Ahead of time, by design Aimtron Electronics (AIMTRON) is a pure-play designer and assembler of printed circuit boards which is now transitioning to a one-stop electronics system design and manufacturing (ESDM) solutions provider. Spanning the value chain from PCB design and assembly to complete production of electronic systems (box-build), it offers customised solutions (automated micro- electronics assembly and precision component integration), backed by end-to-end support from conceptualisation to turnkey fabrication.
We expect revenue/EBITDA/PAT CAGR of 60%/59%/55% over FY26–28 from 42%/26%/24% over FY21–26, driven by a robust consolidated order book of ~INR604cr. Operating in the high margin, low-volume industrial electronic manufacturing services (EMS) segment, AIMTRON nonetheless trades at a discount to peers despite superior fundamentals — a gap that reflects a scale and liquidity discount rather than any shortfall in execution. We initiate with a ‘BUY’ rating with a target price of INR 2,036 valuing the company at 40x FY28E diluted EPS of INR 50.9.
