Azad Engineering Ltd.
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ABOUT
AI Sector View
AI GENERATEDCapital Goods
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.
PROS
- Company has delivered good profit growth of 63.3% CAGR over last 5 years
- Company has delivered good sales growth of 37.5% CAGR over last 5 years
- Company has consistently been profitable over the last 5 years
- Operating margins have improved to 37.4% from 32.6%
- Working capital cycle has improved - days down from 772 to 416
- Company comfortably covers its interest (7.1x coverage)
CONS
- Operating cash flow has been negative in recent years
- Promoter holding has decreased over last 2 years: -10.1pp
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.26x)
- Equity base is being diluted - shares outstanding up 681.8%
- Free cash flow has been persistently negative
- Total debt has risen sharply - up 87.5% year on year
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BHEL | 430.60 | 61.64 | 149937.65 | 0.33 | 376.71 | 182.70 | 7697.72 | 40.29 | 9.24 | 6.69 |
| INDOMIM | 1018.90 | 94.43 | 50382.66 | 0.58 | 2401.22 | — | 12187.42 | — | 24.48 | 33.36 |
| THERMAX | 3680.25 | 73.91 | 43852.50 | 0.54 | 21.79 | -85.61 | 2302.73 | 7.09 | 15.85 | 2.98 |
| HONAUT | 34514.05 | 55.37 | 30515.68 | 0.32 | 150.70 | 20.95 | 1204.40 | 1.80 | 17.04 | 14.32 |
| JYOTICNC | 987.95 | 69.84 | 22468.26 | 0.00 | 57.14 | -19.99 | 508.47 | 23.97 | 21.34 | 21.40 |
| INOXINDIA | 2245.75 | 80.12 | 20418.91 | 0.09 | 58.07 | -4.98 | 370.79 | 9.18 | 33.54 | 20.46 |
| AZAD | 2846.00 | 132.25 | 18379.96 | 0.00 | 35.16 | 19.46 | 172.60 | 25.90 | 12.04 | 37.29 |
| TRITURBINE | 569.10 | 53.80 | 18091.60 | 0.75 | 511.00 | 693.48 | 4427.00 | 1092.30 | 35.95 | 11.59 |
| TEGA | 1731.10 | 615.52 | 13005.36 | 0.12 | -108.25 | -406.36 | 1723.44 | 383.99 | 8.37 | 3.27 |
| LLOYDSENGG | 82.72 | 57.36 | 12830.19 | 0.30 | 68.23 | -77.28 | 527.15 | 142.92 | 17.99 | 15.04 |
| KRN | 1595.75 | 107.75 | 10445.54 | 0.00 | 32.90 | 164.84 | 252.32 | 118.87 | 16.06 | 19.44 |
| KENNAMET | 4681.40 | 87.86 | 10288.89 | 0.00 | 31.50 | 11.31 | 267.30 | 12.55 | 18.99 | 17.51 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 76 | 83 | 89 | 93 | 98 | 112 | 120 | 127 | 137 | 146 | 159 | 162 | 173 | |
| 50 | 57 | 56 | 61 | 65 | 72 | 78 | 81 | 88 | 93 | 96 | 100 | 137 | |
| Operating Profit | 26 | 26 | 33 | 31 | 33 | 40 | 43 | 46 | 49 | 53 | 62 | 61 | 35 |
| OPM % | 34.53% | 31.77% | 36.69% | 33.79% | 33.57% | 35.74% | 35.54% | 35.92% | 35.91% | 36.08% | 39.20% | 37.96% | 20.52% |
| 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 |
| Profit before Tax | 11 | 20 | 27 | 23 | 24 | 30 | 34 | 36 | 42 | 46 | 48 | 51 | 39 |
| Tax % | 35.40% | 3.28% | 36.78% | 34.03% | 29.68% | 29.82% | 30.32% | 30.85% | 29.71% | 29.77% | 27.33% | 28.16% | 9.77% |
| Net Profit | 0 | 0 | 0 | 0 | 17 | 21 | 24 | 25 | 29 | 33 | 35 | 37 | 35 |
