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Azad Engineering Ltd

AZAD NSE

Key Fundamentals

SmallcapElectrical EquipmentCapital Goods
Market Cap
₹18,270 Cr
Volatility
High Risk
P/E Ratio
132.84
EBITDA
₹225 Cr
Return on Equity
6.21%
Debt to Equity
0.31
Book Value
₹236.74
EPS
₹11.55
52W High
₹2,986.6
52W Low
₹1,360

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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50 extracted metrics + investor summaries across FY21–FY26.

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Tapetide Score

Data-driven rating, 0–100. How it works →

Technical Indicators

Key Insights

Strengths

1
  • Company has delivered good profit growth of 63.1% CAGR over last 5 years

Weaknesses

4
  • Stock is trading at 12.2 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Company has a low return on equity of 9.49% over last 3 years.
  • Company has high debtors of 189 days.

Growth Rate

Revenue Growth
28.87% ↗
Net Income Growth
79.58% ↗
Cash Flow Change
872.23% ↗
ROE
-31.61% ↘
ROCE
-52.35% ↘
EBITDA Margin (Avg.)
-5.42% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 3d ago
AI opinion · based on fundamentals
Risk high

Azad Engineering Ltd is a capital goods company with a market cap of ₹17,515 Cr, trading at a PE of 123.4x and PB of 11.24x. The company has delivered strong revenue growth of 37% CAGR over 5 years and profit growth of 63% CAGR over the same period, but carries a low ROE of 9% and zero dividend payout.

Bull Case 7
  • Strong 5-year compounded sales growth of 37% CAGR indicates robust revenue expansion in a capital goods niche
  • Exceptional 5-year compounded profit growth of 63% CAGR, significantly outpacing revenue growth and suggesting operating leverage
  • TTM sales growth of 29% shows continued momentum in the most recent period
  • TTM profit growth of 39% demonstrates sustained earnings acceleration even on a larger base
  • 3-year compounded profit growth of 150% CAGR reflects a sharp earnings inflection over the medium term
  • Stock has delivered 72% return over 1 year, reflecting strong market confidence in the business trajectory
  • Operating in precision engineering and capital goods sector with potential tailwinds from defence and aerospace indigenization in India
Bear Case 8
  • PE ratio of 123.4x is extremely elevated relative to broader market averages and leaves little room for execution misses
  • Price-to-book of 11.24x indicates the stock is trading at a steep premium to its net asset value
  • Return on equity of only 9% over 3 years is low for a company commanding such premium valuations
  • Zero dividend yield with no payout despite reporting repeated profits, offering no income cushion to shareholders
  • High debtor days of 189 days signals significant working capital strain and potential collection risk
  • 3-year ROE of 9% and last year ROE of 9% show no improvement in capital efficiency despite profit growth
  • Market cap of ₹17,515 Cr on what appears to be a relatively small earnings base (implied EPS from PE suggests limited absolute profit scale)
  • Limited long-term track record with no 10-year data available for stock CAGR or profitability metrics

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 17h ago
Positives 2
  • Indigenous jet engine for DRDO Jul 22

    Azad Engineering delivered its first indigenous turbo jet engine to DRDO and the Ministry of Defence, marking a significant milestone in India's defence propulsion sector.

  • Q1FY26 net profit up 21% Aug 8

    Standalone net profit rose to ₹363.52 million in Q1FY26 from ₹299.94 million in the prior year period, driven by higher total income.

Neutral 1
  • Q1FY27 results and earnings call Aug 8

    Azad Engineering released unaudited standalone and consolidated financial results for Q1FY27 (quarter ended June 30, 2026) and hosted an earnings conference call on August 8, 2026 at 11:00 AM IST.

TL;DR: Azad Engineering is executing well on both financial growth (~21% YoY standalone profit increase) and strategic defence capabilities with its first indigenous turbo jet engine delivery to DRDO. No visible headwinds in recent news flow. The defence and aerospace order pipeline and Q1FY27 results (details pending) will determine whether the positive momentum sustains.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
76
83
89
93
98
112
120
127
137
146
159
162
173
Expenses
50
57
56
61
65
72
78
81
88
93
96
100
108
Operating Profit
26
26
33
31
33
40
43
46
49
53
62
61
64
OPM %
35%
32%
37%
34%
34%
36%
36%
36%
36%
36%
39%
38%
37%
Other Income
0
11
18
3
1
2
5
3
9
12
8
17
4
Interest
10
12
19
6
3
5
6
4
6
7
8
10
10
Depreciation
5
5
5
5
6
7
7
9
10
12
14
17
19
PBT
11
20
27
23
24
30
34
36
42
46
48
51
39
Tax %
35%
3%
37%
34%
30%
30%
30%
31%
30%
30%
27%
28%
10%
Net Profit
7
19
17
15
17
21
24
25
29
33
35
37
35
EPS in Rs
44.8
3.92
2.84
2.53
2.9
3.55
4.05
3.91
4.6
5.07
5.34
5.57
5.54
Figures in ₹ Crores

