Investor presentationJun 2026
Jun 2026 · PPT
Source: Nse
Aeron Composite Ltd. (AERON)
SME CapIndustrials stocks · SME cap · NSE
Aeron Composite Ltd. provides 360-degree Fiber Reinforced Polymer (FRP) solutions, including structural profiles, gratings, rods, poles, and rebars. These products serve as corrosion-free, lightweight alternatives to steel and aluminum, powering infrastructure across utilities, telecom, oil & gas, renewable energy, and industrial sectors globally.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result21 May, 07:29 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
46NeutralSMA20 +6.7% / mo · MACD −
Stock trend: 47
Sector RS: 46
Sector 3M: -7.1% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
AEROND candles · FIT view-19.7%Latest close ₹82.00 on 2026-10-21
Bar
-0.2%
RSI
49
MACD hist
-0.43
52W pos
26%
2026-10-21O ₹82.15H ₹82.15L ₹82.00C ₹82.00Vol 15,000 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
AERONNifty India ManufacturingNifty 500
- AERON
- +1.6%
- Nifty 500
- -6.5%
- Nifty India Manufacturing
- -7.7%
- Vs Nifty 500
- +8.1 pp
Chart stats
21 Oct 2026- From 52W high
- -31.7%
- 52W range position
- 24%
- ATR (14)
- 3.3%
- Volume vs 20D
- 1.92x
- Avg traded value
- ₹0.1 Cr
- 20D price channel
- ₹80 - ₹88.8
₹120
₹70 - ₹120
₹2.7
Latest completed session
20-session average
42.4% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE46
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue -12.7% · PAT -80.0% YoY
Technical
Neutral46
Price trend and sector-relative-strength timing.
Valuation
Legacy model+59.2%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence64
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Bad · 0/100Rev -13% YoY · PAT -80% YoY · margin compression
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹103 Cr | -12.7% | -12.0% |
| EBITDA | ₹8 Cr | NDF | -11.1% |
| Operating margin | 8.0% | NDF | +0 bps |
| PAT | ₹1 Cr | -80.0% | -85.7% |
| PAT margin | 1.0% | NDF | -501 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 16.00
- P/B
- 1.28
- EV/EBITDA
- 7.62
- Market Cap
- 140.00Cr
Profitability
- ROE
- 8.32%
- ROCE
- 9.69%
- ROA
- 4.25%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 23.00%
- EPS 5Y
- 28.00%
- Revenue 3Y
- 7.00%
- EPS 3Y
- 10.00%
Balance Sheet
- Debt/Equity
- 0.53
- Interest Coverage
- 6.33×
- Altman Z
- 2.97
- Book Value
- 64.40
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 3/5
- OCF
- 6.00 Cr
- EPS TTM
- 5.12
Shareholding
- Promoter Hold
- 73.63%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 27%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 222+1.8% vs prev
Net Profit
₹ CrLatest: 9.0-30.8% vs prev
Return on Equity
%Latest: 8.2-36.4% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 49. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 rising (~6.3% over last month) — short-term momentum positive.
- RSI(14) at 49 — sideways, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 29% off 52W high · 17% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
37
RS percentile
Stage 4 Downtrend
1M return
+1.3%
3M return
-1.2%
6M return
-15.3%
1Y return
-27.2%
RS 1D
+4
RS 20D
+8
Sector rank
#2
Industry rank
-
Stage evidence
- Price is 2.8% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.5%.
- Both 3-month and 6-month returns are negative.
50-DMA
price above
200-DMA
price below
Sector
leading
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
258 observations
21 Oct 2026Value 81.32+0.93%
RS vs Nifty 50081
Valuation & peers
U-Score 46 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 46 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Growth at Value
Fundamental score breakdown
U band · FAIR VALUEValuation19/30
Growth18/25
Quality0/20
Balance Sheet9/15
Cash Flow3/10
Piotroski
8/9 (+5)
Penalties
-8
Raw sum
46
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
46/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 59.2%.
- Growth contributes 18/25 to the score.
Main drags
- Penalty bucket subtracts 8 points.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Cash flow is weaker at 3/10; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
16.0
PB
1.3
EV/EBITDA
7.6
ROE
8.3%
ROCE
9.7%
FCF Yield
—
Debt/Equity
0.5
MoS
+59.2%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
46
Previous: 46
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+59.2%
Previous: +59.2%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
46
46
46
46
45
46
46
46
46
46
46
46
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹86.13
+4.8% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹201.22
+59.2% MoS
PEG
0.77
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
SHAHALLOYS
Small
Shah Alloys Limited
Defence / Aerospace
match 16
43
23.6
-55.5%
+58%
WATCHLIST
VAISHALI
Small
Vaishali Pharma Limited
Defence / Aerospace
match 14
24
24.2
6.0%
+44%
OVERVALUED
C2C
SME
C2C Advanced Systems Ltd.
Defence Electronics
match 13
48
15.6
8.4%
+61%
FAIR VALUE
URAVIDEF
Small
Uravi Defence and Technology Limited
Defence / Aerospace
match 13
8
109.0
1.1%
-383%
OVERVALUED
AERONEU
Small
Aeroflex Neu Limited
Industrial Machinery
match 12
13
1006.0
1.6%
-1870%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-18T07:31:36.051Z
Management commentary snapshot
FY26 revenue saw marginal growth to Rs 221.8 Cr (+1.7% YoY), but PAT declined significantly by 34.6% to Rs 8.7 Cr. EBITDA margin compressed to 8.5% from 9.5% in FY25. H2FY26 performance showed a sharp sequential decline in PAT (-79%) and EBITDA (-28%).
Despite commissioning a new manufacturing facility and strategic entry into GFRP Rebar, Aeron's FY26 financial performance, particularly in H2, indicates significant margin compression and profit decline. This raises concerns about the effective ramp-up of new capacity and overall operational efficiency.
Current business mix
Revenue by Geography (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Exports52.0%
Domestic48.0%
Growth engines
GFRP Rebar Segment
INTACTEntered GFRP Rebar in FY25; commercial sales started March 2025. Expansion from 2 to 5 lines by FY27, and Rebar Bend lines from 4 to 8 by H1FY27.
Carbon Fiber Products (CFRP)
INTACTVenturing into CFRP for wind energy, railways, and renewable energy applications, with product introduction by end of H1FY27.
Global Export Expansion
INTACTWidening global footprint with focused export expansion and brand visibility in high-potential international markets.
India's Composite Consumption
INTACTBenefiting from India's rapidly rising composite consumption driven by infrastructure, renewables, and utilities.
Capacity and execution
New Manufacturing Facility
INTACTCommissioned a fully integrated 51,671 sq. mtr. manufacturing facility at Mehsana, Gujarat, with production capacity ramped up to 22,000 MT.
FRP Rebar Line Expansion
INTACTFRP Rebar capacity to expand from 2 to 5 lines by FY27, and Rebar Bend production lines to increase from 4 to 8 by H1FY27.
CFRP Product Introduction
INTACTCarbon Fiber Products to be introduced by end of H1FY27 in the new facility.
Capex Utilization
INTACTRs. 28 Cr from IPO proceeds to be utilized for expansion, including 3 FRP Rebar machines, 4 Rebar bend machines, and CFRP building & machines.
Tailwinds
Indian FRP Composites Market Growth
INTACTIndian Fiber Reinforced Polymer Composites (FRP) market projected to grow from $0.89 billion in 2021 to $1.9 billion by 2026.
Indian GFRP Rebar Market Growth
INTACTIndian GFRP Rebar market projected to grow from USD 24.88 million in 2023 to USD 110.91 million by 2030.
Government Initiatives
INTACTGovernment initiatives and policies promote eco-friendly, corrosion-resistant construction materials.
Risk radar
Profitability Erosion
UNDER_STRESSSignificant decline in PAT (34.6% YoY) and PAT margin (3.9% in FY26 vs 6.1% in FY25), with H2FY26 showing a 79% QoQ PAT drop.
Capacity Underutilization
UNDER_STRESSCapacity utilization dropped to 48.5% in FY26 from 68.0% in FY25, indicating challenges in leveraging new capacity.
Increased Debt & Finance Costs
UNDER_STRESSNet Debt to EBITDA increased to 1.38x in FY26 from -0.01x in FY25, alongside higher finance costs (Rs 3.2 Cr in FY26 vs Rs 2.0 Cr in FY25).
Working Capital Management
UNDER_STRESSElongated working capital cycle with Receivable days at 84 and Inventory days at 95 in FY26.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is essential for assessing full-year trends and the impact of strategic initiatives. However, QoQ comparison (H2FY26 vs H1FY26) is critical to evaluate recent operational momentum, the immediate impact of new capacity, and the sharp deterioration in profitability.
Sector KPIs management disclosed
Revenue from Operations
UNDER_STRESSFY26: Rs 221.8 Cr (+1.7% YoY); H2FY26: Rs 103 Cr (-13.3% QoQ)
EBITDA
UNDER_STRESSFY26: Rs 18.8 Cr (-9.6% YoY); H2FY26: Rs 7.9 Cr (-28.3% QoQ)
PAT
UNDER_STRESSFY26: Rs 8.7 Cr (-34.6% YoY); H2FY26: Rs 1.5 Cr (-79.2% QoQ)
EBITDA Margin
UNDER_STRESSFY26: 8.5% (vs 9.5% in FY25); H2FY26: 7.6% (vs 9.2% in H1FY26)
Management forward view
Capacity Utilization Target
INTACTTargeting >60-65% utilization by FY27 through automation, process upgrades, and scale efficiencies.
Revenue Growth Target
INTACTTargeting 15%+ Revenue Growth (3 Years CAGR).
EBITDA Margin Target
INTACTTargeting 10%+ EBITDA Margin.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Capacity Utilization | 48.5% (FY26) | Ramp-up towards the >60-65% target by FY27, indicating effective utilization of new capacity. |
| EBITDA Margin | 8.5% (FY26) | Improvement towards the 10%+ target, especially given the recent decline and increased costs. |
| GFRP Rebar & CFRP Contribution | Initial sales (GFRP Rebar), introduction by H1FY27 (CFRP) | Tangible revenue contribution and margin accretion from these new high-growth segments. |
| Working Capital Cycle | Receivable days 84, Inventory days 95 (FY26) | Efficiency improvements in working capital management to reduce days and improve cash flow. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
64Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 42nd percentile of the scored universe and 40th percentile within Industrials. Main check: financial discipline is weak at 50/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
5 docs text-extracted · 1 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
42nd percentile
overall median 67 · Industrials: 40th pctile, median 68 · SME: 51st pctile, median 64
Evidence depth
Financial-only
5 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
55
watch · profit to cash conversion
Balance sheet
73
acceptable · leverage and solvency
Discipline
50
watch · capital discipline
Results
56
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 73.6%.
- ▸Promoter pledge is zero.
- ▸OPM spread across recent quarters is 4%.
Trust risks
- ▸ROCE trend is -12.6%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Aeron Composite Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual report
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Annual reportMar 2026
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All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.