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Aaron Industries Limited

ISIN : INE721Z01010
NSE : AARON
Face Value : 10
Industry : Engineering

EPS : 6.00
EPS (TTM) : 6.87
Price to Earning (P/E) : 54.44
Book Value : 34.22
Price to Bookvalue (P/B) : 9.55
Dividend Yield : 0 %
Return on Equity (ROE) : 22.48 %
Return on Capital Employed (ROCE) : 19.83 %

Aaron Industries share price (28-Mar-2025)
National Stock Exchange NSE
Open / Close	335 - 326.65 -2.5 %
Low / High	324 - 337 4 %
Trade Volume	6,384
52 Week Low / High	0 - 0 NAN %

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Consolidated Standalone

CONSOLIDATED QUARTERLY RESULT FOR AARON INDUSTRIES LIMITED

Date End	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
No of months	3 months	3 months	3 months	3 months	3 months	3 months	3 months	3 months	3 months	3 months
Net Sales	120.12	140.97	136.76	160.65	155.23	140.03	146.22	190.79	171.92	182.93
Total Income	120.33	141.13	136.91	160.95	155.35	140.19	146.5	191.66	172.43	183.5
Total Expenditure	98.59	117.81	114.22	132.73	127.38	118.24	120.93	154.46	138.96	150.82
Other Income	0.21	0.15	0.15	0.3	0.13	0.17	0.28	0.86	0.51	0.57
Operating Profit	21.74	23.32	22.69	28.22	27.97	21.95	25.57	37.2	33.47	32.68
Interest	2.31	2.74	2.4	2.65	2.43	4.24	4.23	2.54	2.99	3.05
PBDT	19.43	20.58	20.29	25.57	25.54	17.71	21.34	34.66	30.48	29.63
Depreciation	2.43	2.8	3.16	3.15	3.27	3.47	3.65	3.86	4.39	4.58
Profit Before Tax	17	17.78	17.13	22.42	22.27	14.24	17.69	30.8	26.09	25.05
Tax	4.74	4.94	4.77	5.86	6.2	2.26	5.69	7.54	7.41	6.83
Profit After Tax	12.26	12.84	12.36	16.56	16.07	11.98	12	23.26	18.68	18.22
Net Profit	12.26	12.84	12.36	16.56	16.07	11.98	12	23.26	18.68	18.22
Equity Capital	100.44	100.44	100.44	100.44	100.44	104.73	104.73	104.73	104.73	104.73
Face Value (IN RS)	10	10	10	10	10	10	10	10	10	10
Calculated EPS	1.22	1.28	1.23	1.65	1.6	1.14	1.15	2.22	1.78	1.74
Diluted Eps After Extraordinary Items	1.22	1.27	1.23	1.65	1.6	1.1	1.15	2.22	1.78	1.72
Diluted Eps Before Extraordinary Items	1.22	1.27	1.23	1.65	1.6	1.1	1.15	2.22	1.78	1.72

STANDALONE QUARTERLY RESULT FOR AARON INDUSTRIES LIMITED

Date End	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
No of months	3 months	3 months	3 months	3 months	3 months	3 months	3 months	3 months	3 months	3 months
Net Sales	120.12	140.97	136.76	160.65	155.23	140.03	146.22	190.79	171.92	182.93
Total Income	120.33	141.13	136.91	160.95	155.35	140.19	146.5	191.66	172.43	183.5
Total Expenditure	98.59	117.81	114.22	132.73	127.38	118.24	120.93	154.46	138.96	150.82
Other Income	0.21	0.15	0.15	0.3	0.13	0.17	0.28	0.86	0.51	0.57
Operating Profit	21.74	23.32	22.69	28.22	27.97	21.95	25.57	37.2	33.47	32.68
Interest	2.31	2.74	2.4	2.65	2.43	4.24	4.23	2.54	2.99	3.05
PBDT	19.43	20.58	20.29	25.57	25.54	17.71	21.34	34.66	30.48	29.63
Depreciation	2.43	2.8	3.16	3.15	3.27	3.47	3.65	3.86	4.39	4.58
Profit Before Tax	17	17.78	17.13	22.42	22.27	14.24	17.69	30.8	26.09	25.05
Tax	4.74	4.94	4.77	5.86	6.2	2.26	5.69	7.54	7.41	6.83
Profit After Tax	12.26	12.84	12.36	16.56	16.07	11.98	12	23.26	18.68	18.22
Net Profit	12.26	12.84	12.36	16.56	16.07	11.98	12	23.26	18.68	18.22
Equity Capital	100.44	100.44	100.44	100.44	100.44	104.73	104.73	104.73	104.73	104.73
Face Value (IN RS)	10	10	10	10	10	10	10	10	10	10
Calculated EPS	1.22	1.28	1.23	1.65	1.6	1.14	1.15	2.22	1.78	1.74
Diluted Eps After Extraordinary Items	1.22	1.27	1.23	1.65	1.6	1.1	1.15	2.22	1.78	1.72
Diluted Eps Before Extraordinary Items	1.22	1.27	1.23	1.65	1.6	1.1	1.15	2.22	1.78	1.72

