Aeroflex Industries (AEROFLEX.NS) Stock Price

Aeroflex Industries Price

CLOSED
504.25INR+1.25 (+0.25 %)
Market closed

Revenue has compounded at 16.0% per year over the past 3 years to 3.76 B INR. Earnings per share have grown at 24.1% per year over the last 3 years. Aeroflex Industries's net margin stands at 14.0%, up from 11.4% several years earlier. Aeroflex Industries currently offers a dividend yield of about 0.06%. The payout ratio is around 7% of earnings. Analysts set a median price target of 249.90 INR, implying 50.4% below the current price. Of 9 analysts, 8 rate the stock a buy — an overall Buy consensus. The stock trades about 218% above its 52-week low.

Aeroflex Industries stock price

Volume
Ex-Dividend
Details

Stock Price

How to Read This Chart

This chart tracks the historical stock price of Aeroflex Industries over time. You can switch between daily, weekly, and monthly views and select custom time ranges — from a single day to the full available history. Use the toggle to view price changes in absolute currency terms or as a percentage change relative to the starting date.

Total Return vs. Price Return

The "Total Return" toggle includes reinvested dividends on top of the pure price movement. This is critical because dividends can account for a significant portion of long-term returns. Historically, roughly 40 % of the S&P 500's total return has come from dividends. Always compare total return when evaluating a stock's real performance against a benchmark.

Intraday Price Data

When viewing a one-day time frame, the chart displays real-time intraday price movements. This is useful for observing how Aeroflex Industries stock reacts to market openings, earnings releases, or breaking news throughout the trading session.

What to Look For

Look for long-term trends (sustained upward or downward movements over months and years), support and resistance levels (price zones where the stock repeatedly bounces or reverses), and volatility (how much the price fluctuates day to day). Comparing Aeroflex Industries's price chart to a market index like the S&P 500 can reveal whether the stock is outperforming or underperforming the broader market.

