Equirus Capital has initiated coverage on Aimtron Electronics with a bullish BUY rating and an Aimtron Electronics target price of INR 1,650, implying a potential upside of nearly 72% from its current level of INR 960. The brokerage cites Aimtron’s rare positioning at the intersection of policy momentum, surging demand, and manufacturing scale as the key driver of this ambitious outlook.
Aimtron Electronics Business Overview
Founded in 2011, Aimtron Electronics has transitioned from a PCB design and assembly shop to a fully integrated Electronic System Design and Manufacturing (ESDM) player. It offers services spanning PCB design, PCBA, and complete box-build manufacturing for industries including Industrial Automation, IoT, MedTech, Robotics, Automotive (particularly BMS), AI, Gaming, and Defence/Aerospace.
The company operates from Vadodara and Bengaluru, equipped with five SMT lines, and has evolved into a robust player aligned with India’s growing electronic manufacturing ambitions.
Industry Tailwinds: India’s EMS Sector in a Structural Upcycle
According to Equirus, India’s Electronics Manufacturing Services (EMS) industry, currently valued at around USD 44 billion (~INR 3.89 lakh crore) in CY2024, is entering a multi-year structural growth phase. The sector is expected to grow at a CAGR of 27.4% through CY2030, supported by:
- The China+1 diversification strategy,
- Government initiatives such as Make in India and PLI schemes,
- Surging domestic consumption across mobile, industrial, defence, and medical sectors,
- The rapid shift towards design-led manufacturing (ODM) beyond traditional contract manufacturing, and
- Accelerating technological advancements in AI, IoT, and automotive electronics.
This industry backdrop offers Aimtron a strategic launchpad, allowing it to benefit from both domestic policy support and global supply chain realignments.
Aimtron Electronics: Revenue Ambition
Aimtron Electronics has demonstrated consistent growth since its inception, achieving a 31.6% revenue CAGR to reach INR 159 crore in FY2025, with ROE and ROCE exceeding 25%. Its current facilities can support revenues up to INR 500 crore by FY2027, fueled by:
- An order book of INR 463.5 crore (~3x FY2025 revenue), and
- A robust RFQ pipeline worth INR 800–900 crore.
The planned “Aimtron 2.0” greenfield expansion, involving an investment of INR 75–80 crore, will add six SMT lines and an additional INR 500 crore capacity by FY2027. Equirus projects this expansion will enable Aimtron to reach the INR 1,000 crore revenue milestone well before FY2030, all while maintaining a debt-free balance sheet.
Financial Forecast: Sustained Profitability and Margin Strength
Equirus projects Aimtron Electronics’ Revenue/EBITDA/PAT to grow at a CAGR of 62.2% / 56.7% / 51.7%, respectively, between FY2025 and FY2028. Profitability remains a key strength, underpinned by:
- Backward integration into components,
- Shift-based capacity additions, and
- The transition to box-build manufacturing (expected to reach ~50% of total revenues by H2 FY2026).
These initiatives should sustain EBITDA margins near 20% and PAT margins around 14–15%, delivering superior returns compared to sector peers.
Aimtron Electronics Target Price: Valuation Snapshot
| Metric | FY2025A | FY2027E |
| Sales | 158.3 | 588.6 |
| EBITDA | 34.2 | 114.8 |
| PAT | 25.7 | 75.7 |
| EPS | 12.4 | 26.3 |
| ROE (%) | 23.4 | 22.9 |
| ROCE (%) | 21.6 | 19.5 |
| EV/EBITDA (x) | 24.9 | 16.5 |
| P/E (x) | 74.4 | 40.0 |
Analyst’s View:
Lead analyst Pankaj Motwani from Equirus notes that Aimtron is “entering a phase of accelerated growth, driven by policy tailwinds, robust capacity expansion, and operational leverage from integrated manufacturing.” The firm sees long-term scalability and structural margin resilience as key themes underpinning the BUY recommendation.
The Bottom Line
Aimtron Electronics stands at the confluence of defence diversification, policy-driven growth, and global supply-chain shifts—a trifecta few Indian EMS players can claim. With its integrated ESDM model, international engineering linkages, and strong execution visibility, the company is poised to emerge as a flagbearer of India’s electronics and defence manufacturing resurgence.
Equirus’s 72% upside projection encapsulates this confidence—an endorsement not just of Aimtron’s strategy, but of India’s manufacturing ascendancy.
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