Aartech Solonics Ltd.

AARTECHNSECapital GoodsElectric EquipmentSmall Cap

₹50.25

▲ 0.7%

Composite

The company is involved in the manufacturing of electricity distribution & control apparatus [electrical apparatus for switching or protecting electrical circuits (e.g. switches, fuses, voltage limiters, surge suppressors, junction boxes etc.) for a voltage exceeding 1000 volts; similar apparatus (including relays, sockets etc.) for a voltage not exceeding 1000 volts; boards, panels, consoles, cabinets and other bases equipped with two or more of the above apparatus for electricity control or distribution of electricity including power capacitors.

www.aartechsolonics.comSector: Capital GoodsIndustry: Electric Equipment

Q-DITS fundamental score

47Composite

Growth

Profitability

Valuation

Quality

Solvency

Earnings

Key metrics

MCap

₹161 Cr

TTM PE

39.7x

Industry PE

57.8x

TTM EPS

₹1.27

Book Value

₹11.05

Face Value

₹5

Div Yield

PEG

0.97x

5.3x

ROE

9.1%

ROCE

6.5%

EBITDA mgn

7.6%

D/E

0.18

Int. Cover

4.2x

Curr. Ratio

3.15x

EPS

₹0.87

Growth — CAGR across horizons

Metric	1Y	3Y	5Y	10Y
Net Sales	12.5%	23.5%	30.1%	—
EBITDA	2,966.8%	113.4%	68.2%	—
Net Profit	48.3%	41.1%	73.4%	—

Score snapshot

Piotroski

5/9

Altman Z

1.86

Quality

Growth

92.8

Valuation

Earn. Qual

PEAD

SURGE

Revenue, profitability & returns

Revenue & Net Profit (₹ Cr)

RevenueNet Profit

Margins (%)

EBITDA%PAT%

Return ratios (%)

ROEROCEROA

Annual financials — last 7 years

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Metric	2018	2019	2020	2022	2023	2024	2025	Trend
›RevenueCr	10	14	10	16	22	33	36	↑
›EBITDACr	1	1	0	4	3	4	3	↓
›EBITDA margin	13.7%	9.9%	4.3%	24.2%	12.7%	11.1%	7.6%	↓
›Net profitCr	1	1	-0	3	1	1	3	↑
›PAT margin	7.7%	3.7%	-1.9%	17.1%	6.6%	4%	7.6%	↑
›EPS₹	₹0.34	₹0.16	₹-0.06	₹0.88	₹0.45	₹0.41	₹0.87	↑
›Revenue growth	0%	42.1%	-28.1%	61.8%	32.8%	51%	11%	↓
›PAT growth	0%	-32.1%	-137.9%	1,536.1%	-49.2%	-7.5%	110.2%	↑
›ROE	4.3%	2.4%	-0.8%	10.7%	5.1%	4.5%	9.1%	↑
›ROCE	5.9%	5.1%	0.5%	13.1%	7.8%	9.7%	6.5%	↓
›ROA	3.8%	2.1%	-0.7%	9%	4.2%	3.4%	6.7%	↑
›P/E	0x	31.8x	0x	0x	16.6x	41.4x	60.3x	↑
›P/B	0x	1x	1x	0x	2.5x	5.5x	5.3x	↓
›D/E	0	0	0.1	0	0.1	0.1	0.2	↑
›Current ratio	6.8x	11.6x	4.4x	5x	3.4x	2.7x	3.2x	↑
›Interest cover	13.6x	6.8x	0.8x	20.2x	8.2x	5.5x	4.2x	↓

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	Trend
›RevenueCr	7	10	7	9	10	11	4	12	7	17	↑
›Rev growth YoY	88.2%	-0.3%	3.7%	3.9%	33.2%	5.8%	-34.4%	24.4%	-24.5%	65.5%	↑
›EBITDACr	-0	1	-0	1	1	-2	-0	2	2	1	↓
›EBITDA margin	-6.3%	5.2%	-4.8%	10.7%	11.1%	-18.8%	-1.9%	20.4%	31.8%	8.5%	↓
›Net profitCr	1	-0	1	2	2	-2	1	2	1	1	↑
›PAT growth YoY	-38.5%	-177.2%	43.3%	320.6%	213.8%	-338.7%	-39.4%	39.4%	-68.5%	139.3%	↑
›EPS₹	₹0.38	₹-0.38	₹0.66	₹0.48	₹0.58	₹-0.52	₹0.3	₹0.68	₹0.19	₹0.22	↑

Balance sheet — last 8 years (₹ Cr)

