Aeroflex Industries Delivers Record Performance in Q4FY26 and FY26; EBITDA Crosses Rs. 99 Crores

Aeroflex Industries Limited delivered its highest-ever quarterly and yearly financial performance in Q4FY26 and FY26, marking a significant milestone in the company's growth trajectory. The company reported strong across-the-board improvements in revenue, profitability, and cash generation, underpinned by robust demand in its core hose and assemblies business and a landmark entry into liquid cooling skid assemblies for data center infrastructure.

Record Financial Performance in Q4FY26 and FY26

The company's consolidated financials for Q4FY26 and the full year FY26 reflect consistent operational momentum. The following table summarises the key performance metrics:

Particulars (Rs. in Crs) Q4FY26 YoY Growth (%) FY26 YoY Growth (%) Total Income 126.46 38% 443.29 17% EBITDA 30.03 59% 99.74 26% EBITDA Margin 23.86% 326 bps 22.57% 156 bps Profit After Tax 17.64 57% 55.53 6% Cash Profit 25.42 67% 81.60 28%

Revenue from operations for Q4FY26 stood at Rs. 125.84 Crs compared to Rs. 91.69 Crs in Q4FY25, while full-year revenue from operations reached Rs. 441.94 Crs versus Rs. 376.23 Crs in FY25. PAT margin for Q4FY26 expanded by 171 bps to 13.95%, while cash profit margin improved by 356 bps to 20.11% in the same quarter. On a sequential basis, total income grew 4.41% from Rs. 121.12 Crs in Q3FY26 to Rs. 126.46 Crs in Q4FY26.

Detailed Consolidated Profit & Loss

The full consolidated P&L highlights the breadth of operational improvement across all line items:

Profit & Loss (Rs. Crs) Q4FY26 Q4FY25 YoY Q3FY26 QoQ FY26 FY25 YoY Revenue from Operations 125.84 91.69 — 120.89 4.09% 441.94 376.23 — Total Income 126.46 91.81 37.73% 121.12 4.41% 443.29 378.76 17.04% EBITDA 30.03 18.89 58.97% 28.35 5.92% 99.74 79.05 26.18% EBITDA Margin 23.86% 20.60% 326 bps 23.45% 41 bps 22.57% 21.01% 156 bps Profit After Tax 17.64 11.23 57.01% 16.49 6.93% 55.53 52.51 5.75% PAT Margin 13.95% 12.23% 171 bps 13.62% 33 bps 12.53% 13.86% (134 bps) Cash Profit 25.42 15.19 67.41% 22.75 11.75% 81.60 63.78 27.95% Cash Profit Margin 20.11% 16.54% 356 bps 18.78% 132 bps 18.41% 16.84% 157 bps EPS (in Rs.) 1.36 0.87 — 1.28 — 4.28 4.06 —

Depreciation rose to Rs. 7.79 Crs in Q4FY26 from Rs. 3.95 Crs in Q4FY25, reflecting higher capital expenditure undertaken compared to the previous year. Finance costs for Q4FY26 stood at Rs. 0.28 Crs. The board declared a final dividend of 20%, i.e., Rs. 0.40 per equity share of Rs. 2/- each.

Liquid Cooling Skid Assemblies: A New Growth Vertical

FY26 marked Aeroflex Industries' successful entry into the liquid cooling skid assembly segment for high-density data center and AI infrastructure. The company sold 617 skids in FY26, with the majority of volumes concentrated in Q4FY26. The skid assembly sales details are as follows:

Period Volume (Skid) Average Price per Skid Value (Rs. Crs) Q3FY26 46 4,98,861 2.3 Q4FY26 571 3,31,763 18.9 FY26 617 3,44,221 21.2

The selling price of a skid typically ranges between Rs. 1,10,000 and Rs. 5,50,000 per skid, depending on specifications and requirements. To support this growing segment, the company expanded its skid assembly capacity from 2,000 units in December 2025 to 6,000 units per annum by March 2026, with plans to further scale to 10,500 units by July 2026 and 15,000 units by Q2FY27.

