AZAD

Azad Engineering Limited

Tier 1 supplier of aerospace and energy sector components

Industrials›Capital Goods›Electrical Equipment›Heavy Electrical Equipment

azad.in

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Key metrics

Price as of 2026-10-16

Stock price

₹2741.00

Market cap

17,717 Cr

Stock P/E

127.5

P/B

11.58

ROE (FY26)

8.7%

ROCE (FY26)

11.0%

Operating margin (FY26)

28.6%

Debt / equity (FY26)

0.30

OCF / EBITDA (FY26)

-52.8%

OCF / EBITDA (3Y)

-14.4%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Azad Engineering makes precision-engineered components, including turbine and aero-engine parts, for global manufacturers in energy, oil and gas, and aerospace and defence.

Company snapshot

12thBy market cap

Ranked among 38 companies in Heavy Electrical Equipment.

What we see

Positives

✓Net margin of 22.2% — the business keeps a healthy share of every rupee it earns.

Concerns

✗Over the last three years operations used more cash than they brought in, despite an operating profit — the business is not yet turning its profit into cash.

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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

Metric	Dec 2023	Mar 2024	Jun 2024	Sept 2024	Dec 2024	Mar 2025	Jun 2025	Sept 2025	Dec 2025	Mar 2026	Jun 2026
Sales	89 Cr	93 Cr	98 Cr	112 Cr	120 Cr	127 Cr	137 Cr	146 Cr	159 Cr	162 Cr	173 Cr
Operating expenses (approx.)	56 Cr	61 Cr	65 Cr	72 Cr	78 Cr	81 Cr	88 Cr	93 Cr	97 Cr	100 Cr	108 Cr
EBITDA	33 Cr	31 Cr	33 Cr	40 Cr	43 Cr	46 Cr	49 Cr	53 Cr	62 Cr	61 Cr	64 Cr
OPM %	36.7%	33.8%	33.6%	35.7%	35.5%	35.9%	35.9%	36.1%	39.2%	38.0%	37.3%
Other income	18 Cr	3 Cr	0.61 Cr	2 Cr	5 Cr	3 Cr	9 Cr	12 Cr	8 Cr	17 Cr	4 Cr
Interest	19 Cr	6 Cr	3 Cr	5 Cr	6 Cr	4 Cr	6 Cr	7 Cr	8 Cr	10 Cr	10 Cr
Depreciation	5 Cr	5 Cr	6 Cr	7 Cr	7 Cr	9 Cr	10 Cr	12 Cr	14 Cr	17 Cr	19 Cr
Profit before tax	27 Cr	23 Cr	24 Cr	30 Cr	34 Cr	36 Cr	42 Cr	46 Cr	48 Cr	51 Cr	39 Cr
Tax %	36.8%	34.0%	29.7%	29.8%	30.3%	30.9%	29.7%	29.8%	27.3%	28.2%	9.8%
Net profit	17 Cr	15 Cr	17 Cr	21 Cr	24 Cr	25 Cr	29 Cr	33 Cr	35 Cr	37 Cr	35 Cr
EPS (₹)	₹3.37	₹2.85	₹2.90	₹3.55	₹4.05	₹4.15	₹4.56	₹5.05	₹5.34	₹5.57	₹5.53

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

Metric	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	123 Cr	194 Cr	252 Cr	341 Cr	457 Cr	603 Cr	Sign in free for the trailing twelve months
Operating expenses (approx.)	95 Cr	132 Cr	179 Cr	224 Cr	296 Cr	378 Cr	Sign in free for the trailing twelve months
EBITDA	28 Cr	62 Cr	72 Cr	117 Cr	161 Cr	225 Cr	Sign in free for the trailing twelve months
OPM %	22.9%	32.0%	28.7%	34.2%	35.3%	37.4%	Sign in free for the trailing twelve months
Other income	2 Cr	5 Cr	10 Cr	32 Cr	11 Cr	46 Cr	Sign in free for the trailing twelve months
Interest	5 Cr	14 Cr	52 Cr	47 Cr	18 Cr	31 Cr	Sign in free for the trailing twelve months
Depreciation	9 Cr	13 Cr	17 Cr	21 Cr	29 Cr	53 Cr	Sign in free for the trailing twelve months
Profit before tax	16 Cr	40 Cr	13 Cr	81 Cr	124 Cr	187 Cr	Sign in free for the trailing twelve months
Tax %	29.2%	26.6%	35.6%	27.5%	30.2%	28.7%	Sign in free for the trailing twelve months
Net profit	12 Cr	29 Cr	8 Cr	59 Cr	87 Cr	134 Cr	Sign in free for the trailing twelve months
EPS (₹)	₹2.53	₹6.49	₹1.79	₹11.20	₹14.66	₹20.57	Sign in free for the trailing twelve months
Dividend payout %	—	—	—	0.0%	0.0%	0.0%	Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

Metric	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	2 Cr	2 Cr	2 Cr	12 Cr	13 Cr	13 Cr
Reserves	89 Cr	118 Cr	202 Cr	633 Cr	1,381 Cr	1,516 Cr
Borrowings	88 Cr	197 Cr	301 Cr	37 Cr	244 Cr	457 Cr
Other liabilities	77 Cr	87 Cr	85 Cr	115 Cr	224 Cr	215 Cr
Total liabilities	256 Cr	404 Cr	589 Cr	797 Cr	1,861 Cr	2,200 Cr
Fixed assets (net)	121 Cr	144 Cr	217 Cr	257 Cr	417 Cr	779 Cr
CWIP	—	24 Cr	38 Cr	45 Cr	80 Cr	257 Cr
Investments	—	—	—	0 Cr	0 Cr	0 Cr
Inventories	34 Cr	57 Cr	86 Cr	133 Cr	189 Cr	329 Cr
Trade receivables	53 Cr	75 Cr	119 Cr	170 Cr	223 Cr	312 Cr
Cash & bank	2 Cr	4 Cr	19 Cr	28 Cr	41 Cr	25 Cr
Other assets	46 Cr	100 Cr	110 Cr	163 Cr	911 Cr	499 Cr
Total assets	256 Cr	404 Cr	589 Cr	797 Cr	1,861 Cr	2,200 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

Metric	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from operating activity	5 Cr	21 Cr	-10 Cr	-7 Cr	54 Cr	-119 Cr
Cash from investing	-35 Cr	-114 Cr	-101 Cr	-55 Cr	-918 Cr	-71 Cr
Cash from financing	24 Cr	96 Cr	126 Cr	71 Cr	877 Cr	174 Cr
Net cash flow	-6 Cr	3 Cr	15 Cr	9 Cr	13 Cr	-16 Cr
Free cash flow (OCF − Capex)	-16 Cr	-96 Cr	-94 Cr	-82 Cr	-240 Cr	-691 Cr

Ratios

Metric	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
ROCE %	12.1%	16.9%	13.0%	18.8%	8.7%	11.0%
ROE %	12.7%	24.5%	4.2%	9.1%	6.3%	8.7%
Debtor days	156	140	172	182	178	188
Inventory days	562	555	633	727	656	918
Days payable	611	412	349	273	278	238
Cash conversion cycle	107	283	455	636	556	868
OCF / EBITDA %	17.0%	33.6%	-14.1%	-6.0%	33.3%	-52.8%
OCF / EBITDA % (3 years)	—	—	9.5%	1.5%	10.4%	-14.4%
Debt / equity	0.97	1.64	1.47	0.06	0.17	0.30
Current ratio	1.12	1.13	1.91	4.29	5.20	3.27
Net debt / EBITDA	3.05	3.10	3.89	0.08	1.26	1.92