Aaron Industries Ltd, incorporated in 2013 (and listed later), operates in the elevator solutions and sheet-metal polishing/manufacturing business. As India’s infrastructure, real-estate and vertical-transport (elevators/escalators) demand grows, Aaron is positioned to benefit from rising demand for its cabins, auto-doors and decorative metal sheets. In this article, we examine the company’s business model, financial performance, growth drivers, risks and then project share-price ranges across time horizons from 2026 to 2050.
Table of Contents
Company Overview
| Metric | Details |
|---|---|
| Company Name | Aaron Industries Ltd |
| Industry | Manufacturing — Elevator components, auto-doors, decorative metal sheets |
| Founded | 2013 (as Aaron Industries Ltd) |
| Headquarters | Surat, Gujarat, India |
| Business Focus | Elevator cabins, auto-doors, decorative stainless steel sheet/metal polishing |
| Listing | NSE: AARON (India) |
Business Segments
- Elevator Cabins & Auto-Doors: Manufacturing customised cabins, automatic door systems, and designer cabins for residential and commercial projects.
- Decorative / Stainless Steel Sheet & Polishing Unit: The business has a polishing facility and supplies designer stainless sheets and job-work finishing to sheet-metal markets.
- OEM / Turnkey Supplier to Elevator Industry: The company positions itself as a component/cabin supplier within the broader elevator manufacturing ecosystem.
Financial Performance
Here is a snapshot of recent performance:
| Year Ended March | Revenue from Operations (₹ Lakhs) | Net Profit After Tax (₹ Lakhs) |
|---|---|---|
| 2023-24 | 6,322.67 Lakhs (≈ ₹63.23 Cr) | 633.09 Lakhs (≈ ₹6.33 Cr) |
| 2024-25 | 7,793.05 Lakhs (≈ ₹77.93 Cr) | 824.32 Lakhs (≈ ₹8.24 Cr) |
Growth Drivers
- Infrastructure build-out and real-estate/high-rise construction are driving demand for elevators, cabins, and components.
- Focus on decorative finishes and higher-end cabins may give margin uplift compared to commodity sheet work.
- Manufacturing and finishing capability (sheet-metal polishing, decorative finishes) might help capture value-added tasks rather than pure commodities.
- Improving scale and profitability over recent years, indicating execution strength and possibly better margins.
Risks & Challenges
- The business is moderately small in scale; competition from larger elevator component suppliers may press margins.
- Dependency on the real-estate/construction cycle; a slowdown in construction could impact demand.
- Raw material (steel, stainless sheet) pricing volatility, labour and energy costs could squeeze margins.
- Execution risk: achieving higher margins requires consistent execution, and any lapse may affect profitability.
- Valuation could be demanding: as of current levels, price-earnings and price-book appear elevated relative to peers (PE > 50x)
Aaron Industries Share Price Target
Here are estimated share-price target ranges under Bear, Base and Bull cases:
| Year | Bear Case | Base Case | Bull Case |
|---|---|---|---|
| 2026 | ₹ 140 | ₹ 200 | ₹ 260 |
| 2027 | ₹ 165 | ₹ 250 | ₹ 340 |
| 2028 | ₹ 200 | ₹ 320 | ₹ 430 |
| 2030 | ₹ 300 | ₹ 480 | ₹ 650 |
| 2040 | ₹ 600 | ₹ 1,000 | ₹ 1,500 |
| 2050 | ₹ 1,000 | ₹ 1,800 | ₹ 2,500 |
Disclaimer: These projections are purely illustrative — based on estimated growth rates, profitability improvements and market expansion potential. They are not financial advice.
Year-wise Detailed Analysis
Aaron Industries Share Price Target 2026
By 2026, if Aaron Industries continues its growth trajectory (revenue up, margins improving) and maintains its execution, the stock could reach about ₹200 in the base case. In a favourable scenario (strong margin uptick, major order wins) it could move to ~₹260. If growth stalls or margin pressure remains, bear case ~₹140.
Aaron Industries Share Price Target 2027
In 2027, assuming scale increases and the company captures larger share of the luxury/high-end elevator cabin market or sheet finishing business, base case ~₹250 is plausible. Bull case ~₹340 if high growth and margin uplift. Bear case ~₹165 if execution or market conditions disappoint.
Aaron Industries Share Price Target 2028
By 2028, with sustained growth, domestic demand for elevators + finishing could support ~₹320 base case, and up to ~₹430 in bullish scenario. Bear ~₹200 if slower growth.
Aaron Industries Share Price Target 2030
By 2030, assuming the business scales, becomes recognised for its niche in design-led cabins and decorative sheet segment, base case ~₹480, bull case ~₹650. Bear ~₹300 if growth remains muted.
Aaron Industries Share Price Target 2040
In the long term to 2040, if Aaron Industries evolves into a well-recognised brand, captures export markets or higher value-added finishing, it could be trading around ~₹1,000 in base case, ~₹1,500 in bull case. Bear case ~₹600.
Aaron Industries Share Price Target 2050
By 2050, assuming strong execution, global presence and high margins, share could reach ~₹1,800 base case, ~₹2,500 bull. If growth is limited, bear scenario ~₹1,000.
Future Outlook
Aaron Industries has shown a promising track record of growth over recent years, increasing revenue and profit, improving margins and expanding its manufacturing capability. While the absolute scale is still modest compared to large engineering peers, the company operates in a niche (elevator cabins & decorative finishing) which can command better margins if executed well. The long-term outlook is cautiously positive, provided the company scales up, maintains technological and finishing edge, and controls costs. Investors should monitor order book growth, margin trends, raw-material costs, and real-estate/elevator sub-market growth closely.
FAQs
What is Aaron Industries’ main business?
Aaron Industries Ltd manufactures elevator cabins, automatic doors for elevators, decorative stainless steel sheets and provides sheet-metal polishing services.
Is Aaron Industries a good long-term investment?
For investors with a higher risk tolerance, Aaron Industries presents potential upside if the company scales and improves margins. However, risks remain (scale, competition, execution), and valuation is presently demanding.
What is the Aaron Industries share price target for 2030?
Based on the estimates in this article, the base case target for 2030 is ~₹480 and the bull case ~₹650.
Who runs Aaron Industries Ltd?
The Promoter and Managing Director is Mr Amar Chinubhai Doshi
Conclusion
Aaron Industries Ltd is a niche manufacturing company with a focused business in elevator cabins, doors and decorative finishing. Its recent financials show solid growth and improving margins, which is encouraging. The long-term potential is there, especially if the company continues to scale, improve margins and differentiate in its niche. However, given its modest size and inherent risks, investors should approach it with caution and keep track of execution and market conditions.