Consolidated Standalone

CONSOLIDATED ANNUAL RESULT FOR AARON INDUSTRIES LIMITED

Date End	Mar 2022	Mar 2023	Mar 2024
No of months	12 months	12 months	12 months
Net Sales	377.41	558.5	632.27
Total Income	377.77	559.13	633.7
Total Expenditure	318.74	463.15	521.02
Other Income	0.36	0.63	1.44
Operating Profit	59.03	95.98	112.68
Interest	1.93	10.1	13.45
PBDT	57.1	85.88	99.23
Depreciation	8.5	11.54	14.25
Profit Before Tax	48.6	74.34	84.98
Tax	11.51	20.31	21.68
Profit After Tax	37.09	54.03	63.3
Net Profit	37.09	54.03	63.3
Equity Capital	100.44	100.44	104.73
Face Value (IN RS)	10	10	10
Calculated EPS	3.69	5.38	6.04
Diluted Eps After Extraordinary Items	3.7	5.37	6
Diluted Eps Before Extraordinary Items	3.7	5.37	6

STANDALONE ANNUAL RESULT FOR AARON INDUSTRIES LIMITED

Date End	Mar 2022	Mar 2023	Mar 2024
No of months	12 months	12 months	12 months
Net Sales	377.41	558.5	632.27
Total Income	377.77	559.13	633.7
Total Expenditure	318.74	463.15	521.02
Other Income	0.36	0.63	1.44
Operating Profit	59.03	95.98	112.68
Interest	1.93	10.1	13.45
PBDT	57.1	85.88	99.23
Depreciation	8.5	11.54	14.25
Profit Before Tax	48.6	74.34	84.98
Tax	11.51	20.31	21.68
Profit After Tax	37.09	54.03	63.3
Net Profit	37.09	54.03	63.3
Equity Capital	100.44	100.44	104.73
Face Value (IN RS)	10	10	10
Calculated EPS	3.69	5.38	6.04
Diluted Eps After Extraordinary Items	3.7	5.37	6
Diluted Eps Before Extraordinary Items	3.7	5.37	6

Consolidated Standalone

CONSOLIDATED PROFIT / LOSS FOR AARON INDUSTRIES LIMITED

YEAR	Mar 2021	Mar 2022	Mar 2023	Mar 2024
No of Months	12 months	12 months	12 months	12 months
Gross Sales	24.92 Cr	37.74 Cr	55.85 Cr	63.23 Cr
Sales	24.21 Cr	36.84 Cr	54.78 Cr	62.72 Cr
Processing Charges / Service Income	71.62 Lk	54.05 Lk	1.03 Cr	46.25 Lk
Net Sales	24.92 Cr	37.74 Cr	55.85 Cr	63.23 Cr
Increase/Decrease in Stock	-33.41 Lk	-48.2 Lk	-3.31 Cr	-2.92 Cr
Raw Material Consumed	16.41 Cr	25.2 Cr	40.12 Cr	42.98 Cr
Opening Raw Materials	3.3 Cr	2.76 Cr	3.33 Cr	7.27 Cr
Purchases Raw Materials	16.59 Cr	23.61 Cr	42.34 Cr	41.3 Cr
Closing Raw Materials	3.48 Cr	3.33 Cr	7.27 Cr	6.31 Cr
Other Direct Purchases / Brought in cost	0	2.16 Cr	1.72 Cr	71.4 Lk
Power & Fuel Cost	34.79 Lk	44.47 Lk	82.12 Lk	85.41 Lk
Electricity & Power	34.79 Lk	44.47 Lk	82.12 Lk	85.41 Lk
Employee Cost	2.81 Cr	3.22 Cr	4.08 Cr	5.32 Cr
Salaries, Wages & Bonus	2.44 Cr	2.85 Cr	3.59 Cr	4.64 Cr
