Aimtron Electronics Ltd. (AIMTRON)
SME CapIndustrials stocks · SME cap · NSE
Aimtron Electronics Ltd. specializes in ODM-led Electronics System Design and Manufacturing (ESDM) services, focusing on high-value precision engineering products. It offers end-to-end solutions from PCB design to full electronic systems manufacturing (Box Build) across diverse industries, with operations in India and USA.
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 acceptable, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 30/100YoY data unavailable — classification deferred
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹179 Cr | NDF | +45.5% |
| EBITDA | ₹36 Cr | +89.5% | +20.0% |
| Operating margin | 20.0% | +100 bps | -500 bps |
| PAT | ₹26 Cr | NDF | +30.0% |
| PAT margin | 14.5% | +80 bps | -173 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
FY26 revenue surged 89.2% YoY to INR 3,011.6 Mn, with EBITDA up 93.6% YoY to INR 657.7 Mn. H2FY26 revenue grew 75.9% YoY to INR 1,785.8 Mn. The order book expanded 175.8% YoY to INR 5,212 Mn, covering ~1.7x FY26 revenue, driven by strategic wins in AI, IIoT, Telecom, EV, and Defence.
Aimtron demonstrates strong financial performance with significant revenue and EBITDA growth, supported by a rapidly expanding order book. Strategic acquisitions and capacity additions, alongside a clear focus on high-growth sectors and ODM-led manufacturing, position the company for continued expansion. However, managing working capital and supply chain risks amidst rapid growth will be critical.
Revenue by Segment (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
ODM-led Manufacturing Model
Strategic shift to an ODM-led manufacturing model, focusing on end-to-end capabilities for global OEMs and product innovators.
Strategic Acquisition in USA
Acquired International Control Services Inc. (now Aimtron International Controls LLC) in Decatur, Illinois, providing immediate access to US customers and specialized ruggedization expertise.
PLI / ECMS Application
Application submitted for optical transceivers (SFP segment) under the Electronics Component Manufacturing Scheme, targeting a high-growth, import-substitution market.
Entry into Emerging Sectors
Significant orders bagged in Network Security, AI, Industrial IoT, Telecommunication, Automotive EV, Defence & Aerospace sectors (including Drones/UAVs).
Greenfield Vadodara Facility
Under construction, featuring 6 SMT lines (phased rollout) and a dedicated ODM R&D zone, expected by August 2025.
New SMT Line
A new SMT line with AI inspection capabilities is planned for November 2025.
Aimtron Mechatronics Pvt Ltd
100% WOS in India for system integration, box-build, and Greenfield expansion, established September 2025.
Acquired US Manufacturing Facility
Acquired International Control Services Inc. (now Aimtron International Controls LLC) with a 58,000 sq. ft. manufacturing facility in Decatur, Illinois.
India's ESDM Industry Growth
Targeted Electronics Manufacturing Output of INR 43.1 lakh crore (US$ 500 Bn) by 2030, requiring a 5x increase in production.
Government Support & Incentives
National Policy on Electronics, PLI Scheme, EMC Clusters, and 100% FDI allowed in ESDM sector (automatic route).
Explosive Semiconductor Demand
Indian semiconductor market expected to grow from US$ 52 Bn (2024) to US$ 103.4 Bn (2030).
Emerging Technology Trends
Industry 4.0, IoT, AI, robotics, 5G, AR/VR, and automotive & power electronics are driving innovation and demand.
Dependency on Key Suppliers
Vulnerability due to reliance on key suppliers for critical components.
Market Fluctuations
Vulnerability to market fluctuations in specific sectors served.
Intense Competition
Intense competition from global and local electronics manufacturers.
Supply Chain Disruptions
Risk of supply chain disruptions and raw material shortages.
Supplier Dependency
Dependency on key suppliers for critical components could impact production and costs.
Market Volatility
Vulnerability to market fluctuations in specific sectors, despite diversification efforts.
Competitive Landscape
Intense competition from global and local electronics manufacturers may pressure margins or market share.
Supply Chain & Raw Material Shortages
Potential for supply chain disruptions and raw material shortages could affect operational continuity and costs.
