AARTECH

Aartech Solonics Limited

Specialty electrical and solar-energy products manufacturer

Industrials›Capital Goods›Electrical Equipment›Heavy Electrical Equipment

aartechsolonics.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹46.97
Market cap
149 Cr
Stock P/E
29.7
P/B
4.26
Dividend yield
0.3%
ROE (FY26)
11.5%
ROCE (FY26)
17.0%
Operating margin (FY26)
13.7%
Debt / equity (FY26)
0.16
OCF / EBITDA (FY26)
-12.2%
OCF / EBITDA (3Y)
-12.3%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Aartech Solonics designs and makes electrical equipment, including control and relay panels, bus transfer systems, ultracapacitors and waste-to-compost machines, for power utilities, process industries, defence and other customers in India and overseas.

Company snapshot

36thBy market cap

Ranked among 38 companies in Heavy Electrical Equipment.

What we see

Positives
  • ✓Debt-to-equity of 0.16x — the company is largely funded by its own money, not borrowed funds.
Concerns
  • ✗Over the last three years operations used more cash than they brought in, despite an operating profit — the business is not yet turning its profit into cash.

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales9 Cr7 Cr10 Cr7 Cr9 Cr10 Cr11 Cr4 Cr12 Cr7 Cr17 Cr7 Cr
Operating expenses (approx.)9 Cr8 Cr9 Cr7 Cr8 Cr9 Cr13 Cr4 Cr9 Cr5 Cr16 Cr6 Cr
EBITDA0.05 Cr-0.46 Cr0.52 Cr-0.32 Cr1 Cr1 Cr-2 Cr-0.08 Cr2 Cr2 Cr1 Cr0.89 Cr
OPM %0.6%-6.3%5.2%-4.8%10.7%11.1%-18.8%-1.9%20.4%31.8%8.5%12.3%
Other income0.63 Cr1 Cr0.28 Cr2 Cr0.98 Cr0.63 Cr-0.71 Cr1 Cr0.31 Cr0.30 Cr-0.69 Cr2 Cr
Interest0.17 Cr0.14 Cr0.16 Cr0.13 Cr0.18 Cr0.13 Cr0.11 Cr0.21 Cr0.17 Cr0.15 Cr0.22 Cr0.21 Cr
Depreciation0.16 Cr0.12 Cr0.14 Cr0.12 Cr0.14 Cr0.13 Cr0.11 Cr0.13 Cr0.13 Cr0.13 Cr0.13 Cr0.13 Cr
Profit before tax0.36 Cr0.72 Cr0.50 Cr2 Cr2 Cr1 Cr-3 Cr0.97 Cr2 Cr1 Cr2 Cr2 Cr
Tax %0.8%17.8%176.5%31.0%9.2%-26.2%43.9%35.0%11.9%49.2%62.5%29.1%
Net profit0.36 Cr0.59 Cr-0.38 Cr1 Cr2 Cr2 Cr-2 Cr0.63 Cr2 Cr0.58 Cr0.61 Cr2 Cr
EPS (₹)₹0.34₹0.56₹-0.36₹0.98₹0.47₹0.58₹-0.51₹0.20₹0.68₹0.18₹0.19₹0.49

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales10 Cr11 Cr16 Cr22 Cr33 Cr36 Cr41 CrSign in free for the trailing twelve months
Operating expenses (approx.)10 Cr11 Cr14 Cr21 Cr32 Cr37 Cr35 CrSign in free for the trailing twelve months
EBITDA-0.05 Cr0.46 Cr2 Cr1 Cr0.47 Cr-0.21 Cr6 CrSign in free for the trailing twelve months
OPM %-0.5%4.2%15.3%5.2%1.4%-0.6%15.0%Sign in free for the trailing twelve months
Other income0.49 Cr0.58 Cr1 Cr2 Cr3 Cr3 Cr1 CrSign in free for the trailing twelve months
Interest0.18 Cr0.20 Cr0.18 Cr0.27 Cr0.57 Cr0.55 Cr0.75 CrSign in free for the trailing twelve months
Depreciation0.30 Cr0.38 Cr0.34 Cr0.38 Cr0.47 Cr0.50 Cr0.52 CrSign in free for the trailing twelve months
Profit before tax-0.04 Cr0.46 Cr3 Cr2 Cr3 Cr2 Cr6 CrSign in free for the trailing twelve months
Tax %-410.2%44.0%18.3%21.0%49.1%-59.3%35.7%Sign in free for the trailing twelve months
Net profit-0.19 Cr0.26 Cr3 Cr2 Cr1 Cr3 Cr4 CrSign in free for the trailing twelve months
EPS (₹)₹-0.27₹0.36₹2.59₹1.82₹1.24₹0.87₹1.25Sign in free for the trailing twelve months
Dividend payout %—0.0%0.0%28.5%40.3%28.7%10.0%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital7 Cr7 Cr11 Cr11 Cr11 Cr16 Cr16 Cr
Reserves18 Cr18 Cr17 Cr18 Cr19 Cr16 Cr19 Cr
Borrowings————4 Cr6 Cr6 Cr
Other liabilities5 Cr4 Cr5 Cr8 Cr7 Cr6 Cr10 Cr
Total liabilities30 Cr29 Cr32 Cr37 Cr41 Cr43 Cr51 Cr
Fixed assets (net)4 Cr4 Cr4 Cr4 Cr5 Cr5 Cr4 Cr
CWIP————0 Cr0.05 Cr0.15 Cr
Investments10 Cr8 Cr9 Cr12 Cr14 Cr13 Cr10 Cr
Inventories3 Cr2 Cr3 Cr5 Cr8 Cr11 Cr11 Cr
Trade receivables5 Cr6 Cr7 Cr11 Cr9 Cr6 Cr16 Cr
Cash & bank0.02 Cr1 Cr1 Cr1 Cr2 Cr2 Cr3 Cr
Other assets9 Cr7 Cr8 Cr3 Cr2 Cr6 Cr5 Cr
Total assets30 Cr29 Cr32 Cr37 Cr41 Cr43 Cr51 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity—-2 Cr2 Cr-4 Cr1 Cr-2 Cr-0.75 Cr
Cash from investing—2 Cr-1 Cr4 Cr-0.93 Cr1 Cr3 Cr
Cash from financing—-0.39 Cr-0.23 Cr-0.53 Cr0.40 Cr0.28 Cr-0.90 Cr
Net cash flow—0.28 Cr0.16 Cr0.18 Cr0.96 Cr0.04 Cr1 Cr
Free cash flow (OCF − Capex)—-2 Cr1 Cr-4 Cr1 Cr-2 Cr-0.75 Cr

Ratios

MetricMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %0.6%2.6%13.2%9.1%9.4%6.2%17.0%
ROE %-0.8%1.0%10.2%6.5%4.4%8.7%11.5%
Debtor days16821216018510659146
Inventory days204146120132129223160
Days payable————928698
Cash conversion cycle373358280317143196207
OCF / EBITDA %—-353.7%66.5%-320.7%n.m.—-12.2%
OCF / EBITDA % (3 years)———-87.6%-11.5%n.m.-12.3%
Debt / equity0.000.000.000.00260.140.180.16
Current ratio4.355.615.003.492.713.152.85
Net debt / EBITDA—-2.30-0.48-1.233.75—0.35