Aeroflex Industries logo

Aeroflex Industries MD, chairman, board of directors and AGM

NSE: AEROFLEXBSE: 543972Industrial ProductsSmall Cap

Last close ₹451.30down ₹28.15 (5.87%)BSE ₹451.75

Share price at the NSE close on 23 Oct 2026. Previous close ₹479.45.

52-week range of traded prices to 23 Oct 2026
₹158.00Low, 23 Jan 2026₹613.70High, 14 Oct 2026
Market cap
₹5,972 Cr876th largest listed
P/E
88.9
P/B
13.4
Dividend yield
0.09%
ROE
17.0%
ROCE
20.0%
Debt to equity
0.00
Volume, NSE
35,86,49126.6% delivered

Aeroflex Industries board of directors

At the end of the quarter to Sep 2026, as the company filed it; changes since are in its announcements.

  • Chairperson and managing directorAsad Daud
  • Company Secretary and Compliance OfficerRuthu Parampogi

7 directors4 independent2 executive1 non-executive

  • Asad Daud · Chairperson and managing directorExecutive · joined Oct 2019 · reappointed Oct 2022 · 3 listed boards · 4 committee seats
  • Harikant Ganeshlal TurgaliaNon-executive · joined Oct 2019 · reappointed Oct 2019 · 3 listed boards · 3 committee seats, 1 as chair
  • Mustafa Abid KachwalaExecutive · joined May 2010 · reappointed Apr 2026 · 1 listed board
  • Ramesh Chandra SoniIndependent · joined Oct 2019 · reappointed Oct 2024 · 83 months as independent · 1 listed board · 1 as independent · 1 committee seat, 1 as chair
  • Parthasarathi SarkarIndependent · joined Sep 2022 · reappointed Sep 2025 · 48 months as independent · 2 listed boards · 2 as independent · 2 committee seats, 1 as chair
  • Arpit KhandelwalIndependent · joined Nov 2022 · reappointed Feb 2023 · 46 months as independent · 2 listed boards · 2 as independent · 4 committee seats, 1 as chair
  • Shilpa BhatiaIndependent · joined Sep 2022 · reappointed Jul 2023 · 48 months as independent · 3 listed boards · 3 as independent · 4 committee seats

An independent director has no business or family tie to the company, its promoters or its managers beyond the seat. Listed boards counts the boards of listed companies the director sits on, this one included, and "as independent" how many of those seats are independent ones. Committee seats are audit and stakeholder committee seats across those companies. Months as independent is filed for independent directors only, whose terms the rules cap. Disqualified is the company's own mark that a director may not serve under company law.

Committees and meetings

Who sits on each, and how often they met.Board meeting notices and outcomes

  • Board

    • 27 Jul 20267 of 7 present4 independent · 38 days in between
    • 18 Jun 20267 of 7 present4 independent · 43 days in between
    • 5 May 20267 of 7 present4 independent

  • Audit Committee

    Chair Ramesh Chandra Soni

    Asad Daud, Arpit Khandelwal, Parthasarathi Sarkar

    • 27 Jul 20263 of 3 present2 independent · 38 days in between
    • 18 Jun 20263 of 3 present2 independent · 43 days in between
    • 5 May 20263 of 3 present2 independent

  • Nomination and remuneration committee

    Chair Ramesh Chandra Soni

    Parthasarathi Sarkar, Harikant Ganeshlal Turgalia, Arpit Khandelwal

    • 18 Jun 20263 of 3 present2 independent

  • Stakeholders Relationship Committee

    Chair Harikant Ganeshlal Turgalia

    Asad Daud, Arpit Khandelwal, Shilpa Bhatia

    • 27 Jul 20263 of 3 present1 independent
    • 5 May 20263 of 3 present1 independent

  • Corporate Social Responsibility Committee

    Chair Ramesh Chandra Soni

    Mustafa Abid Kachwala, Arpit Khandelwal, Harikant Ganeshlal Turgalia

    • 18 Jun 20263 of 3 present2 independent

Meetings in the quarter filed and the one before it. The days in between are as the company files them, neither meeting's day counted; the rules allow at most 120. A quorum is the least number of members who must attend for the meeting to decide anything.

