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Stock Analysis

Description

AIA manufactures high-chrome grinding media, liners and diaphragms, collectively known as mill internals. These are used for crushing and grinding operations in the cement, power utility & aggregates and mining industries. It is the world’s second-largest producer of grinding media and mill liners for India’s cement industry.

Key Growth Triggers

The company is focused on international expansion, with ongoing efforts in markets like China and Ghana, expecting growth from FY'27.
A strategic pivot towards offering integrated, bundled solutions (liners plus grinding media) is aimed at enhancing customer efficiency and mitigating trade risks.
A significant breakthrough was achieved in the Chilean copper mining sector with an 18-month contract worth USD 32.90 million.
The company holds the position of being the world's second-largest producer of grinding media and mill liners for the Indian cement industry.

Order Book

Order Book: October 2025 = ₹968 Crores

Key Red Flags

The company has historically delivered a poor sales growth of 6.23% over the past five years.
Past earnings reports have included significant amounts of other income, such as Rs.518 Cr.

Key Dates To Watch

Currently no data available for Key Dates To Watch.

Corporate Announcements

6th Apr 26

Impact Rating: 5

AIA Engineering Limited filed its SEBI compliance certificate for the quarter ending March 31, 2026. The filing, via registrar MUFG Intime India, confirms the smooth dematerialization and cancellation of physical share certificates, ensuring regulatory compliance.

26th Mar 26

Impact Rating: 5

AIA Engineering Limited reassured investors that its plants are operating normally without disruption due to LPG shortage concerns, primarily using PNG and modifying systems to include LDO.

26th Mar 26

Impact Rating: 7

AIA Engineering Limited has informed exchanges that its trading window will be closed for all designated persons and their relatives. The closure begins on April 1, 2026, and will last for 48 hours after the announcement of the Audited Financial Results for the quarter/year ending March 31, 2026.

18th Mar 26

Impact Rating: 6

AIA Engineering Limited announced the resignation of Mr. B. F. Shah, its Executive Director (Commercial). The resignation is effective March 17, 2026, and is stated to be due to personal and unavoidable circumstances.

16th Mar 26

Impact Rating: 8

AIA Engineering Limited announced the results of its postal ballot, where shareholders overwhelmingly approved the appointment of Mr. Nitin Chandrashanker Shukla as Independent Director for a five-year term with nearly unanimous support.

Peer Comparision

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	AIA Engineering	3989.20	34.84	37244.29	0.40	277.21	27.62	959.79	17.91	18.78	3561.12	27.79	1068.87	277.21	5.26	13.72	0.14
2.	Happy Forgings	1168.60	40.67	11039.17	0.26	73.44	2.81	377.39	4.50	19.17	1437.48	29.27	271.42	73.44	5.62	13.05	0.10
3.	Balu Forge	514.45	24.19	5895.99	0.03	65.04	35.50	299.51	34.38	31.26	1058.14	28.14	243.77	65.04	4.70	20.75	0.07
4.	Steelcast	211.13	23.93	2131.18	0.68	23.21	74.64	106.65	41.54	32.94	435.24	28.35	89.07	23.21	5.94	20.24	0.00
5.	Amic Forging	1436.60	61.20	1544.18	0.00	12.40	-45.42	66.58	4.57	27.89	124.23	27.66	25.23	12.40	10.31	16.83	0.05
6.	Nelcast	103.41	24.30	893.65	0.48	4.76	-44.13	298.74	-9.59	9.55	1251.76	7.37	36.78	4.76	1.59	3.03	0.52
7.	Synergy Green	513.45	51.12	793.94	0.19	2.36	-43.27	72.00	-19.02	20.85	350.15	14.12	15.53	2.36	7.14	6.26	1.79
–	Median: 21 Co.	213.95	24.19	375.96	0.1	3.69	0.11	55.67	4.54	19.17	189.5	13.88	11.44	3.69	3.12	10.52	0.21

Quarterly Results

Standalone figures in ₹ crores

	Dec 2022	Dec 2023	Dec 2024	Jun 2023	Jun 2024	Jun 2025	Mar 2023	Mar 2024	Mar 2025	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales	997	1,044	908	1,033	904	833	1,067	986	861	1,083	1,081	814	960
Expenses	705	774	673	731	622	600	783	703	640	792	774	585	659
Operating Profit	292	270	235	302	282	233	284	282	221	291	308	229	301
Other Income	182	85	66	61	80	113	51	215	241	50	67	89	100
Profit before tax	445	321	274	332	331	311	304	467	426	313	344	290	365
Tax %	20%	25%	25%	25%	25%	25%	25%	18%	18%	25%	25%	25%	24%
Net Profit	355	241	207	248	247	234	227	384	351	233	257	217	277
EPS in Rs	37.65	25.57	22.16	26.26	26.15	25.08	24.04	40.67	37.59	24.75	27.25	23.28	29.71

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	1,783	2,094	1,820	2,066	2,150	2,838	2,577	2,473	3,082	4,045	4,144	3,486	3,561
Expenses	1,325	1,583	1,303	1,506	1,684	2,265	2,003	1,872	2,504	2,989	2,979	2,518	2,571
Operating Profit	458	511	516	560	467	572	574	601	578	1,055	1,165	968	990
Other Income	1	137	357	139	217	116	485	143	270	323	427	475	518
Interest	7	5	6	6	8	8	7	5	5	20	29	22	24
Depreciation	36	68	64	71	64	78	96	91	90	91	98	101	107
Profit before tax	416	575	804	621	611	602	957	648	752	1,267	1,465	1,320	1,377
Net Profit	285	415	616	417	470	415	833	485	585	969	1,129	1,022	1,069
EPS in Rs	30.22	43.95	65.27	44.24	49.82	43.98	88.27	51.41	61.97	102.72	119.75	109.46	114.54
Dividend Payout %	20%	18%	28%	18%	16%	20%	31%	18%	15%	16%	13%	15%	–

