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Taneja Aerospace & Aviation Ltd

TANAA

BSE

₹327.40-1.59%19 Oct 2026

Reports

Aviation

Taneja Aerospace & Aviation Ltd

TANAA

BSE

₹327.40

-1.59%

19 Oct 2026

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Aviation

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Taneja Aerospace & Aviation Ltd (TAAL) is fundamentally a private airfield turned into a multi-tenant aviation industrial park - it owns the runway, the hangars and the land, and it earns rent by leasing that infrastructure to companies that fix and maintain aircraft. The company was built on decades of confidential defence manufacturing for organisations like HAL and DRDO, but a deliberate pivot saw it sell off its factory machinery and slim down to just 35 permanent employees, so it could stop being a legacy manufacturer and start behaving like a high-tech, asset-light services and investment platform. The recurring approach is to use its physical infrastructure and industry relationships to generate steady, long-dated cash flows - from 25-year hangar leases - and then redeploy that capital into strategic stakes in defence-technology startups, creating a flywheel where the airfield funds the future.

Business segments

Two engines at different stages - a stable infrastructure-income business that provides the cash foundation, and a defence-services and strategic-investment arm that places bets on next-generation military technology - each built on the relationships and real estate of the one before.

1. Airfield leasing: a landlord to the aviation repair industry

The company owns a private airfield campus and earns multi-decade rental income by leasing hangars and runway access to commercial MRO (Maintenance, Repair and Overhaul) operators, with nearly all of its revenue coming from a single anchor tenant.

A 25-year lease book - hangars classified as investment property are rented out under operating leases that run for a quarter of a century, with renewal options built in, giving the company a visible pipeline of future minimum rentals worth over INR 184 crore beyond the next twelve months.
One customer pays the bills - a single major customer in the aviation segment contributed INR 19.58 crore in revenue in FY24, which was more than 10% of the company’s total revenue, making the business model reliant on the creditworthiness and timely payment of that one tenant.
The runway is plant and machinery - the runway, apron and hangar are treated as depreciating plant and equipment, not just land, which means the company earns rent on assets that it systematically writes down over useful lives of 15 to 48 years.
Technical support as a top-up - beyond pure rent, the company also charges for technical support services provided to the MRO operators using its airfield, layering a service fee on top of the infrastructure lease.
A title cloud on a small parcel - a portion of the freehold land with a carrying value of INR 1.98 crore is still recorded in the name of a temple trust, with the transfer of title pending with the Tamil Nadu government since FY 2016-17, creating a legal overhang on part of the campus.

2. Defence services and strategic investments: a bet on military technology startups

The company has exited its own capital-intensive factory work and instead pursues confidential defence contracts for modification and installation, while taking minority stakes in private firms that develop products for the Army, Navy and Air Force.

Confidential work for the state - the majority of its Manufacturing (AMC) division revenue comes from defence establishments like HAL, BEL, DRDO and the Indian Air Force, and most of this work is classified, meaning the company operates inside a moat of security clearances that few private players can cross.
Sold the factory, kept the order book - the company sold its manufacturing machinery to a Salem-based firm, Aerospace Engineers Private Limited, and then contracted that same firm to execute TAAL’s existing customer orders, with the buyer indemnifying TAAL against any commercial or technical claims - effectively outsourcing production while retaining the customer relationship.
Installation contracts, not just parts - a recent order from Bharat Electronics for installing the Vihang ESM (Electronic Support Measures) system on a Kv-28 platform is a domestic service contract worth INR 1.25 crore with a 12-to-15-week timeline, showing the shift toward on-site, high-skill integration work.
An 11% bet on a battlefield-track maker - the company invested up to INR 20 crore for an 11.10% stake in Altair Infrasec, a Pune firm that won an IDEX (Innovation for Defence Excellence) program and a INR 68.79 crore commercial order from the Indian Army for an ‘Upgraded Assault Track Way’ that lets vehicles move across sand and marsh, before TAAL exited the stake in January 2026 for a total consideration of ₹25,99,99,428.
A fresh stake in precision engineering - in August 2024, TAAL put INR 5 crore into Zenith Precision Private Limited for a 10.54% equity stake and a board seat, diversifying its investment portfolio into another private defence supplier.

Group structure and partners

TAAL sits inside a promoter group led by Vishkul Enterprises and Asscher Enterprises, which tightened its grip through a preferential share allotment in 2024, while the company is simultaneously absorbing its wholly owned subsidiary to simplify its corporate structure.

