1. At a Glance
Aaron Industries Ltd is one of those SME names that quietly sneaks into your watchlist and then refuses to leave. Listed on the NSE SME platform, this company wears two hats — elevators and stainless-steel polishing — and somehow makes both look profitable. As of the latest close, the stock trades at ₹164, implying a market cap of ~₹344 Cr. Over the last three months, the stock has been sulking with a -19.6% return, and six months look even grumpier at -27.7%. But before you panic-scroll, let’s look at the numbers doing the real talking.
The latest Q3 FY26 results show ₹23.20 Cr revenue, ₹4.88 Cr EBITDA, and ₹2.02 Cr PAT, with OPM at a chunky 20.86%. ROE sits comfortably at ~21%, ROCE at ~18.6%, and despite the recent correction, the business continues to clock ~27–30% sales CAGR over 3–5 years. Debt stands at ₹32 Cr, debt-to-equity at 0.72, and promoter holding is a rock-solid ~73% with zero pledge.
In short: the stock price is tired, but the business clearly isn’t. Curious already? Good. Keep reading.
2. Introduction
Founded in 2013, Aaron Industries Ltd is not trying to be flashy. It is trying to be useful — and in India, elevators are extremely useful. With urbanisation, redevelopment projects, and mid-rise buildings mushrooming faster than roadside tea stalls, elevators are no longer a luxury; they’re mandatory infrastructure.
Aaron is the first publicly listed elevator company on the NSE SME platform, which automatically makes it a bit of a unicorn in a very fragmented industry. On one side, you have global giants with premium pricing. On the other, hundreds of local players with questionable quality. Aaron sits neatly in the middle — manufacturing elevator components, cabins, and auto doors, while also running a stainless-steel polishing business that feeds both internal demand and external clients.
What makes the story interesting is timing. The company has just completed Unit-3 at Surat
, commenced commercial production in April 2025, and has been steadily improving margins while expanding capacity. Meanwhile, the stock has corrected sharply from its highs. So the obvious question arises: is this a broken stock or just a bored one?
Let’s dissect.
3. Business Model – WTF Do They Even Do?
Imagine explaining Aaron Industries to a friend who thinks elevators are “just boxes with buttons.”
Aaron doesn’t build entire elevators like Otis or Schindler. Instead, it manufactures critical elevator components — especially automatic doors, cabins, and stainless-steel designer sheets. These are high-precision, safety-critical parts where OEMs don’t like experimenting with unreliable suppliers.
Key Products
- Automatic Doors (ADS 2 PnL) – bread-and-butter product.
- Elevator Cabins – stainless steel, mild steel, and premium cabins.
- Designer Stainless-Steel Sheets & Press Plates – supplied to elevator OEMs and laminate manufacturers.
Segment Mix (FY23)
- Elevator Division: ~74%
- Steel Polishing Division: ~26%
Geographically, ~99% revenue is domestic, which means Aaron is basically a pure play on Indian construction and real estate activity. Exports are currently irrelevant (~1%), which can be read either as a risk or as optionality.
Simple model. No fancy jargon. Manufacture parts. Sell to OEMs. Collect cash. Repeat. Sometimes boring is beautiful, no?
4. Financials Overview (Quarterly Results Locked: Q3 FY26)
Q3 FY26 Comparison Table (₹ Cr)
| Metric | Latest Qtr (Q3 FY26) | YoY Qtr (Q3 FY25) | Prev Qtr (Q2 FY26) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 23.20 | 18.33 | 22.24 | 26.6% | 4.3% |
| EBITDA | 4.88 | 3.27 | 4.12 | 49.2% | 18.4% |
| PAT | 2.02 | 1.80 | 1.39 | 12.2% | 45.3% |
| EPS (₹) | 0.96 | 0.86 | 0.66 | 11.6% | 45.5% |