Statutory auditor

Named in the results for the quarter to Jun 2026.

  • M/s. Shweta Jain & Co LLPPeer-review certificate valid to May 2029
1 earlier auditor
  • M/s. Shweta Jain & CoNamed in filings from Mar 2025 to Mar 2026

A statutory auditor checks the company's accounts and signs its results. Peer review is the accountants' institute's check of an audit firm's own work, which a listed company's auditor must hold a valid certificate of.

Aeroflex Industries AGM and shareholder votes

Each resolution, how the votes went, and how institutions voted apart from the promoters. A postal ballot is a vote by post or online, held without a meeting.Aeroflex Industries dividend history

Annual general meeting, 21 Jul 2026

1,16,238 shareholders on the register on 14 Jul 2026; present: 2 promoters and 57 others; votes counted by Dr. S. K. Jain / S. K. Jain & Co..The company's voting result (opens in a new tab)

  1. To consider and adopt: a)the Audited Standalone Financial Statement of the Company for the financial year ended March 31, 2026, together with the Reports of the Board of Directors’ and the Auditors’ thereon; and b)the Audited Consolidated Financial Statement of the Company for the financial year ended March 31, 2026, together with the Report of the Auditors’ thereon.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 68.08% · promoters 100.00% · institutions 56.43% · other public 0.16%

  2. To declare a Final Dividend on Equity Shares for the financial year 2025–26
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 68.08% · promoters 100.00% · institutions 56.43% · other public 0.16%

  3. To re-appoint a Director in place of Mr. Asad Daud (DIN: 02491539), who retires by rotation and, being eligible, offers himself for re-appointment
    Ordinary
    99.87% for0.13% against

    Against: promoters 0.00% · institutions 3.34% · other public 0.22%

    Turnout: all 68.08% · promoters 100.00% · institutions 56.43% · other public 0.16%

  4. To re-appoint M/s. Shweta Jain & Co. LLP, Chartered Accountants, as Statutory Auditors of the Company.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 4.03%

    Turnout: all 68.08% · promoters 100.00% · institutions 56.43% · other public 0.16%

  5. To ratify the remuneration of Cost Auditor for the financial year 2026–27.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.93%

    Turnout: all 68.08% · promoters 100.00% · institutions 56.43% · other public 0.16%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Extraordinary general meeting, 15 Jan 2026, 1 resolution

1,05,042 shareholders on the register on 8 Jan 2026; present: 2 promoters and 60 others; votes counted by Dr. S K Jain / S. K. Jain & Co..The company's voting result (opens in a new tab)

  1. ISSUANCE OF EQUITY SHARES TO NON-PROMOTERS ON A PREFERENTIAL ALLOTMENT BASIS
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.19%

    Turnout: all 69.95% · promoters 100.00% · institutions 50.92% · other public 2.54%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Annual general meeting, 5 Aug 2025, 8 resolutions

1,15,715 shareholders on the register on 29 Jul 2025; present: 2 promoters and 66 others; votes counted by Dr. S. K. Jain & Co. / Dr. S.K. Jain.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt: (a) the Standalone Audited Financial Statement of the Company for the financial year ended 31st March 2025 together with the reports of the Board of Directors’ and Auditors’ thereon; and (b) the Consolidated Audited Financial Statement of the Company for the financial year ended 31st March 2025 together with the Auditors’ Report thereonMoreLess
    Ordinary
    99.94% for0.06% against

    Against: promoters 0.00% · institutions 0.00% · other public 5.72%

    Turnout: all 70.28% · promoters 100.00% · institutions 68.33% · other public 2.58%

  2. To declare final dividend on Equity Shares for the financial year ended 31st March 2025
    Ordinary
    99.94% for0.06% against

