Sah Polymers Ltd. (AERONEU) AI Stock Analysis

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Sah Polymers Ltd.

(NSE:AERONEU)

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Rating:42Neutral

Price Target:INR 83.00▼(-6.41% Downside)

Action:reiterated

Date:09/10/26

The score is driven primarily by weakening fundamentals—margin compression and volatile cash generation, including negative free cash flow in the latest year. Technicals add further pressure with a clear downtrend across moving averages and negative MACD, while valuation is a headwind due to the very high P/E and no stated dividend yield.

Positive Factors

Overall Revenue GrowthStrong overall revenue growth indicates that Sah Polymers continues to serve expanding demand for its PP woven packaging products. If maintained, this scale can support broader customer reach and operating leverage, although profitability must improve for growth to translate into durable shareholder returns.

Negative Factors

Severe Margin CompressionThe collapse in net margin shows that revenue growth is producing very little bottom-line profit. Persistent operating-margin compression could reflect pricing pressure or rising operating costs, weakening earnings quality and limiting the company’s ability to self-fund expansion.

Sah Polymers Ltd. (AERONEU) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 2.19B
Dividend Yield: ―
Average Volume (3M): 3,110
Price to Earnings (P/E): -57.5
Beta (1Y): 1.10
Revenue Growth: -1.16%
EPS Growth: -369.65%
Country: India
Employees: 114
Sector: General
Sector Strength: 55
Industry: Packaging & Containers

Sah Polymers Ltd. Business Overview & Revenue Model

Company Description

Aeroflex Neu Limited, an Indian enterprise established in Udaipur in 1992, specializes in the global manufacturing and distribution of a wide array of packaging solutions. The company operates through three main segments: the production of fabrics an...

Sah Polymers Ltd. Financial Statement Overview

Summary

Strong revenue growth is outweighed by a sharp deterioration in profitability (net margin near ~0.16% in 2025–2026) and highly volatile cash flows, including a reversal back to negative free cash flow in 2026. Balance sheet leverage is currently manageable, but low recent returns on equity indicate weak earnings power.

Income Statement

46Neutral

Balance Sheet

63Positive

Cash Flow

34Negative

Financial statement breakdown
Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2023	Mar 2022
Income Statement
Total Revenue	1.28B	1.29B	1.29B	953.99M	1.09B	805.11M
Gross Profit	353.77M	372.83M	391.91M	283.05M	318.41M	224.33M
EBITDA	72.07M	84.30M	61.24M	88.68M	72.79M	79.21M
Net Income	9.51M	16.86M	2.02M	34.15M	7.97M	42.03M
Balance Sheet
Total Assets	0	1.45B	1.28B	1.31B	1.31B	1.26B
Cash, Cash Equivalents and Short-Term Investments	175.83M	175.83M	45.41M	72.86M	44.89M	106.13M
Total Debt	0	241.47M	282.97M	305.92M	282.97M	250.48M
Total Liabilities	-1.05B	395.72M	404.78M	444.29M	404.78M	385.77M
Stockholders Equity	1.05B	1.05B	872.43M	839.91M	839.91M	846.35M
Cash Flow
Free Cash Flow	-43.36M	-2.28M	18.45M	-470.99M	18.45M	-85.61M
Operating Cash Flow	-33.66M	11.17M	75.58M	-169.84M	75.58M	-7.92M
Investing Cash Flow	-139.66M	-6.52M	-55.16M	-240.06M	-55.16M	-107.94M
Financing Cash Flow	144.76M	133.76M	-53.98M	456.06M	-53.98M	111.11M

Sah Polymers Ltd. Technical Analysis

Technical Analysis SentimentPositive

Last Price88.68

Price Trends

50DMA73.47Positive

100DMA80.60Positive

200DMA79.22Positive

Market Momentum

MACD3.13Negative

RSI67.68Neutral

STOCH88.05Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:AERONEU, the sentiment is Positive. The current price of 88.68 is above the 20-day moving average (MA) of 74.44, above the 50-day MA of 73.47, and above the 200-day MA of 79.22, indicating a bullish trend. The MACD of 3.13 indicates Negative momentum. The RSI at 67.68 is Neutral, neither overbought nor oversold. The STOCH value of 88.05 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:AERONEU.

Sah Polymers Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:AERONEU against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:KANPRPLA	73Outperform	INR 6.16B	11.39	―	0.85%	17.83%	102.49%
IN:NAHARPOLY	73Outperform	INR 5.85B	6.93	―	0.62%	7.92%	39.07%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:KSHITIJPOL	43Neutral	INR 659.53M	12.83	―	―	41.13%	―
IN:AERONEU	42Neutral	INR 2.22B	-57.47	―	―	-1.16%	-369.65%
IN:TOKYOPLAST	41Neutral	INR 712.70M	-28.11	―	―	6.13%	-311.41%
IN:PEARLPOLY	39Underperform	INR 271.04M	-4.99	―	―	-8.05%	-51.04%

* General Sector Average

Performance Comparison

IN:AERONEU and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:AERONEU	Sah Polymers Ltd.	88.68	11.69	15.18%
IN:KANPRPLA	Kanpur Plastipack Limited	248.30	40.36	19.41%
IN:KSHITIJPOL	Kshitij Polyline Ltd.	3.06	0.23	8.13%
IN:NAHARPOLY	Nahar Poly Films Limited	240.55	-52.79	-18.00%
IN:PEARLPOLY	Pearl Polymers Limited	16.10	-10.23	-38.85%
IN:TOKYOPLAST	Tokyo Plast International Ltd	75.01	-47.14	-38.59%

Sah Polymers Ltd. Corporate Events

Aeroflex Neu Gains Control of Stilonn to Bolster AI Infra Engineering Platform

Oct 23, 2026

Aeroflex Neu Limited has completed the acquisition of 7,27,040 equity shares in Stilonn Valves and Controls Private Limited through a mix of share purchase from existing investors and subscription to new shares. Following this transaction, Aeroflex N...

Aeroflex Neu’s 34th AGM Confirms Shareholder Backing for All Resolutions

Aug 25, 2026

Aeroflex Neu Limited convened its 34th Annual General Meeting on August 25, 2026, at its registered office in Udaipur, Rajasthan, with 5,716 shareholders on the cut-off date and attendance from both promoter group and public investors. The meeting wa...

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Sep 10, 2026

Sah Polymers Ltd. AI Stock Analysis