Announcement
Announcement Under Regulation 30 (LODR) - ESG Rating 30 Sep - CRISIL ESG assigned AIA Engineering ESG 60 and Core ESG 63 for FY2025-26.
Source: Bse
AIA Engineering Limited (AIAENG)
Large CapIndustrials stocks · Large cap · NSE
AIA Engineering Limited manufactures high chrome wear-resistant parts for grinding applications in cement, mining, and thermal power industries. The company is transitioning from a product supplier to a solution provider, focusing on improving operating conditions and recovery for customers, particularly in the mining sector.
Data qualityFresh enough for analysisQuote updated 21 Oct, 09:46 am ISTDetails
Quote21 Oct, 09:46 am IST
Base fundamentals14 Oct 2026 · screener
Latest result12 Aug, 01:34 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 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
34Bearishfull bear SMA stack · SMA20 -8.2% / mo · MACD +
Stock trend: 25
Sector RS: 47
Sector 3M: -5.6% vs Nifty 500 -4.3%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
AIAENGD candles · FIT view-10.0%TODAY · PROVISIONALLatest price ₹3595.40 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
-2.1%
RSI
27
MACD hist
-2.41
52W pos
19%
2026-10-21O ₹3673.50H ₹3698.70L ₹3595.00C ₹3595.40Vol 9,510 shIntraday candle
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
AIAENGNifty India ManufacturingNifty 500
- AIAENG
- -21.3%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- -15.7 pp
Chart stats
19 Oct 2026- From 52W high
- -29.2%
- 52W range position
- 24%
- ATR (14)
- 2.9%
- Volume vs 20D
- 0.62x
- Avg traded value
- ₹19.7 Cr
- 20D price channel
- ₹3,603.1 - ₹4,033.6
₹5,180
₹3,186 - ₹5,180
₹107.2
Latest completed session
20-session average
18.5% 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 argues for patience, and recent execution is consistent.
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 VALUE52
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +12.4% · PAT -1.3% YoY
Technical
Bearish34
Price trend and sector-relative-strength timing.
Valuation
Legacy model+32.6%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence84
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 · 0/100PAT -1% YoY · margin compression · Rev +12% YoY
Filed 12 Aug 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 27.50
- P/B
- 4.35
- EV/EBITDA
- 25.42
- Market Cap
- 34862.00Cr
Profitability
- ROE
- 17.00%
- ROCE
- 21.10%
- ROA
- 14.83%
- Dividend Y
- 0.43%
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
- 1.37%
- FCF Positive Y
- 11/5
- OCF
- 592.00 Cr
- EPS TTM
- 135.69
Shareholding
- Promoter Hold
- 58.50%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 27%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 4,549+2.9% vs prev
Net Profit
₹ CrLatest: 1,269+19.7% vs prev
Return on Equity
%Latest: 6,679+50459.8% 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
Bearish setupTrend is weak — long-term trend down. RSI 27.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- Recent death cross (SMA50 crossed below SMA200).
- SMA20 falling (~8.9% over last month) — short-term momentum negative.
- RSI(14) at 27 — oversold zone; bounce conditions.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 31% off 52W high · 12% 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
62
RS percentile
Stage 1 Base / Transition
1M return
-7.8%
3M return
-21.3%
6M return
-9.7%
1Y return
+10.0%
RS 1D
0
RS 20D
-9
Sector rank
#5
Industry rank
-
Stage evidence
- Price is 12.8% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed +0.2% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 123.46-0.44%
RS vs Nifty 500123
Valuation & peers
U-Score 52 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 52 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · FAIR VALUEValuation7/30
Growth13/25
Quality12/20
Balance Sheet10/15
Cash Flow5/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
52
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
52/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 32.6%.
- Balance sheet contributes 10/15 to the score.
Main drags
- Valuation is weaker at 7/30; verify the latest quarterly trend.
- Cash flow is weaker at 5/10; verify the latest quarterly trend.
