AIA Engineering logo

AIA Engineering share price

NSE: AIAENGBSE: 532683Industrial ProductsMid Cap

AIA Engineering Limited · Face value ₹2 · Listed Dec 2005
Last close ₹3,593.60up ₹15.20 (0.42%)BSE ₹3,596.55

Share price at the NSE close on 27 Oct 2026. Previous close ₹3,578.40.

27 Oct: open ₹3,585.00, high ₹3,629.40, low ₹3,557.10

52-week range of traded prices to 27 Oct 2026
₹3,220.00Low, 7 Nov 2025₹5,180.00High, 30 Jun 2026
Market cap
₹33,536 Cr233rd largest listed
P/E
26.48
P/B
4.18
Dividend yield
0.45%
ROE
16.9%
ROCE
14.2%
Debt to equity
0.00
Volume, NSE
63,55766.8% delivered

AIA Engineering share price chart

Daily closes since Jan 2007, adjusted for splits and bonuses

+6.1%over a year · Nifty 500 −8.8%

ResultsDividend20-session average 39,825 shares a day, 56.9% delivered

About AIA Engineering

AIA Engineering Limited makes high-chrome wear parts (iron alloyed with chromium to resist wear), such as grinding media, mill liners and castings, that the mining, cement and thermal power industries use to crush and grind.1 Based in Ahmedabad, it sells abroad through Vega Industries, its global marketing arm.23 In mining it focuses on copper, gold and iron ore, with an emphasis on expanding in South America, including Chile and Peru.4

The company reports a single business segment, the manufacture of high-chrome mill internals, its collective name for these parts.51 It now offers mines a package for SAG and ball mills (large rotating drums that grind ore) that combines metal, rubber and composite mill liners with its New Generation Discharge System.6

Bhadresh K. Shah incorporated the business in 1978; the present company was incorporated in 1991 and listed on Indian stock exchanges in 2005.78 It set up a rubber and composite liners plant at Kerala GIDC, near Ahmedabad, in 2025.9

Bhadresh K. Shah, the promoter and managing director, is the company's controlling party.1011 Its subsidiaries include Vega Industries (Middle East) in the UAE, 100% owned, and Welcast Steels, 74.85% owned.12

AIA Engineering key points

Results

  • In the year to Mar 2026, consolidated revenue from operations was ₹4,41,986 lakh, EBITDA (earnings before interest, tax, depreciation and amortisation) ₹1,74,426 lakh and profit after tax attributable to shareholders ₹1,27,016 lakh, up from ₹1,06,074 lakh a year earlier.1314
  • On its earnings call of 12 Aug 2026, management put sales for the quarter to Jun 2026 at ₹1,153 crore and profit after tax at ₹301 crore, on 64,644 tonnes sold against about 60,000 a year earlier.15
  • On its earnings call of 12 Aug 2026, the company put the EBITDA margin for the quarter to Jun 2026 at 36% reported and about 27.8% operating, which excludes non-operating income such as foreign exchange gains, and kept operating margin guidance at 20% to 22%.1617
  • The order book (orders received but not yet delivered) was ₹977 crore on 1 Jul 2026.18

Sales volume mix

  • Consolidated sales volume by segment, tonnes19
    Itemyear to Mar 2026
    Mining159,813
    Others98,189
    Total sales volume in the year was 258,002 tonnes.

Where revenue comes from

  • Share of total sales, as the company states it2021
    Itemyear to Mar 2026
    Outside India64.45%
    India35.55%
    The company serves more than 120 countries and reaches more than 130 ports.

Mining strategy

  • The company puts its serviceable addressable market (the demand it can realistically sell into) in gold, copper and iron ore mining at more than 2 million tonnes a year, with high-chrome mill internals at no more than 25 to 30% of it.22
  • Over 3 years the company modified more than 12 small and medium grinding mills; it is running trials at large copper and gold mines in Chile, Peru and Ghana, which management said on 12 Aug 2026 might take longer than anticipated.2223
  • The company won a grinding media order in Chile in the year to Mar 2026; on its earnings call of 12 Aug 2026, management said supplies under it add about 3,000 to 3,500 tonnes a quarter.2425
  • On its earnings call of 12 Aug 2026, the company said South America could become a 300,000 to 400,000-tonne market for it.26

Plants and capacity

  • Installed capacity is 4,36,000 tonnes a year, and the company produced 2,55,820 tonnes in the year to Mar 2026.2714
  • The company has 3 manufacturing clusters; its plants are at Odhav, Kunjad, Moraiya and Changodar in Ahmedabad.2829
  • Its 11 wind turbines at Kutch and Jamjodhpur and 3 hybrid wind and solar sets at Amreli, all in Gujarat, have 37.38 MW of renewable power capacity.30