| 1.49 | 3.93 | 3.37 | 2.85 | 2.90 | 3.55 | 4.05 | 4.15 | 4.56 | 5.05 | 5.34 | 5.57 | 5.53 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|
| 123 | 194 | 252 | 341 | 457 | 603 | 638 | |
| 95 | 132 | 179 | 224 | 296 | 378 | 427 | |
| Operating Profit | 28 | 62 | 72 | 117 | 161 | 225 | 212 |
| OPM % | 22.94% | 32.02% | 28.72% | 34.21% | 35.27% | 37.37% | 33.13% |
| 2 | 5 | 10 | 32 | 11 | 46 | 41 | |
| Interest | 5 | 14 | 52 | 47 | 18 | 31 | 35 |
| Depreciation | 9 | 13 | 17 | 21 | 29 | 53 | 61 |
| Profit before Tax | 16 | 40 | 13 | 81 | 124 | 187 | 184 |
| Tax % | 29.17% | 26.60% | 35.61% | 27.49% | 30.23% | 28.69% | 24.46% |
| Net Profit | 12 | 29 | 8 | 59 | 87 | 134 | 139 |
| EPS | 2.53 | 6.49 | 1.80 | 9.91 | 13.52 | 20.58 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- 37%
- 3 Years:
- 34%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 63%
- 3 Years:
- 150%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- 76%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- 13%
- 3 Years:
- 10%
- Last Year:
- 9%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Equity Capital | 2 | 2 | 2 | 12 | 13 | 13 |
| Minority Interest | 0 | 0 | 0 | 0 | -1 | -0 |
| 89 | 118 | 202 | 633 | 1,381 | 1,516 | |
| 88 | 197 | 301 | 30 | 254 | 432 | |
| Trade Payables | 37 | 43 | 50 | 50 | 80 | 85 |
| 40 | 49 | 48 | 87 | 151 | 185 | |
| Total Liabilities | 256 | 408 | 602 | 812 | 1,878 | 2,232 |
| 121 | 144 | 217 | 257 | 436 | 779 | |
| Capital Work in Progress | 0 | 24 | 38 | 45 | 80 | 257 |
| 34 | 57 | 86 | 133 | 189 | 329 | |
| 0 | 0 | 0 | 170 | 223 | 312 | |
| Cash & Bank | 17 | 18 | 53 | 59 | 697 | 185 |
| 84 | 165 | 208 | 147 | 252 | 371 | |
| Total Assets | 256 | 408 | 602 | 812 | 1,878 | 2,232 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| 12 | 26 | -1 | -7 | 54 | -119 | |
| Cash from Investing | -35 | -114 | -101 | -55 | -918 | -71 |
| Cash from Financing | 24 | 96 | 126 | 71 | 877 | 174 |
| -6 | 3 | 15 | 9 | 13 | -16 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-08 - Newspaper Advertisement regarding 43rd Annual General Meeting
2026-09-07 - Letter to Shareholders under Regulation 36(1)(b) of SEBI (LODR) Regulation 2015
2026-09-07 - Notice of 43rd Annual General Meeting of the Company to be held on September 29, 2026 at 2:30 p.m. (IST)
2026-08-14 - Submission of transcript of Earnings Conference Call held on August 08, 2026.
2026-08-10 - Monitoring Agency Report for the quarter ended June 30, 2026.
2026-08-08 - Link to access the Audio Recording of Earnings Conference Call
2026-08-08 - Newspaper clippings regarding unaudited financial results of the Company for the quarter ended June 30, 2026
2026-08-07 - Azad Engineering Limited has informed the Exchange about Investor Presentation
2026-08-07 - Unaudited Standalone and Consolidated Financial Results for the quarter ended June 30, 2026
News
Recent coverage and analyst commentary for AZAD
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Azad Engineering Ltd.
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