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Global manufacturer of high-chrome grinding media and mill internals used in cement and mining ore-grinding processes.
Global manufacturer of high-chrome grinding media and mill internals used in cement and mining ore-grinding processes.
Sells wear parts that are consumed: grinding media and liners inside mills break down and must be replaced, so sales follow the tonnes of ore and cement a customer processes rather than new plants. Most sales go overseas to mines and cement works. The Shah family, its promoters, run it.
In one line: A specialty grinding-media manufacturer with no direct large US peer.
Moat: narrow (process know-how, cost advantage). Proprietary metallurgy for wear-resistant grinding media gives a durability/cost edge over generic steel media.
Headquarters: Ahmedabad, India · Founded: 1978 · Employees: 3,896
Size AIA Engineering (AIAENG.NS) is an India Industrials company (Industrial Machinery) with a market value of $3.08B, the 281st largest of 1,058 India companies the cockpit tracks. Shares closed at ₹3,114 on 6 Nov 2026.
Performance Over six months the shares fell 22.3%, against -21.8% for the median peer and 0.0% for the India market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue grew 7.0% over the last twelve months (peer median +14.8%); the operating margin is 24.4% (peer median 9.1%).
Valuation It trades at 22.8× forward earnings against a peer median of 25.8× (7th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about 20% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is +11 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 11.5 points above its cost of capital (12.6% WACC).
Next results Next results expected around 14 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹46.1B | ₹43.7B | ₹42.4B | ₹47.8B | ₹48.5B |
| Revenue growth | — | +3% | -11% | -1% | — |
| Gross profit | ₹22.0B | ₹17.3B | ₹15.6B | ₹16.7B | ₹17.8B |
| EBITDA | ₹12.4B | ₹12.9B | ₹11.4B | ₹12.9B | ₹12.3B |
| Net income | ₹12.4B | ₹12.7B | ₹10.6B | ₹11.4B | ₹10.6B |
| Free cash flow | n/a | ₹4.86B | ₹11.8B | ₹8.53B | ₹7.15B |
| Capital expenditure | n/a | ₹1.04B | ₹1.37B | ₹2.11B | ₹1.95B |
| Total debt | ₹1.06B | ₹103M | ₹4.91B | ₹4.61B | ₹5.03B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| AIA Engineering AIAENG.NS | $3.08B | -22% | +7% | 24% | 22.8× | 20.4% |
| Weir WEIR.L | $8.18B | -3% | +6% | 18% | 18.1× | 19.3% |
| Metso METSO.HE | $15.8B | +14% | +8% | 15% | 23.6× | 15.3% |
| FLSmidth & Co. A/S FLS.CO | $4.88B | +22% | -20% | 13% | 13.9× | 2.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | AIAENG.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -19.3% | -14.4% | 10th lowest of 21 |
| 6-month return | -22.3% | -21.8% | 11th highest of 21 |
| Distance from 52-week high | -39.9% | -42.8% | 10th highest of 21 |
| Revenue growth (TTM) | +7.0% | +14.8% | 7th lowest of 21 |
| Operating margin | 24.4% | 9.1% | 2nd highest of 21 |
| Forward P/E | 22.8× | 25.8× | 7th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | 20.4% | 14.2% | 6th most demanding of 13 |
| Growth delivered (Del g) | +9.1% | +10.2% | 7th highest of 13 |
| Hurdle (Req g minus delivered) | +11.3 pp | +7.5 pp | 5th most demanding of 13 |
| ROIC minus cost of capital | +11.5 pp | -0.4 pp | 3rd highest of 21 |
| EV / EBITDA | 19.4× | 20.6× | 5th cheapest of 11 |
| Net debt / EBITDA | -4.0× | -0.0× | 2nd least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| AIA Engineering AIAENG.NS | India | $3.08B | -22% | +7% | 24% | 22.8× | 20.4% | +9.1% |
| Jack Technology 603337.SS | China | $3.09B | +15% | +13% | 10% | 22.8× | 4.2% | +13.3% |
| SIASUN Robot & Automation 300024.SZ | China | $3.12B | -11% | +11% | -7% | 235.7× | n/a | n/a |
| Takasago Thermal Engineering 1969.T | Japan | $3.13B | -21% | +2% | 11% | 10.8× | 3.8% | +9.0% |
| Infore Environment Technology 000967.SZ | China | $3.14B | -53% | +20% | 8% | 26.5× | -0.8% | -0.7% |
| Formosa Sumco Technology 3532.TW | Taiwan | $3.01B | +12% | +9% | 4% | 50.5× | n/a | n/a |
| Shenzhen Zhaowei Machinery & Electronics 2692.HK | Hong Kong | $3.16B | -52% | +5% | 9% | 34.8× | 33.0% | +6.8% |
| Tokyo Seimitsu 7729.T | Japan | $3.16B | -29% | +17% | 22% | 15.2× | 16.0% | +11.4% |
| Bozhon Precision Industry Technology 688097.SS | China | $3.00B | -23% | +74% | 7% | 23.6× | n/a | n/a |
| Catcher Technology 2474.TW | Taiwan | $2.99B | -14% | -18% | 10% | 16.3× | 12.4% | -25.7% |
| China First Heavy Industries 601106.SS | China | $2.98B | -36% | 0% | 0% | n/a | n/a | n/a |
| Worthington Enterprises WOR | United States | $2.98B | +11% | +18% | 6% | 15.7× | 24.7% | -15.3% |
| Carel Industries CRL.MI | Italy | $3.24B | -11% | +17% | 15% | 30.5× | 23.3% | +13.7% |
| Fuji 6134.T | Japan | $2.85B | -23% | +45% | 20% | 9.9× | n/a | n/a |
| SINOMACH Heavy Equipment 601399.SS | China | $3.33B | -28% | 0% | 4% | n/a | n/a | n/a |
| Kaori Heat Treatment 8996.TW | Taiwan | $3.34B | -1% | +108% | 16% | 42.6× | 46.0% | +25.9% |
| Moon Environment Technology 000811.SZ | China | $3.34B | -10% | +27% | 10% | 25.8× | 20.9% | +11.8% |
| Jiangsu Lettall Electronic 603629.SS | China | $3.41B | -40% | +27% | 34% | n/a | 4.8% | +15.0% |
| Guangdong Shenling Environmental Systems 301018.SZ | China | $3.42B | -27% | +45% | 5% | 64.8× | n/a | n/a |
| Nabtesco 6268.T | Japan | $2.77B | -28% | -8% | 9% | 17.6× | 7.8% | +2.0% |
| Blue Star BLUESTARCO.NS | India | $3.43B | -10% | +9% | 5% | 56.0× | n/a | n/a |