Aeroflex Industries Ltd(AEROFLEX)

NSE: AEROFLEXBSE: 543972

₹ 453.25-5.70%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 5,998 crNext results: 28 Oct 2026Website: www.aeroflexindia.comUpdated: 24 Oct 2026

About

Aeroflex Industries Ltd manufactures stainless-steel flexible hoses, hose assemblies, fittings, metal bellows, and liquid cooling skid assemblies for data centres, and operates a subsidiary (Hyd-Air) making hydraulic and pneumatic components. The company reported FY26 revenue of ₹441.94 cr and EBITDA of ₹101.1 cr. Exports account for approximately 74% of revenue, with the Americas and Europe as its principal markets.^[1]

Business segments

Core business (stainless-steel flexible hoses and assemblies) is the dominant revenue stream; assemblies and fittings reached 63% of the hose business mix vs bare hose at 37% in Q1 FY27.^[2]
Liquid cooling skid assemblies for data centres contributed ₹32.4 cr (23% of consolidated revenue) at 1,040 units in Q1 FY27, up from 617 units / ₹21.2 cr for all of FY26.^[2]
Hyd-Air subsidiary (hydraulic and pneumatic components) generated ₹31.64 cr in FY26, up ~50% YoY; contributed ~₹7 cr in Q1 FY27.^[3]
Metal bellows division delivered ₹8 cr in FY26 (mostly H2) and ~₹3 cr in Q1 FY27; annualised run rate was ₹12 cr as of Q4 FY26.^[3]
Value-added products (assemblies, fittings, bellows, skid assemblies) contributed 52% of total FY26 sales and 54% of 9M FY26 sales.^[3]

Products and end-use applications

Core product is corrugated stainless-steel flexible hose; higher-value items include assemblies and fittings. Sales of 6-inch to 12-inch large-diameter hoses rose significantly in H1 FY26, a range with lower competitive intensity.^[4]
Liquid cooling skid assemblies serve data centre server cooling; fire hose assemblies for U.S. data centre customers were expected to commercialise by end Q2 FY27 or start Q3 FY27, with guided margins of 23 - 26%.^[2]
Metal bellows carry the best margins in the portfolio; large OEM inquiries were in the pipeline as of Q4 FY26.^[3]
Hyd-Air makes hydraulic and pneumatic fittings and connectors; management plans to use ~40% spare capacity for internal supply to Aeroflex for data centre and HVAC uses (Q4 FY26).^[3]

Operations and installed capacity

SS hose and braiding capacity reached 20 million metres per annum as of October 2026, after completion of the planned addition.^[5]
Liquid cooling SFN skid assembly capacity stood at 12,000 pieces per annum as of October 2026, vs 9,000 units p.a. during Q1 FY27.^[5][2]
Hose capacity utilisation was 65 - 66% in Q1 FY27 and 70.0% for FY26; 71.20% for 9M FY26 and 68.65% for H1 FY26.^[2][6]
Assembly stations stood at 46 as of Q3 FY26; two robotic welding lines were commissioned in Q4 FY26.^[6]
Miniature metal bellows capacity was rationalised from a planned 240,000 pieces p.a. to 50,000 pieces p.a., with capex cut from ₹23 cr to ₹10.5 cr (Q3 FY26).^[6]
Hyd-Air runs at ~70% capacity utilisation; its capacity supports ~₹45 cr annual peak revenue as of Q3 FY26.^[6]

Key operating numbers

Skid assembly volume: 1,040 units in Q1 FY27 at an average selling price of ₹3,11,459 per skid, vs 571 units in Q4 FY26.^[2]
Stainless-steel flexible hoses grew 40.53% YoY and assemblies / value-added products grew 36.96% YoY in Q1 FY27.^[2]
Export revenue grew 43% YoY in Q1 FY27; exports were ~74% of total revenue in Q3 FY26.^[2]

Customers and distribution

The largest international customer, a large listed U.S. corporation, contributes ~25 - 26% of total sales as of Q4 FY26 and placed the first two liquid cooling skid orders.^[3]
Domestic revenue share rose to 31% in FY26 from 26% in FY25, driven by skid assemblies (100% domestic) and Hyd-Air scale-up.^[3]
Domestic growth in 9M FY26 was led by the steel industry and ports & terminals; the company entered new ports where it had no prior presence.^[6]
The company exports flexible hose assemblies for data centre cooling applications in Europe as of Q1 FY27.^[2]

Expansion and capex

October 2026: capex plan of Rs 202 crore announced to expand capacity by March 2028, targeting incremental revenue of Rs 500 - 550 crore at peak utilisation.^[7]
SS hose and braiding capacity to rise by 10 million metres to 30 million metres per annum, with investment of ₹124 Crores.^[5]
Liquid cooling SFN skid assembly capacity to rise to 30,000 pieces per annum, with investment of ₹78 Crores.^[5]
Assembly stations to increase from 46 to 70 by Q2 FY27; annealing plant and automatic welding station targeted for December 2026.^[3]
A skid assembly plant at Chakan, Pune is being set up as a supporting production unit alongside Taloja.^[6][2]
Hyd-Air capex plan was still under discussion as of Q1 FY27.^[2]

Recent developments

14 Oct 2026: Company reported completion of capacity additions to 20 million metres p.a. in SS hose and 12,000 pieces p.a. in skid assemblies, and announced the Rs 202 crore expansion.^[5][7]
FY26 annual report: final dividend of Re 0.40 per ₹2 equity share recommended for FY2025-26, vs INR 0.30 per share for FY25.^[8][9]
Q1 FY27: Skid assembly export discussions ongoing with U.S. and European customers; no orders finalised as of the call.^[2]
Q3 FY26: First commercial dispatch of liquid cooling skid assemblies to a large listed U.S. data centre customer; a ₹7.8 cr repeat order in Q2 FY26 brought the pipeline to ~₹16 cr.^[6]
FY25: Acquired 100% of Hyd-Air Engineering Pvt Ltd; UK subsidiary closed and struck off. A QIP of up to INR 4000 Mn was approved.^[9]

Market Cap

₹5,998 Cr

High / Low

₹614 / 158

Stock P/E

88.9

Price / Book

13.4

Book Value

₹34

EPS

₹4.2

No. of Shares

13.23 Cr

ROCE

18.8%

ROE

14.1%

OPM

16.9%

Debt / Equity

0.00

Sales

₹442 Cr

Net Profit

₹56 Cr

Promoter holding

65.5%

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