1. MRO divestment to Ingersoll Rand - AEL completed the sale of its 68% stake in M.R. Organisation to Ingersoll-Rand for ₹227.42 Cr on 30 April 2026, generating a \~107% XIRR over \~21 months. The cash proceeds, equivalent to roughly 1.9x AEL’s group EBITDA, provide a one-time re-rating catalyst and fund redeployment into new sectors.
2. Liquid cooling contract with US hyperscaler - Aeroflex Industries signed a long-term agreement to supply liquid cooling solutions for data centres with a listed US corporation, dispatched its first commercial order, and is scaling skid assembly capacity to 15,000 units by Q2 FY27. The contract opens a recurring revenue stream tied to AI infrastructure build-out, with capacity expansion funded by a ₹55 Cr preferential issue completed in February 2026.
3. Flexible flow capacity expansion to 20 million metres - Aeroflex Industries expanded manufacturing capacity to 17.5 million metres in FY26, up from 11 million metres in FY23, and targets 20 million metres in the coming years. Each incremental million metres adds revenue headroom for the division that already delivers 21.01% EBITDA margins on FY26 consolidated revenue.
4. Metal Bellows facility ramp-up - Phase I of the Metal Bellows and Expansion Joints facility went live in Q4 FY25, with miniature Metal Bellows capacity projected to reach 240,000 units annually by March 2026. The new vertical diversifies the product mix into advanced dynamic applications and adds a fresh margin contributor within the same manufacturing footprint.
5. Aeroflex Finance NBFC scale-up - The wholly-owned NBFC grew its loan book to ₹44.49 Cr with 33,769 borrowers in FY26, achieving 22% NIM, 0% NNPA, and a 33.5% capital adequacy ratio. With disbursements crossing ₹407 Cr and a net profit margin of 12.3%, the NBFC is building a capital-efficient, fee-based earnings stream alongside the industrial businesses.
6. Hyd-Air Engineering integration and railway entry - Acquired in April 2024 for \~₹17 Cr, Hyd-Air Engineering recorded its highest-ever quarterly revenue of \~₹9 Cr in H1 FY26 and received its first trial order from a railway coach factory. The acquisition adds marquee clients like Mazagon Dockyard and BHEL while pulling through Aeroflex’s flow-control assemblies into railways, shipbuilding, and heavy industries.
7. Dev Information Technology stake acquisition - The board approved acquiring a stake in listed Dev Information Technology Limited for up to ₹85 Cr, including ₹68.2 Cr via warrants, to enter end-to-end digital transformation services. The move adds an IT services leg that management can scale using the cash released from the MRO divestment.
8. Startup portfolio exits at high multiples - FY26 exits included Pee Safe at a 9.39x multiple and EMO Energy at 9.28x, with the portfolio targeting a 30-35% gross IRR and write-offs below 1%. Realised gains from the 168-investment portfolio return cash to the parent and validate the incubation model without consuming significant group capital.