Aaron Industries: A Scalable SME Powering India's Vertical Growth
From stainless steel sheets to smart elevator cabins—how a Surat-based SME is automating its way to higher margins.
Last month, I had the opportunity to interact with the management —and that conversation prompted me to write this thread.
Company overview
Aaron Industries Limited, founded in 2013 and based in Surat, is a B2B manufacturer of elevator components and stainless steel sheet solutions. The company primarily supplies automatic doors and cabins to regional elevator OEMs across India. In FY25, Aaron reported revenues of ₹77.93 crore and a net profit of ₹8.24 crore, with an improved EBITDA margin of 19.3%.
Following the launch of its third manufacturing unit in April 2025, equipped with the high-end Salvagnini S4+P4 automation line, the company expanded its total installed capacity to 5,000 auto doors per month from its 2000 door capacity in 2024. It aims to reach 80–85% utilization within the next three years. Aaron is strengthening its presence in Tier-2 and Tier-3 cities with new warehouses in Mumbai, Kolkata, Bangalore, and Indore, and continues to focus on operational efficiency, market expansion, and higher-value product offerings.
Business Segments
1. Elevator Division (~70% of revenue):
Aaron manufactures and supplies core elevator components, primarily for residential, commercial, and institutional applications. Key products include:
Automatic Door Systems for Lifts
High-performance doors including telescopic, center-opening, and swing types, catering to both standard and premium lift installations.Elevator Cabins
Fully built stainless steel cabins for passenger lifts, hospital lifts, commercial lifts, car lifts, and goods lifts, available in customized finishes and sizes.Fire-Resistant Doors
Specialized safety-compliant doors designed to meet regulatory standards for critical infrastructure and public buildings.Auto Center Swing Doors
Used in both elevators and potentially other vertical mobility solutions, with smooth operation and aesthetic flexibility.Cabin Safety Frames
Structural components that ensure the integrity and safety of elevator installations, supporting both standard and designer cabins.
2. Stainless Steel & Sheet Metal Division (~30% of revenue):
This division handles the processing, finishing, and partial external sale of decorative stainless steel products. These are used in elevators, architectural interiors, and OEM supply chains. Key offerings include:
Matt & Mirror Polished Sheets
Base stainless steel sheets polished to high-gloss or matte finishes for functional and aesthetic applications.PVD Coated Sheets
Color-coated sheets in gold, rose gold, black, etc., offering durability and premium appeal for elevator interiors and facades.Decorative SS Sheets
Designer patterns created for use in elevators, lobbies, and upscale interiors.Embossed Sheets
Sheets with 3D textures or raised designs, often used in premium lift cabins and decorative wall panels.Press Plates
Specialized tooling plates used in creating intricate stainless steel finishes—vital for customization and in-house backward integration.
Capacity
As of FY25, Aaron Industries Limited has a total installed capacity of 5,000 automatic elevator doors per month, following the successful commissioning of its third manufacturing unit in April 2025. The company operates three plants, all located in the Surat region of Gujarat.
Unit 1, located in Udhna, spans 24,500 sq. ft and serves as a base manufacturing unit for elevator components such as cabins and doors. Unit 2, situated in Mangrol, covers 88,985 sq. ft and houses key processes like stainless steel sheet polishing, embossing, PVD coating, and press plate production, supporting both internal and external demand.
The most recent addition, Unit 3, located in Kosamba, spans 36,167 sq. ft and is built as a high-efficiency, automation-driven plant. It is equipped with the Salvagnini S4+P4 smart automation line, along with CNC punching, laser cutting, powder coating, and advanced sheet metal processing systems. This unit alone adds 3,000 doors/month to Aaron’s total capacity.
Financials
Future Outlook – Aaron Industries
The company is currently operating at ~77% utilization of its legacy capacity and targets to reach 80–85% utilization of the full 5,000/month capacity within the next three years, driven by deeper market penetration, improved distribution, and OEM partnerships.
Automation via the Salvagnini line is expected to improve margins, while a premium product mix (custom cabins, designer SS sheets) supports higher pricing. The stainless steel division will also push external sales by targeting interior and architectural markets.
With capacity in place and minimal capex ahead, Aaron is well-positioned to grow revenue and profitability efficiently.
Risk & Strengths
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Disclosure
This article is for educational purposes only and does not constitute investment advice. Readers should consult a SEBI-registered advisor before making investment decisions.
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