Aeroflex Neu Ltd.

AERONEUNSEPlastic ProductsPlastic ProductsSmall Cap

₹94.02

▲ 0.07%

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Composite

Sah Polymers is a leading PP Woven Bags Manufacturer in India (Udaipur, Rajasthan). It manufactures and exports PP Woven Bags and HDPE Box Bags, Flexible Intermediate Bulk Containers (FIBCs), and BOPP Laminated Bags.

www.aeroflexneu.comSector: Plastic ProductsIndustry: Plastic Products

Q-DITS fundamental score

31Composite

Growth

Profitability

Valuation

Quality

Solvency

Earnings

100

Key metrics

MCap

₹242 Cr

TTM PE

143.8x

Industry PE

36.3x

TTM EPS

₹0.65

Book Value

₹40.78

Face Value

₹10

Div Yield

PEG

-7.12x

2.4x

ROE

0.3%

ROCE

3.5%

EBITDA mgn

5.1%

D/E

0.34

Int. Cover

1.1x

Curr. Ratio

2.06x

EPS

₹0.08

Growth — CAGR across horizons

Metric	1Y	3Y	5Y	10Y
Net Sales	-0%	10.6%	—	—
EBITDA	-14%	-20.4%	—	—
Net Profit	758.9%	-20.2%	—	—

Score snapshot

Piotroski

5/9

Altman Z

2.02

Quality

21.5

Growth

11.8

Valuation

Earn. Qual

100

PEAD

-2

SURGE

-2

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Revenue, profitability & returns

Revenue & Net Profit (₹ Cr)

RevenueNet Profit

Margins (%)

EBITDA%PAT%

Return ratios (%)

ROEROCEROA

Annual financials — last 10 years

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Metric	2015	2016	2017	2018	2019	2020	2022	2023	2024	2025
›RevenueCr	43	43	36	36	45	49	81	95	109	129
›EBITDACr	2	-0	2	2	3	3	8	9	7	7
›EBITDA margin	4.5%	-0.3%	5.1%	6.8%	6%	5.8%	9.8%	9.5%	6.7%	5.1%
›Net profitCr	0	-1	0	0	0	0	4	4	1	0
›PAT margin	0%	-3%	0.1%	0.8%	0.8%	0.6%	5.4%	3.9%	0.8%	0.2%
›EPS₹	₹0.02	₹-1	₹0.03	₹0.18	₹0.24	₹0.19	₹2.7	₹1.32	₹0.31	₹0.08
›Revenue growth	2.3%	-1.8%	-14.7%	-1%	25.8%	8.7%	61.6%	18.5%	14.5%	18.4%
›PAT growth	-81%	0%	103.2%	503.8%	34.7%	-20.1%	1,374.2%	-14.1%	-75.4%	-75.1%
›ROE	0.1%	-9.6%	0.3%	1.7%	2%	1.6%	20.2%	6.9%	1.1%	0.3%
›ROCE	5.8%	-3.5%	6%	6.3%	7%	6.9%	16.4%	9.3%	4.4%	3.5%
›ROA	0%	-5.1%	0.2%	0.9%	1.1%	0.8%	8.3%	3.9%	0.7%	0.2%
›P/E	0x	0x	0x	0x	0x	0x	0x	52.8x	290x	996.8x
›P/B	0x	0x	0x	0x	0x	0x	0x	2.1x	2.8x	2.4x
›D/E	0.6	0.6	0.6	0.4	0.6	0.5	1.3	0.3	0.4	0.3
›Current ratio	1.2x	1.4x	1.2x	1.5x	1.4x	1.4x	1.1x	2.7x	2.2x	2.1x
›Interest cover	1.1x	-0.7x	1.1x	1.2x	1.6x	1.3x	4.9x	3x	1.4x	1.1x

Quarterly results

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Metric	2023-12	2024-03	2024-06	2024-09	2024-12	2025-03	2025-06	2025-09	2025-12	2026-03
›RevenueCr	26	32	29	34	32	34	30	35	31	34
›Rev growth YoY	18.6%	62.9%	25%	23.1%	24.6%	4.6%	2%	1.8%	-4.5%	0.5%
›EBITDACr	1	1	2	1	1	0	1	1	2	0
›EBITDA margin	3%	3.7%	5.4%	2.7%	4.3%	0.6%	2.4%	2.1%	6.5%	0.2%
›Net profitCr	0	0	0	0	0	-0	1	1	1	-1
›PAT growth YoY	-92.9%	-74.5%	-51.7%	136%	-102.8%	-361.4%	176.2%	297.8%	37,150%	-162%
›EPS₹	₹0.02	₹0.04	₹0.11	₹0.1	₹0	₹-0.14	₹0.31	₹0.4	₹0.29	₹-0.34

Balance sheet — last 10 years (₹ Cr)

