Aaron Industries Ltd(AARON)

NSE: AARON

₹ 124.75+2.96%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 261 crNext results: 30 Oct 2026Website: www.aaronindustries.netUpdated: 24 Oct 2026

About

Aaron Industries makes elevator components, chiefly auto door systems and cabins, and sells polished stainless steel sheets under the STELIX brand. It reported revenue of 92.0 crore in FY26. The elevator division made up 75.0% of FY26 revenue and steel polishing 25.0%. Its plant capacity is more than 5,000 auto door systems a month.^[1][2][3]

Business segments

Elevator Division: revenue of Rs 68.99 crore, 75.0% of revenue in FY26. Its share rose 11.2 percentage points over FY2021-FY2026.^[2]
Steel Polishing Division: revenue of Rs 23.01 crore, 25.0% of revenue in FY26.^[2]
In FY25 the elevator division brought in Rs 62 crore and the stainless steel division Rs 16 crore. Auto door systems were about 60% of elevator revenue and cabins about 13%.^[4]

Products and brands

EVOQ360, a battery-operated home lift that needs no pit, was launched in February 2026. It has been supplied to 25+ projects and made up about 5-7% of revenue in Q1 FY27.^[5]
EVOQ360 sells at about Rs 6-6.5 lakh per unit (components). Its battery management system was developed in-house and runs 100 cycles without power. Imported parts from China are about 40% of its bill of materials (Q1 FY27).^[5]
STELIX is the brand for stainless steel sheets sold outside the company. Management describes it as a branding strategy, not a separate manufacturing setup (Q1 FY27).^[5][6]
Product margins ran from about 10% on plain doors to 30-35% on designer cabins, as stated in FY25.^[4]

Manufacturing capacity

Unit 3, an automated Salvagnini S4+P4 line, started in April 2025. It raised auto door capacity from 2,000 to 5,000 units a month.^[4]
Total capacity is more than 5,000 auto door systems a month, as of Q1 FY27.^[5]
Capacity utilisation was about 45-50% in Q1 FY27, up from 30-35% in Q4 FY25.^[5][4]
Stainless steel sheet output was 70-80 tons a month in FY25, up from 50 tons a month in FY24.^[4]

Key operating numbers

Monthly order book: Rs 10-12 crore a month in Q1 FY27.^[5]
Auto door volumes: 18,500 units in FY25, up from 14,500 in FY24. Cabin volumes: 1,640 in FY25, up from 1,380 in FY24.^[4]
The elevator division grew 9% in FY26. Management said this was held back by geopolitical effects on real estate and construction. It grew about 20% YoY in Q1 FY27.^[5]
Employee count fell from about 210 to 190 in FY25 as production was automated.^[4]

Customers and distribution

Fujitec places regular sheet orders, as of Q1 FY27. Johnson, Kone and Wittur were going through vendor registration.^[5]
Indian elevator makers Techno and Omega buy most of their embossed and PVD sheet needs from Aaron (Q1 FY27).^[5]
The company sells in all Indian states and has 750+ regular customers, as of Q1 FY27. Warehouses are in Ahmedabad and Kolkata.^[5]
Distribution reached 60+ cities in 2+ countries as of Q4 FY26. The company had 20+ distributors in FY25, up from 10-12 the year before.^[3][4]
Exports: orders come steadily from Nepal channel partners. Orders from Africa (Kenya, Tanzania) are still small (Q1 FY27).^[5]

Targets and expansion

The target is to produce 3,500 auto door systems a month, which management expects to reach by the December 2026 quarter.^[5]
The FY27 target is about 150 EVOQ360 units, with 4-5 exclusive territory partners.^[5]
In FY25 management said no major new capex was planned for at least two years, and set a target of 120 tons a month of steel sheet.^[4]
Sales staff were added in Punjab, Haryana and UP. The company also tied up with a Hyderabad elevator company for AP and Telangana, and appointed traders in Bengaluru and Belgaum (FY26).^[3]

Recent developments

As of 30 September 2026, 18 parties had placed confirmed advance orders for 60 EVOQ360 units, to be dispatched through December 2026.^[7]
19 EVOQ360 units were dispatched in Q2 FY27, and 5 new distributors were added.^[7]
The company took part in ISEE Africa 2025 in Nairobi in December 2025.^[3]

Market Cap

₹261 Cr

High / Low

₹228 / 107

Stock P/E

32.3

Price / Book

5.5

Book Value

₹23

EPS

₹3.3

No. of Shares

2.09 Cr

ROCE

18.5%

ROE

14.8%

OPM

15.2%

Debt / Equity

0.57

Sales

₹92 Cr

Net Profit

₹7 Cr

Promoter holding

73.1%

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Aaron Industries Ltd(AARON)

About

Business segments

Products and brands

Manufacturing capacity

Key operating numbers

Customers and distribution

Targets and expansion

Recent developments

Signal history

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