At a glance
Aimtron Electronics — a name that sounds like an Iron Man sidekick — has quietly delivered a 154% profit CAGR over 3 years, 3x revenue growth, and 25%+ ROE. It’s debt-light, margin-strong, and now sitting on an ₹800+ Cr RFQ pipeline. So why is this smallcap PCB + EMS champ still under-the-radar?
1. 🧩 About the Company
Incorporated in 2011, Aimtron Electronics Ltd is a SME-listed ESDM (Electronics System Design & Manufacturing) company.
Its core offerings:
- PCB assembly and manufacturing
- Embedded systems design
- Turnkey precision electronics solutions
- Projects completed: 250+
- Clients served: 500+ globally
Think of it as the mid-sized engine behind defense, medical tech, networking, and IoT devices — without the fanfare.
2. 👨💼 Key Managerial Personnel (KMP)
- Mr. Bhargav Mistry – Founder & CMD
Electronics expert with hands-on execution, and a solid design-to-delivery vision. - Recent investor meet disclosures show confidence: ₹128 Cr order won in April 2025, with active customer diversification.
3. 📈 Financial Performance (FY21–FY25)
Revenue (₹ Cr)
| Year | Revenue |
|---|---|
| FY21 | ₹53 |
| FY22 | ₹26 |
| FY23 | ₹84 |
| FY24 | ₹93 |
| FY25 | ₹158 |
The FY22 dip was temporary (COVID-hit). Since then, it’s been a blazing 3x revenue growth in just three years.
Net Profit (₹ Cr)
| Year | PAT |
|---|---|
| FY21 | ₹16 |
| FY22 | -2 |
| FY23 | ₹12 |
| FY24 | ₹14 |
| FY25 | ₹26 |
From ₹-2 Cr loss to ₹26 Cr PAT in three years = 154% CAGR
Margin & Ratios Snapshot
| Metric | FY25 |
|---|---|
| OPM | 22% |
| ROE | 24.9% |
| ROCE | 29.2% |
| P/E | 44x |
| P/B | 7.3x |
| Debtor Days | 199 (!!) |
| Debt | ~₹1 Cr |
| Dividend | Zero |
4. 🧮 Forward-Looking Fair Value (FV)
Assumptions:
- FY26E PAT: ₹35 Cr
- P/E range: 30x–40x (discount to Kaynes/Syrma)
- Market Cap Range: ₹1,050 Cr – ₹1,400 Cr
- Shares: ~2.04 Cr
- Fair Value per share = ₹515–₹685
⚠️ CMP = ₹555 → Near the lower range, but further upside hinges on execution of ₹800 Cr pipeline + faster receivable recovery.
5. 🔧 Growth Triggers & Outlook
- 📦 ₹128 Cr Turnkey Order: Recently bagged, to be executed in 15 months.
- 📈 RFQ pipeline of ₹800–900 Cr: Under evaluation — if even 50% converts, FY26 will be explosive.
- 🌍 Export-friendly portfolio: U.S. and EU demand for embedded and PCB solutions continues to rise.
- 🧠 High-Margin Segments: Network security, medical tech, industrial automation = sticky, high RoI.
6. 🧠 EduInvesting Take
If Aimtron were a cricketer, it’d be the silent 80-run hitter in an IPL match — no media hype, but match-winner stuff.
✅ High ROE, clean books
✅ Debt-free operations
✅ Consistent profit growth
✅ Strong pipeline
But…
❌ 199 debtor days
❌ SME-listed (low liquidity, sharp movements)
❌ No dividend policy
Still, in a space where Kaynes trades at 119x P/E, Aimtron at 44x is relatively sane — provided it delivers.
7. ⚠️ Risks & Red Flags
- 🚨 Receivables Pressure: 199 debtor days = locked-up cash = potential working capital crunch.
- 🐢 Slow execution risk: With embedded + turnkey, delays hurt margins.
- 💸 No dividends despite profits = shareholder return concerns.
- 🎢 SME stock = wild swings in price with low volumes.
TL;DR — Aimtron is NOT a penny stock pretending to be an EMS king.
It is an actual electronics manufacturing & design company
with a growing client base, high RoE, and a solid forward order book.
But…
It needs to fix its working capital mess before the ₹800 Cr RFQ dream turns into EMI nightmares.
If it does — you might be looking at the next Kaynes-lite.
Author: Prashant Marathe
Date: 13 June 2025
Tags: Aimtron Electronics, PCB Manufacturer, EMS Stocks, SME IPOs, EduInvesting, Smallcap Tech
