Aeron Composite Limited has announced its unaudited financial results for the half year ended September 30, 2026. The company shared a press release with the National Stock Exchange of India Limited on November 7, 2026, under Regulation 30 of SEBI Listing Regulations.
The filing is signed by Pankaj Shantilal Dadhaniya, Whole Time Director. The company has transitioned to Ind AS for FY 2026-27, and all comparative figures have been restated accordingly.
Revenue Grows 11% Year On Year and 28% Sequentially
Revenue from operations for H1 FY27 is Rs 129.8 crore, up 11% from Rs 116.7 crore in H1 FY26. On a sequential basis, it is up 28% from Rs 101.4 crore in H2 FY26.
Total revenue for H1 FY27 is Rs 131.7 crore, up 9% year on year and 27% over the previous half year.
India revenue for the period grew 42% H-o-H and 41% Y-o-Y to Rs 75.2 crore, contributing 58% of revenue from operations. Export revenue rose 13% H-o-H to Rs 54.6 crore, contributing 42% of revenue from operations. The company serves 800+ customers and exports to 39+ countries.
EBITDA Doubles Sequentially
EBITDA for H1 FY27 is Rs 12.2 crore, up 104% H-o-H from Rs 5.9 crore in H2 FY26, and up 46% Y-o-Y from Rs 8.4 crore in H1 FY26. EBITDA margin for the period is 9.4%, expanding 351 basis points sequentially and 223 basis points year on year.
PAT Surges Over 4x Sequentially
Profit Before Tax for H1 FY27 is Rs 6.4 crore, up 298% over H2 FY26's Rs 1.6 crore. Year on year, PBT is lower than H1 FY26's Rs 8.9 crore, as depreciation rose sharply to Rs 5.5 crore (H1 FY26: Rs 1.8 crore) and finance costs to Rs 2.2 crore (H1 FY26: Rs 1.4 crore) following commissioning of the new Mehsana facility.
Profit After Tax for H1 FY27 is Rs 4.6 crore, up 309% (over 4x) from Rs 1.1 crore in H2 FY26. EPS for the period is Rs 2.70 against Rs 0.66 in H2 FY26. PAT margin stands at 3.5%, up 240 basis points sequentially.
H1 FY27 Financial Summary
| Metric | H1 FY27 | H2 FY26 | H-o-H | H1 FY26 | Y-o-Y |
|---|---|---|---|---|---|
| Revenue from Operations | Rs 129.8 cr | Rs 101.4 cr | +28% | Rs 116.7 cr | +11% |
| EBITDA | Rs 12.2 cr | Rs 5.9 cr | +104% | Rs 8.4 cr | +46% |
| EBITDA Margin | 9.4% | 5.9% | +351 bps | 7.2% | +223 bps |
| Profit Before Tax | Rs 6.4 cr | Rs 1.6 cr | +298% | Rs 8.9 cr | -28% |
| Profit After Tax | Rs 4.6 cr | Rs 1.1 cr | +309% | Rs 6.4 cr | -28% |
| PAT Margin | 3.5% | 1.1% | +240 bps | 5.5% | -200 bps |
Key Operational Updates
The new Mehsana facility is now fully operational and ramping up steadily. The company is targeting capacity utilisation of above 60–65% in FY27 through automation, process upgrades and scale efficiencies across its pultrusion, grating, rod and rebar lines.
Rebar bend line capacity was expanded from 4 to 8 lines in H1 FY27, strengthening the company's position as a certified supplier in the rebar segment.
The building for the carbon fibre products manufacturing facility is under construction, with completion expected within FY27. A few machines are expected to be installed and operational by FY27. This line targets high-performance applications in wind energy, power transmission, railways and automotive.
Balance Sheet Strengthens
Total borrowings fell by Rs 6.5 crore to Rs 51.5 crore as of September 30, 2026, from Rs 57.9 crore as of March 31, 2026. Net debt is Rs 20.1 crore and debt-to-equity improved to 0.44x from 0.53x. Net worth rose to Rs 116.3 crore from Rs 109.6 crore.
New COO Appointed
The company has also announced the appointment of Rajneesh Gupta as Chief Operating Officer. He holds an MSc from the University of Sheffield in aerospace materials and brings expertise in commercial and operational strategy.
What MD Ravi Patel Said
Ravi Patel, Managing Director, said: "H1 FY27 marked a period of recovery and operational progress for the Company, with the newly commissioned capacity steadily ramping up. The period, however, remained challenging due to geopolitical disruptions, ongoing conflicts, supply chain constraints and elevated crude oil prices, which impacted raw material availability and input costs."
He added: "Despite these challenges, the Company delivered a strong sequential improvement in performance. Revenue from Operations grew 28% over the previous half to Rs 129.8 crore, while EBITDA increased 104%, with EBITDA margins improving to 9.4%, moving closer to the Company's target of maintaining margins above 10%."
Medium-Term Guidance
Aeron Composite is targeting capacity utilisation of over 60–65% and a revenue CAGR of 15%+ over the next three years, while aiming to sustain EBITDA margins above 10%.