Contributions to EPF & Pension Funds	19.28 Lk	24.28 Lk	29.55 Lk	42.79 Lk
Workmen and Staff Welfare Expenses	12.1 Lk	7.44 Lk	13.32 Lk	18.23 Lk
Other Manufacturing Expenses	89.96 Lk	2.32 Cr	3.1 Cr	3.61 Cr
Processing Charges	11.93 Lk	25.41 Lk	13.19 Lk	15.06 Lk
Repairs and Maintenance	20.19 Lk	30 Lk	43.78 Lk	42.13 Lk
Packing Material Consumed	43.73 Lk	92.46 Lk	1.28 Cr	1.7 Cr
General and Administration Expenses	71.56 Lk	85.06 Lk	1.17 Cr	1.79 Cr
Rent , Rates & Taxes	3.54 Lk	4.88 Lk	5.81 Lk	7.01 Lk
Insurance	2.63 Lk	1.6 Lk	3.81 Lk	4.59 Lk
Printing and stationery	85,000	93,000	2.03 Lk	1.64 Lk
Professional and legal fees	38.77 Lk	23.17 Lk	29.6 Lk	79.22 Lk
Traveling and conveyance	91,000	4.72 Lk	7.53 Lk	10.14 Lk
Selling and Distribution Expenses	53.9 Lk	12.9 Lk	19.84 Lk	20.14 Lk
Advertisement & Sales Promotion	68,000	70,000	2.13 Lk	73,000
Sales Commissions & Incentives	9.42 Lk	12.2 Lk	17.71 Lk	19.41 Lk
Freight and Forwarding	43.8 Lk	0	0	0
Miscellaneous Expenses	12.99 Lk	18.36 Lk	14.09 Lk	25.41 Lk
Bad debts /advances written off	45,000	17,000	1.83 Lk	9.9 Lk
Provision for doubtful debts	10.62 Lk	12.65 Lk	7.43 Lk	0
Loss on disposal of fixed assets(net)	1.42 Lk	12,000	0	0
Loss on foreign exchange fluctuations	0	2.8 Lk	4.72 Lk	1.66 Lk
Total Expenditure	21.52 Cr	31.87 Cr	46.32 Cr	52.1 Cr
Other Income	12.19 Lk	55 Lk	11.96 Lk	14.36 Lk
Interest Received	2.76 Lk	54.99 Lk	9.85 Lk	9.74 Lk
Foreign Exchange Gains	64,000	0	0	0
Operating Profit	3.53 Cr	6.42 Cr	9.65 Cr	11.27 Cr
Interest	44.2 Lk	70.66 Lk	1.07 Cr	1.34 Cr
Interest on Term Loan	36.39 Lk	50.93 Lk	80.97 Lk	1.13 Cr
Bank Charges etc	3.97 Lk	4.7 Lk	9.36 Lk	10.26 Lk
PBDT	3.09 Cr	5.71 Cr	8.59 Cr	9.92 Cr
Depreciation	63.27 Lk	84.99 Lk	1.15 Cr	1.42 Cr
Profit Before Taxation & Exceptional Items	2.46 Cr	4.86 Cr	7.43 Cr	8.5 Cr
Profit Before Tax	2.46 Cr	4.86 Cr	7.43 Cr	8.5 Cr
Provision for Tax	52.92 Lk	1.15 Cr	2.03 Cr	2.17 Cr
Current Income Tax	41 Lk	97.43 Lk	1.76 Cr	1.81 Cr
Deferred Tax	11.92 Lk	18.18 Lk	27.05 Lk	35.51 Lk
Profit After Tax	1.93 Cr	3.71 Cr	5.4 Cr	6.33 Cr
Consolidated Net Profit	1.93 Cr	3.71 Cr	5.4 Cr	6.33 Cr
Profit Balance B/F	2.26 Cr	2.13 Cr	5.85 Cr	10.44 Cr
Appropriations	4.18 Cr	5.84 Cr	11.25 Cr	16.77 Cr
Other Appropriation	2.05 Cr	-69,000	80.35 Lk	1.06 Cr
Equity Dividend %	0	8	10	10
Earnings Per Share	1.92	3.69	5.38	6.04
Adjusted EPS	1.92	3.69	5.38	6.04

