Announcement
Announcement under Regulation 30 (LODR)-Acquisition 15 Oct - Aeroflex Neu approved ₹16.00 crore acquisition of 31.43% more Stilonn shares, taking stake to 51.01%.
Source: Bse
Aeroflex Neu Limited (AERONEU)
Small CapIndustrials stocks · Small cap · NSE
Sah Polymers Limited manufactures and exports Flexible Intermediate Bulk Containers (FIBCs), Polypropylene Woven Bags, and BOPP Laminated Bags. With over 25 years in business, it serves agriculture, petrochemicals, metals, minerals, cement, textiles, and fertilizers, and is a Del Credere Associate of IOCL.
Data qualityFresh enough for analysisQuote updated 19 Oct, 05:50 pm ISTDetails
Quote19 Oct, 05:50 pm IST
Base fundamentals06 Oct 2026 · screener
Latest result29 Jul, 11:52 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
43NeutralSMA20 -6.6% / mo · MACD +
Stock trend: 38
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
AERONEUD candles · FIT view-5.4%Latest close ₹71.36 on 2026-10-19
Bar
+6.4%
RSI
49
MACD hist
0.38
52W pos
19%
2026-10-19O ₹67.09H ₹72.42L ₹67.09C ₹71.36Vol 1.4L 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
AERONEUNifty India ManufacturingNifty 500
- AERONEU
- -20.1%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- -14.6 pp
Chart stats
19 Oct 2026- From 52W high
- -32.4%
- 52W range position
- 19%
- ATR (14)
- 5.7%
- Volume vs 20D
- 2.33x
- Avg traded value
- ₹0.5 Cr
- 20D price channel
- ₹65.4 - ₹94
₹105.5
₹63.2 - ₹105.5
₹4
Latest completed session
20-session average
74.4% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · OVERVALUED13
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue -4.9% · PAT -90.1% YoY
Technical
Neutral43
Price trend and sector-relative-strength timing.
Valuation
Legacy model-1870.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence63
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 30 Jun 2026
Bad · 0/100Rev -5% YoY · PAT -90% YoY · margin expansion
Filed 29 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹28.2 Cr | -4.9% | -17.1% |
| EBITDA | ₹1 Cr | +35.2% | +1500.0% |
| Operating margin | 3.4% | +101 bps | +322 bps |
| PAT | ₹0.1 Cr | -90.1% | NDF |
| PAT margin | 0.3% | -245 bps | +283 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 1006.00
- P/B
- 1.76
- EV/EBITDA
- 29.29
- Market Cap
- 181.00Cr
Profitability
- ROE
- 1.60%
- ROCE
- 4.76%
- ROA
- 0.69%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 3.00%
- EPS 5Y
- 3.00%
- Revenue 3Y
- 11.00%
- EPS 3Y
- -24.00%
Balance Sheet
- Debt/Equity
- 0.24
- Interest Coverage
- 2.00×
- Altman Z
- 4.49
- Book Value
- 39.60
Cash Flow
- FCF Yield
- 1.66%
- FCF Positive Y
- 4/5
- OCF
- 3.00 Cr
- EPS TTM
- 0.37
Shareholding
- Promoter Hold
- 60.46%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 23%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 129+0.0% vs prev
Net Profit
₹ CrLatest: 2.0
Return on Equity
%Latest: 2.0
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 falling (~7.1% over last month) — short-term momentum negative.
- RSI(14) at 49 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 32% off 52W high · 13% 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
41
RS percentile
Stage 1 Base / Transition
1M return
+6.4%
3M return
-20.1%
6M return
-13.2%
1Y return
-12.5%
RS 1D
+5
RS 20D
+19
Sector rank
#2
Industry rank
#19
Stage evidence
- Price is 13.4% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed +0.5% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 86.78+3.74%
RS vs Nifty 50087
Valuation & peers
U-Score 13 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 13 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation2/30
Growth2/25
Quality0/20
Balance Sheet9/15
Cash Flow5/10
Piotroski
6/9 (+3)
Penalties
-8
Raw sum
13
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
13/100 · legacy band OVERVALUED
Positive drivers
- Balance sheet contributes 9/15 to the score.
