI Mutual Fund
Provided clear assurance on capacity readiness and expansion plans.
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Question
in case we are successful, which we are, then given that the size of the market that is, we will quickly be running short of the capacity. So is that something that is there at the back of the mind?
Kunal Shah, Executive Director, Corporate Planning
I don't think capacity is going to be a constraint at all... the day we cross 300,000, 330,000 tons, you know, by the time the next 100 comes, we'll have the additional capacity up and about.
Answered
High priority
Chile order: offtake start and recurrence likelihood
Asked by Vaibhav Shah, Indsec Securities
Confirmed supply started and expressed confidence in recurrence.
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Question
on the Chile order. Could you clarify whether the offtake has already been started or is yet to begin? Also, how should we think about the likelihood of this order converting into recurring basis?
Kunal Shah, Executive Director, Corporate Planning
we have started supply. So Q3 includes supplies to Chile. And, of course, it's over 18 months... we are pretty confident that it should continue on a recurring basis.
Partial answer
Medium priority
Recovery of volumes lost due to duties in South Africa, Canada, Brazil
Asked by Ravi Swaminathan, Avendus Spark
Gave total lost volume but did not specify how much was recovered.
did not quantify recoveryredirected to profit growth
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Question
with respect to the volumes that we had lost, some close to around 40,000-50,000 tons related to the geographies over the past 5-6 years... How much of it would we have recovered, and how much more potential is there?
Kunal Shah, Executive Director, Corporate Planning
The total volume lost would be in excess of 75,000-80,000 tons... I'm only happy to report that my profits have grown from INR 600 crores to INR 1,100 crores, despite losing, you know, 30% of my volume.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| EBITDA margin guidance at higher volume: 23%-24% | 24% | 40% | Understated vs filing |
| Profit grew from INR 600 cr to INR 1,100 cr despite volume loss | ₹1,100 cr | ₹294 cr | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.