AEROFLEX INDUSTRIES LIMITED (AEROFLEX): Financials & Fundamentals History

Share price

Closing priceAdjusted for splits and bonus issues.

3M1Y3YAll

₹484.4 latest close · +6.2% over the last 90 sessions

₹484.4 month-end · +159.5% over 12 months

₹484.4 month-end · +206.5% over 3 years

₹484.4 month-end · +196.7% since Aug '23

52-week range ₹158.00 to ₹613.70 · 1-year volatility 64.7%

Was the rally earned?

1 year3 years

+160%share price, 1 yearEarnings and multiple

Both mattered.

Per-share earnings added 57 points and the multiple added 103 points (P/E 51.0x to 94.4x).
The share count rose 3%.

Net profit growth+62 ptsNet profit rose about 45%, which lifts the price.

P/E change+103 ptsThe P/E rose from 51.0x to 94.4x, which lifts the price.

Share count change-5 ptsShare count rose 3%, which lowers the price.

+207%share price, 3 yearsEarnings and multiple

Both mattered.

Per-share earnings added 123 points and the multiple added 84 points (P/E 59.9x to 94.4x).
The share count rose 17%.

Net profit growth+151 ptsNet profit rose about 126%, which lifts the price.

P/E change+84 ptsThe P/E rose from 59.9x to 94.4x, which lifts the price.

Share count change-28 ptsShare count rose 17%, which lowers the price.

What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

Not shown for 5 years: earnings were negative at one end, or there is not enough history.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with WELSPUN CORP

How rough has the ride been?

Maximum drawdown-40.4%recovered 2026-04

1-year volatility64.7%annualised

Beta vs sector index1.403-year daily, correlation 0.52

Volume spikes5last 90 sessions, 5x the 50-day median

Drawdown from peak

Largest drawdowns

-40.4% (2025-02 peak to 2025-05 low, recovered 2026-04)

-32.9% (2024-01 peak to 2024-03 low, recovered 2024-08)

-23.5% (2024-12 peak to 2025-01 low, recovered 2025-01)

Most recent volume spikes

2026-10-30: 9.7x the 50-day median, price -0.4% that day

2026-10-29: 26.2x the 50-day median, price +9.4% that day

2026-10-15: 5.3x the 50-day median, price -10.2% that day

Beta is the slope of daily returns against a market-cap-weighted index of the sector's other listed companies, built from today's constituents (so it excludes companies no longer listed).

Is it expensive against its own past and its peers?

94.4xP/E todayNear its historic high

Against its own history85th percentile

CheapestMedian 56.9xDearest

Usual range 45.8x to 104.6x since 2023-08.

Against Producer Manufacturing94.4x vs 29.6x

This company

94.4x

Sector median

29.6x

219% above the Producer Manufacturing median.

P/EP/BP/S

P/E (this company)10th to 90th percentile of its own historyIts medianProducer Manufacturing median

The chart loads when you open this tab.

P/B (this company)10th to 90th percentile of its own historyIts medianProducer Manufacturing median

The chart loads when you open this tab.

P/S (this company)10th to 90th percentile of its own historyIts medianProducer Manufacturing median

How to read this

Shaded band: 10th to 90th percentile of the company's own P/E history; dotted line: its median; orange line: sector median (companies with a positive multiple, at least 5 in the sector).

Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.

All terms explained in the glossary →

How Producer Manufacturing is valued

Where does it rank among Producer Manufacturing peers?

Each cell is the company's percentile rank among its Producer Manufacturing peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

ROCE66th▼ 7 pts vs a year ago
Op. margin92nd▲ 11 pts vs a year ago
Revenue growth83rd▲ 20 pts vs a year ago
EPS growth75th▲ 17 pts vs a year ago
Debt/equity ↓83rd▼ 10 pts vs a year ago
Cash cycle ↓50th▲ 8 pts vs a year ago
P/E ↓8th▼ 20 pts vs a year ago
12M momentum98th▲ 43 pts vs a year ago

Rank history

ROCE

Op. margin

Revenue growth

EPS growth

Debt/equity ↓

Cash cycle ↓

P/E ↓

12M momentum

Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26

Lower rank Higher rank Not enough data

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Producer Manufacturing sector page Watch it move against Producer Manufacturing in the Observatory

What is the price implying?

