If you thought mining consumables couldn’t sound exciting, AIA Engineering just handed you a 63,000-ton surprise. The company quietly clocked steady numbers, scored a breakthrough contract in Chile, and managed to keep EBITDA margins shinier than chrome itself. Management kept repeating “steady state” like a mantra — which, in corporate lingo, means “nothing broke, nothing blew up, and we still made ₹277 crore in profit.” Their new “liner + grinding media” combo is being marketed like Apple sells ecosystem synergy — except it’s steel, not silicon. Keep reading — it’s not just about tonnage; it’s about engineering swagger.
At a Glance
- Revenue ₹1,029 crore– Grinding their way to growth, one ton at a time.
- EBITDA ₹395 crore– Margins that’d make cement companies jealous.
- PAT ₹277 crore– Mining profits, literally.
- Volumes 63,000 tons– Steel therapy for balance sheets.
- Other Income ₹116 crore– Treasury + forex magic = passive income masterclass.
- CapEx ₹150 crore p.a.– Because “future-proofing” is cheaper than explaining underutilization later.
Management’s Key Commentary
“Things look steady state by and large.”(Translation: Nothing fancy, but hey, we didn’t mess up either.)
“We’ve won a landmark order in Chile — around 15,000 tons annually.”(Finally, a Latin American breakthrough that isn’t a telenovela subplot.)
“This is our first customer using hi-chrome in South America.”(AIA bringing chrome dreams to copper mines — poetic justice.)
“The package solution of liners and media improves throughput and power savings.”(Basically: we’re saving miners money while minting our own.)
“We’re confident of 30,000 tons incremental volume from next year.”(Translation: cautious optimism dressed as conservative guidance 😏)
“Margins will normalize to 20-22%; current 28% is mix magic.”(Even they know 28% margins can’t defy gravity forever.)
“We’re moving away from anti-dumping risk via complete solutions.”(Smart — it’s hard to ‘dump’ a combo meal.)
Numbers Decoded
| Metric | Q2FY26 | Q1FY26 | Q2FY25 | Commentary |
|---|---|---|---|---|
| Sales Volume | 63,000 tons | 60,000 | 60,000 | Grinding media keeps humming |
| Revenue | ₹1,029 Cr | ₹1,018 Cr | ₹950 Cr | Flat but healthy |
| EBITDA | ₹395 Cr | ₹386 Cr | ₹350 Cr | Chrome-shined profitability |
| PAT | ₹277 Cr | ₹270 Cr | ₹238 Cr | Smooth as forged steel |
| Avg. Realization | ₹163/kg | ₹160/kg | ₹158/kg | Product mix doing the heavy lifting |
| Other Income | ₹116 Cr | ₹118 Cr | ₹110 Cr | Treasury yields deserve a bonus |
| Capacity Utilization | 55–60% | — | — | Plenty of room to flex |
| CapEx Plan | ₹150 Cr p.a. | — | — | Ghana & China plants in works (someday) |
Chile contract = 15,000 tons/year x 18 months = one shiny new growth engine.
Analyst Questions
Q:“What’s tangible proof of your hi-chrome conversions?”A:“We have one Chile order — proof enough. More trials underway.”(Read: we’re working on it; patience, please.)
Q:“Any margin guidance?”A:“Officially 20–22%, unofficially we’re cruising at 28%.”(Like students predicting 60 marks and scoring 85 — humble bragging done right.)
Q:“Any new plant overseas?”A:“Still buying land. Nothing operational yet.”(Translation: PowerPoint progress so far.)
Q:“Impact of US tariffs?”A:“Customers pay duties