Promoters doubled down - in February 2024, the holding company Asscher Enterprises Limited bought 569,800 new shares at INR 351 each in a preferential allotment, raising its direct stake from 50.75% to 51.85% and injecting INR 19,99,99,800 earmarked for defence-sector investments.
A subsidiary merger in progress - TAAL’s 100% subsidiary Katra Auto Engineering Private Limited, originally set up for auto engineering services and holding land purchased with a INR 6.48 crore loan from TAAL, is being amalgamated into the parent company under a Scheme of Arrangement effective 1 April 2024, pending NCLT approval, which will cancel the subsidiary’s shares without altering TAAL’s own shareholding pattern.
A charter business held in trust - under a court-approved demerger scheme, TAAL operates a charter business for and on behalf of TAAL Enterprises Limited until that entity obtains its own statutory licences, with all accounting entries for the business flowing into TAAL Enterprises’ books, not TAAL’s.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

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Documents

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Mkt Cap

Market Capitalization

₹842Cr

Close Price

₹330.05

Industry

Aviation

Price To Earnings

44.30

Price To Sales

20.07

Revenue

₹42Cr

Rev Gr TTM

Revenue Growth TTM

4.88%

PAT Gr TTM

PAT Growth TTM

4.68%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	7	7	8	9	10	9	12	9	10	10	12	10
Growth YoY Revenue Growth YoY%	8.5	-18.9	-17.5	20.7	41.5	20.4	51.2	-6.8	-4.3	15.9	-6.8	21.0
Expenses ExpensesCr	2	3	4	4	3	3	4	3	4	4	5	3
Operating Profit Operating ProfitCr	5	4	4	5	7	6	8	6	6	6	6	7
OPM OPM%	68.5	57.9	54.7	55.3	65.8	65.4	66.7	65.4	59.6	58.6	54.9	72.3
Other Income Other IncomeCr	0	0	0	0	0	1	1	0	0	0	1	1
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	1	1	1	1	1	1	1	1	1	1	1	1
PBT PBTCr	4	3	4	4	6	5	8	5	5	6	7	8
Tax TaxCr	1	1	1	1	2	1	2	2	1	1	1	2
PAT PATCr	3	3	3	3	4	4	6	4	4	4	5	6
Growth YoY PAT Growth YoY%	-19.3	-15.8	-12.5	0.6	53.2	76.0	142.9	2.3	-5.6	-2.3	-16.5	61.9
NPM NPM%	37.3	33.6	30.8	37.9	40.4	49.0	49.4	41.5	39.8	41.4	44.3	55.6
EPS EPS₹	1.1	1.0	1.0	1.4	1.6	1.7	2.4	1.4	1.5	1.7	2.0	2.3

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	7	7	8	9	10	9	12	9	10	10	12	10
Growth YoY Revenue Growth YoY%	8.5	-18.9	-17.5	20.7	41.5	20.4	51.2	-6.8	-4.3	15.9	-6.8	21.0
Expenses ExpensesCr	2	3	4	4	3	3	4	3	4	4	5	3
Operating Profit Operating ProfitCr	5	4	4	5	7	6	8	6	6	6	6	7
OPM OPM%	68.5	57.9	54.7	55.3	65.8	65.4	66.7	65.4	59.6	58.6	54.9	72.3
Other Income Other IncomeCr	0	0	0	0	0	1	1	0	0	0	1	1
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	1	1	1	1	1	1	1	1	1	1	1	1
PBT PBTCr	4	3	4	4	6	5	8	5	5	6	7	8
Tax TaxCr	1	1	1	1	2	1	2	2	1	1	1	2
PAT PATCr	3	3	3	3	4	4	6	4	4	4	5	6
Growth YoY PAT Growth YoY%	-19.3	-15.8	-12.5	0.6	53.2	76.0	142.9	2.3	-5.6	-2.3	-16.5	61.9
NPM NPM%	37.3	33.6	30.8	37.9	40.4	49.0	49.4	41.5	39.8	41.4	44.3	55.6
EPS EPS₹	1.1	1.0	1.0	1.4	1.6	1.7	2.4	1.4	1.5	1.7	2.0	2.3