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Metric	2018	2019	2020	2022	2023	2024	2025	2026	Trend
›Shareholders' equityCr	18	25	25	27	29	30	31	35	↑
›ReservesCr	13	18	18	17	18	19	16	19	↑
›Total borrowingsCr	0	0	0	0	0	0	0	0	—
›InvestmentsCr	5	12	16	16	12	15	14	0	↓
›Total assetsCr	18	27	26	28	29	30	32	51	↑
›Current assetsCr	13	19	18	20	26	30	34	43	↑
›Current liabilitiesCr	2	2	4	4	7	11	11	15	↑
›Trade payablesCr	0	1	2	2	4	6	4	7	↑
›Gross blockCr	6	7	7	7	5	5	6	4	↓

Cash flow statement (₹ Cr)

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Metric	2018	2019	2020	2022	2023	2024	2025	2026	Trend
›Operating CF (CFO)Cr	0	-1	1	2	-5	1	-2	-1	↑
›Investing CF (CFI)Cr	-1	-6	-4	-1	4	-1	1	3	↑
›Financing CF (CFF)Cr	2	8	-0	-0	1	0	0	-1	↓
›Net cash changeCr	1	1	-3	0	0	1	0	1	↑
›Closing cashCr	2	3	0	1	1	2	2	3	↑

Cash flow components

CFO · CFI · CFF (₹ Cr)

CFOCFICFF

Q-DITS scorecard

Composite score

Quality (25%)43

Growth (25%)92.8

Valuation (20%)4

Piotroski (15%)56

Earnings Quality (10%)0

Momentum (5%)—

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

Piotroski F-Score

5/9

✓ROA positiveROA 6.74%

✗CFO positiveCFO ₹-0.75 Cr

✓ROA improving3.43% → 6.74%

✗CFO > PAT (low accruals)CFO -0.75 vs PAT 2.76

✗Leverage decreasedD/E 0.14 → 0.18

✓Liquidity improvedCR 2.71 → 3.15

✓No share dilutionEPS 0.41 → 0.87

✗Margin improvedEBITDA mgn 11.05% → 7.61%

✓Asset turnover upAsset TO 0.85 → 0.89

Altman Z-Scoregrey

1.86

0.546

0.38

0.045

0.693

0.718

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

Quality

43/100

ROE

9.1%

ROCE

6.5%

Margin

7.6%

Debt

0.2

Int. cover

4.2x

Growth

92.8/100

Revenue 3Y

23.5%

Profit 3Y

41.1%

EPS

110.2%

Valuation

4/100

60.3x

5.3x

EV/EBITDA

61x

vs universe median: PE 23.47x · PB 2.95x · EV 14.02x

Earnings quality

0/100

CFO₹-1 Cr

PAT₹3 Cr

Accrual ratio0.069

CFO/PAT-0.27x

PEAD · SURGE

+2 / +1

Revenue SUE1.61

EPS SUE-0.11

Latest quarter2026-03

Rev growth YoY65.5%

Shareholding pattern

Promoter52.8%

FII/FPI0%

DII0%

Public47.3%

Tap any row to see its trend

Metric	2024-03	2024-06	2024-09	2024-12	2025-03	2025-06	2025-09	2025-12	2026-03	Trend
›Promoter	52.7%	52.7%	52.7%	52.7%	52.7%	52.7%	52.7%	52.8%	52.8%	—
›FII / FPI	0%	0%	0%	0%	0%	0%	0%	0%	0%	—
›DII	1.4%	1.4%	1.4%	1.4%	1.7%	1.4%	0.3%	0%	0%	—
›Public / Retail	47.3%	47.3%	47.3%	47.3%	47.3%	47.3%	47.3%	47.3%	47.3%	—
›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
Hitachi Energy India Ltd.	1,64,386	8,148	988	166.4x	31.8x	13.8	19.9	0
ABB India Ltd.	1,53,655	13,203	1,669	92.1x	18.8x	22.4	30.2	0
CG Power and Industrial Solutions Ltd.	1,51,718	12,418	1,197	125.8x	19x	28.6	39.9	0
GE Vernova T&D India Ltd.	1,41,984	6,206	1,233	115.1x	52.8x	40.3	56.1	0
Siemens Energy India Ltd.	1,36,531	8,735	1,310	104.2x	28.4x	29.2	40.2	0
Siemens Ltd.	1,34,019	17,966	1,533	48.7x	9.7x	18.9	25.6	0
Waaree Energies Ltd.	89,960	26,537	3,884	24.2x	6.2x	28.7	34.7	0.13