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Swing Capital

AIA Engineering Ltd

NSE: AIAENG BSE: 532683Energy

AIA manufactures high-chrome grinding media, liners and diaphragms, collectively known as mill internals. These are used for crushing and grinding operations in the cement, power utility & aggregates and mining industries. [1]

₹3,866
52W: ₹3001 — ₹4206
PE 27.8 · Book ₹758 · +410% vs book
Market Cap₹36,079 Cr
Stock P/E27.8Price to Earnings
ROCE18.8%Return on Capital
ROE15.3%Return on Equity
Div. Yield0.41%Face Value ₹2

Weaknesses

  • −The company has delivered a poor sales growth of 6.23% over past five years.
  • −Earnings include an other income of Rs.719 Cr.

Shareholding Pattern

Promoters58.5%
FIIs16.79%
DIIs22.03%
Public2.69%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters58.47%58.5%▲0.058.5%58.5%58.5%58.5%58.5%58.5%
FIIs17.68%17.93%▲0.317.21%▼0.717.06%▼0.217%▼0.116.66%▼0.316.57%▼0.116.79%▲0.2
DIIs20.94%20.83%▼0.121.84%▲1.022.03%▲0.222.02%▼0.022.18%▲0.222.26%▲0.122.03%▼0.2
Public2.91%2.73%▼0.22.43%▼0.32.4%▼0.02.48%▲0.12.64%▲0.22.66%▲0.02.69%▲0.0

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales1,0811,044986904814908861833960979
Expenses774774703622585673640600659673
Operating Profit308270282282229235221233301306
OPM %28%26%29%31%28%26%26%28%31%31%
Net Profit257241384247217207351234277435
EPS ₹27.2525.5740.6726.1523.2822.1637.5925.0829.7146.61

AI Insights

Revenue Trend

TTM revenue at ₹3,633Cr, up 4.2% YoY. OPM at 29%.

Debt Position

Borrowings at ₹1,022Cr. Debt-to-equity ratio: 0.14x. Healthy balance sheet.

Capex Cycle

CWIP at ₹99Cr (9% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 22.03% (+1.10pp change). FIIs: 16.79% (-1.26pp change). Promoters hold 58.5%.

Margin & Efficiency

ROCE declining from 33% (Mar 2014) to 19% (Mar 2025). Working capital days: 169.

Valuation

PE 27.8x with 18.8% ROCE. Price is 410% above book value of ₹758. Dividend yield: 0.41%.

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