Aeroflex Industries Stock Price History
DateAeroflex Industries Price
8/24/2026504.25 INR
8/21/2026503.00 INR
8/20/2026475.30 INR
8/19/2026475.15 INR
8/18/2026485.85 INR
8/17/2026455.85 INR
8/14/2026459.85 INR
8/13/2026448.25 INR
8/12/2026441.80 INR
8/10/2026420.75 INR
8/7/2026426.10 INR
8/6/2026438.50 INR
8/5/2026456.00 INR
8/4/2026463.80 INR
8/3/2026431.40 INR
7/31/2026435.45 INR
7/30/2026434.35 INR
7/29/2026450.60 INR
7/28/2026435.70 INR
7/24/2026420.85 INR
7/23/2026420.10 INR
7/22/2026407.10 INR
7/21/2026413.40 INR
7/20/2026406.25 INR
7/17/2026410.60 INR
7/16/2026410.85 INR
7/15/2026421.15 INR
7/14/2026410.90 INR
7/13/2026421.50 INR
7/10/2026413.55 INR
7/9/2026405.25 INR
7/8/2026400.95 INR
7/7/2026440.15 INR
7/3/2026459.00 INR
7/2/2026478.40 INR
7/1/2026488.50 INR
6/30/2026471.60 INR
6/29/2026469.00 INR
6/25/2026466.65 INR
6/24/2026479.65 INR
6/23/2026502.75 INR
6/22/2026509.65 INR
6/19/2026507.25 INR
6/18/2026489.00 INR
6/17/2026510.90 INR
6/16/2026471.70 INR
6/15/2026475.40 INR
6/12/2026448.10 INR
6/11/2026408.55 INR
6/10/2026414.10 INR
6/9/2026425.70 INR
6/8/2026399.00 INR
6/5/2026419.75 INR
6/4/2026439.40 INR
6/3/2026434.40 INR
6/2/2026419.45 INR
6/1/2026388.35 INR
5/29/2026401.40 INR
5/28/2026407.40 INR
5/27/2026407.40 INR
5/26/2026403.20 INR
5/25/2026414.35 INR
5/22/2026403.05 INR
5/21/2026379.95 INR
5/20/2026391.05 INR
5/19/2026381.80 INR
5/18/2026368.90 INR
5/15/2026370.85 INR
5/14/2026360.95 INR
5/13/2026365.00 INR
5/12/2026365.25 INR
5/11/2026398.60 INR
5/8/2026439.35 INR
5/7/2026413.60 INR
5/6/2026344.70 INR
5/5/2026318.05 INR
5/4/2026302.35 INR
5/1/2026304.67 INR
4/30/2026304.67 INR
4/29/2026305.18 INR
4/28/2026293.03 INR
4/27/2026294.90 INR
4/24/2026277.87 INR
4/23/2026295.68 INR
4/22/2026304.52 INR
4/21/2026289.11 INR
4/20/2026300.89 INR
4/17/2026311.23 INR
4/16/2026296.23 INR
4/15/2026293.40 INR
4/13/2026289.34 INR
4/10/2026288.99 INR
4/9/2026274.46 INR
4/8/2026261.61 INR
4/7/2026245.70 INR
4/6/2026255.15 INR
4/2/2026252.79 INR
4/1/2026250.64 INR
3/30/2026238.76 INR
3/27/2026240.57 INR
3/25/2026251.38 INR
3/24/2026252.09 INR
3/23/2026223.29 INR
3/20/2026233.75 INR
3/19/2026230.66 INR
3/18/2026247.77 INR
3/17/2026251.77 INR
3/16/2026246.91 INR
3/13/2026234.19 INR
3/12/2026237.13 INR
3/11/2026234.17 INR
3/10/2026220.49 INR
3/9/2026215.69 INR
3/6/2026220.24 INR
3/5/2026223.73 INR
3/4/2026218.22 INR
3/2/2026225.83 INR
2/27/2026234.93 INR
2/26/2026229.32 INR
2/25/2026227.38 INR
2/24/2026218.62 INR
2/23/2026220.23 INR
2/20/2026223.30 INR
2/19/2026228.36 INR
2/18/2026226.72 INR
2/17/2026206.69 INR
2/16/2026192.13 INR
2/13/2026186.38 INR
2/12/2026193.24 INR
2/11/2026191.82 INR
2/10/2026194.86 INR
2/9/2026196.65 INR
2/6/2026185.65 INR
2/5/2026187.98 INR
2/4/2026188.38 INR
2/3/2026185.71 INR
2/2/2026173.06 INR
1/30/2026178.18 INR
1/29/2026180.94 INR
1/28/2026166.77 INR
1/27/2026162.49 INR
1/23/2026158.80 INR
1/22/2026165.62 INR
1/21/2026161.81 INR
1/20/2026168.93 INR
1/19/2026173.61 INR
1/16/2026175.27 INR
1/15/2026176.49 INR
1/14/2026176.49 INR
1/13/2026179.67 INR
1/12/2026184.00 INR
1/9/2026183.39 INR
1/8/2026188.01 INR
1/7/2026198.39 INR
1/6/2026196.11 INR
1/5/2026200.22 INR
1/2/2026197.57 INR
1/1/2026192.61 INR
12/31/2025193.10 INR
12/30/2025196.23 INR
12/29/2025198.21 INR
12/26/2025201.07 INR
12/24/2025205.72 INR
12/23/2025203.52 INR
12/22/2025197.28 INR
12/19/2025193.69 INR
12/18/2025177.31 INR
12/17/2025182.04 INR
12/16/2025179.83 INR
12/15/2025182.58 INR
12/12/2025176.13 INR
12/11/2025173.51 INR
12/10/2025176.08 INR
12/9/2025172.89 INR
12/8/2025168.75 INR
12/5/2025176.75 INR
12/4/2025178.32 INR
12/3/2025177.47 INR
12/2/2025181.89 INR
12/1/2025183.73 INR
11/28/2025186.67 INR
11/27/2025181.46 INR
11/26/2025183.22 INR
11/25/2025184.37 INR
11/24/2025173.91 INR
11/21/2025178.85 INR
11/20/2025183.13 INR
11/19/2025183.95 INR
11/18/2025181.76 INR
11/17/2025184.75 INR
11/14/2025188.34 INR
11/13/2025184.59 INR
11/12/2025183.81 INR
11/11/2025183.50 INR
11/10/2025186.34 INR
11/7/2025186.16 INR
11/6/2025180.22 INR
11/4/2025182.82 INR
11/3/2025189.87 INR
10/31/2025187.13 INR
10/30/2025179.33 INR
10/29/2025185.26 INR
10/28/2025184.53 INR
10/27/2025173.16 INR
10/24/2025172.33 INR
10/23/2025172.43 INR
10/21/2025170.99 INR
10/20/2025167.43 INR
10/17/2025169.43 INR
10/16/2025170.06 INR
10/15/2025169.24 INR
10/14/2025169.30 INR
10/13/2025170.84 INR
10/10/2025173.01 INR
10/9/2025173.05 INR
10/8/2025174.28 INR
10/7/2025175.74 INR
10/6/2025176.12 INR
10/3/2025179.53 INR
10/1/2025174.61 INR
9/30/2025174.24 INR
9/29/2025175.51 INR
9/26/2025179.81 INR
9/25/2025185.49 INR
9/24/2025185.81 INR
9/23/2025192.74 INR
9/22/2025192.39 INR
9/19/2025189.28 INR
9/18/2025190.13 INR
9/17/2025185.87 INR
9/16/2025187.63 INR
9/15/2025179.08 INR
9/12/2025175.90 INR
9/11/2025177.58 INR
9/10/2025176.69 INR
9/9/2025175.44 INR
9/8/2025178.43 INR
9/5/2025178.32 INR
9/4/2025176.10 INR
9/3/2025180.10 INR
9/2/2025174.62 INR
9/1/2025174.77 INR
8/29/2025170.42 INR
8/28/2025172.82 INR
Access this data via the Eulerpool API