    Against: promoters 0.00% · institutions 0.00% · other public 5.71%

    Turnout: all 70.28% · promoters 100.00% · institutions 68.33% · other public 2.58%

  3. To appoint a director in place of Mr. Harikant Ganeshlal Turgalia (DIN: 00049544), who retires by rotation and being eligible, offered himself for re-appointment as a Director.
    Ordinary
    99.42% for0.59% against

    Against: promoters 0.00% · institutions 14.63% · other public 5.85%

    Turnout: all 70.26% · promoters 100.00% · institutions 67.75% · other public 2.58%

  4. Re-appointment of Mr. Parthasarathi Sarkar (DIN: 00047272) as an Independent Director of the Company.
    Special
    99.42% for0.58% against

    Against: promoters 0.00% · institutions 14.63% · other public 5.74%

    Turnout: all 70.26% · promoters 100.00% · institutions 67.75% · other public 2.58%

  5. Re-appointment of Mr. Musatafa Kachwala (DIN: 03124453) as a Whole-Time Director of the Company.
    Special
    99.94% for0.06% against

    Against: promoters 0.00% · institutions 0.00% · other public 5.81%

    Turnout: all 70.28% · promoters 100.00% · institutions 68.33% · other public 2.58%

  6. Alteration of Main Object Clause of the Memorandum of Association.
    Special
    99.94% for0.06% against

    Against: promoters 0.00% · institutions 0.00% · other public 5.79%

    Turnout: all 70.28% · promoters 100.00% · institutions 68.33% · other public 2.58%

  7. Appointment of M/s. T.F. Khatri & Associates, Company Secretaries as the Secretarial Auditors of the Company for the period of 5 years.
    Ordinary
    96.74% for3.26% against

    Against: promoters 0.00% · institutions 89.62% · other public 5.79%

    Turnout: all 70.26% · promoters 100.00% · institutions 67.75% · other public 2.58%

  8. Approval of material related party transaction(s) with M/s. Aeroflex Enterprises Limited (formerly known as SAT Industries Limited) (‘AEL’).
    OrdinaryNot passedPromoters have an interest in it
    22.27% for77.73% against

    Against: promoters 0.00% · institutions 99.34% · other public 5.97%

    Turnout: all 3.26% · promoters 0.00% · institutions 67.75% · other public 2.58%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Extraordinary general meeting, 15 Jan 2025, 1 resolution

96,465 shareholders on the register on 8 Jan 2025; present: 2 promoters and 43 others; votes counted by S.K.JAIN / S.K.JAIN & CO..The company's voting result (opens in a new tab)

  1. To approve raising of funds by way of issuance of equity shares and/or equity linked securities by way of Qualified Institutions Placement (“QIP”)
    Special
    93.86% for6.14% against

    Against: promoters 0.00% · institutions 82.86% · other public 0.10%

    Turnout: all 72.69% · promoters 100.00% · institutions 73.28% · other public 1.21%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Annual general meeting, 5 Jul 2024, 6 resolutions

Present: 2 promoters and 42 others.The company's voting result (opens in a new tab)

  1. a)tTo receive, consider and adopt: the Audited Standalone Financial Statement of the Company for the year ended March 31, 2024 together with the Reports of the Board of Directors and Auditors thereon; andnb)tThe Audited Consolidated Financial Statement of the Company for the year ended March 31, 2024 together with the Report of the Auditors thereon.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.06%

    Turnout: all 72.00% · promoters 100.00% · institutions 66.48% · other public 3.50%

  2. To declare final dividend on Equity Shares for the financial year ended March 31, 2024.
    Ordinary
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.40%

    Turnout: all 72.00% · promoters 100.00% · institutions 66.48% · other public 3.50%

  3. To appoint a Director in place of Mr. Mustafa Abid Kachwala (DIN: 03124453), who retires by rotation and being eligible, offered himself for re-appointment as a Director
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.29%

