Aimtron Electronics Ltd — Q4 FY26
Aimtron Electronics delivered a stellar FY26, with consolidated revenue surging 89.2% YoY to ₹301.2 crore and PAT rising 79.4% to ₹46 crore.
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.
67%Questions answered2Evaded / deflected12Questions auditedMixedNumbers vs filing
Answered
Medium priority
Impact of PCB price increase and DRM shortage on business.
Asked by Asho Shukla
Management directly stated minimal impact and cost pass-through.
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Question
can you tell me the impact of PCB price increase and DRM shortage impact in the business.
Unnamed management (likely CEO or senior executive)
we have some of the lock in price and we do not have that much impact directly indirectly at this point... we transfer that cost to our customer.
Answered
High priority
Impact of L&T entering EMS/ESDM space on competitive positioning.
Asked by Asho Shukla
Management addressed the question with specific differentiation and pipeline numbers.
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Question
with L&T recently entering in electronic manufacturing services... How do you see this development impacting your competitive positioning pricing environment and overall growth prospect?
Unnamed management
this is a huge pie a trillion dollar pizza... if you have a niche market... there is no way they can beat us... our open order book and pipeline is almost 70 $80 million.
Partial answer
High priority
Internal revenue target for this year.
Asked by Priyu
Management gave a growth rate range but not a specific revenue target for the year.
no specific FY27 number givenreframed as CAGR
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Question
what is the internal target which we are targeting for this year?
Unnamed management
we'll keep our strategy in line with 40 50% CAGR growth because next couple of years we are eyeing on thousand cr kind of a journey.
Partial answer
High priority
Impact of ICT acquisition on EBITDA margin and future margin outlook.
Asked by Priyu
Management acknowledged margin impact but gave vague timeline for improvement.
no specific timeline for margin improvementdeferred to long term
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Question
due to that we are seeing some impact on the EBITDA margin some consolidated levels around 22%.
Unnamed management
that company AIC now Aimtron international controls... it was kind of early double digit itself... we'll see the scope of improvement... couple of years down the line we are even eyeing on how do we take it up to the Aimtron kind of a margin.
Answered
Medium priority
Capex requirements for 1,000 cr revenue target.
Asked by Priyu
Management gave specific capacity and capex details.
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Question
for the next two years we don't require any kind of a capex but after that we are planning is there anything which you want to disclose?
Unnamed management
right now we don't need to spend any more unless you have let's say 5 10 cr here and there... we already have a nine ascent lines right now so in nine ascent line we can easily go up to 800 900 cr.
Partial answer
Medium priority
Percentage of IPs developed in-house vs externally acquired and design cost efficiency.
Asked by Rush Sha
Management described the design setup but did not quantify IP split or explain cost efficiency.
no percentage breakdown givendid not address cost efficiency directly
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Question
how much percent of IPs are developed inhouse and how much of that is sold externally or externally acquired. How is company able to manage its design function with relatively low employee benefit costs?
Unnamed management
we have design team in house... team of 45 to 50 and then we do have design partners... including that we have a team of around 150... IP typically remains with customer. We don't own the IP.
Partial answer
High priority
Revenue growth guidance for FY27 and growth in ICS business.
Asked by Rush Sha
Management confirmed growth but did not quantify, pivoted to margin focus.
no specific growth number for ICSshifted focus to margins
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Question
management was guiding roughly around 40 50% revenue growth in FY27 if we considered the numbers of consolidated IC business there seems almost no growth in X ICS business so can you please throw some light on.
Unnamed management
specific to ICS we have clearly stated growth definitely is there... growth over there would be in double digits specific to revenue. But here the main focus is on how do we take it up for double digit kind of a PAT and double digit kind of an EBITDA.
Answered
High priority
Revenue split between India vs abroad and by sector.
Asked by Pratik Badia
Management provided specific percentages and sector breakdown.
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Question
can you take me through the revenue split between India versus abroad and also if you could split between different sectors like railways, defense and so on.
Unnamed management (Kamish if you can just open up the presentation)
70% approximately around 70% kind of an activity was more towards domestic customers... major industrial telecom and power and IoT robotics were the top five contributing sectors... India and US were the top two.
Answered
Medium priority
Top 3-4 risks in the coming two years.
Asked by Pratik Badia
Management identified specific risk and mitigation strategy.
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Question
what would be the top three four risk that you see in the coming two years in terms of execution.
Unnamed management
inventory levels if you see has moderately increased... supply chain side is the only factor we see can be a challenge... we already have like start taking the annual orders with monthly and quarterly split deliveries.
Answered
Medium priority
Operational SMT lines count and expansion plans for FY27.
Asked by Tah
Management gave specific timeline and line count.
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Question
can you please provide info on the operational SMT lines we had for the entire FY26 and the plans which we had to expand our SMT lines green field expansion...
Unnamed management
we have Fuji platform both as well as Bangalore... green field project... construction is done probably it will be Q3 and Q4... we are planning to add one SMT lines by end of FY27.
Evasive
High priority
Reason for gross margin decline from 31% to 28% in H2 FY26.
Asked by Tah
Management avoided addressing the specific H2 decline, instead suggesting YoY comparison.
deflected to year-on-year comparisonno direct explanation for H2 decline
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Question
our gross margins has decreased from around 31% in H1 FY26 to 28% in H2... was there any raw material price impact during this period?
Unnamed management
if you compare year on year probably we are in line... first half to second half there is always going to be a change... couple of orders from ODM models got shifted to manufacturing... minor fluctuation here and there.
Evasive
High priority
Negative cash flow of 40 cr and expected cash flow conversion.
Asked by Akshi Kalia
Management did not provide any cash flow conversion percentage or timeline for positivity.
no specific cash flow targetdeferred to long-term stabilization
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Question
we have generated 40 cr negative cash flow this financial year... can we expect to generate positive cash flow and what percentage of EBITDA can we convert over the next two to three years?
Unnamed management
we are in a aggressive growth trajectory... once we reach to the stable phase of thousand cr we may continue with this kind of a momentum... initially to accommodate that growth we may need to accommodate on that part.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Revenue growth guidance of 40-50% CAGR | 50% | 89.2% | Understated vs filing |
| Consolidated EBITDA margin around 22% | 22% | 20% | Overstated vs filing |
| AIC margin was early double digit ~11% | 11% | 20% | Understated vs filing |
| AIC revenue for FY27 expected ~$17 million | 17 | 179 | Understated vs filing |
| AIC contributed $1.6 million in two months | 1.6 | 179 | Understated vs filing |
| AIC margin expected to reach 18-20% by end of year | 20% | 20% | Matches filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.