- Growth is weaker at 13/25; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
27.5
PB
4.3
EV/EBITDA
25.4
ROE
17.0%
ROCE
21.1%
FCF Yield
1.4%
Debt/Equity
0.0
MoS
+32.6%
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
52
Previous: 52
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+32.6%
Previous: +31.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
51
51
51
51
52
52
52
52
52
52
52
52
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
₹1,620.37
-121.9% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹5,332.62
+32.6% MoS
PEG
1.94
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
TIMKEN
Large
Timken India Limited
Industrial Products
match 57
36
51.0
14.3%
-110%
WATCHLIST
GRAPHITE
Large
Graphite India Limited
Industrial Products
match 55
31
71.8
3.1%
-74%
OVERVALUED
AEROFLEX
Small
Aeroflex Industries Limited
Industrial Products
match 47
44
107.0
14.1%
-151%
WATCHLIST
MONOLITH
SME
Monolithisch India Ltd.
Industrial Products
match 47
52
95.0
27.8%
-142%
FAIR VALUE
BHADORA
SME
Bhadora Industries Ltd.
Industrial Products
match 46
52
27.6
18.8%
+32%
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 2026-10-13T03:42:12.304Z
Management commentary snapshot
Q1 FY27 results show modest tonnage growth YoY, with sales of INR1,153 crores. Operating EBITDA margin was ~27.8-27.9%, impacted QoQ by unfavorable product mix, higher freight, and trial expenses. PAT stood at INR301 crores.
The core growth thesis, centered on new generation discharge systems (NGDS) and large-scale mining conversions in Latin America, remains in 'status quo' with no clear timelines or specific volume guidance. Management indicates trials are iterative and may take longer than anticipated, raising concerns about the pace of future growth drivers.
Growth engines
New Generation Discharge System (NGDS)
NGDS is a unique solution aimed at dramatically influencing operating conditions, throughputs, and metal recovery at mine sites, solving top issues like falling yield.
Latin American Mining Conversions
Focus on South America, a ~1 million-ton market, for conversions in copper, gold, and iron ore, where the company offers a unique solution to falling yield.
Integrated Solution Offering
The company aims to sell grinding media, mill liners, and NGDS as a complete solution package, bringing stickiness and stability with recurring consumption.
Capacity and execution
FY27 Capex Guidance Increase
FY27 capex guidance increased to INR350-400 crores from INR130 crores.
New Corporate House
INR170-200 crores will be spent on a dedicated plot of land for a new corporate house over FY27 and FY28.
Additional Land for Expansion
INR50-100 crores might be spent on procuring extra land for further brownfield or greenfield expansion.
Renewable Power Project
A hybrid solar-wind project (part of Q1 capex) has recently become operational, with benefits expected in coming quarters.
Headwinds
Foreign Exchange Gain Drop
Foreign exchange gain dropped sharply from INR65 crores in Q4 FY26 to INR25 crores in Q1 FY27.
Unfavorable Product Mix
Product mix in Q1 FY27 was 'not that great' in terms of value-added products, impacting EBITDA percentages QoQ.
Elevated Other Expenses
Higher other expenses include ongoing trial costs, additional freight movement, and elevated raw material prices.
Shipping Uncertainty
Freight rates are still elevated, and transshipment ports are experiencing lock jams, causing issues with container availability and freight.
Risk radar
Uncertainty of NGDS Trial Timelines
The journey of trials and commercial implementation for NGDS is uncertain, potentially taking 3 months to 2 years due to varying mine site conditions.
Delays in LatAm Conversions
South America mining conversions are 'work in progress' and 'might take a little longer than anticipated' due to technicalities.
Competition in Forged Media
Chinese players have made a dramatic entry into the forged media space, with ~20 forging companies supplying globally, though not directly impacting high chrome currently.
Supply Chain Friction
Supply chain conversation is a friction point due to time taken, shipping uncertainty (e.g., Red Sea), and geopolitical factors.
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 YOY
Management explicitly advises comparing results on a year-over-year basis due to the variability in product mix and non-standardized product offerings, which makes sequential quarterly comparisons difficult and potentially misleading.
Sector KPIs management disclosed
Tonnage Sales
Q1 FY27 tonnage was 64,644 tons, compared to ~60,000 tons in Q1 FY26.
Sales Revenue
Sales for Q1 FY27 were INR1,153 crores.
Operating EBITDA Margin
Operating EBITDA was reported at around 27.8% to 27.9% for Q1 FY27.
Working Capital
Working capital is 'at par' with no major updates.
