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 57.8% CAGR over last 5 years
- Company has delivered good sales growth of 37.4% CAGR over last 5 years
- Operating margins have improved to 36.9% from 32.6%
- Working capital cycle has improved - days down from 779 to 424
- Company comfortably covers its interest (7.2x coverage)
- Company maintains a comfortable, low leverage position
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 -0.24x)
- A large part of profit comes from other income (25.6% of PBT)
- Equity base is being diluted - shares outstanding up 681.8%
- Free cash flow has been persistently negative
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BHEL | 433.30 | 62.03 | 150877.81 | 0.32 | 376.71 | 182.70 | 7697.72 | 40.29 | 9.24 | 6.69 |
| INDOMIM | 988.35 | 91.60 | 48872.02 | 0.60 | 2401.22 | — | 12187.42 | — | 24.48 | 33.36 |
| THERMAX | 3635.85 | 73.01 | 43323.44 | 0.55 | 21.79 | -85.61 | 2302.73 | 7.09 | 15.85 | 2.98 |
| HONAUT | 34159.35 | 54.80 | 30202.07 | 0.32 | 150.70 | 20.95 | 1204.40 | 1.80 | 17.04 | 14.32 |
| JYOTICNC | 1008.70 | 71.30 | 22940.17 | 0.00 | 57.14 | -19.99 | 508.47 | 23.97 | 21.34 | 21.40 |
| INOXINDIA | 2184.80 | 77.95 | 19864.74 | 0.09 | 58.07 | -4.98 | 370.79 | 9.18 | 33.54 | 20.46 |
| AZAD | 2804.70 | 130.33 | 18113.24 | 0.00 | 35.16 | 19.46 | 172.60 | 25.90 | 12.04 | 37.29 |
| TRITURBINE | 564.90 | 53.40 | 17958.08 | 0.75 | 511.00 | 693.48 | 4427.00 | 1092.30 | 35.95 | 11.59 |
| TEGA | 1680.15 | 597.41 | 12622.58 | 0.12 | -108.25 | -406.36 | 1723.44 | 383.99 | 8.37 | 3.27 |
| LLOYDSENGG | 81.23 | 56.33 | 12599.09 | 0.31 | 68.23 | -77.28 | 527.15 | 142.92 | 17.99 | 15.04 |
| KRN | 1600.40 | 108.06 | 10475.98 | 0.00 | 32.90 | 164.84 | 252.32 | 118.87 | 16.06 | 19.44 |
| KENNAMET | 4727.35 | 88.73 | 10389.88 | 0.00 | 31.50 | 11.31 | 267.30 | 12.55 | 18.99 | 17.51 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | 111 | 119 | 125 | 135 | 143 | 156 | 157 | 171 | |
| 50 | 57 | 56 | 61 | 65 | 72 | 76 | 79 | 86 | 91 | 96 | 100 | 134 | |
| Operating Profit | 26 | 26 | 33 | 31 | 33 | 40 | 43 | 45 | 49 | 51 | 60 | 58 | 36 |
| OPM % | 34.53% | 31.74% | 36.69% | 33.79% | 33.58% | 35.71% | 36.02% | 36.49% | 36.06% | 36.02% | 38.56% | 36.70% | 21.15% |
| 0 | 11 | 18 | 3 | 1 | 2 | 5 | 4 | 9 | 13 | 9 | 17 | 4 | |
| Interest | 10 | 12 | 19 | 6 | 3 | 5 | 6 | 4 | 6 | 6 | 8 | 10 | 10 |
| Depreciation | 5 | 5 | 5 | 5 | 6 | 7 | 7 | 9 | 10 | 11 | 14 | 16 | 18 |
| Profit before Tax | 11 | 20 | 27 | 23 | 24 | 30 | 35 | 37 | 42 | 47 | 47 | 49 | 40 |
| Tax % | 35.43% | 3.33% | 36.79% | 34.03% | 29.71% | 29.63% | 30.46% | 29.22% | 29.32% | 29.52% | 27.73% | 28.51% | 9.32% |
| Net Profit | 7 | 19 | 17 | 15 | 17 | 21 | 24 | 26 | 30 | 33 | 34 | 35 | 36 |
| 1.49 | 3.92 | 3.37 | 2.85 | 2.90 | 3.56 | 4.11 | 4.28 | 4.64 | 5.11 | 5.27 | 5.44 | 5.63 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|
| 121 | 194 | 252 | 341 | 453 | 590 | 626 | |
| 92 | 132 | 179 | 224 | 292 | 373 | 421 | |
| Operating Profit | 29 | 62 | 72 | 117 | 161 | 218 | 205 |
| OPM % | 23.81% | 32.01% | 28.73% | 34.21% | 35.55% | 36.88% | 32.78% |
| 4 | 3 | 10 | 32 | 12 | 48 | 42 | |
| Interest | 5 | 14 | 52 | 47 | 18 | 30 | 34 |
| Depreciation | 9 | 13 | 17 | 21 | 29 | 50 | 58 |
| Profit before Tax | 19 | 39 | 13 | 81 | 126 | 185 | 183 |
| Tax % | 29.22% | 27.61% | 35.52% | 27.49% | 29.75% | 28.75% | 24.37% |
| Net Profit | 14 | 28 | 9 | 59 | 89 | 132 | 139 |
| EPS | 89.32 | 6.17 | 1.80 | 9.91 | 13.71 | 20.46 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- 37%
- 3 Years:
- 33%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 58%
- 3 Years:
- 150%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- 71%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- 13%
- 3 Years:
- 10%
- Last Year:
- 9%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| 2 | 2 | 2 | 12 | 13 | 13 | |
| 96 | 119 | 202 | 633 | 1,405 | 1,539 | |
| 83 | 197 | 300 | 30 | 227 | 407 | |
| Trade Payables | 41 | 43 | 49 | 50 | 79 | 86 |
| 38 | 49 | 48 | 87 | 148 | 181 | |
| Total Liabilities | 260 | 408 | 602 | 812 | 1,872 | 2,227 |
| 114 | 137 | 210 | 257 | 414 | 756 | |
| Capital Work in Progress | 0 | 24 | 38 | 45 | 80 | 257 |
| 6 | 6 | 6 | 0 | 0 | 0 | |
| 29 | 57 | 86 | 133 | 188 | 327 | |
| 0 | 0 | 0 | 170 | 222 | 309 | |
| Cash & Bank | 20 | 18 | 53 | 59 | 696 | 184 |
| 90 | 166 | 209 | 147 | 272 | 395 | |
| Total Assets | 260 | 408 | 602 | 812 | 1,872 | 2,227 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| 38 | 26 | -1 | -7 | 63 | -123 | |
| Cash from Investing | -29 | -114 | -101 | -55 | -923 | -70 |
| Cash from Financing | 7 | 96 | 126 | 71 | 873 | 177 |
| 12 | 3 | 15 | 9 | 12 | -17 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| 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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