- Cash flow contributes 5/10 to the score.
- Growth contributes 2/25 to the score.
Main drags
- Penalty bucket subtracts 8 points.
- Fair-value margin of safety is negative at -1870.0%.
- Quality is weaker at 0/20; 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
1006.0
PB
1.8
EV/EBITDA
29.3
ROE
1.6%
ROCE
4.8%
FCF Yield
1.7%
Debt/Equity
0.2
MoS
-1870.0%
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
13
Previous: 13
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-1870.0%
Previous: -1870.0%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
13
13
13
13
13
13
13
13
13
13
13
13
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
₹18.16
-293.0% MoS
Growth-justified P/E
9.8
Growth-justified Value
₹3.62
-1870.0% MoS
PEG
335.33
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
NITIRAJ
Small
Nitiraj Engineers Limited
Industrial Machinery
match 60
18
86.3
0.5%
-6292%
OVERVALUED
AFFORDABLE
Small
Affordable Robotic & Automation Limited
Industrial Machinery
match 59
35
35.4
6.6%
+24%
WATCHLIST
RVTH
Small
Revathi Equipment India Limited
Industrial Machinery
match 57
40
14.3
8.6%
+64%
WATCHLIST
NIBL
Small
NRB Industrial Bearings Limited
Industrial Machinery
match 56
13
—
—
—
OVERVALUED
CROWN
Small
Crown Lifters Limited
Industrial Machinery
match 56
51
14.2
12.7%
+64%
FAIR VALUE
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 2026-10-07T07:46:37.698Z
Management commentary snapshot
Q4 & FY25 results show revenue growth but significant margin contraction. Q4 Total Income rose 5.86% YoY to `34.74 Cr, but EBITDA fell 35.05% and PAT was negative `(0.33) Cr. FY25 Total Income grew 17.82% YoY to `131.39 Cr, while EBITDA declined 11.15% and PAT dropped 75.11%.
While Sah Polymers is strategically expanding into higher-margin food and pharma packaging with BRC certification and targeting 20-25% CAGR, current financial performance shows severe margin pressure. The Q4 PAT loss and substantial FY25 PAT decline raise concerns about profitability and execution of growth plans.
Current business mix
Revenue by Geography
Latest issuer-disclosed distribution across 2 reported categories.
Exports75.0%
Domestic25.0%
Growth engines
Food and Pharma Packaging
Strategic entry into food and pharma grade bulk packaging market with BRC certification.
Export Market Expansion
Plan to grow exports from 30+ countries to 60+ countries in the next 5 years.
Adjacent Product Categories
Further expansion into adjacent product categories like Technical Textiles.
Strategic Investments
Actively seeking/evaluating companies for strategic investments to expand footprint and business.
Capacity and execution
2nd Facility Commissioned
Commissioned the 2nd manufacturing facility in 2023, doubling total production capacity to 7,920 TPA.
Total Consolidated Capacity
Current total consolidated capacity is 9,120 MTPA (Sah 7,920 MTPA + Fibcorp 1,200 MTPA).
Future Capacity Plan
Plan to increase production capacity from 9,120 MTPA on a need basis, including utilizing contract manufacturing.
Tailwinds
New Market Entry
BRC Certification enables supply to the lucrative Food, Pharma & Beverage Industry.
Margin Improvement Potential
Food and Pharma packaging solutions have potentially better margin profiles.
Global Demand
Objective to capitalize on growing global demand with cutting-edge packaging solutions.
Risk radar
Profitability Erosion
Significant decline in EBITDA and PAT margins in Q4 and FY25, raising concerns about cost management or pricing power.
Execution of New Segments
Achieving projected 20-25% CAGR and improved margins from food/pharma packaging requires successful market penetration and operational efficiency.
Amalgamation Withdrawal
Decision to withdraw Fibcorp Polyweave amalgamation application could signal integration challenges or strategic shifts.
