AIA Engineering is one of the world’s leading manufacturers of value-added,
impact abrasion, and corrosion resistant High Chrome Mill Internals (HCMI).The company has delivered 10% revenue CAGR for 5 years ended FY19.On the balance sheet front, the company is virtually debt-free. The working
capital days were elongated to 133 days on account of accumulation of
ferrochrome (raw material) to avoid buying it at a high price later. This will
help in improving margins and working capital days is expected to normalize
after this inventory effect

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