Azad Engineering Ltd logo

Azad Engineering Ltd

AZAD NSE

Key Fundamentals

SmallcapElectrical EquipmentCapital Goods
Market Cap
₹17,963 Cr
Volatility
Moderate
P/E Ratio
129.09
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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59 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 11.8 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% lower than 3Y
Net Income Growth
79.58% lower than 3Y
Cash Flow Change
872% higher than 3Y
ROE
-31.61% lower than 3Y
ROCE
-52.35% lower than 3Y
EBITDA Margin (Avg.)
-5.42% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 4d ago
AI opinion · based on fundamentals
Risk high

Azad Engineering Ltd operates in the capital goods sector with a market cap of ₹18,170 Cr and trades at a PE of 128.2x. The company has delivered strong compounded sales growth of 37% CAGR over 5 years and profit growth of 63% CAGR over the same period, but carries a low ROE of 9% over 3 years and zero dividend payout.

Bull Case 7
  • Strong 5-year compounded profit growth of 63% CAGR indicates rapidly scaling earnings
  • Robust 5-year compounded sales growth of 37% CAGR reflects strong demand for precision-engineered components in aerospace and energy sectors
  • TTM sales growth of 29% shows continued revenue momentum in the most recent period
  • TTM profit growth of 39% outpaces TTM sales growth of 29%, suggesting improving operating leverage and margin expansion
  • 3-year compounded profit growth of 150% CAGR demonstrates an inflection in profitability from a lower base
  • Niche positioning in high-precision, mission-critical components for global aerospace and energy OEMs provides a defensible competitive moat
  • Market cap of ₹18,170 Cr and capital goods sector tailwinds from India's defence indigenisation and infrastructure push offer a secular growth runway
Bear Case 8
  • PE ratio of 128.2x is extremely elevated, pricing in years of flawless execution with little margin of safety
  • Price-to-book of 11.68x is high for a capital goods company, indicating the stock trades at a steep premium to its net asset base
  • 3-year average ROE of just 9% is modest given the premium valuation, suggesting capital is not being deployed at high-return rates
  • Zero dividend yield despite repeated profitability means shareholders receive no direct income return
  • High debtor days of 189 days signals significant working capital locked in receivables, posing cash flow risk
  • 1-year stock CAGR of 76% has already front-loaded significant optimism into the current price
  • Limited 10-year historical data on sales, profit, and ROE makes it difficult to assess long-term consistency through full economic cycles
  • Debt-to-equity ratio is unavailable, reducing visibility into the company's balance sheet leverage and financial risk

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

AI News Digest

Anthropic anthropic claude-opus-4.6 11h ago
Neutral 2
  • CEO pay hike, AGM scheduled Sep 7

    Azad Engineering's 43rd AGM set for Sep 29, 2026. Rakesh Chopdar reappointed as CEO with revised remuneration of ₹528 lakh/annum for a new five-year term.

  • FY26 BRSR report filed Sep 7

    Azad Engineering filed its FY26 Business Responsibility and Sustainability Report, disclosing a workforce of 2,848 employees and turnover of ₹5,903.75 million.

TL;DR: A quiet week for Azad Engineering with only routine corporate filings. The FY26 turnover of ₹5,903.75 million and a 2,848-strong workforce provide a baseline operational snapshot, while the CEO reappointment signals leadership continuity. No material headwinds or catalysts emerged; watch for AGM outcomes on Sep 29 for any forward-looking commentary.

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

Others3.83%Promot.55.84%DIIs10.32%FIIs13.30%Public16.70%As ofJun 2026

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 trades as AZAD on the NSE and under code 544061 on the BSE.
Which sector does Azad Engineering Ltd belong to?
Azad Engineering Ltd is classified under the Capital Goods sector, in the Electrical Equipment industry.
What is the market capitalisation of Azad Engineering Ltd?
Azad Engineering Ltd has a market capitalisation of ₹17,963 Cr, which places it in the Mid Cap band.
What is the PE ratio of Azad Engineering Ltd?
Azad Engineering Ltd trades at a PE ratio of 129.09, on earnings per share of ₹11.55, against a book value of ₹236.74 per share.
What is the 52-week high and low of Azad Engineering Ltd?
Over the last 52 weeks Azad Engineering Ltd has traded between ₹1,360 and ₹2,986.6.
What is the Return on Equity (ROE) of Azad Engineering Ltd?
Azad Engineering Ltd reported a return on equity of 6.21%. Its debt-to-equity ratio is 0.31.

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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