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Metric	2016	2017	2018	2019	2020	2022	2023	2024	2025	2026
›Shareholders' equityCr	14	14	19	19	19	24	85	84	84	105
›ReservesCr	-0	-0	3	3	4	8	59	58	58	79
›Total borrowingsCr	0	0	0	0	0	0	0	0	0	0
›InvestmentsCr	1	1	1	1	1	2	2	2	2	0
›Total assetsCr	17	15	19	19	19	28	96	94	91	145
›Current assetsCr	11	13	18	23	23	41	76	78	71	90
›Current liabilitiesCr	8	11	12	17	16	39	28	35	34	35
›Trade payablesCr	3	3	3	4	4	8	8	9	8	9
›Gross blockCr	19	20	19	20	21	28	58	64	71	50

Cash flow statement (₹ Cr)

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Metric	2016	2017	2018	2019	2020	2022	2023	2024	2025	2026
›Operating CF (CFO)Cr	3	-1	-3	3	3	-1	-17	0	8	3
›Investing CF (CFI)Cr	2	-0	0	-1	-1	-11	-24	-5	-6	-0
›Financing CF (CFF)Cr	-3	-1	2	-2	-2	11	46	-5	-5	11
›Net cash changeCr	3	-2	-1	1	-0	-0	5	-10	-3	14
›Closing cashCr	4	2	1	2	1	-5	-1	-10	-14	17

Cash flow components

CFO · CFI · CFF (₹ Cr)

CFOCFICFF

Q-DITS scorecard

Composite score

Quality (25%)21.5

Growth (25%)11.8

Valuation (20%)20

Piotroski (15%)56

Earnings Quality (10%)100

Momentum (5%)—

Weighted blend, rescaled to the components available for this stock.

Piotroski F-Score

5/9

✓ROA positiveROA 0.18%

✓CFO positiveCFO ₹2.89 Cr

✗ROA improving0.72% → 0.18%

✓CFO > PAT (low accruals)CFO 2.89 vs PAT 0.23

✓Leverage decreasedD/E 0.36 → 0.34

✗Liquidity improvedCR 2.2 → 2.06

✗No share dilutionEPS 0.31 → 0.08

✗Margin improvedEBITDA mgn 6.74% → 5.14%

✓Asset turnover upAsset TO 0.85 → 1.0

Altman Z-Scoregrey

2.02

0.381

0.548

0.028

0.727

0.893

>2.9 safe · 1.23–2.9 grey · <1.23 distress

Quality

21.5/100

ROE

0.3%

ROCE

3.5%

Margin

0.2%

Debt

0.3

Int. cover

1.1x

Growth

11.8/100

Revenue 3Y

10.6%

Profit 3Y

-20.2%

EPS

-74.6%

Valuation

20/100

996.8x

2.4x

EV/EBITDA

33.9x

vs universe median: PE 25.6x · PB 2.81x · EV 13.41x

Earnings quality

100/100

CFO₹3 Cr

PAT₹0 Cr

Accrual ratio-0.018

CFO/PAT12.57x

PEAD · SURGE

-2 / -2

Revenue SUE-0.89

EPS SUE-2.9

Latest quarter2026-03

Rev growth YoY0.5%

Shareholding pattern

Promoter60.5%

FII/FPI4.1%

DII0.4%

Public39.5%

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Metric	2024-03	2024-06	2024-09	2024-12	2025-03	2025-06	2025-09	2025-12	2026-03
›Promoter	60.5%	60.5%	60.5%	60.5%	60.5%	60.5%	60.5%	60.5%	60.5%
›FII / FPI	3.2%	3.6%	3.6%	3.6%	3.6%	3.6%	3.7%	3.7%	4.1%
›DII	0%	0%	0%	0%	0%	0.4%	0.4%	0.4%	0.4%
›Public / Retail	39.5%	39.5%	39.5%	39.5%	39.5%	39.5%	39.5%	39.5%	39.5%
›Promoter pledge	0%	0%	0%	0%	0%	0%	0%	0%	0%

Documents & filings

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Peer comparison

Company	MCap (Cr)	Revenue	PAT	PE	PB	ROE%	ROCE%	D/E
Supreme Industries Ltd.	44,835	11,218	853	47x	7.3x	16.1	21.5	0
Astral Ltd.	41,392	6,569	535	77.1x	10.2x	15.3	21.1	0.04
Garware Hi-Tech Films Ltd.	15,761	2,120	338	46.6x	5.9x	15	20.4	0.01
Shaily Engineering Plastics Ltd.	12,876	991	170	75.8x	18x	18.6	19.5	0.34
Finolex Industries Ltd.	10,886	4,113	557	18.2x	1.8x	13.6	17.4	0.04
Time Technoplast Ltd.	8,806	6,105	477	18.8x	2.2x	14.5	18.2	0.22
Kingfa Science & Technology (India) Ltd.	7,002	1,996	185	37.8x	5x	23.2	30.7	0.05