AIA Engineering Limited (AIAENG)
Large CapIndustrials stocks · Large cap · NSE
AIA Engineering Limited is an ISO 9001 certified Indian industrial company. It reported audited financial results for the quarter and year ended March 31, 2026.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 2/4 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 0/100PAT -1% YoY · margin compression · Rev +12% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,168 Cr | +12.4% | -7.7% |
| EBITDA | ₹308 Cr | +0.7% | -15.2% |
| Operating margin | 26.0% | -300 bps | -300 bps |
| PAT | ₹301 Cr | -1.3% | -23.4% |
| PAT margin | 25.8% | -359 bps | -527 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
AIA Engineering reports strong Q4 FY26 results with Sales up 9.6% YoY, EBITDA up 25.8% YoY, and PAT up 37.9% YoY. Full-year FY26 performance shows robust growth in profitability, with EBITDA up 16.8% and PAT up 19.7% YoY, despite modest sales volume growth.
The company demonstrated strong Q4 and full-year FY26 profitability growth, driven by improved EBITDA margins. Sales volume growth was modest for the full year but showed sequential momentum in Q4. Working capital management shows mixed trends, with receivables increasing significantly in Q4.
Sales (MT) by Segment (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
EBITDA Margin Expansion
EBITDA margin improved significantly from 34.81% in FY25 to 39.46% in FY26, driving profit growth.
Other Segments Volume Growth
Sales volume in the 'Others' segment increased to 98,189 MT in FY26 from 89,390 MT in FY25, showing positive momentum.
Foreign Exchange Gains
Foreign exchange gain increased to 16,998 lacs in FY26 from 5,293 lacs in FY25, significantly boosting other income.
Installed Capacity
The present installed capacity is 4,36,000 TPA.
Capex Incurred
Capex incurred during FY–2026 was Rs. 104 Crores.
Foreign Exchange Gains
Foreign exchange gain significantly increased to Rs. 16,998 lacs in FY26 from Rs. 5,293 lacs in FY25.
Mining Segment Volume Decline
Mining segment sales (MT) declined to 159,813 MT in FY26 from 166,053 MT in FY25, impacting overall volume growth.
Increased Receivables Days
Receivables days increased to 84 days in Q4 FY26 from 74 days in Q4 FY25, indicating higher working capital blockage.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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.
YoY comparison is crucial for assessing annual growth and overall business trends, especially for a manufacturing company. QoQ comparison helps evaluate sequential momentum in sales, production, and margin performance.
Sales (MT)
Sales (MT) for Q4 FY26 was 70,138 MT, up from 68,741 MT in Q4 FY25. Full-year FY26 sales were 258,002 MT, compared to 255,443 MT in FY25.
Sales (Rs. in lacs)
Sales (Rs. in lacs) for Q4 FY26 reached 125,106, a 9.6% increase YoY. Full-year FY26 sales were 435,548 lacs, up 3.0% YoY.
EBITDA (Rs. in lacs)
EBITDA for Q4 FY26 was 50,267 lacs, a 25.8% increase YoY. For FY26, EBITDA was 174,426 lacs, up 16.8% YoY.
EBITDA Percentage
EBITDA percentage on income from operations improved to 39.70% in Q4 FY26 from 34.53% in Q4 FY25. Full-year FY26 margin was 39.46% vs 34.81% in FY25.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Sales Volume (MT) | 258,002 MT (FY26) | Sustained growth in overall sales volume, particularly in the mining segment, to drive top-line expansion. |
| EBITDA Margin | 39.46% (FY26) | Maintenance or further improvement in EBITDA margins, indicating operational efficiency and pricing power. |
| Receivables Days | 84 days (Q4 FY26) | Reduction in receivables days to improve working capital efficiency and cash flow generation. |
| Order Book Growth | Rs. 868 Crores (as of April 1, 2026) | Growth in order book size to provide revenue visibility and support future execution. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
Total outflow for maintenance capex and renewable balancing investment in India will be between INR100 crores and INR150 crores.
"total, we don't expect more than between INR100 crores and INR150 crores of outflow"
Total outflow for maintenance capex and renewable balancing investment in India will be between INR100 crores and INR150 crores.
"total, we don't expect more than between INR100 crores and INR150 crores of outflow"
60% to 65% of the company's power will come from renewable sources once the renewable portfolio comes online by June or July.
"about 60% of our power or 65% of our power once that comes online, which is by June or July will come from renewable sources"
60% to 65% of the company's power will come from renewable sources once the renewable portfolio comes online by June or July.
"about 60% of our power or 65% of our power once that comes online, which is by June or July will come from renewable sources"
The company is very buoyant and confident about very strong growth prospects in the medium to long term.
"we remain very buoyant and confident about medium to long-term very, very strong growth prospects"
Outcome check: Revenue YoY averaged 12.4% across 1 later quarter(s).
The company is very buoyant and confident about very strong growth prospects in the medium to long term.
"we remain very buoyant and confident about medium to long-term very, very strong growth prospects"
If the currency remains at its current level, it will translate into higher rupee realization.
"if the currency remains at this level, then it will translate into the rupee realization"
If the currency remains at its current level, it will translate into higher rupee realization.
"if the currency remains at this level, then it will translate into the rupee realization"
Outcome check: Revenue YoY averaged 12.4% across 1 later quarter(s).
Trend score and candlestick chart
45NeutralSMA20 -6.5% / mo · MACD −
Technical chart
AIAENGdaily · 1Y · AUTO+17.0%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 38. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~7.0% over last month) — short-term momentum negative.
- RSI(14) at 38 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 18% off 52W high · 41% 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.
Relative Strength & Trend Stage
- Price is within 1.0% of the 30-week proxy.
- The 30-week proxy changed +1.5% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
Valuation & score drivers
U-Score 48 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 48 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 21.3%.
- Balance sheet contributes 10/15 to the score.
Main drags
- Valuation is weaker at 4/30; verify the latest quarterly trend.
- Growth is weaker at 12/25; verify the latest quarterly trend.
- Cash flow is weaker at 5/10; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Management has 100% delivered/partly-delivered outcomes on 2 checked claims. It ranks around the 97th percentile of the scored universe and 97th percentile within Industrials. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 58.5%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 97th pctile, median 68 · Large: 90th pctile, median 73
115 documents have extracted text, but claim history is not strong enough yet.
2/4 claims checked · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
Trust positives
- ▸Promoter holding is 58.5%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.2%.
- ▸11 years of positive FCF.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 31.10
- P/B
- 4.92
- EV/EBITDA
- 28.79
- Market Cap
- 39486.00Cr
Profitability
- ROE
- 17.00%
- ROCE
- 21.10%
- ROA
- 14.83%
- Dividend Y
- 0.38%
Growth (CAGR)
- Revenue 5Y
- 9.00%
- EPS 5Y
- 19.00%
- Revenue 3Y
- -3.00%
- EPS 3Y
- 7.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- 41.93×
- Altman Z
- 8.67
- Book Value
- 860.00
Cash Flow
- FCF Yield
- 1.21%
- FCF Positive Y
- 11/5
- OCF
- 592.00 Cr
- EPS TTM
- 135.69
Shareholding
- Promoter Hold
- 58.50%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 56%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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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.