STANDALONE PROFIT / LOSS FOR AARON INDUSTRIES LIMITED

YEAR	Mar 2021	Mar 2022	Mar 2023	Mar 2024
No of Months	12 months	12 months	12 months	12 months
Gross Sales	24.92 Cr	37.74 Cr	55.85 Cr	63.23 Cr
Sales	24.21 Cr	36.84 Cr	54.78 Cr	62.72 Cr
Processing Charges / Service Income	71.62 Lk	54.05 Lk	1.03 Cr	46.25 Lk
Net Sales	24.92 Cr	37.74 Cr	55.85 Cr	63.23 Cr
Increase/Decrease in Stock	-33.41 Lk	-48.2 Lk	-3.31 Cr	-2.92 Cr
Raw Material Consumed	16.41 Cr	25.2 Cr	40.12 Cr	42.98 Cr
Opening Raw Materials	3.3 Cr	2.76 Cr	3.33 Cr	7.27 Cr
Purchases Raw Materials	16.59 Cr	23.61 Cr	42.34 Cr	41.3 Cr
Closing Raw Materials	3.48 Cr	3.33 Cr	7.27 Cr	6.31 Cr
Other Direct Purchases / Brought in cost	0	2.16 Cr	1.72 Cr	71.4 Lk
Power & Fuel Cost	34.79 Lk	44.47 Lk	82.12 Lk	85.41 Lk
Electricity & Power	34.79 Lk	44.47 Lk	82.12 Lk	85.41 Lk
Employee Cost	2.81 Cr	3.22 Cr	4.08 Cr	5.32 Cr
Salaries, Wages & Bonus	2.44 Cr	2.85 Cr	3.59 Cr	4.64 Cr
Contributions to EPF & Pension Funds	19.28 Lk	24.28 Lk	29.55 Lk	42.79 Lk
Workmen and Staff Welfare Expenses	12.1 Lk	7.44 Lk	13.32 Lk	18.23 Lk
Other Manufacturing Expenses	89.96 Lk	2.32 Cr	3.1 Cr	3.61 Cr
Processing Charges	11.93 Lk	25.41 Lk	13.19 Lk	15.06 Lk
Repairs and Maintenance	20.19 Lk	30 Lk	43.78 Lk	42.13 Lk
Packing Material Consumed	43.73 Lk	92.46 Lk	1.28 Cr	1.7 Cr
General and Administration Expenses	71.56 Lk	85.06 Lk	1.17 Cr	1.79 Cr
Rent , Rates & Taxes	3.54 Lk	4.88 Lk	5.81 Lk	7.01 Lk
Insurance	2.63 Lk	1.6 Lk	3.81 Lk	4.59 Lk
Printing and stationery	85,000	93,000	2.03 Lk	1.64 Lk
Professional and legal fees	38.77 Lk	23.17 Lk	29.6 Lk	79.22 Lk
Traveling and conveyance	91,000	4.72 Lk	7.53 Lk	10.14 Lk
Selling and Distribution Expenses	53.9 Lk	12.9 Lk	19.84 Lk	20.14 Lk
Advertisement & Sales Promotion	68,000	70,000	2.13 Lk	73,000
Sales Commissions & Incentives	9.42 Lk	12.2 Lk	17.71 Lk	19.41 Lk
Freight and Forwarding	43.8 Lk	0	0	0
Miscellaneous Expenses	12.99 Lk	18.36 Lk	14.09 Lk	25.41 Lk
Bad debts /advances written off	45,000	17,000	1.83 Lk	9.9 Lk
Provision for doubtful debts	10.62 Lk	12.65 Lk	7.43 Lk	0
Loss on disposal of fixed assets(net)	1.42 Lk	12,000	0	0
Loss on foreign exchange fluctuations	0	2.8 Lk	4.72 Lk	1.66 Lk
Total Expenditure	21.52 Cr	31.87 Cr	46.32 Cr	52.1 Cr
Other Income	12.19 Lk	55 Lk	11.96 Lk	14.36 Lk
Interest Received	2.76 Lk	54.99 Lk	9.85 Lk	9.74 Lk
Foreign Exchange Gains	64,000	0	0	0
Operating Profit	3.53 Cr	6.42 Cr	9.65 Cr	11.27 Cr
Interest	44.2 Lk	70.66 Lk	1.07 Cr	1.34 Cr
Interest on Term Loan	36.39 Lk	50.93 Lk	80.97 Lk	1.13 Cr
Bank Charges etc	3.97 Lk	4.7 Lk	9.36 Lk	10.26 Lk
PBDT	3.09 Cr	5.71 Cr	8.59 Cr	9.92 Cr
Depreciation	63.27 Lk	84.99 Lk	1.15 Cr	1.42 Cr
Profit Before Taxation & Exceptional Items	2.46 Cr	4.86 Cr	7.43 Cr	8.5 Cr
Profit Before Tax	2.46 Cr	4.86 Cr	7.43 Cr	8.5 Cr
Provision for Tax	52.92 Lk	1.15 Cr	2.03 Cr	2.17 Cr
Current Income Tax	41 Lk	97.43 Lk	1.76 Cr	1.81 Cr
Deferred Tax	11.92 Lk	18.18 Lk	27.05 Lk	35.51 Lk
Profit After Tax	1.93 Cr	3.71 Cr	5.4 Cr	6.33 Cr
Consolidated Net Profit	1.93 Cr	3.71 Cr	5.4 Cr	6.33 Cr
Profit Balance B/F	2.26 Cr	2.13 Cr	5.85 Cr	10.44 Cr
Appropriations	4.18 Cr	5.84 Cr	11.25 Cr	16.77 Cr
Other Appropriation	2.05 Cr	-69,000	80.35 Lk	1.06 Cr
Equity Dividend %	0	8	10	10
Earnings Per Share	1.92	3.69	5.38	6.04
Adjusted EPS	1.92	3.69	5.38	6.04

Consolidated Standalone

CONSOLIDATED CASH FLOW FOR AARON INDUSTRIES LIMITED

Year End	Mar 2021	Mar 2022	Mar 2023	Mar 2024
No of Months	12 months	12 months	12 months	12 months
Profit Before Tax	2.46 Cr	4.86 Cr	7.43 Cr	8.5 Cr
Adjustment	1.01 Cr	1.03 Cr	2.12 Cr	2.57 Cr
Changes In working Capital	66.78 Lk	-3.57 Cr	-2.77 Cr	-2.32 Cr
Cash Flow after changes in Working Capital	4.13 Cr	2.32 Cr	6.78 Cr	8.74 Cr
Cash Flow from Operating Activities	3.28 Cr	1.17 Cr	4.07 Cr	5.6 Cr
Cash Flow from Investing Activities	-4.29 Cr	-3.08 Cr	-4.84 Cr	-33.26 Cr
Cash Flow from Financing Activitie	1.22 Cr	1.91 Cr	77.78 Lk	27.69 Cr
Net Cash Inflow / Outflow	20.7 Lk	1.26 Lk	1.31 Lk	3.91 Lk
Opening Cash & Cash Equivalents	-71.09 Lk	2.22 Lk	3.48 Lk	4.79 Lk
Closing Cash & Cash Equivalent	-50.39 Lk	3.48 Lk	4.79 Lk	8.7 Lk

