Concall transcriptMay 2026
May 2026 · Transcript
Source: Nse
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.
Data qualityFresh enough for analysisQuote updated 21 Oct, 02:00 pm ISTDetails
Quote21 Oct, 02:00 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result29 Apr, 04:19 am 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
55NeutralSMA20 +10.1% / mo · MACD −
Stock trend: 61
Sector RS: 45
Sector 3M: -7.7% vs Nifty 500 -6.1%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
AIMTROND candles · FIT view+62.0%TODAY · PROVISIONALLatest price ₹1647.85 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
-3.1%
RSI
41
MACD hist
-26.14
52W pos
72%
2026-10-21O ₹1701.40H ₹1701.40L ₹1610.15C ₹1647.85Vol 87,400 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
AIMTRONNifty India ManufacturingNifty 500
- AIMTRON
- +26.6%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- +32.2 pp
Chart stats
19 Oct 2026- From 52W high
- -15.4%
- 52W range position
- 77%
- ATR (14)
- 4.9%
- Volume vs 20D
- 0.45x
- Avg traded value
- ₹8.9 Cr
- 20D price channel
- ₹1,644.2 - ₹2,010
₹2,010
₹675 - ₹2,010
₹83.9
Latest completed session
20-session average
53.6% 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 VALUE47
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Neutral55
Price trend and sector-relative-strength timing.
Valuation
Legacy model-87.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence67
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
Pending dataYoY comparison unavailable - result verdict pending data
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹179 Cr | NDF | +45.5% |
| EBITDA | ₹36 Cr | NDF | +20.0% |
| Operating margin | 20.0% | NDF | -500 bps |
| PAT | ₹26 Cr | NDF | +30.0% |
| PAT margin | 14.5% | NDF | -173 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 81.20
- P/B
- 15.39
- EV/EBITDA
- 55.68
- Market Cap
- 3731.00Cr
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
- 81%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 179+45.5% vs prev
Net Profit
₹ CrLatest: 26.0+30.0% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
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 uptrend intact. RSI 41. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~8.6% over last month) — short-term momentum positive.
- RSI(14) at 41 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 18% off 52W high · 137% 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
95
RS percentile
Stage 2 UptrendEstablished S2
1M return
+2.4%
3M return
+26.6%
6M return
+68.1%
1Y return
+125.3%
RS 1D
-1
RS 20D
-1
Sector rank
#2
Industry rank
#25
Stage evidence
- Price is 26.6% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +11.5%.
- Both 3-month and 6-month returns are positive.
50-DMA
price below
200-DMA
price above
S2 entered
07 Apr 2026
S2 age
138 trading sessions
Sector
leading
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 247.86-1.99%
RS vs Nifty 500248
Valuation & peers
U-Score 47 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 47 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · FAIR VALUEValuation0/30
Growth17/25
Quality17/20
Balance Sheet10/15
Cash Flow0/10
Piotroski
6/9 (+3)
Penalties
0
Raw sum
47
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
47/100 · legacy band FAIR VALUE
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 -87.9%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 0/10; 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
81.2
PB
15.4
EV/EBITDA
55.7
ROE
23.6%
ROCE
28.2%
FCF Yield
—
Debt/Equity
0.2
MoS
-87.9%
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
47
Previous: 47
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
-87.9%
Previous: -94.0%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
46
46
46
46
46
46
47
47
47
47
47
47
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
₹239.22
-588.8% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹876.78
-87.9% MoS
PEG
1.39
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
VINYAS
SME
Vinyas Innovative Technologies Ltd.
Electronics Manufacturing Services
match 83
28
56.7
12.9%
-69%
OVERVALUED
SAHASRA
SME
Sahasra Electronic Solutions Ltd.
Electronics Manufacturing Services
match 81
18
88.2
6.2%
-901%
OVERVALUED
CYIENTDLM
Small
Cyient DLM Limited
Electronics Manufacturing Services
match 74
34
85.1
7.5%
-80%
WATCHLIST
DIXON
Mid
Dixon Technologies (India) Limited
Electronics Manufacturing Services
match 66
50
41.3
18.9%
+0%
FAIR VALUE
AVALON
Micro
Avalon Technologies Limited
Electronics Manufacturing Services
match 66
43
99.4
16.5%
-157%
WATCHLIST
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 intactReviewed 2026-06-18T12:08:36.352Z
Management commentary snapshot
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.
Current business mix
Revenue by Segment (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Box Build68.8%
PCBA28.6%
ODM2.6%
Growth engines
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).
Capacity and execution
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.
Tailwinds
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.
Headwinds
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.
Risk radar
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
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 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.
Sector KPIs management disclosed
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).
Management forward view
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.
Thesis monitor
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.
Trust Score
67Limited 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 52nd percentile of the scored universe and 50th percentile within Industrials. Main check: cash conversion is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
11 docs text-extracted · 5 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
52nd percentile
overall median 67 · Industrials: 50th pctile, median 68 · SME: 66th pctile, median 64
Evidence depth
Financial-only
11 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
78
strong · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
90
strong · capital discipline
Results
55
watch · quarterly consistency
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.
Continue researching Aimtron Electronics Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
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