Aeroflex Industries Revenue, EBIT, Net Income

  • 3 Years

  • 5 Years

  • 10 Years

  • 25 Years

  • Max

Revenue
EBIT
Net Income
Details
Date
Revenue
EBIT
Net Income
Jan 1, 2022
2.41 B INR
425.08 M INR
275.06 M INR
Jan 1, 2023
2.69 B INR
488.13 M INR
301.52 M INR
Jan 1, 2024
3.18 B INR
560.27 M INR
417.34 M INR
Jan 1, 2025
3.76 B INR
679.63 M INR
525.08 M INR
Jan 1, 2026 (e)
4.48 B INR
787.23 M INR
582.25 M INR
Jan 1, 2027 (e)
6.38 B INR
1.12 B INR
950.13 M INR
Jan 1, 2028 (e)
9.04 B INR
1.59 B INR
1.48 B INR

Aeroflex Industries Income Statement, Balance Sheet, Cash Flow Statement

Last updated Aug 27, 2026, 2:41 PM
 
REVENUEB INR
REVENUE GROWTH%
GROSS MARGIN%
GROSS INCOMEB INR
EBITB INR
EBIT MARGIN%
NET INCOMEB INR
NET INCOME GROWTH%
DIV.INR
DIV. GROWTH%
SHARESM
20222023202420252026e2027e2028e
2.412.693.183.764.486.389.04
11.8818.0018.3419.0942.5041.54
33.9735.9335.3639.3139.3139.3139.31
0.820.971.121.481.762.513.55
0.430.490.560.680.791.121.59
17.6518.1117.6218.0517.5717.5617.56
0.280.300.420.530.580.951.48
9.4538.5425.9010.8663.2355.26
0.250.300.300.360.43
20.0020.0019.44
129.32129.32123.20129.32129.32129.32129.32
Details

Income Statement Key Figures

Revenue and Revenue Growth

Revenue is the starting point of every income statement — it measures the total sales Aeroflex Industries generates from its core business. Revenue growth (expressed as year-over-year percentage change) is one of the most important indicators of business momentum. Sustained growth above 10 % annually is generally considered strong, while declining revenue is a serious warning sign that demands investigation.

Gross Margin

Gross margin = (Revenue − Cost of Goods Sold) ÷ Revenue. It reveals what percentage of each dollar of revenue Aeroflex Industries retains after direct production costs. High gross margins (above 50 %) are typical of asset-light businesses like software and brands, while capital-intensive industries like manufacturing often operate below 30 %. Compare Aeroflex Industries's gross margin to industry peers and track it over time to spot improving or deteriorating pricing power.

EBIT and EBIT Margin

EBIT measures operating profit — what remains after subtracting all operating expenses (including R&D, sales, and administrative costs) from gross profit. The EBIT margin shows this as a percentage of revenue. Because it excludes interest and taxes, EBIT allows fair comparisons between companies with different debt levels and tax jurisdictions. A rising EBIT margin indicates improving operational efficiency.