Expansion and capital spending

  • Capital spending (capex) was ₹104 crore in the year to Mar 2026 and ₹50 crore in the quarter to Jun 2026.2827
  • In the quarter to Jun 2026, about ₹30 crore of capex went to a hybrid wind and solar power project, which management said on 12 Aug 2026 had just become operational.3132
  • On its earnings call of 12 Aug 2026, the company said it had raised its capex plan for the year to Mar 2027 to at least about ₹350 crore to ₹400 crore, including more than ₹170 crore for land and a new corporate head office.33
  • On its earnings call of 12 Aug 2026, the company said plans for plants in Ghana and China were moving slowly but not shelved: it has identified a site in Ghana and set up a small lab in China.34

Recent events

  • Rajendra Shantilal Shah resigned as chairman and director from the close of 20 Apr 2026, and managing director Bhadresh Kantilal Shah became chairman from 21 Apr 2026.3536
  • On 10 Dec 2025, Vega Industries (Middle East) bought a further 14% of Vega MPS, an Australian designer and supplier of mining liners, for AUD 5,639,184, taking its holding to 70%.3738
  • Subsidiary Welcast Steels closed its only factory, at Bangalore, from 15 Dec 2025. As of the company's annual report of 21 Aug 2026, labour disputes were pending before courts.39

Litigation and regulatory matters

  • As of its annual report of 21 Aug 2026, US cash deposits on high-chrome grinding media from India, effective 12 Jun 2025 after a complaint by Magotteux Inc, were 3.16% countervailing duty (offsetting subsidies) and 6.91% anti-dumping duty (on goods sold below fair value).40
  • Brazil ended its anti-dumping duty on the company's products from 13 Jun 2024, and a review completed on 2 Dec 2025 cut its countervailing duty to 4.69% from 6.40%.41

Last updated

All 41 sources, each with its page
  1. 1. Annual report, 21 Aug 2026, page 101
  2. 2. Annual report, 21 Aug 2026, page 1
  3. 3. Annual report, 21 Aug 2026, page 10
  4. 4. Annual report, 21 Aug 2026, page 21
  5. 5. Annual report, 21 Aug 2026, page 148
  6. 6. Annual report, 21 Aug 2026, page 102
  7. 7. Annual report, 21 Aug 2026, page 8
  8. 8. Annual report, 21 Aug 2026, page 5
  9. 9. Annual report, 21 Aug 2026, page 9
  10. 10. Annual report, 21 Aug 2026, page 31
  11. 11. Annual report, 21 Aug 2026, page 285
  12. 12. Annual report, 21 Aug 2026, page 37
  13. 13. Annual report, 21 Aug 2026, page 6
  14. 14. Annual report, 21 Aug 2026, page 23
  15. 15. Earnings call, 12 Aug 2026, page 2
  16. 16. Earnings call, 12 Aug 2026, page 4
  17. 17. Earnings call, 12 Aug 2026, page 16
  18. 18. Investor presentation, 12 Aug 2026, page 9
  19. 19. Investor presentation, 12 Aug 2026, page 7
  20. 20. Annual report, 21 Aug 2026, page 148
  21. 21. Annual report, 21 Aug 2026, page 10
  22. 22. Annual report, 21 Aug 2026, page 147
  23. 23. Earnings call, 12 Aug 2026, page 5
  24. 24. Annual report, 21 Aug 2026, page 19
  25. 25. Earnings call, 12 Aug 2026, page 15
  26. 26. Earnings call, 12 Aug 2026, page 10
  27. 27. Investor presentation, 12 Aug 2026, page 8
  28. 28. Annual report, 21 Aug 2026, page 6
  29. 29. Annual report, 21 Aug 2026, page 141
  30. 30. Annual report, 21 Aug 2026, page 111
  31. 31. Earnings call, 12 Aug 2026, page 19
  32. 32. Earnings call, 12 Aug 2026, page 14
  33. 33. Earnings call, 12 Aug 2026, page 19
  34. 34. Earnings call, 12 Aug 2026, page 15
  35. 35. Exchange filing, 20 Apr 2026, page 1
  36. 36. Exchange filing, 20 Apr 2026, page 2
  37. 37. Exchange filing, 10 Dec 2025, page 1
  38. 38. Exchange filing, 10 Dec 2025, page 2
  39. 39. Annual report, 21 Aug 2026, page 103
  40. 40. Annual report, 21 Aug 2026, page 285
  41. 41. Annual report, 21 Aug 2026, page 285