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	60	37	32	33	32	35	31	32	30	41	40	42
Growth Revenue Growth%	110.2	-38.4	-15.2	3.9	-1.5	7.0	-9.6	2.1	-4.7	33.8	-1.1	4.9
Expenses ExpensesCr	57	29	24	19	19	20	15	13	11	15	16	16
Operating Profit Operating ProfitCr	3	8	7	14	14	15	16	19	19	26	24	26
OPM OPM%	4.8	21.1	23.1	42.4	42.2	42.4	51.9	58.6	63.2	63.6	59.1	61.2
Other Income Other IncomeCr	2	2	1	1	0	0	-4	1	1	2	3	3
Interest Expense Interest ExpenseCr	6	6	5	5	4	3	1	1	0	0	1	1
Depreciation DepreciationCr	3	3	3	3	4	4	3	3	4	4	3	3
PBT PBTCr	-4	1	0	7	6	8	8	16	16	23	23	25
Tax TaxCr	0	0	0	1	0	2	3	5	4	5	6	6
PAT PATCr	-4	1	0	5	6	6	5	11	11	18	17	19
Growth PAT Growth%	9.8	116.5	-79.1	3,369.1	13.2	6.5	-12.1	101.0	1.3	62.4	-7.0	4.7
NPM NPM%	-7.1	1.9	0.5	15.8	18.1	18.0	17.5	34.5	36.7	44.5	41.9	45.3
EPS EPS₹	-1.7	0.3	0.1	2.1	2.3	2.5	2.2	4.4	4.5	7.1	6.6	7.5

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	60	37	32	33	32	35	31	32	30	41	40	42
Growth Revenue Growth%	110.2	-38.4	-15.2	3.9	-1.5	7.0	-9.6	2.1	-4.7	33.8	-1.1	4.9
Expenses ExpensesCr	57	29	24	19	19	20	15	13	11	15	16	16
Operating Profit Operating ProfitCr	3	8	7	14	14	15	16	19	19	26	24	26
OPM OPM%	4.8	21.1	23.1	42.4	42.2	42.4	51.9	58.6	63.2	63.6	59.1	61.2
Other Income Other IncomeCr	2	2	1	1	0	0	-4	1	1	2	3	3
Interest Expense Interest ExpenseCr	6	6	5	5	4	3	1	1	0	0	1	1
Depreciation DepreciationCr	3	3	3	3	4	4	3	3	4	4	3	3
PBT PBTCr	-4	1	0	7	6	8	8	16	16	23	23	25
Tax TaxCr	0	0	0	1	0	2	3	5	4	5	6	6
PAT PATCr	-4	1	0	5	6	6	5	11	11	18	17	19
Growth PAT Growth%	9.8	116.5	-79.1	3,369.1	13.2	6.5	-12.1	101.0	1.3	62.4	-7.0	4.7
NPM NPM%	-7.1	1.9	0.5	15.8	18.1	18.0	17.5	34.5	36.7	44.5	41.9	45.3
EPS EPS₹	-1.7	0.3	0.1	2.1	2.3	2.5	2.2	4.4	4.5	7.1	6.6	7.5

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	12	12	12	12	12	12	12	12	13	13	13
Reserves ReservesCr	73	75	75	80	86	92	96	97	118	130	142
Current Liabilities Current LiabilitiesCr	49	33	25	24	17	12	9	6	6	7	7
Non Current Liabilities Non Current LiabilitiesCr	36	27	33	24	17	10	7	10	11	10	13
Total Liabilities Total LiabilitiesCr	170	147	146	141	133	126	125	125	147	159	175
Current Assets Current AssetsCr	45	23	23	21	18	14	19	18	17	25	56
Non Current Assets Non Current AssetsCr	125	124	123	119	115	112	107	107	131	134	119
Total Assets Total AssetsCr	170	147	146	141	133	126	125	125	147	159	175

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	12	12	12	12	12	12	12	12	13	13	13
Reserves ReservesCr	73	75	75	80	86	92	96	97	118	130	142
Current Liabilities Current LiabilitiesCr	49	33	25	24	17	12	9	6	6	7	7
Non Current Liabilities Non Current LiabilitiesCr	36	27	33	24	17	10	7	10	11	10	13
Total Liabilities Total LiabilitiesCr	170	147	146	141	133	126	125	125	147	159	175
Current Assets Current AssetsCr	45	23	23	21	18	14	19	18	17	25	56
Non Current Assets Non Current AssetsCr	125	124	123	119	115	112	107	107	131	134	119
Total Assets Total AssetsCr	170	147	146	141	133	126	125	125	147	159	175

