Aeroflex Industries LimitedQ2 FY27 Results & Financial Update
Aeroflex Industries Limited: Q2 FY27 consolidated results and company financials – revenue ₹207.36 Cr, PAT ₹36.56 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Aeroflex Industries Q2 FY27 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
Aeroflex Industries reported consolidated quarterly revenue from operations of INR 207.36 crore for Q2 FY27, crossing the INR 200 crore quarterly milestone for the first time in the company's operating history.
Total income for the quarter reached INR 207.68 crore, supported by other income of INR 0.32 crore. According to the company's investor presentation, total income grew by 87.01% year-on-year compared to INR 111.05 crore in Q2 FY26.
Profit after tax (PAT) stood at INR 36.56 crore, delivering a PAT margin of 17.60%. The company's investor presentation notes a year-on-year PAT growth of 156.85% over INR 14.23 crore reported in the corresponding quarter of the previous fiscal year.
EBITDA for Q2 FY27 was reported at INR 50.34 crore, yielding an EBITDA margin of 24.27% based on operating revenue. The investor presentation highlights a 94.49% year-on-year increase in EBITDA and a 93 basis point margin expansion compared to Q2 FY26.
During the quarter, the company changed its depreciation method for Property, Plant and Equipment from the Written Down Value (WDV) method to the Straight Line Method (SLM) effective April 1, 2026. This accounting estimate change reduced depreciation expense by INR 8.41 crore for both Q2 FY27 and H1 FY27.
Profit before tax (PBT) for Q2 FY27 was recorded at INR 49.61 crore after accounting for finance costs of INR 0.60 crore and depreciation of INR 0.45 crore under the revised SLM accounting policy.
Earnings per share (EPS) for the quarter came in at INR 2.76, compared to INR 1.10 in Q2 FY26, reflecting the expanded net profitability across the period.
01 · Business model
What does Aeroflex Industries do?
Aeroflex Industries Limited manufactures metallic flexible flow solutions, including stainless-steel flexible hoses, braided hoses, assemblies, fittings, metal bellows, and specialized liquid cooling skid assemblies.
The company operates manufacturing facilities strategically located near the JNPT port in Taloja, Navi Mumbai, supported by a workforce of over 1,167 professionals and an NABL-accredited R&D laboratory.
Its products serve traditional heavy industries such as steel, oil and gas, petrochemicals, and bulk terminal handling, alongside emerging sectors like AI data centers, electric mobility, robotics, semiconductors, and aerospace.
Aeroflex distributes its products across more than 90 countries, leveraging a mix of direct exports and domestic supply channels for critical high-pressure and high-temperature flow control applications.
02 · Historical context
What shaped the business before this quarter
Established in 1998, Aeroflex was subsequently acquired by Aeroflex Enterprises Limited (formerly Sat Industries Limited) in 2018.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q2 FY27 |
|---|---|
| Revenue from operations | ₹207.36 Cr |
| Total income | ₹207.68 Cr |
| Profit before tax | ₹49.61 Cr |
| Profit after tax | ₹36.56 Cr |
| EPS | ₹2.76 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
SS Flexible Hoses contributed 34% of Q2 FY27 revenue, SFN Skid Assemblies accounted for 25%, and Assemblies and Others represented 41%.
Domestic sales accounted for 40% of Q2 FY27 revenue, while exports represented 60%. Within export markets, the Americas generated 66%, Europe 25%, and other geographies 9%.
Ports and terminals emerged as a key growth contributor within core flow-control businesses, alongside rising demand from data center liquid cooling applications.
What drove margins
EBITDA margin expanded by 93 basis points year-on-year to 24.27% in Q2 FY27, driven by higher operating leverage and scale benefits from crossing the INR 200 crore quarterly revenue threshold.
Increased contribution from high-value product categories, notably liquid cooling skid assemblies and specialized stainless-steel assemblies, supported gross margins.
Transitioning from WDV to SLM depreciation methodology effective April 1, 2026, lowered quarterly depreciation expense by INR 8.41 crore, boosting reported PAT and PAT margins for the period.