Results

Consolidated; ₹ crore.AIA Engineering quarterly results

Revenue growth, 12 months
+5.6%
Net profit growth, 12 months
+14.5%

Quarter to Jun 2026, against the quarter before

Revenue
₹1,168 Crdown 7.76%
Net profit
₹301 Crdown 23.48%
Net margin
25.8%

Revenue by quarter

₹1,044 CrSep 24₹1,066 CrDec 24₹1,157 CrMar 25₹1,039 CrJun 25₹1,048 CrSep 25₹1,067 CrDec 25₹1,266 CrMar 26₹1,168 CrJun 26
Peak revenue ₹1,266 Cr, quarter to Mar 2026; lowest ₹1,039 Cr, quarter to Jun 2025

Net profit by quarter, a loss in red

₹256 CrSep 24₹259 CrDec 24₹285 CrMar 25₹305 CrJun 25₹277 CrSep 25₹293 CrDec 25₹393 CrMar 26₹301 CrJun 26
₹ croreSep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue1,0441,0661,1571,0391,0481,0671,2661,168
Net profit256259285305277293393301
Net margin24.6%24.3%24.7%29.4%26.5%27.5%31.1%25.8%
Consolidated. The last eight quarters. The latest is shaded. Net profit is the whole group's, the other owners of its subsidiaries included; P/E and ROE use the company's own share.

Business segments

In the year to Mar 2026 the company reports one business segment, Manufacturing of High Chrome Mill Internals, which carries all its revenue.

Valuation

Today, against the company's own history. Its history crosses a change of basis in the accounts in the year to Mar 2018: days before it are of the company before the change.AIA Engineering PE ratio and valuation

Price to earnings

At or below today's level on 8% of 2,478 trading days over the last 10 years.

LowestHighest
Its median30.68Industry median23.82
Price to book

At or below today's level on 14% of 1,979 trading days since Nov 2018.

LowestHighest
Its median4.75Industry median2.85
Dividend yield

At or below today's level on 46% of 2,458 trading days over the last 10 years.

LowestHighest
Its median0.46%Industry median0.51%

Where the return came from

Yearly rates to Mar 2026, per-share figures restated for splits and bonuses.

OverReturn a yearEarnings growthChange in P/EDividend yield
1 year+8.9%+20.3%−9.8%0.4%
3 years+8.2%+6.7%+1.0%0.4%
5 years+12.6%+17.8%−4.8%0.5%
Return is price growth plus the average dividend yield. Change in P/E is (1 + price growth) / (1 + earnings growth) - 1, so the parts compound rather than add.

Shareholding

Per cent of the company's shares, from the filing for Sep 2026.AIA Engineering shareholding pattern

Shareholding by group

  • Promoters58.50%
  • Foreign institutions16.45%
  • Indian institutions22.50%
  • Individuals and others2.55%
Holder
Bhadresh Kantilal ShahPromoter58.47%
Nalanda India Equity Fund LimitedForeign portfolio investors, category I9.18%
Sbi Life Insurance Co. LtdInsurance companies1.33%
Bhumika Shyamal ShodhanPromoter0.01%
Khushali Samip SolankiPromoter0.01%
Holders are named in the company's own words: an insurer's holding can carry one of its funds' names. Mutual funds are left out here and listed fund by fund below.

Since Jun 2026: promoters unchanged, foreign institutions −0.42 pts, Indian institutions +0.40 pts, mutual funds +0.04 pts.

Mutual fund holdings

137 funds disclosed a holding for Sep 2026. What they did in Sep 2026, against each fund's month before. 67 of the 87 funds that added or cut are index funds, ETFs or arbitrage funds: an index fund or ETF holds what its index holds, and an arbitrage fund holds the share against a sale of its future. 2 more funds filed their first portfolio on record, holding it.All 137 funds holding AIA Engineering

Bought for the first time
2
Added
48
Cut
39
Held unchanged
46
Sold out
8
Portfolios disclosed for Sep 2026. Weight is the holding as a share of the fund's assets.

Promoter and insider buying and selling

Trades made since 28 Oct 2025.AIA Engineering insider trading

Bought on the market Sold on the market
  • Directors and key managers0 purchases, 6 salesNo purchase₹0.10 CrNet−₹0.10 Cr
  • Employees0 purchases, 10 salesNo purchase₹1.21 CrNet−₹1.21 Cr
  • Others0 purchases, 21 salesNo purchase₹5.53 CrNet−₹5.53 Cr
Bought and sold count trades on the market only. A pledge is shares given to a lender as security for a loan; a lender invokes it by selling them.