STANDALONE CASH FLOW FOR AARON INDUSTRIES LIMITED

Year End	Mar 2021	Mar 2022	Mar 2023	Mar 2024
No of Months	12 months	12 months	12 months	12 months
Profit Before Tax	2.46 Cr	4.86 Cr	7.43 Cr	8.5 Cr
Adjustment	1.01 Cr	1.03 Cr	2.12 Cr	2.57 Cr
Changes In working Capital	66.78 Lk	-3.57 Cr	-2.77 Cr	-2.32 Cr
Cash Flow after changes in Working Capital	4.13 Cr	2.32 Cr	6.78 Cr	8.74 Cr
Cash Flow from Operating Activities	3.28 Cr	1.17 Cr	4.07 Cr	5.6 Cr
Cash Flow from Investing Activities	-4.29 Cr	-3.08 Cr	-4.84 Cr	-33.26 Cr
Cash Flow from Financing Activitie	1.22 Cr	1.91 Cr	77.78 Lk	27.69 Cr
Net Cash Inflow / Outflow	20.7 Lk	1.26 Lk	1.31 Lk	3.91 Lk
Opening Cash & Cash Equivalents	-71.09 Lk	2.22 Lk	3.48 Lk	4.79 Lk
Closing Cash & Cash Equivalent	-50.39 Lk	3.48 Lk	4.79 Lk	8.7 Lk

Consolidated Standalone

CONSOLIDATED BALANCE SHEET FOR AARON INDUSTRIES LIMITED

YEAR	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Share Capital	10.04 Cr	10.04 Cr	10.04 Cr	10.47 Cr
Equity - Authorised	11 Cr	11 Cr	11 Cr	11 Cr
Equity - Issued	10.04 Cr	10.04 Cr	10.04 Cr	10.47 Cr
Equity Paid Up	10.04 Cr	10.04 Cr	10.04 Cr	10.47 Cr
Face Value	10	10	10	10
Total Reserves	2.13 Cr	5.85 Cr	10.44 Cr	25.37 Cr
Securities Premium	0	0	0	9.66 Cr
Profit & Loss Account Balance	2.14 Cr	5.85 Cr	10.45 Cr	15.71 Cr
Reserve excluding Revaluation Reserve	2.13 Cr	5.85 Cr	10.44 Cr	25.37 Cr
Shareholder's Funds	12.17 Cr	15.89 Cr	20.48 Cr	35.84 Cr
Secured Loans	3.42 Cr	4.87 Cr	3.67 Cr	21.27 Cr
Term Loans - Banks	4.67 Cr	4.87 Cr	3.67 Cr	21.27 Cr
Unsecured Loans	75.63 Lk	90.42 Lk	1.79 Cr	39.17 Lk
Loans - Others	75.63 Lk	90.42 Lk	1.79 Cr	39.17 Lk
Deferred Tax Assets / Liabilities	63.71 Lk	82.15 Lk	1.09 Cr	1.42 Cr
Deferred Tax Assets	7.35 Lk	10.17 Lk	12.35 Lk	12.68 Lk
Deferred Tax Liability	71.06 Lk	92.32 Lk	1.21 Cr	1.55 Cr
Total Non-Current Liabilities	4.82 Cr	6.6 Cr	6.55 Cr	23.08 Cr
Trade Payables	94.95 Lk	2.22 Cr	3.91 Cr	2.66 Cr
Sundry Creditors	94.95 Lk	2.22 Cr	3.91 Cr	2.66 Cr
Other Current Liabilities	2.35 Cr	1.56 Cr	1.85 Cr	3.19 Cr
Advances received from customers	56.3 Lk	77.62 Lk	1.36 Cr	94.21 Lk
Short Term Borrowings	1.43 Cr	3.38 Cr	5.91 Cr	9.91 Cr
Secured ST Loans repayable on Demands	1.43 Cr	3.38 Cr	5.91 Cr	9.91 Cr
Short Term Provisions	41 Lk	97.43 Lk	1.76 Cr	1.83 Cr
Provision for Tax	41 Lk	97.43 Lk	1.76 Cr	1.83 Cr
Total Current Liabilities	5.14 Cr	8.14 Cr	13.42 Cr	17.58 Cr
Total Liabilities	22.13 Cr	30.62 Cr	40.45 Cr	76.51 Cr
Gross Block	14.39 Cr	17.2 Cr	22.3 Cr	29.14 Cr
Less: Accumulated Depreciation	1.51 Cr	2.35 Cr	3.39 Cr	4.79 Cr
Net Block	12.88 Cr	14.85 Cr	18.92 Cr	24.35 Cr
Capital Work in Progress	50.3 Lk	75.66 Lk	40.88 Lk	26.9 Cr
Long Term Loans & Advances	20.13 Lk	24.25 Lk	20.83 Lk	22 Lk
Other Non Current Assets	3.83 Lk	90,000	74,000	82,000
Total Non-Current Assets	13.63 Cr	15.86 Cr	19.54 Cr	51.48 Cr
Inventories	6.12 Cr	7.11 Cr	14.49 Cr	16.4 Cr
Raw Materials	3.48 Cr	3.33 Cr	7.27 Cr	6.31 Cr
Work-in Progress	40.35 Lk	60.38 Lk	1.24 Cr	1.66 Cr
Finished Goods	2.15 Cr	2.6 Cr	4.85 Cr	7.4 Cr
Packing Materials	9.23 Lk	5.83 Lk	6.49 Lk	6.12 Lk
Stores and Spare	0	6.46 Lk	18.94 Lk	14.95 Lk
Sundry Debtors	1.73 Cr	2.45 Cr	2.54 Cr	3.53 Cr
Debtors more than Six months	0	23.64 Lk	28.61 Lk	11.89 Lk
Debtors Others	1.93 Cr	2.54 Cr	2.66 Cr	3.75 Cr
Cash and Bank	10.57 Lk	28.95 Lk	94.46 Lk	2.56 Cr
Cash in hand	1.57 Lk	3.48 Lk	4.79 Lk	8.7 Lk
Balances at Bank	9 Lk	25.47 Lk	89.67 Lk	2.48 Cr
Other Current Assets	8,000	56.39 Lk	14.29 Lk	3.87 Lk
Interest accrued on Investments	0	40,000	0	0
Prepaid Expenses	0	12.46 Lk	14.29 Lk	3.87 Lk
Short Term Loans and Advances	54.35 Lk	4.35 Cr	2.8 Cr	2.5 Cr
Advances recoverable in cash or in kind	5.64 Lk	3.39 Cr	86.21 Lk	61.04 Lk
Advance income tax and TDS	41.81 Lk	92.12 Lk	1.69 Cr	1.84 Cr
Total Current Assets	8.5 Cr	14.76 Cr	20.91 Cr	25.03 Cr
Net Current Assets (Including Current Investments)	3.36 Cr	6.63 Cr	7.49 Cr	7.44 Cr
Total Assets	22.13 Cr	30.62 Cr	40.45 Cr	76.51 Cr
Contingent Liabilities	22.42 Lk	0	10 Lk	0
Total Debt	7.07 Cr	9.15 Cr	11.37 Cr	31.56 Cr
Book Value	0	0	0	34.22
Adjusted Book Value	12.12	15.82	20.39	34.22