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	0	11	9	8	12	14	10	16	14	25	23
Investing Cash Flow Investing Cash FlowCr	8	-2	-2	1	-2	0	-4	3	-27	-20	-5
Financing Cash Flow Financing Cash FlowCr	-7	-9	-5	-10	-12	-10	-7	-13	10	-6	-6
Net Cash Flow Net Cash FlowCr	1	0	2	-1	-2	3	-2	6	-3	-1	11
Free Cash Flow Free Cash FlowCr	0	9	7	8	10	13	5	18	8	25	22
CFO To PAT CFO To PAT%	-2.5	1,584.8	5,855.6	158.1	207.2	220.1	177.5	144.3	126.3	139.7	134.2
CFO To EBITDA CFO To EBITDA%	3.8	143.8	119.9	58.8	88.8	93.5	59.9	84.9	73.3	97.7	95.0

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	0	11	9	8	12	14	10	16	14	25	23
Investing Cash Flow Investing Cash FlowCr	8	-2	-2	1	-2	0	-4	3	-27	-20	-5
Financing Cash Flow Financing Cash FlowCr	-7	-9	-5	-10	-12	-10	-7	-13	10	-6	-6
Net Cash Flow Net Cash FlowCr	1	0	2	-1	-2	3	-2	6	-3	-1	11
Free Cash Flow Free Cash FlowCr	0	9	7	8	10	13	5	18	8	25	22
CFO To PAT CFO To PAT%	-2.5	1,584.8	5,855.6	158.1	207.2	220.1	177.5	144.3	126.3	139.7	134.2
CFO To EBITDA CFO To EBITDA%	3.8	143.8	119.9	58.8	88.8	93.5	59.9	84.9	73.3	97.7	95.0

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	143	115	124	83	38	77	275	325	984	835	489	842
Price To Earnings Price To Earnings		158.4	827.5	16.0	6.5	12.3	50.3	29.6	88.5	46.2	29.1	44.3
Price To Sales Price To Sales	2.4	3.1	3.9	2.5	1.2	2.2	8.8	10.2	32.4	20.6	12.2	20.1
Price To Book Price To Book	1.7	1.3	1.4	0.9	0.4	0.7	2.5	3.0	7.5	5.9	3.2	5.4
EV To EBITDA EV To EBITDA	60.2	17.7	20.1	7.2	3.6	5.5	16.9	16.9	51.0	31.7	19.9	32.5
Profitability Ratios Profitability Ratios
GPM GPM%	37.7	68.3	73.3	82.5	84.0	78.4	81.7	79.1	88.5	84.3	92.7	92.7
OPM OPM%	4.8	21.1	23.1	42.4	42.2	42.4	51.9	58.6	63.2	63.6	59.1	61.2
NPM NPM%	-7.1	1.9	0.5	15.8	18.1	18.0	17.5	34.5	36.7	44.5	41.9	45.3
ROCE ROCE%	1.7	5.7	4.5	10.0	8.9	9.6	8.1	15.1	12.2	16.7	14.9	14.9
ROE ROE%	-5.1	0.8	0.2	5.6	5.9	6.0	5.0	10.0	8.5	12.7	10.9	10.9
ROA ROA%	-2.5	0.5	0.1	3.7	4.4	4.9	4.4	8.8	7.5	11.3	9.6	9.6
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	143	115	124	83	38	77	275	325	984	835	489	842
Price To Earnings Price To Earnings		158.4	827.5	16.0	6.5	12.3	50.3	29.6	88.5	46.2	29.1	44.3
Price To Sales Price To Sales	2.4	3.1	3.9	2.5	1.2	2.2	8.8	10.2	32.4	20.6	12.2	20.1
Price To Book Price To Book	1.7	1.3	1.4	0.9	0.4	0.7	2.5	3.0	7.5	5.9	3.2	5.4
EV To EBITDA EV To EBITDA	60.2	17.7	20.1	7.2	3.6	5.5	16.9	16.9	51.0	31.7	19.9	32.5
Profitability Ratios Profitability Ratios
GPM GPM%	37.7	68.3	73.3	82.5	84.0	78.4	81.7	79.1	88.5	84.3	92.7	92.7
OPM OPM%	4.8	21.1	23.1	42.4	42.2	42.4	51.9	58.6	63.2	63.6	59.1	61.2
NPM NPM%	-7.1	1.9	0.5	15.8	18.1	18.0	17.5	34.5	36.7	44.5	41.9	45.3
ROCE ROCE%	1.7	5.7	4.5	10.0	8.9	9.6	8.1	15.1	12.2	16.7	14.9	14.9
ROE ROE%	-5.1	0.8	0.2	5.6	5.9	6.0	5.0	10.0	8.5	12.7	10.9	10.9
ROA ROA%	-2.5	0.5	0.1	3.7	4.4	4.9	4.4	8.8	7.5	11.3	9.6	9.6
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

FY2026

FY2025

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Jun 26