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AIA Engineering Ltd share Price

Company details

3,511.70
3,542.50
2,383.50
3,824.00
6M Return 19.27%
1Y Return 42.89%
Mkt Cap.(Cr) 33,241.20
Volume 3,149
Div Yield 0.45%
OI
-
OI Chg %
-
Volume 3,149
NSE

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Technical Outlook
    The capital goods sector has been one of the key outperformers of CY22 and is seen extending its up move after higher base formation in the first four months of CY23. Within the sector, we remain constructive on AIA Engineering as it remains in strong up trend and is at the cusp of generating a breakout above last five months consolidation (2988-2665) signalling resumption of up move

    Structurally, as per change of polarity concept stock rebounded in Jan23 after retesting the multiyear trendline breakout area placed around ₹ 2400-2500 levels, highlighting strength that augurs well for next leg of up move

    The stock, in the smaller time frame, has witnessed a faster retracement as it retraced its five weeks decline (₹2988-2665) in just three weeks signalling end of corrective phase
     
    We expect the stock to maintain positive bias and head towards ₹ 3410 levels in the coming months being the 123.6% extension of the Jan-Apr 2023 up move (₹2384-2988) as projected from the low of May23 (₹2665)
Fundamental Outlook
    AIA Engineering is India’s largest manufacturer and supplier of high chrome wear, corrosion and abrasion resistant castings used in cement, mining and thermal power plants (or mills). Products include tube mill internals (grinding media, shell liners, diaphragm), HRCS castings & crusher parts for cement, mining and power. The company is the second largest hi-chrome producer in the world.
     
    AIA Engineering reported Q4FY23 consolidated revenues at ₹ 1,273.6 crore (slightly below our estimate of ₹ 1,340.6 crore), up 16.5% YoY. In FY23, consolidated revenues came in at ₹ 4,908.8 crore, up 37.6% YoY. In Q4FY23 absolute EBITDA came in at ₹ 315.7 crore, up 39.8% YoY. In Q4FY23, EBITDA margins expanded 413 bps YoY to 24.8% and gross margins came in at 54.6%. In FY23, EBITDA came in at ₹ 1240 crore and grew 72.1% with margins of 25.6% vs. 20.5% in FY22. AIA reported Q4FY23 PAT at ₹ 267.7 crore (in line with estimate of ₹ 270.8 crore), up 38%YoY supported by other income. In FY23, PAT came in at ₹ 1056.5 crore, up 70.5% on a YoY basis
     
    In Q4FY23, sales volumes remain flat on a YoY basis at 73,505 tonnes while for FY23 it came in at 2,91,342 tonnes, which grew 11.9% YoY. Mining segment volumes increased 8.7% YoY to 44,284 tonnes in Q4FY23 and 1,92,352 tonnes in FY23, which grew 12.6%. For cement & others segment, volumes de-grew 11.6% YoY to 25,256 tonnes in Q4FY23 while in FY23 it came in at 98,990, up 10.4% YoY
     
    AIA Engineering is restructuring their non-grinding media plant like, automation, upgradation, debottlenecking, increasing warehouses, extra moulding line etc. which will increase their non-grinding capacity by 20,000 tonnes by December 2023, additionally, the company is going for brownfield capacity expansion of grinding media that will add ~80,000 MT of capacity. Total capacity is expected to become 520000 TPA, it will incrementally increase in volumes and boost revenues. We value AIA at ₹ 3700 i.e. 32x P/E on FY25E EPS

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OUR RESEARCH VIEW

Investment recommendation
Call Date
30 May 2023
Entry Price 2,900.00
Target Price 3,410.00
Duration
3 Month
BUY View Report
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FINANCIALS

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Operating Profit
Profit after Tax
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Reserves and Surplus
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AIA Engineering Ltd Stocks COMPARISION

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INSIDER & INSTITUIONAL ACTIVITY

