Aaron Industries LimitedQ2FY27 Results & Financial Update
Aaron Industries Limited: Q2FY27 standalone results and company financials – revenue ₹27.12 Cr, PAT ₹2.88 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceReported figures and period changes.Changes compare like-for-like reported periods where available.
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Quarterly Results AnalysisExplore Aaron Industries Q2FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Aaron Industries Limited posted revenue from operations of INR 27.12 crore for Q2 FY27, reflecting a year-on-year increase of 21.93% compared to INR 22.24 crore in Q2 FY26. Total income reached INR 27.17 crore, up 21.85% from INR 22.30 crore in the corresponding period of the previous year.
Net profit after tax (PAT) for the quarter rose sharply to INR 2.88 crore, representing a 106.48% increase over INR 1.39 crore in Q2 FY26. Earnings per share (EPS) for Q2 FY27 stood at INR 1.37, compared to INR 0.67 in the year-ago quarter.
Profitability expansion outpaced top-line growth during the quarter, aided by operating leverage and stronger contributions from the stainless steel polishing segment. EBITDA for the quarter expanded by 31.05% year-on-year to INR 5.47 crore, lifting the EBITDA margin by 147 basis points to 20.01% from 18.54% in Q2 FY26.
Sequentially, performance showed steady improvement over Q1 FY27, where revenue from operations stood at INR 24.44 crore and PAT at INR 2.56 crore. Q2 FY27 revenue grew by 10.98% sequentially, while PAT increased by 12.40% quarter-on-quarter.
The Elevator Division remained the primary revenue anchor, contributing INR 19.06 crore during the quarter, while the Stainless Steel Polishing Division recorded a sharp expansion to INR 8.06 crore from INR 4.58 crore in Q1 FY27 and INR 4.72 crore in Q2 FY26.
Management noted that integrated manufacturing capabilities, a diversified product portfolio, and expanding distribution networks contributed to the quarter's results, with ongoing capital investments aimed at improving capacity utilization and operational efficiencies.
01 · Business model
What does Aaron Industries do?
Aaron Industries Limited operates in two primary business segments: the Elevator Division and the Stainless Steel Polishing Division. Headquartered in Surat, Gujarat, the company designs and manufactures end-to-end elevator solutions including cabins, automatic door systems, and cabin safety frames tailored for residential and commercial projects.
The company also manufactures EVOQ360 Home Lifts, targeting specialized residential vertical transportation needs. Its operations integrate manufacturing capabilities to serve clients across India.
To support its core elevator manufacturing and secure in-house quality control, Aaron Industries operates a dedicated stainless steel sheet polishing division. This backward integration supplies polished metal for elevator doors and cabins while also serving external commercial polishing customers.
02 · Historical context
What shaped the business before this quarter
The company established a stainless steel sheet polishing division earlier as part of a backward integration strategy to supply polished steel for elevator doors and cabins and ensure in-house supply chain efficiency.
03 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Q2FY27 | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹27.12 Cr | ₹22.24 Cr | ₹24.44 Cr |
| Total income | ₹27.17 Cr | ₹22.30 Cr | ₹24.49 Cr |
| Profit before tax | ₹3.86 Cr | ₹2.49 Cr | ₹3.46 Cr |
| Profit after tax | ₹2.88 Cr | ₹1.39 Cr | ₹2.56 Cr |
| EPS | ₹1.37 | ₹0.67 | ₹1.22 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 10.6% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 14.2% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹0.05 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
The Elevator Division generated INR 19.06 crore in Q2 FY27, growing 8.75% year-on-year from INR 17.52 crore in Q2 FY26, though down 4.03% sequentially from INR 19.86 crore in Q1 FY27.
The Stainless Steel Polishing Division delivered INR 8.06 crore in revenue during Q2 FY27, marking a 70.90% increase year-on-year from INR 4.72 crore in Q2 FY26 and a 76.05% jump sequentially from INR 4.58 crore in Q1 FY27.
What drove margins
EBITDA margin improved by 147 basis points year-on-year to 20.01% in Q2 FY27 from 18.54% in Q2 FY26, supported by higher-margin revenue contributions and operating leverage.