Management forward view
Solution-Led Sales Approach
The company's legacy and future focus is on being a 'solution provider' and 'grinding experts' rather than a 'part manufacturer' or 'product-led sales'.
No Specific Volume Guidance
Management will refrain from giving specific volume guidance for FY27 until there is 'perfect clarity' on how trials and conversions are progressing.
Holding Higher Cash
The company is holding a higher cash balance (INR4,500-5,000 crores) for a few more quarters, anticipating future opportunities related to its strategic initiatives.
India as Manufacturing Base
India remains a very attractive location for manufacturing due to reasonable cost, adequate manpower, and technical skills, with overseas plant plans in slow mode.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| NGDS Trial Outcomes | Trials are ongoing at small, medium, and larger mill sizes, with successful trials at smaller sizes. | Updates on successful commercial implementation and broader adoption of NGDS across different mill sizes and mine sites. |
| Latin American Conversions | Trials are 'work in progress' and 'might take a little longer than anticipated' in South America. | Concrete announcements of successful conversions, new orders, and their contribution to tonnage growth from key LatAm mines. |
| Volume Growth | Q1 FY27 tonnage was 64,644 tons, with no specific FY27 guidance. | Management's revised volume guidance and actual tonnage figures, particularly if they cross the 280,000-290,000 metric tons annual range. |
| Capex Deployment | FY27 capex guidance increased to INR350-400 crores, including a new corporate house and land for expansion. | Timely and efficient deployment of the increased capex, and how it supports future operational capacity and strategic growth. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
capex timelinenot yet verifiablequantified
Total outflow for maintenance capex and renewable balancing investment in India will be between INR100 crores and INR150 crores.
Timeframe: current fiscal yearDirection: outflow
"total, we don't expect more than between INR100 crores and INR150 crores of outflow"
capex timelinenot yet verifiablequantified
Total outflow for maintenance capex and renewable balancing investment in India will be between INR100 crores and INR150 crores.
Timeframe: current fiscal yearDirection: outflow
"total, we don't expect more than between INR100 crores and INR150 crores of outflow"
operational efficiencynot yet verifiablequantified
60% to 65% of the company's power will come from renewable sources once the renewable portfolio comes online by June or July.
Timeframe: June or JulyDirection: increase
"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"
operational efficiencynot yet verifiablequantified
60% to 65% of the company's power will come from renewable sources once the renewable portfolio comes online by June or July.
Timeframe: June or JulyDirection: increase
"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"
revenue outlookdelivered
The company is very buoyant and confident about very strong growth prospects in the medium to long term.
Timeframe: medium to long-termDirection: strong growthConfidence: very buoyant and confident
"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).
revenue outlooknot yet verifiable
The company is very buoyant and confident about very strong growth prospects in the medium to long term.
Timeframe: medium to long-termDirection: strong growthConfidence: very buoyant and confident
"we remain very buoyant and confident about medium to long-term very, very strong growth prospects"
revenue outlooknot yet verifiable
If the currency remains at its current level, it will translate into higher rupee realization.
Timeframe: future (ongoing)Direction: increase
"if the currency remains at this level, then it will translate into the rupee realization"
revenue outlookdelivered
If the currency remains at its current level, it will translate into higher rupee realization.
Timeframe: future (ongoing)Direction: increase
"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).
Trust Score
84Limited 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: 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.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
125 docs text-extracted · 38 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
97th percentile
overall median 67 · Industrials: 97th pctile, median 68 · Large: 90th pctile, median 73
Evidence depth
Financial-only
125 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
100% delivered or partly delivered
2/4 claims checked · 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
Can support position sizing if valuation and trend also agree.
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
96
strong · leverage and solvency
Discipline
74
acceptable · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 58.5%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.4%.
- ▸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.
Continue researching AIA Engineering Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 19 Sep - Pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015, this is to inform you that Plant Visits is organised for various analyst/institutional ....
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 22 Aug - Pursuant to Regulation 30 & 47 of SEBI (LODR) Regulations, 2015, we submit herewith copies of newspapers advertisement published today in the ....
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 17 Aug - Submission of Notice for attention of Equity Shareholders of the Company in respect of information regarding 36th Annual General Meeting of the Company to be …
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.