Profit & Loss

  Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
123
194
252
341
457
603
638
Expenses
95
132
179
224
296
378
398
Operating Profit
28
62
72
117
161
225
240
OPM %
23%
32%
29%
34%
35%
37%
38%
Other Income
2
5
10
32
11
46
41
Interest
5
14
52
47
18
31
35
Depreciation
9
13
17
21
29
53
61
PBT
16
40
13
81
124
187
184
Tax %
29%
27%
36%
27%
30%
29%
—
Net Profit
12
29
8
59
87
134
139
EPS in Rs
76
195
51.28
9.91
13.52
20.58
21.52
Div. Payout %
0%
0%
0%
0%
0%
0%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
2
2
2
12
13
13
Reserves
89
118
202
633
1,381
1,516
Borrowings
88
197
301
39
263
474
Other Liabilities
77
87
85
113
204
197
Total Liabilities
256
404
589
797
1,861
2,200
Fixed Assets
121
144
217
257
436
779
CWIP
0
24
38
45
80
257
Investments
0
0
0
0
0
0
Other Assets
135
236
335
494
1,345
1,164
Total Assets
256
404
589
797
1,861
2,200
Figures in ₹ Crores

Cash Flow

  Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
5
21
-10
-7
54
-119
Investing
-35
-114
-101
-55
-918
-71
Financing
24
96
126
71
877
174
Net Cash Flow
-6
3
15
9
13
-16
Free Cash Flow
-16
-96
-94
-78
-240
-691
CFO/OP
43
41
-1
7
44
-31
Figures in ₹ Crores

Ratios

  Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
156
140
172
182
178
189
Inventory Days
906
1,009
1,042
1,055
1,085
2,067
Days Payable
986
748
576
396
459
536
Cash Conversion Cycle
77
401
638
840
804
1,720
Working Capital Days
-11
4
120
283
215
304
ROCE %
—
22%
16%
21%
12%
12%

Shareholding Pattern

As of Jun 2026
Promoters 55.84%
Public 16.70%
FIIs 13.30%
DIIs 10.32%
Others 3.83%
Total 99.99%
  Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
86.51%
65.90%
65.90%
65.90%
65.90%
65.90%
60.32%
55.42%
55.42%
55.84%
55.84%
55.84%
FIIs
0.00%
0.00%
6.98%
9.68%
9.74%
9.98%
14.23%
16.15%
15.76%
15.33%
14.75%
13.30%
DIIs
0.00%
5.67%
5.00%
3.43%
5.74%
6.56%
8.24%
8.91%
9.84%
10.74%
11.71%
10.32%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
0.00%
19.30%
17.82%
16.80%
15.66%
14.81%
14.74%
16.16%
15.47%
14.64%
14.36%
16.70%
Others
13.49%
9.13%
4.30%
4.18%
2.96%
2.75%
2.47%
3.36%
3.51%
3.45%
3.34%
3.83%
No. of Shareholders
64
1,81,378
1,06,231
1,02,445
1,28,846
1,17,613
1,24,139
1,27,692
1,27,716
1,25,118
1,26,786
1,33,221

Documents

Frequently Asked Questions about Azad Engineering Ltd

What does Azad Engineering Ltd do?
Incorporated in 1983, Azad Engineering Limited is a manufacturer of aerospace components and turbines and supplies its products to original equipment manufacturers (OEMs) in the aerospace, defense, energy, and oil and gas industries.[1]
Where is Azad Engineering Ltd (AZAD) listed?
Azad Engineering Ltd is listed on the Indian stock exchanges. It is listed on NSE: AZAD and BSE: 544061. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Azad Engineering Ltd belong to?
Azad Engineering Ltd operates in the Capital Goods sector within the Electrical Equipment industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Azad Engineering Ltd?
Azad Engineering Ltd has a market capitalisation of approximately ₹18269.53 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Azad Engineering Ltd?
The Price-to-Earnings (PE) ratio of Azad Engineering Ltd is 132.84. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Azad Engineering Ltd?
Over the past 52 weeks, Azad Engineering Ltd has traded between a low of ₹1,360 and a high of ₹2,986.6. This range helps investors understand the stock's price volatility and recent trading levels.
What is the Return on Equity (ROE) of Azad Engineering Ltd?
Azad Engineering Ltd has a Return on Equity (ROE) of 6.21%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Azad Engineering Ltd on Tapetide?
On Tapetide, you can view Azad Engineering Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Incorporated in 1983, Azad Engineering Limited is a manufacturer of aerospace components and turbines and supplies its products to original equipment manufacturers (OEMs) in the aerospace, defense, energy, and oil and gas industries.[1]

Website azad.in
CEO Mr. Rakesh Chopdar
Employees 1,441
Listed 2023-12-28
Face Value ₹ 2
Issued Size 6,45,81,743

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