AIA Engineering Limited stands as a prominent manufacturer of high-chrome grinding media, liners and diaphragms, collectively known as mill internals, which are used for crushing and grinding operations in the cement, power utility & aggregates and mining industries. Founded in 1979 and headquartered in Ahmedabad, India, the company has established itself as a significant player in the global wear-resistant castings industry.
The company is recognized as the world's second-largest producer of grinding media and mill liners for India's cement industry. AIA Engineering Limited designs, develops, manufactures, installs, and services high chromium wear, corrosion, and abrasion resistant castings in India and internationally. The company's products find extensive applications across multiple industrial sectors, positioning it as a crucial supplier in heavy manufacturing industries.
The Company primarily operates in only one segment which is Manufacturing of High Chrome Mill Internals. The company manufactures various sizes of high chrome grinding media balls, which are components of mill internals used in the crushing and grinding processes in the cement, mining, and thermal power industries, employing a casting process to produce these products.
The company offers high chrome grinding, mill liners, energy efficient pulp lifter system, and revolutionary solution ball milling system; alloy and design optimization, installation supervision, mill audit, analysis, and tuning, and condition monitoring; and blow bars, hammers, impellers, anvil, feed disk, and frame liners. It serves mining, cement, quarry, and thermal power generation industries.
AIA Engineering Ltd generates the majority of its sales from markets outside of India, with Vega Industries, a wholly-owned subsidiary of this company, being responsible for distributing the company's products outside India. This international focus has enabled the company to establish a strong global footprint and reduce dependency on domestic market fluctuations.
For Q4 FY25, the company reported INR 4,200 crores in sales and INR 1,060 crores in profit after tax (PAT) as of May 28, 2025. During the fourth quarter of fiscal year 2025 (Q4FY25), AIA Engineering Ltd reported a total income of ₹1,226.68 crores, marking an increase of 8.2% compared to the previous quarter (Q3FY25), where the total income was ₹1,133.54 crores.
The profit after tax for Q4FY25 was ₹260.48 crores, showing a modest increase of 0.6% from Q3FY25's ₹258.89 crores, but a decrease of 2.7% from Q4FY24's ₹267.66 crores. The earnings per share (EPS) of AIA Engineering Ltd stood at 27.6 during Q4FY25.
- **Revenue (Q4 FY25)**: ₹1,226.68 crores
- **Profit After Tax (Q4 FY25)**: ₹260.48 crores
- **Earnings Per Share (Q4 FY25)**: ₹27.60
- **Annual Sales (FY25)**: ₹4,200 crores
- **Annual PAT (FY25)**: ₹1,060 crores
The company's market capitalization stands at ₹32,525 crores as per recent data. AIA Engineering Ltd has a market capitalisation of ₹42,739 crores as of August 13, 2024. As per Value Research classification, it is a Mid Cap company.
The company has established new plants in China and Ghana, with the US antidumping duty impact being limited as of May 28, 2025. Brazil reduced countervailing duty on the company's exports from 6.5% to 2.9% effective immediately as of July 2, 2025, which represents a positive development for the company's international operations.
The promoter of AIA Engineering Ltd is Bhadresh Kantilal Shah, who owns 58.45 per cent of the total equity. The chairman of the company is Rajendra S Shah, and the managing director is Bhadresh K Shah. Promoter holding in AIA Engineering Ltd has gone up to 58.50 per cent as of March 2025 from 58.47 per cent as of June 2024.
The company is almost debt free, indicating strong financial health and conservative capital structure. There is no promoter pledging in AIA Engineering Ltd, which demonstrates the promoters' confidence in the company's prospects.
The company has delivered a poor sales growth of 7.62% over the past five years, suggesting challenges in maintaining robust growth momentum. However, AIA Engineering Ltd has given a return of 33.55% in the last 3 years, indicating strong stock performance despite moderate revenue growth.
The P/B ratio of AIA Engineering Ltd is 6.18 times as of August 13, 2024, a 3% discount to its peers' median range of 6.40 times. The P/E ratio of AIA Engineering Ltd is 38.06 times as of August 13, 2024, a 15% discount to its peers' median range of 44.72 times.
AIA Engineering Ltd represents a well-established player in the specialized manufacturing sector with a strong international presence and solid financial foundation. The company's focus on high-chrome mill internals positions it uniquely in serving critical industrial sectors, though it faces challenges in accelerating growth rates. The debt-free status and stable promoter holding provide a strong foundation for future expansion and strategic initiatives.