Net Income and Earnings Per Share (EPS)

Net income is the company's final profit after all expenses, interest, and taxes. Dividing net income by the number of shares outstanding gives you EPS — the single most influential metric in stock valuation. Consistent EPS growth is the primary driver of long-term stock price appreciation. Always check whether EPS growth comes from genuine profit improvement or from share buybacks reducing the share count.

Shares Outstanding

The total number of shares Aeroflex Industries has issued. A declining share count (through buybacks) boosts EPS and signals management confidence. A rising share count (through stock issuance) dilutes existing shareholders. Always monitor this number alongside EPS to get the full picture of per-share value creation.

Analyst Estimates

The projected figures represent consensus estimates from professional analysts. Compare these forecasts against Aeroflex Industries's historical growth rates to assess whether expectations are realistic. A company that consistently beats consensus estimates tends to see its stock price rewarded over time, while repeated misses erode investor confidence.

Aeroflex Industries stock margins

The Aeroflex Industries margin analysis displays the gross margin, EBIT margin, as well as the profit margin of Aeroflex Industries. The EBIT margin (EBIT/sales) indicates the percentage of sales that remains as operating profit. The profit margin shows the percentage of sales that remains for Aeroflex Industries.
  • 3 Years

  • 5 Years

  • 10 Years

  • 25 Years

  • Max

Gross margin
EBIT margin
Profit margin
Details
Date
Gross margin
EBIT margin
Profit margin
Jan 1, 2022
33.98 %
17.65 %
11.42 %
Jan 1, 2023
35.93 %
18.12 %
11.19 %
Jan 1, 2024
35.37 %
17.62 %
13.13 %
Jan 1, 2025
39.31 %
18.06 %
13.96 %
Jan 1, 2026 (e)
39.31 %
17.57 %
13.00 %
Jan 1, 2027 (e)
39.31 %
17.57 %
14.88 %
Jan 1, 2028 (e)
39.31 %
17.57 %
16.33 %

Aeroflex Industries Stock Revenue, EBIT, Earnings per Share

The Aeroflex Industries earnings per share therefore indicates how much revenue Aeroflex Industries has generated per share in a given period. The earnings before interest and taxes per share shows how much of the operating profit corresponds to each share. The earnings per share indicates how much of the profit belongs to each share.
  • 3 Years

  • 5 Years

  • 10 Years

  • 25 Years

  • Max

Revenue per Share
EBIT per share
Earnings per Share
Details
Date
Revenue per Share
EBIT per share
Earnings per Share
Jan 1, 2022
18.62 INR
3.29 INR
2.13 INR
Jan 1, 2023
20.84 INR
3.77 INR
2.33 INR
Jan 1, 2024
25.80 INR
4.55 INR
3.39 INR
Jan 1, 2025
29.09 INR
5.26 INR
4.06 INR
Jan 1, 2026 (e)
33.85 INR
6.09 INR
4.40 INR
Jan 1, 2027 (e)
48.24 INR
8.67 INR
7.18 INR
Jan 1, 2028 (e)
68.28 INR
12.28 INR
11.15 INR

Aeroflex Industries business model & stock analysis

Aeroflex Industries Eulerpool Fair Value

Details

Fair Value Estimate

What Is Fair Value?

Fair value is an estimate of what a stock is truly "worth" based on its financial fundamentals, independent of the current market price. If the calculated fair value is above the current share price, the stock may be undervalued — and vice versa. This chart shows three different fair value approaches so you can cross-check them against each other.

Earnings-Based Fair Value

Calculated by multiplying the current earnings per share (EPS) by the average historical P/E ratio over a selected multi-year period. The smoothing over several years filters out temporary spikes or dips. If this fair value exceeds the market price, it suggests the stock is cheap relative to its earning power.

Example: Fair Value (Earnings) 2022 = EPS 2022 × Average P/E 2019–2021

Revenue-Based Fair Value

Derived by multiplying revenue per share by the average historical price-to-sales ratio. This method is particularly useful for companies with volatile or temporarily depressed earnings, as revenue tends to be more stable than profits. It answers: "At what price has the market historically valued each dollar of this company's sales?"

