Because nothing says “strong quarter” like growing exports 30% while staring at 50% tariffs.
Just when global trade decided to play hardball, Aeroflex decided to post its highest-ever quarterly revenue, EBITDA and PAT. Clearly, someone forgot to tell them about the slowdown narrative. 😏
Liquid cooling for AI data centers? Check. EU FTA tailwinds? Check. Miniature bellows capex trimmed mid-flight? Also check.
Management says margins are intact, customers are sticky, and the U.S. still loves them — just slowly onboarding new friends.
The real kicker? A ₹300–350 crore liquid cooling opportunity by FY29, and over ₹1,000 crore peak revenue vision across divisions.
PAT up 8% (₹16.5 Cr) – Profit grew, but not as fast as the hype.
Exports 74% of sales – US & EU still footing most of the bill.
Value-added products at 54% of sales – Assemblies officially stealing the spotlight.
Hyd-Air revenue ₹8.5 Cr vs ₹2.9 Cr YoY – The quiet overachiever subsidiary.
3. Management’s Key Commentary
“It was another strong quarter for us, marked by our highest ever revenue, EBITDA and PAT.” (Translation: Please ignore Q1. We’ve recovered beautifully.)
“Exports grew 30% YoY despite tariff-related headwinds.” (Translation: Customers need us more than they fear tariffs.) 😏
“Liquid cooling global market is about $3 billion and growing at 33% CAGR.” (Translation: We’ve found the AI gravy train. Now let’s hold on tight.)
“We have exclusivity for 5 years for India market.” (Translation: For now, we own this playground locally.)
“We rationalized miniature metal bellows capex from ₹23 Cr to ₹10.5 Cr.” (Translation: Demand visibility wasn’t as exciting as Excel projected.)
“We expect bellows to reach peak utilization by FY28/FY29.” (Translation: Patience. This is a slow-cooking margin story.)
“If tariffs go away, margins would be much higher.” (Translation: There’s 300–500 bps upside hidden behind geopolitics.) 😏
“We don’t plan to take any debt.” (Translation: Growth, but make it balance-sheet friendly.)
