AIA Engineering Limited — Q4 FY25
AIA Engineering reported Q4 FY25 sales of 68,741 tons, bringing full-year sales to 265,000 tons with revenue of INR 4,200 crore.
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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.
45%Questions answered5Evaded / deflected10Questions audited
Evasive
High priority
US anti-dumping duty details and FY25 US sales volume.
Asked by Bhoomika Nair, DAM Capital Advisors Limited
Asked for FY25 US volume in million tons; got only a percentage range and vague forward visibility.
no specific volume givendeflected to uncertainty
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Question
Post this tariff, post this duty which came up and the tariffs which came up, one is can you outline, call out what was the FY 2025 sales to the US geography in million tons?
Sanjay Majmudar, Non-independent Director and Chairman of the Audit Committee
U.S. is an important market, but it is less than, I would say, 8% of the total volume, broadly I'm saying. ... we have visibility for a quarter or two ahead...
Evasive
High priority
Update on large mine conversions and 30,000-40,000 ton addition.
Asked by [Feraz], [audio distortion]
Asked for update on specific conversion; got generic assurance and deferral.
no update on specific minesdeferred to future
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Question
Last quarter, you had mentioned that we are working on a couple of large mines and possibly if they can convert, there could be a 30,000-40,000 Mexican addition. Any update on that front, sir?
Sanjay Majmudar, Non-independent Director and Chairman of the Audit Committee
We are working on several mines and our endeavor continues. ... we felt that let us wait for a quarter or two and see how few things are unfolding before giving a specific growth target.
Evasive
High priority
Why no volume outlook for FY26 despite earlier 25,000-30,000 ton target.
Asked by [Feraz], [audio distortion]
Asked for reason behind withholding outlook; got assurance but no explanation.
no specific reason givendeferred to future
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Question
Now in the opening remarks, he mentioned that he would not like to give any volume outlook for FY 2026. Is it just a U.S. uncertainty or do you still see the momentum of conversion from forged to grinding media not recovering that fast?
Sanjay Majmudar, Non-independent Director and Chairman of the Audit Committee
I would not want to pinpoint any particular reason, but one, let me assure you one thing that we are not going back on that target. ... we felt that let us wait for a quarter or two...
Partial answer
Medium priority
Mill liner business performance in FY25 and outlook.
Asked by [Feraz], [audio distortion]
Qualitative positive but no quantitative performance or outlook details.
no specific numbers given
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Question
Sir, last question on our mill liner business, sir. Just wanted to know how in FY 2025 that business fared and the outlook for the next one to two years and any changes such as in terms of renting of that business.
Sanjay Majmudar, Non-independent Director and Chairman of the Audit Committee
No, I think it has been doing very well. A lot of focus, a lot of investment is going in that business, and we remain very bullish on that.
Evasive
Medium priority
Volume contribution of mill liner business in double digits.
Asked by [Feraz], [audio distortion]
Asked for volume ballpark; got only 'double digits' and a denial of outgrowing.
no specific volume givenreframed to relative growth
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Question
Sir, when you said business started contributing in double digits to our total annual volume, is it possible to share any volume broad ballpark outlook for that result?
Sanjay Majmudar, Non-independent Director and Chairman of the Audit Committee
Share specific volumes, but of course, it is double digits. ... That business is currently outgrowing the grinding media business in terms of volume growth? Oh, no, no. Listen, grinding media still becomes a predominant volume driver.
Answered
High priority
Rationale for investments in China and Ghana, strategy pivot.
Asked by [audio distortion], SBI Mutual Fund
Provided detailed rationale about transit times, freight volatility, and modular approach.
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Question
Could you outline the thought process of investments in China and Ghana because this is a pivoting from a strategy of being in India in a single location?
Sanjay Majmudar, Non-independent Director and Chairman of the Audit Committee
The idea was that we have seen the last three years... we've been handstrung by a few things. One of the things has been phased, right? There's a large implication on the transit time...
Answered
Medium priority
Realization differences between grinding media and mill liner.
Asked by [audio distortion], SBI Mutual Fund
Provided a range of realizations per kilo for non-grinding media and explained variability.
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Question
The second thing is, if you could just help us understand how are these realizations different for grinding media and mill liner? If you could give us a little ballpark in terms of indication, that would be helpful.
Sanjay Majmudar, Non-independent Director and Chairman of the Audit Committee
Realization for, when we look at it is, we've got grinding media as one category... non-grinding media could be from INR 100, INR 1,300, INR 140, it can go right up to INR 230-INR 250.
Evasive
High priority
Progress in South America, especially Chile, for volume growth.
Asked by [audio distortion], SBI Mutual Fund
Asked for current status; got only hope and deferral, no concrete update.
no specific progress updatedeferred to future
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Question
If you could give us some color on where we are because that is a geography which can give us significant volume data.
Sanjay Majmudar, Non-independent Director and Chairman of the Audit Committee
We are very hopeful that we get a breakthrough soon, we just have to wait for it, right? ... I'm hoping next two quarters there is some breakthrough that we would be able to share.
Answered
High priority
Volume lost due to customer inventory correction and recovery timeline.
Asked by [audio distortion], SBI Mutual Fund
Provided specific volume loss range and recovery timeline of one quarter.
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Question
Could you just give us an update on, I mean, what percentage of volume would have been lost because of that, and where are we in that?
Sanjay Majmudar, Non-independent Director and Chairman of the Audit Committee
We lost about 8,000-10,000 with two customers, two or three customers last year, over 12 months. On a rolling basis, that volume should come back.
Answered
High priority
Whether volume drop was due to customer issues or lost to competition.
Asked by [audio distortion], SBI Mutual Fund
Acknowledged both customer issues and competitive loss, with specifics.
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Question
Is it fair to say that the drop in the volume that we have seen is none of the cases where we have lost a customer, it is mainly to do with idiosyncrasies of the customers and their inventory issues, etc.?
Sanjay Majmudar, Non-independent Director and Chairman of the Audit Committee
That was one part of it. We did lose volume. I think we did lose volume to the competition, I think, but one large customer that went back, that went to the competition.