Operational Highlights and Capacity Expansion

Beyond the skid assembly ramp-up, the company reported several key operational developments during Q4FY26 and FY26:

Core business: Hoses and assemblies continued to deliver steady growth, supported by strong demand and global customer relationships

Hyd-Air subsidiary: Recorded 50% YoY growth, reflecting improving operational performance

Robotic welding: Added 2 robotic welding lines in Q4FY26, with plans to add 2 more by Q2FY27 and set up an automatic welding station and annealing plant by December 2026

SS Flexible Hoses capacity: Expanded to 17.5 million meters per annum, with a planned addition of 2.5 million meters to reach 20.0 million meters by Q2FY27

Assembly stations: Increased from 40 stations in March 2025 to 46 stations, with a planned addition of 24 more stations by Q2FY27 to reach 70 stations

Global showcase: Presented a comprehensive portfolio of advanced flexible flow solutions for liquid cooling systems at the Data Center World Exhibition in Washington, USA in April 2026

The product segment mix for Q4FY26 showed SFN Skid Assemblies contributing 16% of revenues, compared to 0% in Q4FY25, while Assemblies & Others accounted for 50% and SS Flexible Hoses for 34%. On the export front, exports constituted 60% of Q4FY26 revenues, with the Americas (North + South) accounting for 60% of export revenues, followed by Europe at 29%.

Balance Sheet and Cash Flow

The company maintained a robust debt-free balance sheet as of March 31, 2026. Total assets stood at Rs. 565.02 Crs versus Rs. 426.55 Crs in March 2025, while total equity grew to Rs. 447.27 Crs from Rs. 342.42 Crs. Cash and cash equivalents stood at approximately Rs. 70 Crs as on March 31, 2026, inclusive of fixed deposits. Net cash from operating activities for FY26 improved significantly to Rs. 65.84 Crs from Rs. 26.58 Crs in FY25, reflecting robust cash generation and improved operational efficiency. The company's long-term financial track record shows total income growing from Rs. 144.8 Crs in FY21 to Rs. 443.3 Crs in FY26, while EBITDA expanded from Rs. 22.3 Crs to Rs. 99.7 Crs over the same period.

Aeroflex Industries Limited has filed its Statement of Deviation and Variation under Regulation 32(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, for the quarter and year ended March 31, 2026. The filing, dated May 05, 2026, was submitted to both BSE Limited and the National Stock Exchange of India Limited. The statement was reviewed by the Audit Committee and subsequently taken on record by the Board of Directors.

Fund Raising Details

The company raised funds through the allotment of equity shares on a preferential basis, with the date of allotment recorded as February 03, 2026. The total amount raised stood at Rs. 54,99,99,714.60. The filing confirms that there is no deviation or variation in the utilisation of these funds against the originally disclosed objects. No monitoring agency was applicable for this fund raise.

The following table summarises the key parameters of the fund raising as disclosed in the filing:

Parameter: Details Mode of Fund Raising: Allotment of Equity shares on preferential basis Date of Raising Funds: February 03, 2026 (Date of allotment) Amount Raised: Rs. 54,99,99,714.60 Report Filed for Quarter Ended: March 31, 2026 Monitoring Agency: Not Applicable Deviation / Variation: No Deviation / Variation Audit Committee Comments: No Comments Auditor Comments: No Comments

Fund Utilisation Breakdown

The total funds raised have been allocated across specific objects as originally disclosed. The table below presents the original allocation, funds utilised during the period, and the deviation status for each object (amounts in Rs.):

Original Object: Original Allocation Funds Utilised Deviation/Variation Long-term working capital 41,52,49,783.60 9,50,00,000.00 Nil General Corporate Purpose 12,02,49,931.00 1,64,00,806.00 Nil Advisory Fees (Preferential Issue expenses) 1,41,60,000.00 1,41,60,000.00 Nil Board Meetings, EGM & Miscellaneous expenses 3,40,000.00 3,40,000.00 Nil Total 54,99,99,714.60 12,59,00,806.00 —

No modified objects or modified allocations were reported against any of the above categories. The company confirmed that all preferential issue expenses, including advisory fees of Rs. 1,41,60,000.00 and board meetings, extraordinary general meetings, and miscellaneous expenses of Rs. 3,40,000.00, have been fully utilised as originally allocated.

Regulatory Compliance

The filing was signed by Ruthu Parampogi, Company Secretary & Compliance Officer (M. No. A60982), on May 05, 2026. As per the disclosure, deviation or variation under Regulation 32 may encompass deviation in the objects or purposes for which funds were raised, deviation in the amount actually utilised against original disclosures, or changes in terms of a contract referred to in the fund-raising document. Aeroflex Industries confirmed that none of these conditions apply to the current reporting period.

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