Equity Capital: 5,691.32 Cr FV: 2.00

Period MF Net Purchase / (sold) FII Net
LAST 1M 16,852.71 -20,671.82
LAST 3M 52,922.55 -3,405.64
LAST 6M 58,662.39 139,660.95
LAST 12M 135,235.34 165,245.59

AIA Engineering Ltd Information

Stock PE (TTM)
29.32
Promoter Holding
58.47%
Book Value
603.4037
ROCE
25.25%
ROE
20.23%
Description

  • AIA Engineering is a company operating in design, development and manufacturing businesses. The company has a market capitalization worth Rs. 6523.99 crores as of 10th May 2021, and was incorporated in the year 1979 at Ahmedabad. The company reported a quarterly profit of Rs. 432.36 crores for the quarter ended 31st December 2020. The company is also listed in the Bombay Stock Exchange (BSE) with the code 532683 and listed on the National Stock Exchange (NSE) with the symbol AIAENG. AIA Engineering is an ISO 9001 certified company engaged in developing, designing, manufacturing, installing, and serving high chromium wear, abrasion-resistant and corrosion-resistant castings used in mining, thermal power generation, and cement industries. The company leads in quality of the services and innovation in the field it operates in with an enviable reputation. AIA Engineering has a wholly-owned subsidiary, Vega Industries, which exclusively provides its product customer support and technical service from its offices worldwide. The company has a global presence across the world in terms of sales and service office. The standalone net profit of AIA Engineering as of the quarter ended September 2020 stood at a declination of 36.68%, at Rs. 143.12 crores. As against this, the consolidated profit figures rose to a profit increase of 1.94% as of the quarter ended December 2020. The company announced a continuation of its subsidiary, Welcast Steel, which brought in a gain of 2% as it decided to continue the manufacturing unit at Bengaluru. Although the company's business is facing uncertainties due to the pandemic induces lockdown in most parts of the world, the mining and cement industries are witnessing a revival phase. AIA Engineering is setting a manufacturing plant for Mill Liners with a capacity of 50000 metric tonnes and an estimated CAPEX of Rs. 250 crores. The project is said to commission in the first half of 2021. The company has currently paused the last phase of its Grinding Media expansion and intends to resume in FY 2021-2022. The order book of the company as of 1st January 2021 stood at Rs. 560 crores. AIA Engineering reported a turnover of Rs. 40.92 lakhs as of May 2021.

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Registered Address

115 GVMM Estate, Odhav Road, Ahmedabad, Gujarat, 382410

Tel : 91-79-22901078-81
Email : ric:aiaengineering.com
Website : http://www.aiaengineering.com
Registrar

Link Intime India Pvt Ltd

AGM Date (Month) : Sep
Face Value Equity Shares : 2
Market Lot Equity Shares : 1
BSE Code : 532683
NSE Code : AIAENG
Book Closure Date (Month) :
BSE Group : A
ISIN : INE212H01026

FAQ’s on AIA Engineering Ltd Shares

You can buy AIA Engineering Ltd shares through a brokerage firm. ICICIdirect is a registered broker through which you can place orders to buy AIA Engineering Ltd Share.

Company share prices and volatile and keep changing according to the market conditions. As of Oct 04, 2023 09:34 AM the closing price of AIA Engineering Ltd was ₹ 3,524.30.

Market capitalization or market cap is determined by multiplying the current market price of a company’s shares with the total number of shares outstanding. As of Oct 04, 2023 09:34 AM, the market cap of AIA Engineering Ltd stood at ₹ 33,241.20.

The latest PE ratio of AIA Engineering Ltd as of Oct 04, 2023 09:34 AM is 29.32

The latest PB ratio of AIA Engineering Ltd as of Oct 04, 2023 09:34 AM is 0.17

The 52-week high of AIA Engineering Ltd is ₹ 3,824.00 while the 52-week low is ₹ 2,383.50

According to analyst recommendations, AIA Engineering Ltd has a “Buy” rating for the long term.

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