~41%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 151.4x, a holder earning 12%/yr needs earnings to grow about 40.8%/yr for 10 years, then trade at 15x.

Delivered36.0%/yrEPS, last 7 fiscal years · 3-yr avg to 3-yr avg

Gap+4.8 ptsimplied minus delivered

Rank428thmost demanding of 856

Over time

Implied growth by month (solid) and delivered growth (dashed).

Change the assumptions

Exit P/E / return	11%	12%	13%
12x	42.6%	43.9%	45.2%
15x	39.5%	40.8%	42.1%
20x	35.6%	36.9%	38.1%

Drag a slider to test other assumptions

Required return 12.0% Years 10 Exit P/E 15x Implied: 40.8%/yr

“Implied growth” is what the current price would require under our stated assumptions, not what we expect. How this is calculated and the market-wide lists.

What prices imply across Producer Manufacturing The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov: ₹484.40
P/E: 94.4x
ROCE: 19.0%
Market Cap: ₹6415 cr
Revenue (TTM): ₹503 cr
P/S: 12.8x
P/B: 14.4x
ROE: 15.2%
Operating Margin: 23.0%
Debt / Equity: 0.0x
Promoter Holding: 65.5%
12M Momentum: 159.5%

52-week range

₹158.00₹613.70

72% of the way from its 52-week low to its high

Price risk

1Y volatility

64.7%

Beta vs sector

1-year daily

1.76

Balance sheet & cash

Debt service

no meaningful debt

Cash from profit, 3Y

operating cash flow ÷ net profit

0.91x

Share count, 1Y

unchanged

Are profits backed by cash?

6 of 7checks within range1 near a threshold

Other income reliance2%Within range

Other income as a share of pre-tax profit (trailing twelve months): 2.2%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate26%Within range

Median quarterly effective tax rate over about 2.5 years: 26.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion0.91xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 0.91x (cash from operations ₹137 cr, net profit ₹151 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow2 of 5 yrsNear threshold

Fiscal years with positive free cash flow in the last 5: 2. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history-2 daysWithin range

Debtor days are below the median of the previous three fiscal years by 2 days (107 vs 109). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress11% of fixed assetsWithin range

Capital work-in-progress is 11% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+17 days / 2 yrsWithin range

Days payable changed by +17 over two years. Bands: rise of up to 30 days; more than 30 days.

Tap a check to see how it is measured

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

Over 3 years, DIIs trimmed 5.3 pts; FIIs added 2.5 pts; promoters trimmed 1.5 pts.
The number of shareholders rose from 94,506 to 1.1 lakh (+16%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change

Promoters67.0%65.5%-1.5 pts

FIIs1.1%3.6%+2.5 pts

DIIs6.8%1.5%-5.3 pts

Public and others25.1%29.4%+4.3 pts

Number of shareholders

1.1 lakhshareholders+16% since Sep '23

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

+1.2%typical 12-month return vs the marketNot meaningfully different from the base rate

We found 50 past situations where a non-financial company looked like AEROFLEX INDUSTRIES LIMITED today on valuation, return on capital, margins, debt, growth, price momentum, size and volatility.
Over the following 12 months the middle half of them returned −29% to +25% vs the market, against −8% for all non-financial companies in the same months.
The gap against the base rate (+8.9%, 80% range −7.0% to +17.7%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 3 beyond the range shown, drawn at the edge

Similar setups' median

+1.2%

All companies' median

−7.7%

Beat the market

50% vs 41%

50 past situations · 50 companies · 30 months · 2020–2025

The closest matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
KRN Producer Manufacturing	Oct 2025	92x	21%	+74%	−19%	+54%
BLS Technology Services	Mar 2023	61x	22%	+182%	−18%	+27%
COCHINSHIP Producer Manufacturing	Jun 2024	74x	21%	+683%	−5%	−9%
KRISHNADEF Electronic Technology	Apr 2025	109x	17%	+84%	−29%	+29%
SHAILY Process Industries	Oct 2025	89x	20%	+126%	−11%	+47%

