MarketFriction

Aartech Solonics Ltd

NSE AARTECH · BSE 542580 · Heavy Electrical Equipment
₹47.92 -4.43%
NSE close2026-10-01
52 week range33.51 - 64.75
Market cap₹160 Cr.
P/E29.9
ESM Price band 5%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales9.057.349.986.619.419.7810.554.3411.707.3817.467.29
Expenses8.997.819.466.928.418.6912.534.439.315.0416.016.40
Operating Profit0.06-0.470.52-0.311.001.09-1.98-0.092.392.341.450.89
OPM %0.66%-6.40%5.21%-4.69%10.63%11.15%-18.77%-2.07%20.43%31.71%8.30%12.21%
Other Income0.631.440.282.080.980.63-0.691.400.35-0.920.521.64
Interest0.130.140.160.130.180.130.110.210.170.150.220.21
Depreciation0.110.120.140.120.140.130.110.130.130.130.130.13
Profit before tax0.450.710.501.521.661.46-2.890.972.441.141.622.19
Tax %0.00%18.31%176.00%30.92%9.64%-26.03%-43.94%35.05%11.89%50.00%62.96%29.22%
Net Profit0.450.59-0.381.041.511.84-1.630.632.150.580.611.55
EPS in Rs0.140.19-0.130.330.480.58-0.530.300.680.190.210.49
Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales9.7914.0410.1010.9616.3421.6932.7436.3540.8843.83
Expenses9.6513.7110.1210.4613.8120.4032.2634.7434.2236.76
Operating Profit0.140.33-0.020.502.531.290.481.616.667.07
OPM %1.43%2.35%-0.20%4.56%15.48%5.95%1.47%4.43%16.29%16.13%
Other Income1.221.090.490.581.451.473.141.180.791.59
Interest0.080.190.210.240.210.280.570.550.750.75
Depreciation0.320.270.300.380.340.440.470.500.520.52
Profit before tax0.960.96-0.040.463.432.042.581.746.187.39
Tax %20.83%45.83%400.00%45.65%18.08%30.39%49.22%-59.20%35.76%
Net Profit0.760.51-0.190.262.801.421.322.763.974.89
EPS in Rs0.340.16-0.060.080.880.450.420.871.251.57
Dividend Payout %0.00%0.00%0.00%135.77%18.91%0.00%0.00%14.39%10.01%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth%30%24%29%
Compounded Profit Growth%188%44%102%
Stock Price CAGR%35%-5%-5%
Return on Equity%7%7%12%
Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital4.947.067.067.0610.5910.5910.5915.8915.89
Reserves12.5618.1917.6617.9416.7918.2818.9415.5719.22
Borrowings-0.011.102.361.110.652.694.155.645.62
Other Liabilities2.261.972.802.554.025.117.285.709.90
Total Liabilities19.7528.3229.8828.6632.0536.6740.9642.8050.63
Fixed Assets4.685.065.275.015.104.915.075.054.96
CWIP0.000.000.000.000.000.000.000.050.15
Investments4.416.428.476.628.1310.6014.0012.699.62
Other Assets10.6616.8416.1417.0318.8221.1621.8925.0135.90
Total Assets19.7528.3229.8828.6632.0536.6740.9642.8050.63
Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity0.04-1.401.27-1.611.66-4.821.49-1.55-0.75
Cash from Investing Activity-1.14-6.06-4.232.28-1.273.84-0.931.282.75
Cash from Financing Activity2.288.30-0.48-0.39-0.231.170.400.28-0.90
Net Cash Flow1.180.85-3.430.280.160.190.970.011.10
Free Cash Flow-1.20-2.030.82-1.721.45-3.450.85-1.96-1.12
CFO/OP121%-318%-7,100%-310%73%-305%344%-70%-3%
Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days128.63132.07168.04212.81160.39177.70105.6959.14146.07
Inventory Days275.16104.76194.22138.23121.23147.32131.77222.96175.76
Days Payable33.9538.77118.5489.1896.63118.0393.6386.09108.09
Cash Conversion Cycle369.84198.05243.72261.85184.98207.00143.82196.02213.75
Working Capital Days225.19186.92188.64230.46158.60182.2584.7392.68136.25
ROCE %3.74%-0.26%1.06%8.47%7.45%4.81%5.65%17.86%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters52.68%52.68%52.68%52.68%52.68%52.72%52.72%52.72%52.72%52.75%52.75%52.75%
FIIs0.02%0.00%0.01%0.00%0.02%0.00%0.00%0.00%0.00%0.00%0.00%0.01%
DIIs0.00%0.00%1.39%1.39%1.39%1.39%1.67%1.38%0.31%0.00%0.00%0.00%
Public47.30%47.32%45.92%45.93%45.91%45.88%45.60%45.90%46.96%47.25%47.25%47.23%
No. of Shareholders3,5524,2274,7345,66211,25113,08214,35913,86614,35814,27413,77914,117

