Aeron Composites is a manufacturer that replaces steel, aluminium and timber with glass-fibre reinforced plastic - a material that does not rust, weighs far less and lasts longer in harsh environments. It started in 2011 making simple pultruded profiles and has since built a 360-degree operation that takes a product from concept and design all the way through testing, manufacturing and on-site installation, serving over 800 customers across 39 countries. The recurring approach is to spot an industrial problem that metal cannot solve - corrosion in a chemical plant, weight on an offshore platform, rust in a coastal bridge - and deliver a complete FRP (fibre-reinforced polymer) answer under one roof, backed by an in-house R&D lab recognised by the government and a growing set of global certifications. # Business segments A single integrated FRP solutions engine with four product families at different stages of maturity - a structural-products workhorse, a telecom rod line, a rebar growth bet, and a carbon-fibre venture under development - all running on the same pultrusion backbone and Mehsana factory floor. ## 1. FRP structural products: the corrosion-proof workhorse **The company designs and makes glass-fibre reinforced plastic beams, gratings, handrails, cable trays and walkways that replace steel in places where rust is the enemy - and it sells them to some of the world's largest industrial and infrastructure buyers.** - **One factory, one process, many shapes** - the core manufacturing method is pultrusion: glass fibres are pulled through a resin bath and then a heated die that shapes and cures them into continuous profiles such as I-beams, channels, angles and box sections, with less than 1% waste. Moulded gratings add a second process, where fibres are laid in an open mould and saturated with resin to create bidirectional strength for flooring and platforms. - **Sold as a full solution, not just a part** - Aeron provides conceptual design, prototyping, testing, manufacturing, logistics, installation and after-sales service, which means an EPC contractor or factory owner gets a finished walkway or cable-tray system rather than a bundle of raw profiles. - **Certifications open doors globally** - the Mehsana plant holds ISO 9001:2015 for design through supply, plus CE, RoHS and REACH marks, and the company carries Two Star Export House status, which together let it ship to 39 countries including the US, UK, Australia and Qatar. - **A customer list that reads like an industrial index** - named clients include NTPC, ONGC, GNFC, L&T and Tata Projects, spanning oil and gas, power, chemicals, cement and offshore marine end-markets. - **Capacity built ahead of demand** - installed capacity stood at 23,415 metric tonnes in FY26 against actual production of 11,360 tonnes, or about 48% utilisation, with a target to cross 60-65% through automation and process upgrades by FY27. ## 2. FRP rods for optic fibre cables: the quiet telecom staple **Inside nearly every optic fibre cable that needs a lightweight, non-metallic backbone, there is an FRP strength rod - and Aeron has been making them since 2015 for India's cable manufacturers.** - **A specialised pultrusion line with a UV twist** - the rods are pulled through the same pultrusion process as structural profiles, but the resin cures under ultraviolet light rather than heat, yielding a rod that protects delicate glass fibres while keeping the cable light and free of electromagnetic interference. - **Sold to cable makers, not telecom operators** - customers are optic fibre cable manufacturers such as Apar Industries and KEC Industries, who embed the rods as the strength member inside their cables, with some rods also exported. - **Part of the same factory backbone** - the rod line sits within the Mehsana facility alongside the pultrusion and moulding lines, sharing raw-material sourcing, R&D and quality infrastructure, so it adds revenue without requiring a separate operational setup. ## 3. GFRP Rebar (GIGABAR®): the rust-proof concrete bet **Aeron has begun selling glass-fibre reinforced polymer bars that replace steel rebar inside concrete - roughly 75% lighter, about twice as strong in tension, and immune to the corrosion that eventually cracks bridges and coastal structures.** - **A product the government is pushing** - the Ministry of Road Transport and NHAI have issued guidelines encouraging FRP rebar use, and notable projects such as the Mumbai Coastal Road, the Bandra-Worli Sea Link and Gujarat water treatment plants have already benefitted from GFRP adoption. - **Certified and priced competitively** - Aeron is one of the few domestic suppliers qualified under IS 18255:2023, and at ₹140-145 per kilogram the rebar is cheaper than TMT steel while generating roughly 45% lower CO₂ emissions during production. - **Small machines, quick scale-up** - each rebar line can produce about 300 metric tonnes per year and generate ₹5-7 crore of annual revenue; two lines were operational in FY26, with a plan to reach five lines by FY27 and double the bend-production lines from four to eight. - **Early customers are highway builders and developers** - initial sales have gone to IRB for a Gujarat highway project and to private real-estate developers, with the addressable Indian market estimated at ₹300-500 crore and growing at roughly 17% a year. ## 4. Carbon fibre reinforced polymer (CFRP): the premium-margin frontier **Aeron is preparing to enter carbon-fibre products - planks for windmill blades, core rods for high-capacity transmission lines, and custom moulded parts for railways and defence - where prices and margins sit well above those of glass-fibre.** - **Machines ordered, launch targeted by mid-FY27** - equipment for carbon-fibre production was ordered by November 2025, with installed capacity expected by the end of FY26 and an approval process to follow before commercial introduction. - **Built on the same integrated platform** - the CFRP venture draws on the existing DSIR-recognised R&D lab, the pultrusion and moulding know-how already proven in glass-fibre, and the Mehsana factory's infrastructure, so the step-up is an extension rather than a start-from-scratch gamble. # Group structure and partners **A single listed entity with no subsidiaries or joint ventures, run by a promoter group that brings over 90 years of combined FRP industry experience.** - **Standalone company, recently listed** - incorporated in 2011 as a private limited firm, Aeron converted to a public company in June 2024 and listed on the NSE Emerge SME platform in September 2024; as of March 2025 it had no subsidiaries, joint ventures or associates. - **Promoter-held with deep domain roots** - total promoter shareholding stood at just over 50%, with the board chaired by Dilipkumar Ratilal Patel (46-plus years in the industry) and day-to-day operations led by Managing Director Chirag Chandulal Patel and two Whole Time Directors, one of whom is a cousin of the Chairman. - **A single, newly consolidated factory site** - the registered office moved in February 2026 from Changodar, Ahmedabad to the fully owned 51,671-square-metre Mehsana facility, bringing all manufacturing under one roof. - **Trade credentials that ease cross-border sales** - the company holds Two Star Export House recognition under India's Foreign Trade Policy 2023 and AEO T2 customs status, both of which speed up export clearances and signal compliance to overseas buyers.