Aaron Industries LimitedCapital Goods & EngineeringAARON
Q1 FY27 concall · earnings callAaron Industries Limited
Aaron Industries reported strong Q1 growth driven by its elevator and stainless-steel sheet businesses, with management focusing on capacity utilisation and cautiously optimistic on international OEM and new EVOQ360 product opportunities.
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue from Operations | ₹24.44 Cr | 27.01% YOY | |
| EBITDA | ₹4.99 Cr | 34.83% YOY | |
| EBITDA Margin | 20.19% | — | |
| Profit Before Tax | ₹3.46 Cr | 66.60% YOY | |
| Profit After Tax | ₹2.56 Cr | 141.94% YOY | |
| PAT Margin | 10.46% | — |
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹18.33 Cr+25.4% YoY+0.2% QoQ | ₹1.80 Cr+50% YoY-1.1% QoQ | ₹1.72+49.6% YoY0% QoQ |
| Q2 FY25 | ₹18.29 Cr+30.6% YoY+6.4% QoQ | ₹1.82 Cr+51.7% YoY-2.7% QoQ | ₹1.72+56.4% YoY-3.9% QoQ |
| Q1 FY25 | ₹17.19 Cr+10.8% YoY-9.9% QoQ | ₹1.87 Cr+16.1% YoY-19.7% QoQ | ₹1.79+11.9% YoY-19.4% QoQ |
| Q4 FY24 | ₹19.08 Cr+18.8% YoY+30.5% QoQ | ₹2.33 Cr+40.4% YoY+94.2% QoQ | ₹2.22+34.5% YoY+93% QoQ |
| Q3 FY24 | ₹14.62 Cr+6.9% YoY+4.4% QoQ | ₹1.20 Cr-3.2% YoY0% QoQ | ₹1.15-6.5% YoY+4.5% QoQ |
- Revenue grew 27.01% YoY to ₹24.44 crore.
- PAT surged 141.94% YoY to ₹2.56 crore.
- EBITDA margin improved to 20.19%.
- Focus on increasing capacity utilisation and appointing exclusive partners for the new EVOQ360 home lift.
- International OEM engagements (Johnson, Kone, Wittur) are in the vendor registration/sampling stage, with orders only from Fujitec so far.
- Targeting 25-30% revenue growth for FY27.
“Our main USP is that we are providing a battery management system with our lift, which can operate the lift for 100 cycles without power also. That is the main USP which we are offering, which currently no other company in India has right now.”
| Topic | What management said |
|---|---|
| International OEM Progress | Management confirmed vendor registration/sampling is underway with Johnson, Kone, and Wittur, but only Fujitec has started placing orders; progress in Africa (Kenya, Tanzania) is slow due to local conditions. |
| Steel Polishing Division Losses | The apparent segment losses are due to internal transfers of material to the elevator division; external sales only occur after in-house demand is met. |
| Steel Price Pass-through | For the steel division, price changes are passed to customers; for elevators, prices are more fixed unless a 'huge difference' (10-15%+) occurs, with changes typically executed within a month. |
| FY27 Guidance | The company is targeting 25-30% revenue growth for FY27 and aims to sustain an EBITDA margin in the 18-20% range. |
| EVOQ360 Home Lift | The product contributes 5-7% of current revenue, with a 20-25% margin; the company plans for ~150 units by year-end and has tied up with 4-5 exclusive state partners to avoid price wars. |
| Capacity Utilisation | Current overall capacity utilisation is 45-50%; the target is to reach 3,500 door units per month in the coming quarters, dependent on demand. |
| EVOQ Pricing & Market | The average price for EVOQ components is ₹6-6.5 lakh, with the final installed cost around ₹8-9 lakh, undercutting competitors (₹10-12 lakh). The focus is on Tier 2/3 cities for bungalows/duplexes. |
| Working Capital & Funding | Management is focused on improving productivity to manage working capital but may consider fundraising or debt if needed to support scaling. |
- Targeting 25-30% revenue growth for FY27.
- Aiming to sustain EBITDA margin in the 18-20% range.
- Planning for around 150 units of the EVOQ360 home lift by the end of the year.
- Targeting to reach 3,500 door units production per month in the coming quarters.
- International OEM business is expected to start seeing 'good business' in the next quarter.
Summary written from the transcript filed by Aaron Industries Limited for the call held on 17 Aug 2026; published 21 Aug 2026, 13:14 IST.
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