Fundamentals

Market Cap₹ 160 Cr.
Current Price₹ 50.0
Stock P/E29.9
Book Value₹ 11.0
ROCE17.9 %
ROE12.0 %
Dividend Yield0.25 %
Face Value₹ 5.00
Compounded Sales Growth (TTM)29%
Compounded Profit Growth (TTM)102%
Consolidated figures.
Valuation
Market capRs 152 Cr
Enterprise valueRs 156 Cr
P/E (TTM)30.39x
Price to book4.84x
Price to sales3.47x
EV / EBITDA17.96x
EV / EBIT19.11x
EV / sales3.55x
Earnings yield3.29%
Dividend yield0.26%
P/E, 3-year average39.37x
P/B, 3-year average2.65x
P/E, 5-year average29.13x
P/B, 5-year average1.74x
Profitability
Operating margin (excl. other income)4.43%
Operating margin (incl. other income)7.68%
EBITDA margin19.76%
Pre-tax margin16.86%
Net profit margin11.43%
Net margin, latest quarter21.54%
ROE9.05%
ROCE6.47%
ROA6.59%
ROE, 3-year average6.21%
ROCE, 3-year average7.97%
ROA, 3-year average4.71%
ROE, 5-year average6.07%
ROCE, 5-year average8.00%
ROA, 5-year average4.85%
ROIC (approx.)37.29%
Tax rate-59.20%
Other income / net worth3.75%
Growth
Sales growth (latest year)11.03%
Profit growth (latest year)109.09%
Sales CAGR, 3 years30.54%
Sales CAGR, 5 years29.19%
Profit CAGR, 3 years-0.48%
Sales growth QoQ-58.25%
Profit growth QoQ130.88%
Sales growth YoY (latest quarter)67.97%
Profit growth YoY (latest quarter)63.54%
Per share
EPS (TTM)Rs 1.58
EPS (latest year)Rs 0.87
EPS (latest quarter)Rs 0.49
EPS, 3-year averageRs 1.15
EPS, 5-year averageRs 1.29
Book value per shareRs 9.90
Sales per shareRs 13.80
Cash flow per shareRs -0.49
Free cash flow per shareRs -0.35
Dividend per share (latest year)Rs 0.13
Dividend per share, 3-year averageRs 0.13
Dividend per share, 5-year averageRs 0.37
Dividends
Dividend payout14.49%
Dividend payout, 3-year average14.49%
Dividend payout, 5-year average56.01%
Efficiency
Asset turnover0.85x
Fixed asset turnover7.20x
Inventory turnover1.86x
Inventory days196 days
Debtor days59 days
Debtors turnover6.17x
Creditor days108 days
Cash conversion cycle214 days
Working capital days136 days
Leverage
Total debtRs 6 Cr
Cash and bankRs 2 Cr
Net debtRs 3 Cr
Debt to equity0.18x
Net debt / EBITDA0.38x
Interest coverage10.85x
Owners' fund to total sources73.50%
Debt to assets13.18%
Cash flow
Cash from Operating Activity (latest year)Rs -2 Cr
Cash from Investing Activity (latest year)Rs 1 Cr
Cash from Financing Activity (latest year)Rs 0 Cr
Net Cash Flow (latest year)Rs 0 Cr
Free cash flow (latest year)Rs -1 Cr
FCFE (approx.: FCF + change in debt)Rs 0 Cr
Cash from ops / profit, 5 years-0.32x
Statement figures
Net sales (TTM)Rs 44 Cr
Net sales (latest year)Rs 36 Cr
Sales (latest quarter)Rs 7 Cr
Operating profit excl. other income (latest year)Rs 2 Cr
Operating profit (latest quarter)Rs 1 Cr
Other income (TTM)Rs 2 Cr
EBITDA (TTM)Rs 9 Cr
PBDT (TTM)Rs 8 Cr
Profit before tax (TTM)Rs 7 Cr
Tax (latest year)Rs -1 Cr
Net profit (TTM)Rs 5 Cr
Net profit (latest year)Rs 3 Cr
Net profit (latest quarter)Rs 2 Cr
Depreciation (TTM)Rs 1 Cr
Depreciation (latest quarter)Rs 0 Cr
Interest (TTM)Rs 1 Cr
Cost of goods sold (latest year)Rs 20 Cr
Total expenditure (latest year)Rs 35 Cr
Total income (latest year)Rs 38 Cr
Share capitalRs 16 Cr
ReservesRs 16 Cr
Shareholders' fundsRs 31 Cr
Total assetsRs 43 Cr
Net blockRs 5 Cr
Capital work in progressRs 0 Cr
InvestmentsRs 13 Cr
ReceivablesRs 6 Cr
InventoryRs 11 Cr
Other liabilitiesRs 6 Cr
Shares outstanding (crore)3.18
Ownership
Promoter holding52.75% (+0.03 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 30.4 is at the 3th percentile of its own 5.7-year range (median 55.2, low 30.4, high 335.3).
P/B 4.84 is at the 56th percentile (median 4.16).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodAARTECHNifty 50Difference
1 week-4.9%-2.8% -2.2 pts
1 month-2.1%-6.8% +4.7 pts
3 months+0.0%-7.6% +7.7 pts
6 months+37.7%+0.4% +37.3 pts
1 year-12.4%-9.9% -2.5 pts
2 years-32.8%-13.6% -19.2 pts
3 years-17.1%+14.2% -31.2 pts
5 years+336.8%+27.9% +308.9 pts