Example: Fair Value (Revenue) 2022 = Revenue per Share 2022 × Average P/S 2019–2021

Dividend-Based Fair Value

Calculated by dividing the dividend per share by the average historical dividend yield. This approach is most relevant for mature, consistently dividend-paying companies. If the resulting fair value is higher than the current price, it implies the stock offers a better yield than its historical average.

Example: Fair Value (Dividend) 2022 = Dividend per Share 2022 ÷ Average Yield 2019–2021

How to Use This Chart

When all three fair value lines converge above the current price, it strengthens the case that the stock is undervalued. When they diverge, investigate why — it may indicate a structural shift in margins, payout policy, or growth rate. The forward estimates on the right extend the analysis using projected fundamentals, helping you assess whether the current price already reflects future growth expectations.

Aeroflex Industries historical P/E ratio, EBIT multiple, and P/S ratio

Aeroflex Industries annual returns

Details

Annual Return

What This Chart Shows

This chart breaks down 's total annual return into two components: price return (gains or losses from stock price movement) and dividend return (income received from dividend payments). Together, they represent the total return an investor would have earned in each calendar year.

Price Return

Price return measures the percentage change in 's stock price from January 1st to December 31st of each year. Positive bars indicate the stock appreciated; negative bars show a decline. This is the component most investors focus on, but it tells only part of the story — especially for dividend-paying stocks.

Dividend Return

Dividend return represents the income generated from dividends paid during the year, expressed as a percentage of the starting stock price. While it may seem small in any single year (typically 1–4 % for established companies), dividends compound significantly over decades and have historically contributed roughly 40 % of total stock market returns.

What to Look For

Examine how many years showed positive vs. negative returns to gauge consistency. A stock with mostly positive years and small drawdowns suggests lower risk. Also compare 's annual returns to a benchmark index — consistently outperforming the market is a hallmark of a strong investment. Pay attention to the worst years: understanding downside risk is just as important as chasing upside potential.

Aeroflex Industries shares outstanding

The number of shares of Aeroflex Industries was 129.32 M in 2025. This indicates how many shares Aeroflex Industries is divided into. Since shareholders are the owners of a company, each share represents a small portion of the company's ownership.
  • 3 Years

  • 5 Years

  • 10 Years

  • 25 Years

  • Max

Number of stocks
Details
Date
Number of stocks
Jan 1, 2022
129.32 M Stocks
Jan 1, 2023
129.32 M Stocks
Jan 1, 2024
123.20 M Stocks
Jan 1, 2025
129.32 M Stocks
Jan 1, 2026 (e)
129.32 M Stocks
Jan 1, 2027 (e)
129.32 M Stocks
Jan 1, 2028 (e)
129.32 M Stocks

Aeroflex Industries Dividend History

2 years of dividend payments

YearAnnual DividendYoY ChangePayments
20250.30INR 20.0%
Jul 29, 20250.30INR 20.0%1/1
20240.25INR

Aeroflex Industries dividend history and estimates

In 2025, Aeroflex Industries paid a dividend amounting to 0.30 INR. Dividend means that Aeroflex Industries distributes a portion of its profits to its owners.
  • Max

Dividend
Dividend (Estimate)
Details
Date
Dividend
Dividend (Estimate)
Jan 1, 2024 (e)
0.00 INR
0.25 INR
Jan 1, 2025
0.30 INR
0.00 INR
Jan 1, 2026
0.30 INR
0.00 INR
Jan 1, 2027 (e)
0.00 INR
0.36 INR
Jan 1, 2028 (e)
0.00 INR
0.43 INR

Aeroflex Industries dividend payout ratio

In 2025, Aeroflex Industries had a payout ratio of 7.39%. The payout ratio indicates the percentage of the company's profits that Aeroflex Industries distributes as dividends.
  • 3 Years

  • 5 Years

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  • 25 Years

  • Max

Payout ratio
Details
Date
Payout ratio
Jan 1, 2022
7.38 %
Jan 1, 2023
7.38 %
Jan 1, 2024
7.38 %
Jan 1, 2025
7.39 %
Jan 1, 2026 (e)
6.82 %
Jan 1, 2027 (e)
5.01 %
Jan 1, 2028 (e)
3.87 %

Current Aeroflex Industries forecasts and price targets in August 2026

Analyst Price Targets 2026
Δ MOM Price Target
4.26 %
Buy
88.89 % (8)
Hold
11.11 % (1)
Sell
0.00 % (0)
12M Price Target
249.90
Last Price
522.10
Currency
INR
12M Return Potential
-52.14 %
LTM Return
0 %

