Aimtron Electronics Ltd(AIMTRON)

NSE: AIMTRON

₹ 1,605+0.15%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 3,443 crWebsite: www.aimtron.in/Updated: 24 Oct 2026

About

Aimtron Electronics Ltd is an Indian electronics system design and manufacturing (ESDM) company offering services from PCB design and assembly to complete box-build system manufacturing and ODM solutions, across telecom, power, IoT, defence and industrial end-markets. Consolidated revenue from operations grew 89.2% year-on-year to ₹3,011.6 Mn in FY26, with a standalone open order book of ₹5,212 Mn as on 31 March 2026. In FY26 the company acquired International Control Services Inc. (Decatur, Illinois), its first manufacturing footprint in the United States.^[1][2][3]

Revenue by end-market

Industrial Sector was the largest end-market at 42.93% of revenue in FY25, up from 36.01% in FY24.^[2][4]
IoT / Robotics contributed 19.21% of revenue in FY25; Medical & Health care 9.89% in FY25 vs 6.16% in FY24.^[2][4]
Gaming fell to 7.46% of revenue in FY25 from 20.89% in FY24; Power fell to 5.51% from 14.11%; Automobiles to 6.13% from 13.36%.^[2][4]
Aerospace / Defence was 5.33%, Drones and UAV 2.39% (7.25% in FY24) and Oil & Gas 1.15% of revenue in FY25.^[2][4]
North America accounted for 25.6% and the USA 12.1% of revenue by geography in FY25.^[2]

Product mix

Box Build (system-level assembly) contributed 68.8% of standalone revenue in FY26 and PCBA 28.6%, compared with box-build at ~27% of revenue in FY25.^[5][2]
ODM (end-to-end design-and-manufacture) represented less than 5% of standalone revenue in FY26.^[1]
The standalone order book at 31 March 2026 was 67.6% Box Build.^[1]
In-house capabilities include wire harnessing, sheet metal fabrication and enclosure design, with backward integration being extended into cable assembly and component manufacturing (FY25).^[2]

Manufacturing operations

The combined group operates 9 SMT lines, employs 150+ design engineers, serves 900+ customers globally and has completed 350+ embedded design projects (post-ICS acquisition, FY26).^[6]
India manufacturing facilities are in Bengaluru (Karnataka) and Vadodara (Gujarat), both ISO-certified (FY25).^[2]
The acquired US facility in Decatur, Illinois spans 58,000 sq ft on 3.9 acres with 4 SMT lines; utilisation was ~54% as of 31 March 2026.^[5]
Existing India capacity can support up to ₹800 - 900 crore of revenue on nine SMT lines with only minor capex over the next ~2 years (as of Q4 FY26).^[1]
Facilities hold ISO 13485:2016, ISO 14001:2015, EN ISO 9001:2015 and IATF 16949:2016 certifications, CDSCO registration, and CSA approval at Vadodara supporting Canadian exports (FY25).^[2]
Components are sourced from India, China, the US, the UK, Hong Kong, Singapore, Taiwan, Ireland and Thailand (FY25).^[2]

Order book and pipeline

Standalone India open order book was ₹5,212 Mn as on 31 March 2026, up 175.8% from ₹1,890 Mn in FY25.^[5]
Consolidated group order book stood at ~₹600 crore as on 31 March 2026.^[1]
Standalone India RFQ pipeline was ~₹9,000 - 9,500 Mn as on 31 March 2026.^[5]
Telecom & Network Security was the largest order-book segment at 32.3%, followed by Power & Data Centre at 21.8% and IoT & Robotics at 21.1% (FY26).^[5]
H1FY26 order inflows were ₹3,974 Mn; H2FY26 order inflows were ₹2,188 Mn.^[7]
AIC (US subsidiary) order book was USD 7.2 Mn and RFQ pipeline USD 49.3 Mn as on 31 March 2026.^[5]

Customers and markets

A ~$12 Mn data centre UPS design-and-manufacture order was secured from a Fortune 500 Ohio-based company in FY26, covering six variants (1 - 3 kV).^[1]
A ₹975.5 Mn ODM contract was secured in H1FY26 from a US infrastructure firm ($8 billion revenue group) for data-centre and communication-network solutions for India.^[7]
In FY25 the company secured three long-term programs from North American and European customers moving sourcing to India, and a $1.8 million AI project.^[2]
ICS (US) top 5 customers account for 40% of its revenue and top 3 for 25%; its mix: Hardened/Rugged Electronics 28%, Agrotech 19%, Medical 12%, Oil Industry 10%, Aerospace 5%.^[6]
ICS is located near Midwest OEM customers including Caterpillar, John Deere, CNH and BUNN.^[6]
A remote sales office in Germany is operational, with expansion planned into European and Australian markets.^[7][2]

Expansion and capex

A greenfield Vadodara (Mechatronics) facility is under construction: mechanical setup targeted for Q4 FY27 and SMT lines (phase 2) for Q1 FY28, with 6 SMT lines planned.^[1]
The greenfield Vadodara facility is to add ~₹500 crore of manufacturing capacity, taking estimated group capacity to ~₹1,000 crore.^[7]
Backward integration (sheet metal, injection moulding, plastics) is planned at the greenfield facility.^[7]
Incremental capex for ICS is ~INR 10 - 12 crore (phased) plus INR 5 - 6 crore for ERP/AI/digitisation.^[5]
ICS utilisation is targeted to rise from ~54% to ~90% over about 3 years; long-term revenue potential stated at USD 25 - 30 Mn per annum.^[5]

Recent developments

Sep 2026: approved a preferential issue of up to 12,24,265 equity shares for Rs 2,04,99,95,014.55 to 7 non-promoter investors (AIFs), for acquisitions, working capital and general corporate purposes.^[8]
FY26: ICS acquisition (International Control Services Inc., est. 1992, Decatur, Illinois) completed and rebranded Aimtron International Controls LLC; it contributed USD 1.6 Mn revenue in Feb - Mar 2026.^[1]
Entered Indian Railways supply with SIL-4 compliant Automatic Train Protection (Kavach) and anti-collision systems; RDSO vendor qualification in progress (Q1 FY27).^[5]
AS9100D aerospace and defence certification obtained in FY26; aerospace and defence was ~2% of revenue in H2FY26, including PCBAs for Republic Day parade drones.^[1]
Aimtron Mechatronics applied to MeitY under the ECMS scheme for SFP optical transceiver manufacturing; approval under process (Q1 FY27).^[5]
US subsidiary Aimtron Electronics LLC (Texas) began operations in January 2025; the company listed on NSE Emerge on 6 June 2024 via an IPO of 54,04,800 shares at ₹161.^[2]

Market Cap

₹3,443 Cr

High / Low

₹2,010 / 696

Stock P/E

73.1

Price / Book

14.3

Book Value

₹114

EPS

₹22.3

No. of Shares

2.06 Cr

ROCE

27.7%

ROE

23.6%

OPM

20.3%

Debt / Equity

0.24

Sales

₹301 Cr

Net Profit

₹46 Cr

Promoter holding

68.1%

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