AIA Engineering competitors and peers

Castings & Forgings, 30 listed companies, priced on 27 Oct 2026. The table lists the 8 companies closest to AIA Engineering in market cap.Capital goods stocks

Where the company sits among the companies nearest its size

Return on equity across, P/E up, size is market cap
Company
PTC Industries logoPTC IndustriesPTCIL38,121303.52–+94.6%+105.0%8.7%7.3%0.00%
Happy Forgings logoHappy ForgingsHAPPYFORGE16,98151.877.98+15.5%+21.6%16.5%16.9%0.22%
Balu Forge Industries logoBalu Forge IndustriesBALUFORGE5,34819.96–+19.7%+18.1%20.2%17.5%0.03%
Steelcast logoSteelcastSTEELCAS3,54139.058.97+8.9%+14.6%25.2%26.8%0.51%
Amic Forging logoAmic ForgingAMIC2,45987.08–+16.9%−20.6%16.8%–0.00%
Investment & Precision Castings logoInvestment & Precision CastingsINVPRECQ1,31490.1512.81+16.6%+144.0%15.0%15.4%0.08%
Nelcast logoNelcastNELCAST1,09526.671.84+4.2%−1.9%7.1%8.2%0.56%
Synergy Green Industries logoSynergy Green IndustriesSGIL858–7.73−2.5%−151.0%−8.1%1.9%0.00%
Market cap in ₹ crore. Growth is the last twelve months against the twelve before. A figure is left empty where it would rest on a loss or the company has under a year of results on record. ROE is the shareholders' profit over their net worth. ROCE is profit before interest and tax over the whole group's net worth plus borrowings, as in the figures at the top of the page.

Dividends

Per share, by the year it was paid for, and the latest payments.AIA Engineering dividend history

Dividend per share, ₹, restated for later splits and bonuses

8Mar 178Mar 189Mar 1927Mar 209Mar 219Mar 2216Mar 2316Mar 2416Mar 2516Mar 26
Highest ₹27.00 a share, year to Mar 2020.
Ex-dateTypePer share
4 Sep 2026Final₹16.00
4 Sep 2025Final₹16.00
20 Aug 2024Final₹16.00
12 Sep 2023Final₹16.00
2 Sep 2022Final₹9.00
26 Aug 2021Final₹9.00
Latest payments, as declared, by ex-date.

Latest announcements

Routine notices left out.AIA Engineering announcements

AIA Engineering share price by year

Each calendar year to 2025.AIA Engineering share price history

YearClose at year endChangeHighest closeLowest close
20254,017.50+18.1%4,017.503,017.40
20243,402.65−7.8%4,813.353,315.25
20233,689.50+43.8%3,801.602,414.35
20222,564.95+37.0%2,832.401,548.70
20211,872.45−5.2%2,193.501,784.30
20201,974.35+19.7%2,113.001,238.80
20191,649.50−1.6%1,842.101,507.20
20181,677.15+8.2%1,824.851,347.05
20171,550.35+19.6%1,670.451,271.65
20161,296.10+45.2%1,334.75733.75
₹ per share, adjusted for splits and bonuses since. Change is on the close at the end of the year before.

Recent sessions

The 9 trading days to 26 Oct 2026, as traded on NSE; the latest is at the top of the page.

DateOpenHighLowCloseAverage priceVolumeDelivery
26 Oct 20263,557.803,587.103,521.403,578.403,563.9831,80262.5%
23 Oct 20263,633.903,647.103,551.203,579.203,576.8248,02651.6%
22 Oct 20263,600.003,650.003,516.503,633.903,597.6139,64351.7%
21 Oct 20263,673.503,698.703,552.003,586.803,585.5250,14257.2%
19 Oct 20263,690.103,704.803,640.103,665.203,678.6833,13557.4%
16 Oct 20263,699.003,731.803,603.103,719.703,675.0763,46269.2%
15 Oct 20263,745.403,756.903,659.503,679.303,695.3634,72251.4%
14 Oct 20263,730.003,766.403,697.003,731.603,732.3447,95857.8%
13 Oct 20263,760.003,763.503,688.903,744.503,731.4741,46054.4%
Prices in ₹ per share as traded, not adjusted.

Price adjustments

What the price chart is corrected for, so it reads as one share held throughout.Stock split history

Ex-dateEventPrice factorWhat happened
13 Oct 2008Split0.2000Each share became 5.
Earlier prices are multiplied by the factor, so the chart reads as one share held throughout.

Company details

Chairperson and managing director
Bhadresh Kantilal Shah
At the end of the quarter to Sep 2026
NSE symbol
AIAENG
BSE code
532683
ISIN
INE212H01026
Industry
Industrial Products
CIN
L29259GJ1991PLC015182
Corporate identity number, the registrar of companies' code for it
Incorporated
1991
Registered office
115, GVMM Estate, Odhav Road, Odhav, Ahmedabad 382410, Gujarat
Share registrar
MUFG Intime India Pvt. Ltd
Keeps the register of shareholders and handles transfers and dividend payments