STANDALONE BALANCE SHEET FOR AARON INDUSTRIES LIMITED

YEAR	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Share Capital	10.04 Cr	10.04 Cr	10.04 Cr	10.47 Cr
Equity - Authorised	11 Cr	11 Cr	11 Cr	11 Cr
Equity - Issued	10.04 Cr	10.04 Cr	10.04 Cr	10.47 Cr
Equity Paid Up	10.04 Cr	10.04 Cr	10.04 Cr	10.47 Cr
Face Value	10	10	10	10
Total Reserves	2.13 Cr	5.85 Cr	10.44 Cr	25.37 Cr
Securities Premium	0	0	0	9.66 Cr
Profit & Loss Account Balance	2.14 Cr	5.85 Cr	10.45 Cr	15.71 Cr
Reserve excluding Revaluation Reserve	2.13 Cr	5.85 Cr	10.44 Cr	25.37 Cr
Shareholder's Funds	12.17 Cr	15.89 Cr	20.48 Cr	35.84 Cr
Secured Loans	3.42 Cr	4.87 Cr	3.67 Cr	21.27 Cr
Term Loans - Banks	4.67 Cr	4.87 Cr	3.67 Cr	21.27 Cr
Unsecured Loans	75.63 Lk	90.42 Lk	1.79 Cr	39.17 Lk
Loans - Others	75.63 Lk	90.42 Lk	1.79 Cr	39.17 Lk
Deferred Tax Assets / Liabilities	63.71 Lk	82.15 Lk	1.09 Cr	1.42 Cr
Deferred Tax Assets	7.35 Lk	10.17 Lk	12.35 Lk	12.68 Lk
Deferred Tax Liability	71.06 Lk	92.32 Lk	1.21 Cr	1.55 Cr
Total Non-Current Liabilities	4.82 Cr	6.6 Cr	6.55 Cr	23.08 Cr
Trade Payables	94.95 Lk	2.22 Cr	3.91 Cr	2.66 Cr
Sundry Creditors	94.95 Lk	2.22 Cr	3.91 Cr	2.66 Cr
Other Current Liabilities	2.35 Cr	1.56 Cr	1.85 Cr	3.19 Cr
Advances received from customers	56.3 Lk	77.62 Lk	1.36 Cr	94.21 Lk
Short Term Borrowings	1.43 Cr	3.38 Cr	5.91 Cr	9.91 Cr
Secured ST Loans repayable on Demands	1.43 Cr	3.38 Cr	5.91 Cr	9.91 Cr
Short Term Provisions	41 Lk	97.43 Lk	1.76 Cr	1.83 Cr
Provision for Tax	41 Lk	97.43 Lk	1.76 Cr	1.83 Cr
Total Current Liabilities	5.14 Cr	8.14 Cr	13.42 Cr	17.58 Cr
Total Liabilities	22.13 Cr	30.62 Cr	40.45 Cr	76.51 Cr
Gross Block	14.39 Cr	17.2 Cr	22.3 Cr	29.14 Cr
Less: Accumulated Depreciation	1.51 Cr	2.35 Cr	3.39 Cr	4.79 Cr
Net Block	12.88 Cr	14.85 Cr	18.92 Cr	24.35 Cr
Capital Work in Progress	50.3 Lk	75.66 Lk	40.88 Lk	26.9 Cr
Long Term Loans & Advances	20.13 Lk	24.25 Lk	20.83 Lk	22 Lk
Other Non Current Assets	3.83 Lk	90,000	74,000	82,000
Total Non-Current Assets	13.63 Cr	15.86 Cr	19.54 Cr	51.48 Cr
Inventories	6.12 Cr	7.11 Cr	14.49 Cr	16.4 Cr
Raw Materials	3.48 Cr	3.33 Cr	7.27 Cr	6.31 Cr
Work-in Progress	40.35 Lk	60.38 Lk	1.24 Cr	1.66 Cr
Finished Goods	2.15 Cr	2.6 Cr	4.85 Cr	7.4 Cr
Packing Materials	9.23 Lk	5.83 Lk	6.49 Lk	6.12 Lk
Stores and Spare	0	6.46 Lk	18.94 Lk	14.95 Lk
Sundry Debtors	1.73 Cr	2.45 Cr	2.54 Cr	3.53 Cr
Debtors more than Six months	0	23.64 Lk	28.61 Lk	11.89 Lk
Debtors Others	1.93 Cr	2.54 Cr	2.66 Cr	3.75 Cr
Cash and Bank	10.57 Lk	28.95 Lk	94.46 Lk	2.56 Cr