Show the other 3 matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
GOLDIAM Consumer Durables	Feb 2025	42x	20%	+99%	−32%	−19%
RAILTEL Communications	Jun 2024	70x	—	+256%	−6%	−10%
FCL Process Industries	Oct 2022	73x	30%	+208%	−7%	−25%

How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: drawdown from 12-month high, P/S and size. Not used (unavailable for this company): interest cover. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 5 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to AEROFLEX INDUSTRIES LIMITED. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

Feature	Weight	Non-financial	Financial
P/E	1	yes	yes
P/S	1	yes	—
P/B	1	—	yes
ROCE	1	yes	—
operating margin	1	yes	—
ROE	1	—	yes
debt/equity	0.75	yes	—
interest cover	0.5	yes	—
revenue growth	0.75	yes	yes
12-month momentum	1	yes	yes
drawdown from 12-month high	0.75	yes	yes
size	0.75	yes	yes
volatility	0.5	yes	yes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What else looks like this?

Companies with the most similar financial profile today, regardless of industry.

NETWORK PEOPLE SERVICES TECHNPST

Technology Services

71%similar

ROCEP/E

PARAS DEFENCE AND SPACE TECHPARAS

Electronic Technology

71%similar

revenueP/E

FINEOTEX CHEMICALFCL

Process Industries

69%similar

market caprevenue growth

RAGHAV PRODUCTIVITY ENHANRPEL

Process Industries

68%similar

debt/equityP/E

NOVARTIS INDIANOVARTIND

Miscellaneous

67%similar

volatilityrevenue

STANDARD ENGINEERING TECHNOLOGSETL

Producer Manufacturing

60%similar

market capP/E

QUALITY POWER ELE EQUIPQPOWER

Producer Manufacturing

57%similar

P/Evolatility

MARINE ELECTRICALS INDIAMARINE

Producer Manufacturing

56%similar

P/Emarket cap

Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.

What changed?

28 events since Oct '23

2026
OctPriceVolume reached 26.2x its 50-day median on 2026-10-29; price +9.4% that day.
JunResultsYear-on-year EPS growth turned positive.
MayPriceVolume reached 9.4x its 50-day median on 2026-05-07; price +20.0% that day.
AprPriceRegained the 2025-02 peak, 11 months after the low.
MarResultsYear-on-year EPS growth turned negative.
MarPeer rankSlipped to the 3rd quartile of Producer Manufacturing on EPS growth (from the 2nd quartile).
FebValuationP/E crossed above the 90th percentile of its own history to date (63.5x).
JanPriceVolume reached 62.3x its 50-day median on 2026-01-29; price +8.5% that day.

Show 20 earlier events

2025
DecResultsRevenue (TTM) reached a new high of ₹387 cr.
DecPriceVolume reached 89.4x its 50-day median on 2025-12-19; price +9.2% that day.
AugValuationP/E fell below the 10th percentile of its own history to date (41.9x).
AugPeer rankSlipped to the 2nd quartile of Producer Manufacturing on ROCE (from the top quartile).
JulPriceVolume reached 8.3x its 50-day median on 2025-07-22; price +3.4% that day.
JunPriceVolume reached 112.1x its 50-day median on 2025-06-20; price +4.9% that day.
MayPriceFell 40% from the Feb 2025 peak to the May 2025 low.
MarDebtDebt / equity halved over 12 months to 0.00x.
JanPriceVolume reached 37.5x its 50-day median on 2025-01-17; price +9.1% that day.
2024
DecPeer rankMoved into the 2nd quartile of Producer Manufacturing on EPS growth (from the 3rd quartile).
NovPriceVolume reached 6.6x its 50-day median on 2024-11-29; price +5.8% that day.
SepPeer rankSlipped to the 3rd quartile of Producer Manufacturing on EPS growth (from the 2nd quartile).
SepPriceVolume reached 12.1x its 50-day median on 2024-09-11; price -1.4% that day.
AugPriceRegained the 2024-01 peak, 5 months after the low.
AugDebtDebt / equity halved over 12 months to 0.00x.
AugSharesShare count is up 13.0% over 12 months.
JunPriceVolume reached 8.7x its 50-day median on 2024-06-24; price +7.3% that day.
MarPriceFell 33% from the Jan 2024 peak to the Mar 2024 low.
JanPriceVolume reached 16.8x its 50-day median on 2024-01-11; price +10.1% that day.
2023
OctPriceVolume reached 7.5x its 50-day median on 2023-10-19; price +5.6% that day.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history40 months · 2023-08 to 2026-11

