AIA Engineering Limited — Q4 FY26
AIA Engineering reported Q4 FY26 revenue of ₹2,551 crore and PAT of ₹393 crore, the highest ever quarterly profit.
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.
68%Questions answered3Evaded / deflected11Questions auditedMixedNumbers vs filing
Evasive
High priority
What sustainable volume will the mine conversion add annually?
Asked by Vun Jen, Dollar T
Management refused to provide any volume guidance, citing premature timing.
no number givendeferred to future
Read the exchange
Question
so this mine conversion what is the sustainable volume it will add every year to AIA.
Sanjay (management)
it's too early for us to give you any clearcut idea about X volume Y volume... Volume growth will come should come. Let us wait for a while and let us see how it assimilates.
Answered
Medium priority
Is the customer a Chilean copper mine and are there sulfuric acid issues?
Asked by Vun Jen, Dollar T
Management directly denied any issues and clarified the mine location is South America.
Read the exchange
Question
this customer this is a I'm assuming this is a Chilean copper mine... are you also facing any issues like that?
Sanjay (management)
No no nothing nothing of the sort. See we are talking of a very large headroom... Some momentary sulfuric acid shortage doesn't affect us in any manner at all.
Answered
Medium priority
Why was Q4 tax rate low at 16%?
Asked by Vun Jen, Dollar T
Management explained the tax rate with specific reasons including refunds and deferred tax assets.
Read the exchange
Question
in Q4 your tax rate was much lower like close to 16% or so. So why was that?
Sanjay (management)
first Q4 was the final adjustment of the tax for the whole year minus already provided for... there is a 25 cr 30 cr tax lower than what it should.
Evasive
High priority
What is mill liner utilization and minimum volume growth guidance for FY27?
Asked by Vun Jen, Dollar T
Management declined to provide utilization or volume guidance, citing need to wait.
no number givendeferred to future
Read the exchange
Question
what was the mill liner utilization for metallic and composite and what is the minimum volume growth guidance for FI27?
Sanjay (management)
We are not giving any specific numbers about metal or composite... We will only talk about the overall volumes... Let us wait for a while.
Partial answer
High priority
Have you received initial orders from the new customer given higher order book?
Asked by Ankor Peral, Access Capital
Management confirmed an order but withheld details due to confidentiality.
confidentiality cited
Read the exchange
Question
have we got any uh you know initial orders from this from this customer given that year end order book is is much higher than what it used to be last year
Sanjay (management)
successful trial in one of their mines they have immediately also given us the order for the second mine conversion that's all I can share at this point
Answered
High priority
What is capacity utilization in mining and grinding media?
Asked by Ankor Peral, Access Capital
Management provided a specific utilization figure and explained capacity headroom.
Read the exchange
Question
what is the uh the capacity utilization here for us uh both in mining as well as in grinding media.
Sanjay (management)
Capacity utilization this year is about 55%. Overall... Casting production have gone up but still we have enough capacities to cater to the expected increasing volumes
Answered
High priority
Can operating profit margin sustain at 23% given China/Ghana slowdown?
Asked by Dwang Sha, Ant Financial
Management directly addressed margin sustainability and gave a range.
Read the exchange
Question
is it okay to again our company will quarterly post a operating profit margin of about a 23% or something like that?
Sanjay (management)
No, no, that would be difficult to sustain... as a percentage can can come down in the range of 23 24. This is what you explained.
Answered
Medium priority
Will capacity utilization pressure continue?
Asked by Dwang Sha, Ant Financial
Management explained no pressure due to available capacity and brownfield expansion plans.
Read the exchange
Question
Aren't we going to feel the pressure?
Sanjay (management)
at current 55% utilization I can go up to 70 75. So within the available capacities... we never face a capacity shortage.
Evasive
High priority
What is the pipeline for large conversions over 2-3 years?
Asked by Priyanka Biswas, JM Financial
Management admitted they cannot provide pipeline or volume targets.
no number givendeferred to future
Read the exchange
Question
this sort of large conversions how should we look at the pipeline let's say if I have to take like a two threeear views
Sanjay (management)
I can't today convert it into goals and you know outcomes... we really don't have an answer over there.
Answered
Low priority
Is the new solution expertise from Vega Industries acquisition?
Asked by Rajakumar, RK Investment
Management clarified Vega was not an acquisition and is unrelated.
Read the exchange
Question
this new solutions that we are offering uh is that an expertise that we built post acquisition of Vega Industries Australia.
Sanjay (management)
Vega is a history in terms of way back in 2001. It is nothing... It was not an acquisition in that sense.
Answered
Medium priority
Why did inventory increase 25% while production/sales flat?
Asked by Rajakumar, RK Investment
Management explained inventory increase due to order timing and billing cycle changes.
Read the exchange
Question
looking at the inventory numbers between 25 and 26 they have gone up almost 25% whereas your uh production sales numbers are like more or less like 2 3% plus or minus.
Sanjay (management)
100% of our stock is built against orders. There is the South American uh order that got you know introduced... it was a delayed invoicing and we just translated into little more stock.
Answered
Medium priority
How is miner mood for conversions given shipping uncertainties?
Asked by Chiag Machala, Syndrome Broking
Management directly addressed shipping costs and miner mood, stating no material impact.
Read the exchange
Question
how is the mood with uh you know miners globally currently uh in in terms of conversion in FI27
Sanjay (management)
shipping cost... has now come down to a reasonably moderate level... the efficacy and the solution that we are talking about... is far far away from any of the commodity pricing worries.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Operating margin after other income is about 28-29% | 28.5% | 29% | Matches filing |
| Operating margin can come down to 23-24% as percentage | 23.5% | 29% | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.