    Turnout: all 72.00% · promoters 100.00% · institutions 66.48% · other public 3.50%

  4. To re-appoint Mr. Ramesh Chandra Soni (DIN: 00049497) as an Independent Director of the Company for the second term of Five years.
    Special
    94.66% for5.34% against

    Against: promoters 0.00% · institutions 100.00% · other public 0.34%

    Turnout: all 71.76% · promoters 100.00% · institutions 62.63% · other public 3.50%

  5. To approve Aeroflex Industries Limited Employee Stock Options Plan 2024 (“ESOP 2024”) for employees of the Company.
    Special
    94.66% for5.34% against

    Against: promoters 0.00% · institutions 100.00% · other public 0.55%

    Turnout: all 71.76% · promoters 100.00% · institutions 62.63% · other public 3.50%

  6. To consider and approve Aeroflex Industries Limited Employee Stock Options Plan 2024 (ESOP 2024) for the Employees of existing and future Subsidiary Company/ies.
    Special
    94.65% for5.35% against

    Against: promoters 0.00% · institutions 100.00% · other public 0.75%

    Turnout: all 71.76% · promoters 100.00% · institutions 62.63% · other public 3.50%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

How mutual funds voted

Fund houses must disclose how they vote at every meeting of a company they hold.

Mutual fund votes, meeting of 21 Jul 2026, 1 fund house so far (houses' deadline to file 15 Oct 2026)

  • To consider and adopt: a)the Audited Standalone Financial Statement of the Company for the financial year ended March 31, 2026, together with the Reports of the Board of Directors’ and the Auditors’ thereon; and b)the Audited Consolidated Financial Statement of the Company for the financial year ended March 31, 2026, together with the Report of the Auditors’ thereon.MoreLess
    1 for0 against
  • To declare a Final Dividend on Equity Shares for the financial year 2025–26
    1 for0 against
  • To re-appoint a Director in place of Mr. Asad Daud (DIN: 02491539), who retires by rotation and, being eligible, offers himself for re-appointment
    1 for0 against
  • To re-appoint M/s. Shweta Jain & Co. LLP, Chartered Accountants, as Statutory Auditors of the Company.
    1 for0 against
  • To ratify the remuneration of Cost Auditor for the financial year 2026–27.
    1 for0 against

Mutual fund votes, meeting of 15 Jan 2026, 2 fund houses

  • ISSUANCE OF EQUITY SHARES TO NON-PROMOTERS ON A PREFERENTIAL ALLOTMENT BASIS
    2 for0 against
3 earlier meetings