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
The document provides both Q4 and FY25 results with YoY comparisons, which are crucial for assessing both short-term momentum and annual performance trends in a business that may have seasonal elements or project-based revenue recognition.
Sector KPIs management disclosed
EBITDA Margin
DecliningQ4 FY25 3.00% (Q4 FY24 4.88%); FY25 4.73% (FY24 6.28%).
PAT Margin
Declining, negative in Q4Q4 FY25 (0.96%) (Q4 FY24 0.39%); FY25 0.18% (FY24 0.83%).
Property, Plant & Equipment
GrowingIncreased to `51.58 Cr as of March 31, 2025, from `48.01 Cr in March 2024.
Trade Receivables
ImprovingDecreased to `21.35 Cr as of March 31, 2025, from `22.03 Cr in March 2024.
Management forward view
Strategic Focus
Strategically entering the food and pharma grade bulk packaging market with a meticulous focus on quality, compliance, and sustainability.
Growth Outlook
Projected 20 to 25% CAGR growth for next 5 years.
Margin Improvement
Improved EBITDA and PAT driven by enhanced manufacturing efficiency and Food and Pharma packaging solutions.
Expansion Strategy
Actively seeking/evaluating companies, in India and abroad, to make strategic investments and expand the footprint.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EBITDA Margin | Q4 FY25 3.00%, FY25 4.73% | Sustained improvement in margins, especially from new food/pharma segments. |
| PAT | Q4 FY25 `(0.33) Cr, FY25 `0.23 Cr | Return to consistent positive PAT and growth in absolute profit. |
| Export Market Reach | 30+ countries | Expansion to new countries and increased export revenue contribution. |
| Capacity Utilization | Total consolidated capacity 9,120 MTPA | Disclosure of utilization rates and actual capacity additions beyond current levels. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
63Limited 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 38th percentile of the scored universe and 35th percentile within Industrials. Main check: financial discipline is weak at 20/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
21 docs text-extracted · 0 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
38th percentile
overall median 67 · Industrials: 35th pctile, median 68 · Small: 43rd pctile, median 66
Evidence depth
Financial-only
21 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
77
strong · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
20
weak · capital discipline
Results
41
weak · quarterly consistency
Trust positives
- ▸Promoter holding is 60.5%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.4%.
- ▸4 years of positive FCF.
Trust risks
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸ROCE is low at 4.8%.
- ▸ROE is low at 1.6%.
- ▸Revenue CAGR is 11% but EPS CAGR is -24%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Aeroflex Neu Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 30 Sep - Newspaper advertisement titled "Notice of Extraordinary General Meeting & E-Voting Information."
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement Under Regulation 30(LODR) 24 Sep - SBI released and discharged Aeroflex Neu's ₹4 crore corporate guarantee on 24 September 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement Under Regulation 30 Of LODR- Update 8 Sep - Sold 51.01% stake in Fibcorp Polyweave for ₹192.12 lakhs on September 8, 2026; subsidiary ceased.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Change in Management 25 Aug - Shareholders approved two independent directors and revised preferential issue object at AGM on August 25, 2026.
Source: Bse
Annual reportAug 2026
Aug 2026 · Letter Sent To Members 3 Aug - 34th AGM scheduled for August 25, 2026; annual report web-link shared and KYC reminders issued.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 3 Aug - Newspaper Advertisement titled Notice of 34th Annual General Meeting and E-Voting Information.
Source: Bse
Credit ratingJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Credit Rating 15 Jul - CRISIL withdrew ratings for ₹36 crore bank loan facilities on July 15, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Change in Management 15 Jul - Board approved sale of 51.01% FPPL stake for ₹192.12 lakh; appointed two independent directors.
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 9 Jul - CARE Ratings assigned BB+ Stable and A4+ ratings to Aeroflex Neu's bank facilities.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Acquisition 18 May - Board approved Rs. 3.00 crore investment for 19.58% stake in Stilonn Valves by June 15, 2026.
Source: Bse
Annual report
Annual Report 2026 from bse
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.