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 overall growth and performance trends, especially for a company undergoing rapid expansion and strategic shifts. QoQ comparison (H2FY26 vs H1FY26) provides insight into sequential momentum and execution efficiency within the fiscal year.
Revenue from Operations
FY26: INR 3,011.6 Mn (+89.2% YoY); H2FY26: INR 1,785.8 Mn (+75.9% YoY); H2FY26 vs H1FY26: +45.7% QoQ.
EBITDA
FY26: INR 657.7 Mn (+93.6% YoY); H2FY26: INR 356.6 Mn (+85.0% YoY); H2FY26 vs H1FY26: +18.4% QoQ.
EBITDA Margin
FY26: 21.8% (+50 bps YoY); H2FY26: 20.0% (+98 bps YoY).
Order Book
INR 5,212 Mn as on 31st March 2026 (+175.8% YoY from FY25).
Targeted CAGR Growth
Management targets 40-50% CAGR for the next 3 to 5 years.
Global Market Expansion
Strengthening global presence with a focus on expanding into European and Australian markets.
Backward Integration
Planning backward integration to enhance manufacturing capabilities, including integrated cable assembly lines and expanded SMT capacity.
Operational Efficiency
Continuously improving operational efficiencies and leveraging digital solutions like 'Aimnet' for production optimization.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book Growth & Diversification | INR 5,212 Mn, ~1.7x FY26 Revenue, spread across various sectors. | Sustained growth in order book and further diversification across high-margin segments and geographies. |
| EBITDA Margin Stability | FY26 EBITDA Margin at 21.8%. | Maintenance or improvement of EBITDA margins as scale increases and product mix shifts towards ODM. |
| Acquired Capacity Utilization | Aimtron International Controls LLC (acquired ICS) utilization at ~54%. | Ramp-up of utilization to ~90% over ~3 years, as projected by management. |
| Working Capital Management | Trade Receivables at INR 1,354.7 Mn and Inventories at INR 1,031.8 Mn in FY26. | Efficient management of receivables and inventory to support rapid growth without undue strain on liquidity. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
57NeutralSMA20 +17.5% / mo · MACD − · near 52W high
Technical chart
AIMTRONdaily · 1Y · AUTO+106.8%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 49. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~14.9% over last month) — short-term momentum positive.
- RSI(14) at 49 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 11% off 52W high · 134% 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.
Valuation & score drivers
U-Score 47 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 47 · 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
- Quality contributes 17/20 to the score.
- Growth contributes 17/25 to the score.
- Balance sheet contributes 10/15 to the score.
Main drags
- Fair-value margin of safety is negative at -79.1%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
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.
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: +1 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.
Mixed Trust: Claim history is still being built. It ranks around the 52nd percentile of the scored universe and 49th percentile within Industrials. Main check: cash conversion is weak at 28/100.
Healthy Trust Lite: Promoter holding is 68.6%. Key concern: Operating cash flow is negative at ₹-40 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Industrials: 49th pctile, median 68 · SME: 66th pctile, median 64
11 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed 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 68.6%.
- ▸Promoter pledge is zero.
- ▸ROCE is 28.2%.
Trust risks
- ▸Operating cash flow is negative at ₹-40 Cr.
- ▸Promoter holding fell 2.7%.
- ▸Only 1 years of positive FCF.
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
- 71.80
- P/B
- 13.89
- EV/EBITDA
- 49.31
- Market Cap
- 3298.00Cr
Profitability
- ROE
- 23.60%
- ROCE
- 28.20%
- ROA
- 10.95%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 79.90%
- EPS 5Y
- 81.27%
- Revenue 3Y
- 24.00%
- EPS 3Y
- 24.00%
Balance Sheet
- Debt/Equity
- 0.23
- Interest Coverage
- 30.50×
- Altman Z
- 8.11
- Book Value
- 114.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- -40.00 Cr
- EPS TTM
- 22.31
Shareholding
- Promoter Hold
- 68.63%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 82%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Industrials, ranked by similarity
Peers
Business-comparable names in Industrials, ranked by similarity
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.