Azad Engineering Ltd.

•

azad.inBSE: 544061NSE: AZAD

Market Cap₹ 18,113 Cr.

Current Price

High / Low₹ 2,987 / 1,360

Stock P/E130.8

Book Value₹ 246

Price to Book6.17

Dividend Yield0.00 %

ROCE11.8 %

ROE8.9 %

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 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

Capital GoodsCapital GoodsEngineering - Industrial Equipments

Part ofNIFTY MICROCAP250 NIFTY TOTAL MKT

S.No.	Name
1.	BHEL	433.30	62.03	150877.81	0.32	376.71	182.70	7697.72	40.29	9.24	6.69
2.	INDOMIM	988.35	91.60	48872.02	0.60	2401.22	—	12187.42	—	24.48	33.36
3.	THERMAX	3635.85	73.01	43323.44	0.55	21.79	-85.61	2302.73	7.09	15.85	2.98
4.	HONAUT	34159.35	54.80	30202.07	0.32	150.70	20.95	1204.40	1.80	17.04	14.32
5.	JYOTICNC	1008.70	71.30	22940.17	0.00	57.14	-19.99	508.47	23.97	21.34	21.40
6.	INOXINDIA	2184.80	77.95	19864.74	0.09	58.07	-4.98	370.79	9.18	33.54	20.46
7.	AZAD	2804.70	130.33	18113.24	0.00	35.16	19.46	172.60	25.90	12.04	37.29
8.	TRITURBINE	564.90	53.40	17958.08	0.75	511.00	693.48	4427.00	1092.30	35.95	11.59
9.	TEGA	1680.15	597.41	12622.58	0.12	-108.25	-406.36	1723.44	383.99	8.37	3.27
10.	LLOYDSENGG	81.23	56.33	12599.09	0.31	68.23	-77.28	527.15	142.92	17.99	15.04
11.	KRN	1600.40	108.06	10475.98	0.00	32.90	164.84	252.32	118.87	16.06	19.44
12.	KENNAMET	4727.35	88.73	10389.88	0.00	31.50	11.31	267.30	12.55	18.99	17.51

Detailed Comparison with:

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

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

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

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

111

119

125

135

143

156

157

171

100

134

Operating Profit

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%

Interest

Depreciation

Profit before Tax

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

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

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

121

194

252

341

453

590

626

132

179

224

292

373

421

Operating Profit

117

161

218

205

OPM %

23.81%

32.01%

28.73%

34.21%

35.55%

36.88%

32.78%

Interest

Depreciation

Profit before Tax

126

185

183

Tax %

29.22%

27.61%

35.52%

27.49%

29.75%

28.75%

24.37%

Net Profit

132

139

EPS

89.32

6.17

1.80

9.91

13.71

20.46

—

Dividend Payout %

0.00%

—

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

119

202

633

1,405

1,539

197

300

227

407

Trade Payables

148

181

Total Liabilities

260

408

602

812

1,872

2,227

114

137

210

257

414

756

Capital Work in Progress

257

133

188

327

170

222

309

Cash & Bank

696

184

166

209

147

272

395

Total Assets

260

408

602

812

1,872

2,227

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-1

-7

-123

Cash from Investing

-29

-114

-101

-55

-923

-70

Cash from Financing

126

873

177

-17

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