05 · Demand, customers & order book
Where demand is coming from
Aeroflex acts as an approved supplier to leading global providers of digital infrastructure and thermal management solutions, supplying secondary fluid network (SFN) flow solutions for AI-driven data center deployments.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The liquid cooling skid business recorded sales of 1,475 skids in Q2 FY27 with an average realization of INR 3,39,196 per skid, generating total quarterly revenue of INR 50.03 crore.
Geography and market mix
Export demand remained robust, led by strong traction in the US and Europe, supplemented by participation in international industry events such as Tech Week Singapore.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
The company successfully expanded annual capacity of the SS Hose & Braiding Division to 20 million meters p.a. and Liquid Cooling Skid Assemblies to 12,000 pieces p.a.
Projects, capex and execution
Aeroflex announced a total capital expenditure outlay of approximately INR 202 crore to scale SS Hose & Braiding capacity to 30 million meters p.a. and double Liquid Cooling Skid Assemblies capacity to 30,000 pieces p.a. by March 2028, targeting incremental peak revenue of INR 500 to 550 crore.
Liquid cooling skid assembly capacity is scheduled to expand further to 15,000 pieces p.a. by December 2026.
08 · Strategy & new businesses
How the company is trying to change its growth mix
The company announced the proposed merger of Hyd-Air Engineering with Aeroflex Industries to strategically integrate operations, eliminate operational overlaps, leverage existing infrastructure, simplify corporate structure, and reduce administrative costs.
Aeroflex implemented an integrated SAP ERP system across finance, inventory, and production planning, alongside Salesforce CRM for commercial lifecycle tracking and order fulfillment.
09 · Reported developments
What changed operationally
The company was granted an Indian patent for its innovative system and method for automatically generating 3D computer-aided models of braided hose assemblies.
10 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Management reported continued focus on optimizing the working capital cycle and strengthening the balance sheet as of September 30, 2026.
Capital allocation & funding
Consolidated balance sheet figures show non-current borrowings at INR 0.62 crore and current borrowings at INR 0.23 crore as of September 30, 2026.
11 · Management guidance & targets
What management is targeting from here
Managing Director Mr. Asad Daud stated that the company expects continued revenue growth and progressive improvement in EBITDA margins, supported by planned capacity expansion, higher utilization levels, and operating leverage.
12 · Beyond the numbers
What changed beyond the numbers
Reported update
Sustainability and ESG
Aeroflex commissioned a 750 kW rooftop solar project and maintains zero-emission production technologies with 100% water recycling via an in-house water treatment plant.
13 · Previous-quarter changes
What changed since the previous quarter
Revenue from operations increased sequentially from INR 145.38 crore in Q1 FY27 to INR 207.36 crore in Q2 FY27.
14 · Key Q&A
The quarter, answered directly
What does Aeroflex Industries do?
Aeroflex Industries Limited manufactures metallic flexible flow solutions, including stainless-steel flexible hoses, braided hoses, assemblies, fittings, metal bellows, and specialized liquid cooling skid assemblies.
What is the clearest takeaway from Q2 FY27?
Aeroflex Industries reported consolidated quarterly revenue from operations of INR 207.36 crore for Q2 FY27, crossing the INR 200 crore quarterly milestone for the first time in the company's operating history.
What drove revenue or demand?
SS Flexible Hoses contributed 34% of Q2 FY27 revenue, SFN Skid Assemblies accounted for 25%, and Assemblies and Others represented 41%.
What mattered most for margins or profitability?
EBITDA margin expanded by 93 basis points year-on-year to 24.27% in Q2 FY27, driven by higher operating leverage and scale benefits from crossing the INR 200 crore quarterly revenue threshold.
What changed operationally beyond the headline numbers?
The company successfully expanded annual capacity of the SS Hose & Braiding Division to 20 million meters p.a. and Liquid Cooling Skid Assemblies to 12,000 pieces p.a.
What is management guiding or targeting from here?
Managing Director Mr. Asad Daud stated that the company expects continued revenue growth and progressive improvement in EBITDA margins, supported by planned capacity expansion, higher utilization levels, and operating leverage.
15 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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16 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Capacity Expansion Milestones: Execution of the INR 202 crore capex program targeting 30 million meters of hose capacity and 30,000 liquid cooling skid assemblies by March 2028.
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