Company Overview
Aztec Fluids & Machinery Limited, incorporated under the Companies Act, 1956, is primarily engaged in manufacturing printers, makeup & wash, and trading of inks used therein, along with providing AMC and repair services. The company operates manufacturing facilities at Kheda, Gujarat, and maintains a consolidated group structure with its wholly owned subsidiary Jet Inks Private Limited.
Financial Performance (FY 2025-26)
The company reported consolidated revenue growth of 9.2% to ₹96.53 crore from ₹88.42 crore in the previous year. EBITDA increased by 9.6% to ₹13.96 crore with margin expansion to 14.33%. Profit After Tax stood at ₹7.41 crore, showing a slight decline of 2.1% from ₹7.56 crore, resulting in basic EPS of ₹5.45. The standalone performance showed stronger growth with revenue increasing 12.9% to ₹83.38 crore and PAT growing 3.8% to ₹7.64 crore.
AGM and Corporate Governance
The company issued notice for its 16th Annual General Meeting scheduled for September 10, 2026, to be conducted via video conferencing. The agenda includes approval of FY26 financial statements, reappointment of directors retiring by rotation, and special resolutions for reappointing Mr. Pulin Kumudchandra Vaidhya as Managing Director and Mrs. Amisha Vaidhya as Whole-time Director with remuneration up to ₹3.5 crore each for three years. The board recommended no dividend for FY26 to conserve funds for future expansion.
Audit and Compliance
Auditors K A R M A & Co. LLP issued an unmodified opinion on both the consolidated financial statements and internal financial controls. However, they noted a qualification in the subsidiary Jet Inks' CARO report regarding clause 3(vii)(b) compliance. The company maintains contingent liabilities of ₹34.57 lakh, primarily comprising GST demands under appeal totaling ₹30.02 lakh.
Corporate Developments and Capital Structure
The company completed its IPO in FY25, raising ₹24.12 crore, which was utilized for acquiring Jet Inks Private Limited (₹14 crore), repayment of borrowings (₹3.72 crore), and general corporate purposes. The acquisition resulted in goodwill recognition of ₹2.60 crore. Post March 31, 2026, the company granted 142,000 employee stock options at an exercise price of ₹15 per option. The capital structure remained unchanged with issued, subscribed, and paid-up capital of ₹13.60 crore.
Operational Metrics and Industry Outlook
The company maintains an installed printer base of 8,000+ units and sold 1,500+ industrial printers in FY26. With manufacturing capacity of 50 machines per day and ink output capacity of 3,000-4,000 litres per day, the company is well-positioned in the growing coding and marking equipment market, which is projected to grow from USD 17.5 billion (2024) to USD 24.9 billion (2030) at 6.0% CAGR globally, and from USD 1.08 billion to USD 1.70 billion at 7.9% CAGR in India.