Balance Sheet

Standalone figures in ₹ crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	19	19	19	19	19	19	19	19	19	19	19	19	19
Reserves	1,293	1,633	2,032	2,403	2,741	3,157	3,593	4,076	4,576	5,454	6,437	6,688	7,060
Borrowings	117	90	170	140	118	127	122	189	6	502	461	491	1,022
Other Liabilities	261	282	204	277	328	306	260	250	264	340	265	316	368
Total Liabilities	1,691	2,023	2,425	2,839	3,206	3,609	3,994	4,533	4,865	6,315	7,182	7,513	8,468
Fixed Assets	367	530	652	650	651	822	865	789	766	980	1,086	1,152	1,116
Gross Block	554.13	786.26	963.01	782.73	844.76	1,087.99	1,225.28	1,214.60	1,279.99	1,583.93	1,784.06	1,944.18	–
Accumulated Depreciation	187.35	255.82	311.05	132.90	193.58	265.70	360.30	426.09	514.36	603.88	697.81	792.49	–
CWIP	100	46	38	42	95	60	32	161	210	107	92	77	99
Investments	516	616	923	941	1,047	1,094	1,433	792	1,028	2,208	2,927	3,807	4,669
Other Assets	708	830	812	1,206	1,413	1,633	1,664	2,791	2,861	3,020	3,076	2,477	2,584
Total Assets	1,691	2,023	2,425	2,839	3,206	3,609	3,994	4,533	4,865	6,315	7,182	7,513	8,468

Cash Flows

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	380	325	336	49	240	147	492	430	31	647	766	857
Cash from Investing Activity	-428	-196	-212	15	-64	-161	-43	-320	192	-1,110	-619	-62
Cash from Financing Activity	-77	-88	-213	-76	-163	4	-430	68	-264	400	-210	-744
Net Cash Flow	-126	41	-89	-12	13	-10	18	178	-40	-63	-64	50

Ratios

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	45	39	80	117	119	116	137	157	153	130	122	143
Inventory Days	102	89	106	128	126	120	130	139	140	114	129	143
Days Payable	56	44	49	50	43	40	34	49	34	38	23	33
Cash Conversion Cycle	92	84	138	195	203	196	233	248	260	206	228	252
Working Capital Days	70	67	96	140	146	158	177	179	218	131	159	169
ROCE %	33%	36%	38%	23%	21%	18%	26%	15%	17%	24%	23%	19%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	58.47%	58.47%	58.47%	58.47%	58.47%	58.47%	58.47%	58.50%	58.50%	58.50%	58.50%	58.50%
FIIs	17.78%	18.04%	18.05%	18.50%	18.29%	18.16%	17.68%	17.93%	17.21%	17.06%	17.00%	16.66%
DIIs	20.72%	20.69%	20.93%	20.29%	20.46%	20.53%	20.94%	20.83%	21.84%	22.03%	22.02%	22.18%
Public	2.73%	2.49%	2.56%	2.74%	2.78%	2.82%	2.91%	2.73%	2.43%	2.40%	2.48%	2.64%

BSE Announcements AI Summary

Direct from BSE filings, auto-summarised

AIA Engineering Files SEBI Compliance Certificate for Q4 FY26 Dematerialization

6th April 2026, 7:55 pm

AIA Engineering Clarifies No Production Impact from LPG Shortage, Continues Normal Operations

27th March 2026, 12:19 am

AIA Engineering Closes Trading Window Ahead of Q4 FY26 Results

26th March 2026, 4:01 pm

AIA Engineering Senior Executive Director Resigns

18th March 2026, 6:03 pm

AIA Engineering Secures Overwhelming Shareholder Approval for Nitin Shukla's Independent Director Appointment

16th March 2026, 10:06 pm

Published by Other Websites

External media mentions & references

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4th March 2026, 3:15 pm

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1st March 2026, 6:37 am

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28th February 2026, 5:29 pm

AIA Engineering Profit Up 13.6% On Margin Gains

30th January 2026, 2:21 pm

Major Firms Reveal Q3 Results Jan 30: NTPC, BoB, Bajaj Auto Estimates

29th January 2026, 11:38 pm

News Articles

Editorial & research coverage

AIA Engineering Profit Up 13.6% On Margin Gains

30th January 2026, 2:21 pm

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26th December 2025, 6:48 am

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23rd December 2025, 3:17 pm

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15th December 2025, 6:44 pm

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13th November 2025, 4:49 pm

Documents

Announcements

Closure of Trading Window

Announcement under Regulation 30 (LODR)-Updates on Acquisition

10 Dec - Wholly-owned subsidiary Vega ME acquired additional 14% of VMPS for AUD 5,639,184, completing 70% stake on 10 Dec 2025.

Announcement under Regulation 30 (LODR)-Earnings Call Transcript

10 Nov 2025 - Transcript: disclosed Chile contract ~$33M (22–23k tonnes, 18 months); Q2 sales 63,000t, Rs1,029 crore.

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome

7 Nov 2025 - Audio recording of investor call for quarter/half-year ended September 30, 2025 available at company website.

Announcement under Regulation 30 (LODR)-Investor Presentation

7 Nov 2025 - Presentation on the Unaudited Financial Results of the Company for the quarter/half year ended 30th September, 2025 to be made to Investor/Analyst.