Mutual fund votes, meeting of 5 Aug 2025, 3 fund houses

  • To receive, consider and adopt: (a) the Standalone Audited Financial Statement of the Company for the financial year ended 31st March 2025 together with the reports of the Board of Directors’ and Auditors’ thereon; and (b) the Consolidated Audited Financial Statement of the Company for the financial year ended 31st March 2025 together with the Auditors’ Report thereonMoreLess
    3 for0 against
  • To declare final dividend on Equity Shares for the financial year ended 31st March 2025
    3 for0 against
  • To appoint a director in place of Mr. Harikant Ganeshlal Turgalia (DIN: 00049544), who retires by rotation and being eligible, offered himself for re-appointment as a Director.
    Against LIC Mutual Fund
    • LIC Mutual FundGovernance concern: NRC Member and Excessive Remuneration to Promoter ED.
    2 for1 against
  • Re-appointment of Mr. Parthasarathi Sarkar (DIN: 00047272) as an Independent Director of the Company.
    Against LIC Mutual Fund
    • LIC Mutual FundGovernance concern: NRC Member and Excessive Remuneration to Promoter ED.
    2 for1 against
  • Re-appointment of Mr. Musatafa Kachwala (DIN: 03124453) as a Whole-Time Director of the Company.
    3 for0 against
  • Alteration of Main Object Clause of the Memorandum of Association.
    3 for0 against
  • Appointment of M/s. T.F. Khatri & Associates, Company Secretaries as the Secretarial Auditors of the Company for the period of 5 years.
    Against LIC Mutual Fund, Nippon India Mutual Fund
    • LIC Mutual FundConcern over Non-Disclosure of Audit Fee for the Proposed Auditor. Transparency Concern: Company has not addressed if there is / will be any material change in the Audit Fee as well.
    • Nippon India Mutual FundNon-Compliant with SEBI (LODR) Regulations: Non-Disclosure of Audit Fee for the Proposed Auditor
    1 for2 against
  • Approval of material related party transaction(s) with M/s. Aeroflex Enterprises Limited (formerly known as SAT Industries Limited) (‘AEL’).
    Against Invesco Mutual Fund, LIC Mutual Fund, Nippon India Mutual Fund
    • Invesco Mutual FundAEL is engaged in manufacturing, leasing, finance, investments, domestic trading and import & export through its various subsidiaries. It is the holding company of Aeroflex Industries Limited (AIL), with 61.23% equity. There is a disconnect in the notice – the audit committee has approved related party transaction upto Rs. 2.5 bn, but the company appears to be seeking an approval for transactions aggregating Rs. 1.5 bn only. The proposed transactions to be undertaken over three years are for sale, purchase or supply of goods or services or any other similar business transaction and trade advances aggregating Rs. 500.0 mn and borrowings for Rs. 1,000.0 mn. It is unclear whether the borrowings relate to lending of funds or borrowing of funds – the resolution is ambiguous. Further, for borrowings, the company has stated that the transaction is prospective in nature and proposed to be entered into for FY26, the actual rate of interest can be determined only when the transaction actually takes place considering market conditions. The company should have provided a framework for how it proposes to price the proposed debt. We do not support transactions where there is no clarity on the rationale for, and the terms of the financial assistance. We do not support the resolution.
    • LIC Mutual FundTransparency Concern: Inadequate Disclosures: It cannot be ascertained if the transactions are in the Ordinary Course of Business.
    • Nippon India Mutual FundTransparency concern: No adequate disclosure
    0 for3 against

Mutual fund votes, meeting of 15 Jan 2025, 3 fund houses

  • To approve raising of funds by way of issuance of equity shares and/or equity linked securities by way of Qualified Institutions Placement (“QIP”)
    Against Invesco Mutual Fund, Nippon India Mutual Fund
    • Invesco Mutual FundAt the closing market price of Rs. 205.5 on 24 December 2024, the company will issue ~19.5 mn shares to raise capital of Rs. 4.0 bn. This will lead to a dilution of ~13.1% on the expanded capital base. The company has disclosed that the funds raise will be utilized towards capacity expansion, and research & development capabilities, investments in subsidiaries, capex and business expansion, repayment of debt, inorganic acquisition, working capital requirements and general corporate purposes. The company raised Rs. 3.5 bn (Rs. 1.6 bn through fresh issue and Rs. 1.9 bn through Offer for sale) through IPO in August 2023. Since, the company is seeking to raise capital of Rs. 4.0 bn, which is higher than the IPO raise, it must provide granular details in the meeting notice regarding the usage of funds to be raised and a detailed rationale for the need to raise funds just 16 months after the IPO. Due to the lack of clarity, we do not support the resolution
    • Nippon India Mutual FundLack of Clarity
    1 for2 against