Cash in hand	1.57 Lk	3.48 Lk	4.79 Lk	8.7 Lk
Balances at Bank	9 Lk	25.47 Lk	89.67 Lk	2.48 Cr
Other Current Assets	8,000	56.39 Lk	14.29 Lk	3.87 Lk
Interest accrued on Investments	0	40,000	0	0
Prepaid Expenses	0	12.46 Lk	14.29 Lk	3.87 Lk
Short Term Loans and Advances	54.35 Lk	4.35 Cr	2.8 Cr	2.5 Cr
Advances recoverable in cash or in kind	5.64 Lk	3.39 Cr	86.21 Lk	61.04 Lk
Advance income tax and TDS	41.81 Lk	92.12 Lk	1.69 Cr	1.84 Cr
Total Current Assets	8.5 Cr	14.76 Cr	20.91 Cr	25.03 Cr
Net Current Assets (Including Current Investments)	3.36 Cr	6.63 Cr	7.49 Cr	7.44 Cr
Total Assets	22.13 Cr	30.62 Cr	40.45 Cr	76.51 Cr
Contingent Liabilities	22.42 Lk	0	10 Lk	0
Total Debt	7.07 Cr	9.15 Cr	11.37 Cr	31.56 Cr
Book Value	0	0	0	34.22
Adjusted Book Value	12.12	15.82	20.39	34.22

Consolidated Standalone

FINANCIAL RATIOS (CONSOLIDATED) FOR AARON INDUSTRIES LIMITED

YEAR	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Operational & Financial Ratios
Earnings Per Share (Rs)	1.92	3.69	5.38	6.04
CEPS(Rs)	2.55	4.54	6.53	7.41
DPS(Rs)	0	0.8	1	1
Book NAV/Share(Rs)	12.12	15.82	20.39	34.22
Tax Rate(%)	21.55	23.69	27.31	25.51
Margin Ratios
Core EBITDA Margin(%)	13.68	15.55	17.07	17.6
EBIT Margin(%)	11.63	14.75	15.22	15.57
Pre Tax Margin(%)	9.85	12.88	13.31	13.44
PAT Margin (%)	7.73	9.83	9.68	10.01
Cash Profit Margin (%)	10.27	12.08	11.74	12.27
Performance Ratios
ROA(%)	9.33	14.06	15.21	10.83
ROE(%)	16.95	26.44	29.72	22.48
ROCE(%)	16.55	25.14	29.88	19.83
Asset Turnover(x)	1.21	1.43	1.57	1.08
Sales/Fixed Asset(x)	2.03	2.39	2.83	2.46
Working Capital/Sales(x)	7.41	5.69	7.46	8.49
Efficiency Ratios
Fixed Capital/Sales(x)	0.49	0.42	0.35	0.41
Receivable days	30.3	20.19	16.3	17.52
Inventory Days	85.58	63.99	70.57	89.14
Payable days	28.41	23.43	30.4	29.93
Valuation Parameters
PER(x)	29.81	30.72	34.07	43.14
PCE(x)	22.44	24.99	28.08	35.21
Price/Book(x)	4.72	7.17	8.99	7.62
Yield(%)	0	0.71	0.55	0.38
EV/Net Sales(x)	2.58	3.25	3.48	4.78
EV/Core EBITDA(x)	18.24	19.14	20.16	26.81
EV/EBIT(x)	22.23	22.06	22.89	30.69
EV/CE(x)	2.91	4.01	4.81	4.48
M Cap / Sales	2.31	3.02	3.3	4.32
Growth Ratio
Net Sales Growth(%)	16.47	51.18	47.98	13.21
Core EBITDA Growth(%)	13.74	74.45	50.44	16.73
EBIT Growth(%)	13.64	82.79	52.68	15.8
PAT Growth(%)	43.38	92.49	45.7	17.14
EPS Growth(%)	-24.9	92.48	45.7	12.34
Financial Stability Ratios
Total Debt/Equity(x)	0.58	0.58	0.56	0.88
Current Ratio(x)	1.65	1.81	1.56	1.42
Quick Ratio(x)	0.46	0.94	0.48	0.49
Interest Cover(x)	6.56	7.88	7.98	7.32
Total Debt/Mcap(x)	0.12	0.08	0.06	0.12

