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HDFC Securities Retail Research
AIA Engineering Ltd. is in the niche business of manufacturing chrome based mill internals and is the second largest producer in the world after Magotteaux. It is a one-stop shop for grinding mill internals having built strong relationships with major cement, copper and gold mining companies.
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Post the pandemic there has been an economic revival and the mining sector is expected to get into capacity expansion mode. Gradual shift towards chrome based internals due to its inherent benefits is expected to drive volumes for the company.
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It has also undertaken capacity expansion of 80,000 tons of grinding media (to be commercialised by end of FY24) to meet the increased demand going forward, taking the total capacity from 440,000 tons to 520,000 tons. It is also investing into renewable energy to reduce power costs.
Valuation and Recommendation:
We expect AIA Engineering's revenue/Ebitda/adjusted profit after tax to grow at 9/7/6% compound annual growth rate over FY23-FY25E on a strong base of FY23, led by increasing demand for grinding media.
AIA Engineering has been able to pass on the entire increase in costs to its customers which has enabled it to protect its margins.
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