PAT margin expanded significantly to 10.60% in Q2 FY27 compared to 6.27% in Q2 FY26, an increase of 433 basis points, aided by higher operational profitability and tax provisioning adjustments.
05 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The Elevator Division reported segment results (profit before interest and tax) of INR 341.14 lakh in Q2 FY27, compared to INR 803.61 lakh in Q2 FY26 and INR 814.22 lakh in Q1 FY27.
The Stainless Steel Polishing Division reported segment results of INR 113.60 lakh in Q2 FY27, recovering from a segment loss of INR 453.71 lakh in Q2 FY26 and INR 397.92 lakh in Q1 FY27.
06 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Management highlighted ongoing focus on leveraging installed capacities, improving capacity utilization, and optimizing manufacturing infrastructure across both business divisions.
07 · Strategy & new businesses
How the company is trying to change its growth mix
The company continues to invest in product development and distribution network expansion, targeting emerging opportunities in elevator components, EVOQ360 home lifts, and stainless steel processing markets.
08 · Reported developments
What changed operationally
PAT more than doubled year-on-year, surging 106.48% to INR 2.88 crore in Q2 FY27, driven by higher operating efficiency and robust performance in the stainless steel polishing division.
09 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Net cash flow from operating activities for the half year ended September 30, 2026, was an outflow of INR 350.00 lakh, compared to an inflow of INR 203.53 lakh in H1 FY25 (reported as H1FY26 in cash flow statement), affected by changes in inventories and trade payables.
Capital allocation & funding
Non-current borrowings stood at INR 1151.09 lakh as of September 30, 2026, compared to INR 1185.27 lakh as of March 31, 2026. Current borrowings stood at INR 2088.25 lakh compared to INR 1589.49 lakh over the same period.
10 · Beyond the numbers
What changed beyond the numbers
Reported update
Executive Leadership
The financial results and press release were approved by the Board of Directors under the chairmanship of Amar Doshi, Chairman and Managing Director, during the board meeting held on October 30, 2026.
11 · Previous-quarter changes
What changed since the previous quarter
Revenue from operations increased by 10.98% sequentially from INR 24.44 crore in Q1 FY27 to INR 27.12 crore in Q2 FY27, while PAT rose 12.40% from INR 2.56 crore to INR 2.88 crore.
12 · Key Q&A
The quarter, answered directly
What does Aaron Industries do?
Aaron Industries Limited operates in two primary business segments: the Elevator Division and the Stainless Steel Polishing Division. Headquartered in Surat, Gujarat, the company designs and manufactures end-to-end elevator solutions including cabins, automatic door systems, and cabin safety frames tailored for residential and commercial projects.
What is the clearest takeaway from Q2FY27?
Aaron Industries Limited posted revenue from operations of INR 27.12 crore for Q2 FY27, reflecting a year-on-year increase of 21.93% compared to INR 22.24 crore in Q2 FY26. Total income reached INR 27.17 crore, up 21.85% from INR 22.30 crore in the corresponding period of the previous year.
What drove revenue or demand?
The Elevator Division generated INR 19.06 crore in Q2 FY27, growing 8.75% year-on-year from INR 17.52 crore in Q2 FY26, though down 4.03% sequentially from INR 19.86 crore in Q1 FY27.
What mattered most for margins or profitability?
EBITDA margin improved by 147 basis points year-on-year to 20.01% in Q2 FY27 from 18.54% in Q2 FY26, supported by higher-margin revenue contributions and operating leverage.
What changed operationally beyond the headline numbers?
Management highlighted ongoing focus on leveraging installed capacities, improving capacity utilization, and optimizing manufacturing infrastructure across both business divisions.
What should the next disclosure help confirm?
Monitor the sustainability of segment profitability in the Stainless Steel Polishing Division and capacity utilization trends across both elevator and polishing divisions in subsequent quarters.
13 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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14 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Capacity Utilization and Segment Margins: Monitor the sustainability of segment profitability in the Stainless Steel Polishing Division and capacity utilization trends across both elevator and polishing divisions in subsequent quarters.
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