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AIA Engineering reported 12.4% YoY growth in revenue to ₹1,168 crore in Q1FY27

ICICIdirect Research 13 Aug 2026 DISCLAIMER

News: AIA Engineering reported 12.4% YoY growth in revenue to ₹1,168 crore in Q1FY27, supported by 7.5% YoY volume growth to 64,644 MT and ~4.5% YoY improvement in realisation. However, Gross margin stood at 61.20% vs 62.26% in Q1FY26 impacted by around ~106 bps, EBITDA remained broadly flat at ₹308 crore (+0.5% YoY), with EBITDA margin declining to 26.4% from 29.5% YoY. PAT declined ~1.3% YoY to ₹301 crore. Order book stood at ₹977 crore as of July 1, 2026.

View: AIA Engineering delivered healthy revenue growth, supported by higher volumes and improved realisation, but operating profitability remained subdued as higher other expenses weighed on EBITDA margin, which declined to 26.4% from 29.5% YoY.Elevated inventory and receivable days remain key monitorables for working-capital intensity and cash-flow conversion. While the order book provides execution visibility, margin recovery and normalisation of working capital remain critical for improvement in earnings quality.

Impact: Neutral

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