Azad Engineering Ltd.

•

azad.inBSE: 544061NSE: AZAD

Market Cap₹ 17,910 Cr.

Current Price

High / Low₹ 2,987 / 1,360

Stock P/E128.9

Book Value₹ 242

Price to Book6.27

Dividend Yield0.00 %

ROCE12.0 %

ROE9.1 %

Face Value₹ 2

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ABOUT

AI Sector View

AI GENERATED

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 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

Capital GoodsCapital GoodsEngineering - Industrial Equipments

Part ofNIFTY MICROCAP250 NIFTY TOTAL MKT

S.No.	Name
1.	BHEL	432.00	61.84	150425.14	0.32	376.71	182.70	7697.72	40.29	9.24	6.69
2.	INDOMIM	1005.45	93.18	49717.58	0.59	2401.22	—	12187.42	—	24.48	33.36
3.	THERMAX	3641.75	73.13	43393.75	0.55	21.79	-85.61	2302.73	7.09	15.85	2.98
4.	HONAUT	34123.10	54.75	30170.02	0.32	150.70	20.95	1204.40	1.80	17.04	14.32
5.	JYOTICNC	1004.05	70.98	22834.42	0.00	57.14	-19.99	508.47	23.97	21.34	21.40
6.	INOXINDIA	2295.95	81.91	20875.34	0.09	58.07	-4.98	370.79	9.18	33.54	20.46
7.	AZAD	2773.25	128.87	17910.13	0.00	35.16	19.46	172.60	25.90	12.04	37.29
8.	TRITURBINE	561.25	53.05	17842.05	0.76	511.00	693.48	4427.00	1092.30	35.95	11.59
9.	TEGA	1721.30	612.04	12931.73	0.12	-108.25	-406.36	1723.44	383.99	8.37	3.27
10.	LLOYDSENGG	80.63	55.91	12506.03	0.31	68.23	-77.28	527.15	142.92	17.99	15.04
11.	KENNAMET	4998.95	93.82	10986.81	0.00	31.50	11.31	267.30	12.55	18.99	17.51
12.	KRN	1584.85	107.01	10374.19	0.00	32.90	164.84	252.32	118.87	16.06	19.44

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
	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

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	65.90	65.90	65.90	60.32	55.42	55.42	55.84	55.84	55.84
	9.69	9.74	9.99	14.23	16.16	15.76	15.33	14.75	13.30
	3.44	5.74	6.57	8.23	8.91	9.84	10.73	11.71	10.32
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	20.98	18.61	17.56	17.21	19.52	18.98	18.09	17.70	20.54

Documents

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

2026-09-08

Copy of Newspaper Publication

2026-09-08 - Newspaper Advertisement regarding 43rd Annual General Meeting

2026-09-07

Updates

2026-09-07 - Letter to Shareholders under Regulation 36(1)(b) of SEBI (LODR) Regulation 2015

2026-09-07

Shareholders meeting

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

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-14 - Submission of transcript of Earnings Conference Call held on August 08, 2026.

2026-08-10

Monitoring Agency Report

2026-08-10 - Monitoring Agency Report for the quarter ended June 30, 2026.

2026-08-08

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-08 - Link to access the Audio Recording of Earnings Conference Call

2026-08-08

Copy of Newspaper Publication

2026-08-08 - Newspaper clippings regarding unaudited financial results of the Company for the quarter ended June 30, 2026

2026-08-07

Investor Presentation

2026-08-07 - Azad Engineering Limited has informed the Exchange about Investor Presentation

2026-08-07

Outcome of Board Meeting

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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Free 5nance Account

Name

BHEL

432.00

61.84

150425.14

0.32

376.71

182.70

7697.72

40.29

9.24

6.69

INDOMIM

1005.45

93.18

49717.58

0.59

2401.22

—

12187.42

—

24.48

33.36

THERMAX

3641.75

73.13

43393.75

0.55

21.79

-85.61

2302.73

7.09

15.85

2.98

HONAUT

34123.10

54.75

30170.02

0.32

150.70

20.95

1204.40

1.80

17.04

14.32

JYOTICNC

1004.05

70.98

22834.42

0.00

57.14

-19.99

508.47

23.97

21.34

21.40

INOXINDIA

2295.95

81.91

20875.34

0.09

58.07

-4.98

370.79

9.18

33.54

20.46

AZAD

2773.25

128.87

17910.13

0.00

35.16

19.46

172.60

25.90

12.04

37.29

TRITURBINE

561.25

53.05

17842.05

0.76

511.00

693.48

4427.00

1092.30

35.95

11.59

TEGA

1721.30

612.04

12931.73

0.12

-108.25

-406.36

1723.44

383.99

8.37

3.27

LLOYDSENGG

80.63

55.91

12506.03

0.31

68.23

-77.28

527.15

142.92

17.99

15.04

KENNAMET

4998.95

93.82

10986.81

0.00

31.50

11.31

267.30

12.55

18.99

17.51

KRN

1584.85

107.01

10374.19

0.00

32.90

164.84

252.32

118.87

16.06

19.44

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

112

120

127

137

146

159

162

173

100

137

Operating Profit

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%

Interest

Depreciation

Profit before Tax

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

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

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

123

194

252

341

457

603

638

132

179

224

296

378

427

Operating Profit

117

161

225

212

OPM %

22.94%

32.02%

28.72%

34.21%

35.27%

37.37%

33.13%

Interest

Depreciation

Profit before Tax

124

187

184

Tax %

29.17%

26.60%

35.61%

27.49%

30.23%

28.69%

24.46%

Net Profit

134

139

EPS

2.53

6.49

1.80

9.91

13.52

20.58

—

Dividend Payout %

0.00%

—

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Minority Interest

-1

-0

118

202

633

1,381

1,516

197

301

254

432

Trade Payables

151

185

Total Liabilities

256

408

602

812

1,878

2,232

121

144

217

257

436

779

Capital Work in Progress

257

133

189

329

170

223

312

Cash & Bank

697

185

165

208

147

252

371

Total Assets

256

408

602

812

1,878

2,232

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-1

-7

-119

Cash from Investing

-35

-114

-101

-55

-918

-71

Cash from Financing

126

877

174

-6

-16

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

65.90

60.32

55.42

55.84

9.69

9.74

9.99

14.23

16.16

15.76

15.33

14.75

13.30

3.44

5.74

6.57

8.23

8.91

9.84

10.73

11.71

10.32

Government

0.00

20.98

18.61

17.56

17.21

19.52

18.98

18.09

17.70

20.54

Azad Engineering Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

Azad Engineering Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI