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Revenue
₹121 Cr
verified against source
Revenue YoY
21%
reported change
EBITDA
₹28.12 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Aeroflex reported a strong Q3 FY26 with ₹121 crore revenue (+21% YoY) and ₹28.12 crore EBITDA (+28% YoY), driven by value-added products and entry into liquid cooling for data centers. EBITDA margin improved to 23.6% despite tariff headwinds. Export business grew 30% YoY, with US and EU contributing 85% of exports. The company added 1 million meters of hose capacity (total 17.5M) and plans to expand skid assembly capacity to 15,000 units by June 2026. Management guided for sustained growth, targeting 25% EBITDA margin over the next couple of years. Key risk: tariff uncertainty in the US market could delay new customer onboarding and impact margin expansion.
Colored figures show movement against the previous available record.
Guidance to track
- Management aims to improve EBITDA margin from current ~23.6% to 25% over the next 2-3 years through cost optimization and product mix improvement.
- Capacity for liquid cooling skid assemblies to be expanded from 2,000 to 15,000 units per annum, with completion expected by June 2026.
- Remaining 2.5 million meters of hose capacity to be commissioned in a phased manner, expected to be completed by Q2 of next financial year.
- Metal bellows plant expected to achieve peak utilization of ₹85-90 crore revenue by end of FY28/start of FY29.
Risks flagged
- Tariffs are delaying onboarding of new US customers, though existing customers continue to place repeat orders. Resolution of tariffs could significantly boost margins.
- Metal bellows revenue run-rate is only ₹12 crore vs. expected ramp-up, partly due to US tariff headwinds. Management acknowledged it is 'a little behind schedule'.
- Management declined to disclose margins for the liquid cooling skid business due to confidentiality, raising uncertainty about profitability relative to other segments.
- Stainless steel prices, a key raw material, could impact margins if volatility increases. Management uses back-to-back contracts but admits significant swings could affect margins.
Key quotes
- This performance was driven by our continued focus on value added products and our expansion into high new and high growth applications which includes products for data centers and AI infrastructure.
- Despite the tariff related headwinds, our quarterly export business grew 30% on a Y-on-Y basis which reflects a strong customer stickiness and our execution capabilities.
- We have a pipeline of about 45 crores that we already have which is planned for dispatches as per the schedule given by our partner.
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