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Revenue
₹126 Cr
verified against source
Revenue YoY
38%
reported change
EBITDA
₹30 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Aeroflex delivered a standout Q4 FY26 with revenue of ₹126.5 Cr (+38% YoY) and EBITDA of ₹30 Cr (+59% YoY), driven by strong execution in hoses/assemblies and the ramp-up of liquid cooling skid assemblies (617 units sold, ₹21.2 Cr revenue). EBITDA margin expanded 326 bps to 23.86% on improved product mix and operating leverage. The skid assembly capacity is being scaled from 2,000 to 15,000 units p.a. by Q1 FY27, with management targeting 60-70% utilization by March 2027. The base business (ex-skids) is expected to grow 15-20% in FY27, while skids could contribute 20-22% of total revenue. Key risk: execution bottlenecks in skid assembly design and customer quality audits could delay revenue ramp-up.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided for ~35% revenue growth in FY27, driven by skid assembly ramp-up and 15-20% growth in base business.
- Full-year EBITDA margin target of ~23%, with a medium-term goal of 25% over the next couple of years.
- Capacity to be expanded from 6,000 to 15,000 units per annum by the next quarter (Q1 FY27).
- Target to reach 60-70% utilization on the 15,000-unit capacity by March 2027.
Risks flagged
- Management acknowledged that design finalization and rigorous customer quality audits are causing delays in skid assembly production and revenue recognition.
- Skid assembly sales are currently 100% dependent on one exclusive customer, creating single-client risk.
- An income tax demand of ~₹40 Cr related to FY18-19 has been raised; management is confident of reversal on appeal but outcome is uncertain.
- Despite tariff reductions, US trade policy uncertainty and geopolitical tensions could impact export growth.
Key quotes
- Our aim is to have an EBITDA margin of around 23% in FY27 and ultimately over the next couple of years reach about 25% annually.
- The main bottleneck is from the design aspect... until and unless the assembly is designed and finalized, the production cannot start.
- We have a vision for the entire year that they have shared with us and our capacity expansion is based on the same lines.
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