### **Overview** Aaron Industries Limited, founded in 2013 by Mr. Amar Chinubhai Doshi, is a vertically integrated Indian manufacturer specializing in **elevator systems and stainless steel solutions**. Headquartered in Surat, Gujarat, the company has evolved from a fabrication-focused venture into a leading provider of end-to-end elevator components and value-added stainless steel products. Listed on the NSE SME platform in 2018 and upgraded to the mainboard in November 2020, Aaron Industries is recognized as India’s first elevator company to achieve this milestone. The company operates under a robust **B2B (business-to-business) model**, serving over 5,000 domestic elevator manufacturers, installers, and traders. It maintains a clear separation from installation services, focusing exclusively on manufacturing, which enables reliability, scalability, and operational excellence. --- ### **Core Business Segments** Aaron Industries operates in two primary divisions: 1. **Elevator Division** - Manufactures elevator cabins, automatic door systems, traction machines, car frames, and full elevator kits for **residential and commercial projects**. - Key products include standard and customized auto door systems, fire-resistant doors (certified to modern safety standards), and designer stainless steel cabins. - Serves markets in multi-storey buildings (high volume) and private bungalows/villas (high margin due to customization). 2. **Stainless Steel Division** - Backward-integrated unit producing and processing premium stainless steel sheets in-house. - Offers **cutting, polishing (Matt No. 4, Mirror No. 8), embossing, PVD coating (gold, rose gold, black)**, and etching. - Supplies internal needs for elevator components and provides **external job work and sheet sales**, diversifying revenue. --- ### **Manufacturing & Operational Capabilities** - **Three Advanced Manufacturing Units in Surat, Gujarat**: - **Combined area**: Over **150,000 sq. ft. (1.5 lakh sq. ft.)** - **Unit-1 & Unit-2**: Located in Udhyog Nagar and Mangrol; established prior to 2025, totaling ~113,000 sq. ft. - **Unit-3**: A dedicated, state-of-the-art facility (36,167 sq. ft.), commissioned in late 2024–early 2025, equipped with **SALVAGNINI automation line**. - Focus: High-speed, precision manufacturing of auto door systems. - Current monthly capacity: **2,000+ units**, targeting **3,500+ units within 1–2 years**. - **Production Capacity & Utilization**: - Total **auto door system capacity**: **>5,000 units/month**. - Current utilization: ~3,500 units/month (approx. **77%** of capacity). - Target: Reach **3,000+ outer doors/month by 2026**, with plans to scale to full 5,000-unit capacity. - **Backward Integration & In-House Expertise**: - One of the only companies in India with **full in-house control over raw material production**, including designer stainless steel sheets. - Eliminates dependency on imports for **colored (PVD) and embossed stainless steel**, previously dominated by foreign suppliers like Jindal. - Achieved **national monopoly in embossing** with capability to offer **7+ unique patterns**, developed internally despite global supply chain restrictions. - **Advanced Technology & Automation**: - Equipped with **Salvagnini S4-P4**, CNC, and precision polishing lines. - Enhanced consistency, quality, speed, and cost-efficiency. - Automation in Unit-3 reduces manual labor, improves margins, and supports new product launches. --- ### **Brand Development: Launch of STELIX** In November 2025, Aaron Industries launched **STELIX**, a dedicated brand for its stainless steel processing business. - **Positioning**: Strength, durability, innovation, premium quality. - **Purpose**: Strengthen market presence, expand domestic and international recognition, and target industrial manufacturers requiring high-grade processed stainless steel. - **Strategic Goals**: - Broaden product portfolio (designer sheets, finishes). - Drive sustainable growth via innovation and quality. - Position Aaron as a **raw material supplier**, not just a component maker. --- ### **Distribution & Market Expansion** - **Domestic Expansion**: - Strengthening presence in **North India** (Punjab, Haryana, Uttar Pradesh) via new sales leadership. - Enhancing **South India footprint** through partnerships in Hyderabad and new trader appointments in Bengaluru, Belgaum, and Nasik. - Opened branch offices in **Mumbai, Ahmedabad, Kolkata, Indore, and Bangalore**. - Established **five warehouses** across Ahmedabad, Mumbai, Kolkata, MP, and Hyderabad for faster delivery and improved OEM support. - **Channel Growth**: - Adds **20–25 new installer/distributor partners monthly**. - Over **80% recurring customer base**, indicating high retention and trust. - Targets regional installers and mid-sized elevator firms, currently deferring large MNCs due to capacity constraints. - **International Expansion**: - Early market acceptance in **Nepal** through channel partners. - **Africa** identified as key target; plans to accelerate entry via **Elevator Expo, Nairobi (Dec 2025)**. - Targets **Southeast Asia, North America, and Europe** through international distributors. - Plans participation in **Elevator Expo, Bengaluru (Feb 2026)** to boost global visibility. --- ### **Sales, Marketing & Business Strategy** - **Marketing Initiatives**: - Strengthening digital and print presence to increase brand visibility. - Participation in national and international trade fairs. - Focused campaigns on **designer, safety-enhanced, and energy-efficient elevator solutions**. - **Strategic Partnerships**: - Plans long-term contracts with leading elevator OEMs for **stainless steel sheet supply and contract manufacturing**. - Discussions underway with major international OEMs for India supply—pending capacity expansion. - **Growth Strategy (2025–2026)**: - Expand market penetration in **high-construction urban areas** and **tier-2/3 cities**. - Invest in **R&D** for energy-efficient, customizable, and sustainable elevator technologies. - Increase stainless steel consumption target to **120 tons/month within two years** (from 70–80 tons currently). - Leverage full integration to maintain **premium quality at competitive pricing**. --- ### **Financial & Operational Performance** - **Revenue Growth (FY2024–25)**: - **Elevator Division**: ₹6,200.27 lakhs (↑ from ₹5,332.21 lakhs in FY2023–24). - **Stainless Steel Division**: ₹1,592.78 lakhs (↑ from ₹989.88 lakhs). - **Revenue Mix (as of Nov 2024)**: - Auto Door Systems: **~58%** - Elevator Cabins: **~14%** - Other Components: **~10%** - Stainless Steel Sheet Sales: **~18%** (including 15% from trading) - **Profitability Insights**: - **Elevator division** delivers highest margins. - **Standard doors** yield lower margins; **customized/glass/designer cabins** generate higher profitability. - **Bungalow/villa segment**: Lower volume, higher margin (premium customization). - **Stainless steel division** previously reported losses due to underutilization but is showing strong recovery with growing demand. - **Capacity Constraints & Investment**: - High demand currently exceeds production capacity, limiting engagement with national/global OEMs. - **₹150 crore investment** in expansion to support capacity growth. - Unit-3 expected to drive significant **revenue and profitability uplift** once fully ramped. --- ### **Competitive Advantages** 1. **Full Vertical Integration**: One-stop production from raw stainless steel to finished elevator components. 2. **In-House Design & Manufacturing**: Unique capability to deliver custom finishes, PVD coatings, and embossing—unmatched in India. 3. **Import Substitution**: Domestic production of designer stainless steel supports **‘Make in India’** and reduces import dependence. 4. **Scalable Infrastructure**: Modern, automated facilities with room for expansion. 5. **Strong B2B Network**: Pan-India presence, diversified client base, high retention.