FINANCIAL RATIOS (STANDALONE) FOR AARON INDUSTRIES LIMITED

YEAR	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Operational & Financial Ratios
Earnings Per Share (Rs)	1.92	3.69	5.38	6.04
CEPS(Rs)	2.55	4.54	6.53	7.41
DPS(Rs)	0	0.8	1	1
Book NAV/Share(Rs)	12.12	15.82	20.39	34.22
Tax Rate(%)	21.55	23.69	27.31	25.51
Margin Ratios
Core EBITDA Margin(%)	13.68	15.55	17.07	17.6
EBIT Margin(%)	11.63	14.75	15.22	15.57
Pre Tax Margin(%)	9.85	12.88	13.31	13.44
PAT Margin (%)	7.73	9.83	9.68	10.01
Cash Profit Margin (%)	10.27	12.08	11.74	12.27
Performance Ratios
ROA(%)	9.33	14.06	15.21	10.83
ROE(%)	16.95	26.44	29.72	22.48
ROCE(%)	16.55	25.14	29.88	19.83
Asset Turnover(x)	1.21	1.43	1.57	1.08
Sales/Fixed Asset(x)	2.03	2.39	2.83	2.46
Working Capital/Sales(x)	7.41	5.69	7.46	8.49
Efficiency Ratios
Fixed Capital/Sales(x)	0.49	0.42	0.35	0.41
Receivable days	30.3	20.19	16.3	17.52
Inventory Days	85.58	63.99	70.57	89.14
Payable days	28.41	23.43	30.4	29.93
Valuation Parameters
PER(x)	29.81	30.72	34.07	43.14
PCE(x)	22.44	24.99	28.08	35.21
Price/Book(x)	4.72	7.17	8.99	7.62
Yield(%)	0	0.71	0.55	0.38
EV/Net Sales(x)	2.58	3.25	3.48	4.78
EV/Core EBITDA(x)	18.24	19.14	20.16	26.81
EV/EBIT(x)	22.23	22.06	22.89	30.69
EV/CE(x)	2.91	4.01	4.81	4.48
M Cap / Sales	2.31	3.02	3.3	4.32
Growth Ratio
Net Sales Growth(%)	16.47	51.18	47.98	13.21
Core EBITDA Growth(%)	13.74	74.45	50.44	16.73
EBIT Growth(%)	13.64	82.79	52.68	15.8
PAT Growth(%)	43.38	92.49	45.7	17.14
EPS Growth(%)	-24.9	92.48	45.7	12.34
Financial Stability Ratios
Total Debt/Equity(x)	0.58	0.58	0.56	0.88
Current Ratio(x)	1.65	1.81	1.56	1.42
Quick Ratio(x)	0.46	0.94	0.48	0.49
Interest Cover(x)	6.56	7.88	7.98	7.32
Total Debt/Mcap(x)	0.12	0.08	0.06	0.12

SHARE HOLDING PATTERN FOR AARON INDUSTRIES LIMITED

Date	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
Promoters %	74.97	74.97	74.97	74.97	74.97	73.06	73.06	73.06	73.06	73.06
FII %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
DII %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.52
Public %	25.03	25.03	25.03	25.03	25.03	26.94	26.94	26.94	26.94	26.43

PEER COMPARISON FOR AARON INDUSTRIES LIMITED

No.	Name
1	Kennametal India Limited
2	Pitti Engineering Limited
3	ELECTREX (INDIA) LTD
4	TMT (INDIA) LTD
5	Mold-Tek Technologies Limited
6	Alphageo (India) Limited
7	Engineers India Limited
8	SORIL Infra Resources Limited
9	Lokesh Machines Limited
10	SKIL Infrastructure Limited
11	Mtar Technologies Limited
12	RITES Limited
13	L&T Technology Services Limited
14	South West Pinnacle Exploration Limited
15	Ahlada Engineers Limited
16	Aaron Industries Limited
17	Deep Industries Limited

CORPORATE ACTIONS FOR AARON INDUSTRIES

Exchange Date	Purpose	Book Closure Dates
NSE 17-Sep-2024	AGM/DIV - RE 1 PER SH	18-Sep-2024 24-Sep-2024
NSE 28-Aug-2023	AGM/DIV - RE 1 PER SH	29-Aug-2023 04-Sep-2023
NSE 01-Sep-2022	AGM/DIV-RS 0.80 PER SH	04-Sep-2022 10-Sep-2022