Mutual fund votes, meeting of 5 Jul 2024, 2 fund houses

  • a)tTo receive, consider and adopt: the Audited Standalone Financial Statement of the Company for the year ended March 31, 2024 together with the Reports of the Board of Directors and Auditors thereon; andnb)tThe Audited Consolidated Financial Statement of the Company for the year ended March 31, 2024 together with the Report of the Auditors thereon.MoreLess
    2 for0 against
  • To declare final dividend on Equity Shares for the financial year ended March 31, 2024.
    2 for0 against
  • To appoint a Director in place of Mr. Mustafa Abid Kachwala (DIN: 03124453), who retires by rotation and being eligible, offered himself for re-appointment as a Director
    2 for0 against
  • To re-appoint Mr. Ramesh Chandra Soni (DIN: 00049497) as an Independent Director of the Company for the second term of Five years.
    Against Invesco Mutual Fund, Nippon India Mutual Fund
    • Invesco Mutual FundRamesh Chandra Soni, 64, completed his first five-year term and is being reappointed for another five years as an independent director. He has attended all seven board meetings held in FY24. He has been on the board of SAT Industries Limited, promoter company, for 18 years. Given his long association with the promoter group of over 10 years, we do not consider him to be independent. The board must consider appointing him in a non-executive non-independent capacity
    • Nippon India Mutual FundProlonged association
    0 for2 against
  • To approve Aeroflex Industries Limited Employee Stock Options Plan 2024 (“ESOP 2024”) for employees of the Company.
    Against Invesco Mutual Fund, Nippon India Mutual Fund
    • Invesco Mutual FundAs per the plan, the company proposes to issue 1,293,204 stock options to employees of the company. The exercise price is at the discretion of the NRC. ESOPs are ‘pay at risk’ options that employees accept at the time of grant, which is protected if the ESOPs are issued at significant discount to the market price. Such practices do not align the interests of investors and employees. The scheme may include time-based and performance-based vesting. We do not support time-based stock options, since they do not align with investor interests. The company has not disclosed granular performance-metrics that will determine the vesting of performance-based grants
    • Nippon India Mutual FundInadequate disclosure &Excessive potential benefit to employee
    0 for2 against
  • To consider and approve Aeroflex Industries Limited Employee Stock Options Plan 2024 (ESOP 2024) for the Employees of existing and future Subsidiary Company/ies.
    Against Invesco Mutual Fund, Nippon India Mutual Fund
    • Invesco Mutual FundThrough a separate resolution, the company proposes to extend the ESOP 2024 scheme to employees of existing and future subsidiaries. Our view on this resolution is linked to resolution #5.
    • Nippon India Mutual FundInadequate disclosure &Excessive potential benefit to employee
    0 for2 against

Each fund house counted once, from its own disclosure; the reasons are its own words.

Tax disputes

Reported in the filing for the quarter to Sep 2026.

  • Tax disputeAssessment Unit Income Tax DepartmentSince 25 Mar 2026
    Appeal admitted, Hearing is Pending
    At the filing before: The Company has filed an appeal on 08-04-2026 against the order.

In the company's own words, from its latest governance filing.

Investor complaints and compliance

Quarter by quarter.

Investor complaints received and resolved, the company's own count

  • Received
  • Resolved

Open at the quarter's end

None open at any quarter's end.
The board is made up as the listing rules require
Yes
The board has a regular chairperson
Yes
The company has a risk management committee
No
The chair is related to the managing director
Yes
The filing has a part on fines and penalties
No
The filing has a part on tax disputes
Yes
There was a cyber security incident in the quarter
No

The company's own answers in its filing.

How money raised was used

Reported for the quarter to Jun 2026. A preferential issue sells new shares to chosen investors rather than to the public. A warrant or partly paid issue plans the whole issue while the money comes in over time, so the amount set aside can be more than raised so far.

RaisedAmount raisedForSet asideSpentSpent elsewhere
Preferential IssuesFeb 202655.00Long-term working capital41.5340.77No
Preferential IssuesFeb 202655.00General Corporate Purpose12.031.64No
Preferential IssuesFeb 202655.00Preferential Issue Expenses-Advisory Fees1.421.42No
Preferential IssuesFeb 202655.00Preferential Issue expenses-Board Meetings, Extra- Ordinary General Meetings and Miscellaneous expenses0.030.03No
₹ crore. Checked by is the agency appointed to monitor how the money is used. The reason and the comments are the company's, its audit committee's and its auditors' own words.