Aeroflex Industries shareholder structure

% Name
65.47016%
Sat Industries, Ltd.
Sat Industries, Ltd.
2.27355%
Kacholia (Ashish)
Kacholia (Ashish)
2.06034%
Bengal Finance & Investments Pvt. Ltd.
Bengal Finance & Investments Pvt. Ltd.
1.83734%
Nippon Life India Asset Management Limited
Nippon Life India Asset Management Limited
0.32386%
LIC Mutual Fund Asset Management Company Ltd.
LIC Mutual Fund Asset Management Company Ltd.
0.06996%
Dimensional Fund Advisors, L.P.
Dimensional Fund Advisors, L.P.

Aeroflex Industries Beneficial Ownership Filings (SEC 13D/G)

Free Float
32.3%
Float Shares
-
Shares Outstanding
-

Aeroflex Industries Executives and Management Board

8 members · avg. age 54 · 25 % women

AD

Mr. Asad Daud (35)

Executive Chairman of the Board, Managing Director

11.54 M INR

Management

MK

Mr. Mustafa Abid Kachwala (58)

Chief Financial Officer, Whole Time Director · since 2022

1.30 M INR
RP

Ms. Ruthu Parampogi

Compliance Officer, Company Secretary

Board of Directors

SB

Ms. Shilpa Bhatia (51)

Non-Executive Independent Director

175,000.00 INR
PS

Mr. Parthasarathi Sarkar (74)

Non-Executive Independent Director

175,000.00 INR
RS

Mr. Ramesh Soni (66)

Non-Executive Independent Director

175,000.00 INR
HT

Mr. Harikant Turgalia (63)

Non-Executive Director

AK

Mr. Arpit Khandelwal (34)

Non-Executive Independent Director

Frequently asked questions about Aeroflex Industries

Analysts currently set an average price target of 249.90 INR for the Aeroflex Industries stock (median: 249.90 INR), implying -52.1 % versus the latest price. The consensus is based on 9 analyst ratings.

9 analysts currently rate the Aeroflex Industries stock: 8 recommend buying, 1 holding and 0 selling. For 2026, analysts expect Aeroflex Industries to generate revenue of 4.48 B INR and earnings per share of 4.50 INR.

Converted at the current exchange rate, the Aeroflex Industries share trades at 4.53 EUR (504.25 INR).

No history available for Aeroflex Industries.

The expected revenue of Aeroflex Industries is 4.48 B INR. This figure is based on current financial data and reflects the company's business performance.

The expected profit of Aeroflex Industries is 582.25 M INR. The net profit reflects the company's profitability after deducting all expenses.

The price-to-earnings ratio (P/E) of Aeroflex Industries is currently 112.00. The P/E ratio compares the current share price to the earnings per share and helps investors assess the valuation of the Aeroflex Industries stock.

The price-to-sales ratio (P/S) of Aeroflex Industries is currently 14.56. The P/S ratio compares the market capitalization to the annual revenue and serves as a valuation metric for the Aeroflex Industries stock.

The Eulerpool Quality Score for Aeroflex Industries is 5/10.

The ISIN of Aeroflex Industries is INE024001021. The ISIN (International Securities Identification Number) is a globally unique identifier for securities.

The ticker of Aeroflex Industries is AEROFLEX.NS. The ticker symbol is used to trade Aeroflex Industries shares on the stock exchange.

Over the past 12 months, Aeroflex Industries paid a dividend of 0.30 INR . This corresponds to a dividend yield of about 0.06 %. For the coming 12 months, Aeroflex Industries is expected to pay a dividend of 0.36 INR.

The current dividend yield of Aeroflex Industries is 0.06 %.

Aeroflex Industries paid dividends every year for the past 2 years.

For the upcoming 12 months, dividends amounting to 0.36 INR are expected. This corresponds to a dividend yield of 0.07 %.

Aeroflex Industries is assigned to the 'Commodities' sector.

To receive the latest dividend of Aeroflex Industries from amounting to 0.3 INR, you needed to have the stock in your portfolio before the ex-date on .

The last dividend was paid out on .

The dividends of Aeroflex Industries are distributed in INR.