Axtel Industries Ltd.

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axtelindia.comBSE: -NSE: AXTEL

Market Cap₹ 631 Cr.

Current Price

High / Low₹ 425 / 385

Stock P/E20.2

Book Value₹ 78

Price to Book4.77

Dividend Yield3.07 %

ROCE33.7 %

ROE25.2 %

Face Value₹ 10

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AI Sector View

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Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence

72%

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PROS

Company is almost debt free
Company has a healthy return on capital (ROCE) of 32.4%
Company has a good return on equity (ROE) track record: 3 Years ROE 23.7%
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.50x)
Operating margins have improved to 17.9% from 14.7%
Company has been maintaining a healthy dividend payout of 62.2%

CONS

Company has delivered a poor profit growth of 7.9% over past five years
Company has delivered a poor sales growth of 7.8% over past five years

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsCapital GoodsEngineering - Industrial Equipments

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	BHEL	421.50	60.34	146768.97	0.33	376.71	182.70	7697.72	40.29	9.24	6.69
2.	INDOMIM	947.70	87.83	46861.96	0.62	2401.22	—	12187.42	—	24.48	33.36
3.	THERMAX	3623.50	72.77	43176.29	0.55	21.79	-85.61	2302.73	7.09	15.85	2.98
4.	HONAUT	35564.65	57.06	31444.57	0.31	150.70	20.95	1204.40	1.80	17.04	14.32
5.	JYOTICNC	1018.20	71.98	23156.22	0.00	57.14	-19.99	508.47	23.97	23.88	21.40
6.	INOXINDIA	2230.95	79.60	20284.35	0.09	58.07	-4.98	370.79	9.18	33.54	20.46
7.	AZAD	2869.20	133.33	18529.79	0.00	35.16	19.46	172.60	25.90	12.04	37.29
8.	TRITURBINE	569.00	53.79	18088.42	0.75	51.10	-20.65	442.70	19.23	35.95	11.59
9.	LLOYDSENGG	83.06	57.60	12882.93	0.30	68.23	-77.28	527.15	142.92	17.99	15.04
10.	TEGA	1606.65	571.27	12070.39	0.12	-108.25	-406.36	1723.44	383.99	8.37	3.27
11.	KRN	1627.05	109.86	10650.42	0.00	32.90	164.84	252.32	118.87	16.06	19.44
12.	AXTEL	390.80	20.22	631.33	3.07	19.57	932.17	323.11	1086.86	33.70	7.82

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	48	69	54	52	45	56	40	38	27	67	59	71	32
	41	53	41	44	39	47	35	33	26	54	48	55	31
Operating Profit	7	17	13	8	5	9	5	5	2	13	11	15	1
OPM %	14.67%	23.91%	23.57%	14.80%	12.26%	15.88%	12.27%	12.02%	5.55%	19.57%	18.47%	21.48%	4.07%
	1	1	1	1	1	1	1	1	2	2	1	1	1
Interest	0	0	0	0	0	0	0	0	0	-0	0	0	0
Depreciation	0	1	1	1	1	1	1	1	1	1	1	1	1
Profit before Tax	7	17	12	7	5	9	5	4	2	14	11	15	3
Tax %	24.00%	28.88%	21.28%	23.38%	23.03%	35.56%	34.27%	-6.01%	12.44%	25.70%	26.32%	24.54%	23.13%
Net Profit	5	12	10	5	4	6	3	5	2	10	8	11	2
	3.29	7.38	5.93	3.29	2.54	3.65	2.02	2.95	1.17	6.26	4.94	6.91	1.21

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	76	82	111	100	153	144	180	223	179	224	229
	65	71	91	85	125	127	157	179	155	184	188
Operating Profit	11	10	20	14	29	17	23	44	24	40	40
OPM %	14.03%	12.39%	17.95%	14.40%	18.71%	11.83%	12.65%	19.72%	13.34%	17.92%	17.69%
	1	1	2	4	3	5	4	3	5	7	5
Interest	1	1	0	1	1	0	1	2	1	0	0
Depreciation	3	2	3	3	3	3	2	3	4	5	5
Profit before Tax	8	8	18	15	29	19	23	43	24	41	42
Tax %	17.82%	24.78%	28.78%	26.74%	26.23%	26.51%	24.63%	25.03%	24.68%	24.74%	25.29%
Net Profit	7	6	13	11	21	14	17	32	18	31	31
EPS	0.00	0.00	0.00	0.00	13.18	8.56	10.71	19.89	11.16	19.29	—
Dividend Payout %	0.00%	40.85%	18.70%	37.08%	45.52%	23.36%	28.01%	30.16%	98.59%	62.21%	—

COMPOUNDED SALES GROWTH

10 Years:: 13%
5 Years:: 8%
3 Years:: 7%

COMPOUNDED PROFIT GROWTH

10 Years:: 21%
5 Years:: 8%
3 Years:: 22%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: 23%
5 Years:: 22%
3 Years:: 24%
Last Year:: 25%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	16	16	16	16	16	16	16	16	16	16
	21	27	36	39	55	65	80	97	106	108
	3	4	1	7	1	0	0	0	0	0
Trade Payables	12	19	14	17	19	31	40	33	24	32
	15	21	24	26	24	23	48	61	45	67
Total Liabilities	66	87	91	106	115	135	184	206	192	224
	17	17	16	16	16	14	13	25	28	31
Capital Work in Progress	0	0	0	1	0	0	5	0	1	0
	4	14	15	26	34	18	34	35	57	81
	12	18	22	31	23	37	45	52	37	33
	0	0	0	0	0	0	0	50	33	45
Cash & Bank	7	4	5	4	8	6	12	25	22	16
	27	33	33	28	35	60	76	19	14	16
Total Assets	66	87	91	106	115	135	184	206	192	224

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	17	14	15	16	32	-8	36	39	32	51
Cash from Investing	-4	-13	-2	-11	-8	14	-20	-9	-25	-28
Cash from Financing	-6	-1	-6	-2	-13	-5	-5	-16	-9	-29
	5	-3	1	-1	4	-2	5	13	-2	-6

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	49.95	49.95	49.95	49.95	49.95	49.95	49.95	49.95	49.95
	0.48	0.58	0.61	0.62	0.61	0.60	0.41	0.41	0.41
	0.30	0.39	1.49	0.99	1.12	0.81	1.36	1.42	1.48
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	49.27	49.08	47.95	48.44	48.32	48.64	48.28	48.22	48.16

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

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