Red flags

F-score 5 of 8
explainWeak cash conversion Cash from operations was -89% of net profit over the last 3 years
explainHigh accruals Profit exceeded operating cash by 10% of total assets in 2026
lookProfit leans on other income Other income was 68% of pre-tax profit in 2026
lookOn NSE surveillance On NSE surveillance: ESM
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹7 Cr +68.0% vs Jun 2025. Net profit ₹2 Cr +146.0%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-09-22Dividend - Re 0.125 Per Share
2025-09-23Dividend - Re 0.125 Per Share
2024-09-23Annual General Meeting/Dividend - Rs 0.25 Per Share
2024-08-09Face Value Split (Sub-Division) - From Rs 10/- Per Share To Rs 5/- Per Share0.5000
2024-08-09Bonus 1:20.6667
2023-09-22Dividend - Rs 0.50 Per Share
2023-09-22Annual General Meeting
DateTypeWhat it says
2026-09-30Shareholder meetingVoting results.
2026-09-29Shareholder meetingPursuant to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the 44th Annual General Meeting (AGM)...
2026-09-05Shareholder meetingNotice of Annual General Meeting to be held on September 29, 2026
2026-09-05UpdatesIntimation of Book Closure.
2026-09-05Record DateRecord date for the purpose of Dividend is 22-Sep-2026.
2026-09-05DividendBoard of Directors at its meeting held on September 05, 2026, recommended Final Dividend of Rs. 0.125 per equity share.
2026-08-17Concall / analyst meetTranscript
2026-08-14Concall / analyst meetThe audio recording of the Investor/Analyst Meet held today, i.e., Friday, August 14, 2026 at 12:00 P.M. (IST), with respect to the Unaudited Financia...
2026-08-13Board meeting outcomeAartech Solonics Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-08-11Concall / analyst meetSchedule of meet
2026-06-01Concall / analyst meetTranscript
2026-05-28Concall / analyst meetThe audio recording of the Investor/Analyst Meet held today, i.e., Thursday, May 28, 2026 at 12:30 P.M. (IST), with respect to the Audited Financial R...
2026-05-28Investor PresentationInvestor Presentation
2026-05-27General UpdatesReceipt of Insurance Claim Settlement Amount pursuant to Fire Incident at Mandideep Manufacturing Facility
2026-05-26Board meeting outcomeAartech Solonics Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
2026-05-26Disclosure under SEBI TakeovAartech Solonics Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Subs...
2026-05-25Concall / analyst meetSchedule of meet
2026-04-07Order winBagging/Receiving of orders/contracts
2026-03-26Concall / analyst meetOutcome
2026-03-21Concall / analyst meetSchedule of meet
2026-02-12Board meeting outcomeAartech Solonics Limited has submitted to the Exchange, the financial results for the period ended December 31, 2025.
2026-02-12Board meeting outcomeBoard meeting held on February 12, 2026.
2026-01-05Press ReleaseA press release dated January 05, 2026, titled "Intimation of Press Release Aartech Solonics Limited Reports Robust Third Quarter Growth".
2025-11-14Board meeting outcomeBoard meeting held on November 14, 2025.
2025-11-14Board meeting outcomeAartech Solonics Limited has submitted to the Exchange, the financial results for the period ended September 30, 2025.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
ESM: stage 1Less than 100 unique PAN traded in previous 30 days
Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.Updated 2026-10-03