Month	P/E	Revenue (TTM)	ROE	ROCE	Debt / Equity
2026-11	94.4x	₹503 cr	15.2%	19.0%	0.0x
2026-10	104.6x	₹503 cr	15.0%	19.0%	0.0x
2026-09	104.6x	₹503 cr	15.0%	19.0%	0.0x
2026-08	123.3x	₹442 cr	12.3%	19.0%	0.0x
2026-07	102.2x	₹442 cr	12.3%	19.0%	0.0x
2026-06	110.7x	₹442 cr	12.3%	19.0%	0.0x
2026-05	105.6x	₹408 cr	14.0%	22.0%	0.0x
2026-04	80.2x	₹408 cr	14.0%	22.0%	0.0x
2026-03	62.8x	₹408 cr	14.0%	22.0%	0.0x
2026-02	63.5x	₹387 cr	13.7%	22.0%	0.0x
2026-01	48.2x	₹387 cr	13.7%	22.0%	0.0x
2025-12	52.2x	₹387 cr	13.7%	22.0%	0.0x
2025-11	51.0x	₹371 cr	13.7%	22.0%	0.0x
2025-10	51.1x	₹371 cr	13.7%	22.0%	0.0x
2025-09	47.6x	₹371 cr	13.7%	22.0%	0.0x
2025-08	41.9x	₹377 cr	15.2%	22.0%	0.0x
2025-07	46.4x	₹377 cr	15.2%	22.0%	0.0x
2025-06	52.3x	₹377 cr	15.2%	22.0%	0.0x
2025-05	41.7x	₹363 cr	17.4%	26.0%	0.0x
2025-04	44.2x	₹363 cr	17.4%	26.0%	0.0x
2025-03	42.8x	₹363 cr	17.4%	26.0%	0.0x
2025-02	49.1x	₹336 cr	15.4%	26.0%	0.0x
2025-01	69.3x	₹336 cr	15.4%	26.0%	0.0x
2024-12	57.7x	₹336 cr	15.4%	26.0%	0.0x
2024-11	64.0x	₹325 cr	14.7%	26.0%	0.0x
2024-10	57.1x	₹325 cr	14.7%	26.0%	0.0x
2024-09	53.3x	₹325 cr	14.7%	26.0%	0.0x
2024-08	51.9x	₹318 cr	14.3%	26.0%	0.0x
2024-07	48.5x	₹318 cr	14.3%	26.0%	0.0x
2024-06	49.5x	₹318 cr	14.3%	26.0%	0.0x
2024-05	51.0x	₹269 cr	26.3%	34.0%	0.4x
2024-04	56.7x	₹269 cr	26.3%	34.0%	0.4x
2024-03	46.0x	₹269 cr	26.3%	34.0%	0.4x
2024-02	54.7x	₹269 cr	26.3%	34.0%	0.4x
2024-01	58.3x	₹269 cr	26.3%	34.0%	0.4x
2023-12	58.7x	₹269 cr	26.3%	34.0%	0.4x
2023-11	59.9x	₹269 cr	26.3%	34.0%	0.4x
2023-10	60.9x	₹269 cr	26.3%	34.0%	0.4x
2023-09	57.9x	₹269 cr	26.3%	34.0%	0.4x
2023-08	61.8x	₹269 cr	26.3%	34.0%	0.4x

Methodology and data notes