Azad Engineering Ltd

Azad Engineering Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Azad Engineering Ltd

₹ 2,098 -3.86%
15 May - close price
azad.in BSE: 544061 NSE: AZAD
About

Incorporated in 1983, Azad Engineering Limited is a manufacturer of aerospace components and turbines and supplies its products to original equipment manufacturers (OEMs) in the aerospace, defense, energy, and oil and gas industries.[1]

Key Points

Business Overview
The company manufactures highly engineered, complex, mission and life-critical high-precision forged and machined components like 3D rotating airfoils and blade portions of turbine engines and other critical components for gas, nuclear, and thermal turbines. [1] It has a portfolio of 1,700 parts and components and 45+ specialized manufacturing processes.[2]

Website BSE NSE
  • Market Cap ₹ 13,551 Cr.
  • Current Price ₹ 2,098
  • High / Low ₹ 2,350 / 1,359
  • Stock P/E 103
  • Book Value ₹ 240
  • Dividend Yield 0.00 %
  • ROCE 11.7 %
  • ROE 8.90 %
  • Face Value ₹ 2.00
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Pros

  • Company has delivered good profit growth of 57.8% CAGR over last 5 years

Cons

  • Stock is trading at 8.73 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Company has a low return on equity of 9.25% over last 3 years.
  • Company has high debtors of 191 days.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Industrials Capital Goods Electrical Equipment Heavy Electrical Equipment

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
85 76 83 89 93 98 111 119 125 135 143 156 157
54 50 57 56 61 65 72 76 79 86 91 96 100
Operating Profit 30 26 26 33 31 33 40 43 45 49 51 60 58
OPM % 36% 35% 32% 37% 34% 34% 36% 36% 36% 36% 36% 39% 37%
5 0 11 18 3 1 2 5 4 9 13 9 17
Interest 11 10 12 19 6 3 5 6 4 6 6 8 10
Depreciation 4 5 5 5 5 6 7 7 9 10 11 14 16
Profit before tax 20 11 20 27 23 24 30 35 37 42 47 47 49
Tax % 26% 35% 3% 37% 34% 30% 30% 30% 29% 29% 30% 28% 29%
15 7 19 17 15 17 21 24 26 30 33 34 35
EPS in Rs 89.96 44.80 3.92 2.84 2.53 2.90 3.56 4.11 4.03 4.64 5.11 5.27 5.44
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
122 121 194 252 341 453 590
81 92 132 179 224 292 373
Operating Profit 41 29 62 72 117 161 218
OPM % 34% 24% 32% 29% 34% 36% 37%
1 4 3 10 32 12 48
Interest 6 5 14 52 47 18 30
Depreciation 7 9 13 17 21 29 50
Profit before tax 30 19 39 13 81 126 185
Tax % 29% 29% 28% 36% 27% 30% 29%
21 14 28 9 59 89 132
EPS in Rs 139.44 89.28 185.04 51.52 9.91 13.71 20.46
Dividend Payout % -0% -0% -0% -0% -0% -0% -0%
Compounded Sales Growth
10 Years: %
5 Years: 37%
3 Years: 33%
TTM: 30%
Compounded Profit Growth
10 Years: %
5 Years: 58%
3 Years: 149%
TTM: 49%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: %
1 Year: 15%
Return on Equity
10 Years: %
5 Years: 10%
3 Years: 9%
Last Year: 9%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 2 2 2 2 12 13 13
Reserves 85 91 118 202 633 1,405 1,539
61 87 197 300 39 252 464
49 77 87 85 113 185 179
Total Liabilities 198 257 404 589 797 1,855 2,195
101 114 137 210 257 414 756
CWIP 0 -0 24 38 45 80 257
Investments 7 6 6 6 -0 0 0
90 136 237 335 494 1,361 1,182
Total Assets 198 257 404 589 797 1,855 2,195

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
37 34 21 -10 -7 63 -123
-28 -29 -114 -101 -55 -923 -70
-7 7 96 126 71 873 177
Net Cash Flow 1 12 3 15 9 12 -17
Free Cash Flow 8 12 -96 -94 -78 -212 -694
CFO/OP 106% 133% 41% -1% 7% 50% -34%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 122 159 140 172 182 179 191
Inventory Days 489 910 1,009 1,042 1,055 1,097 2,090
Days Payable 851 977 748 599 396 460 552
Cash Conversion Cycle -240 92 401 615 841 816 1,729
Working Capital Days 12 -7 4 120 283 218 310
ROCE % 15% 21% 16% 20% 12% 12%

Insights

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Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
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Aerospace & Defence Revenue Contribution
%
Working Capital Cycle
Days
Manufacturing Area
Square Meters
Number of Qualified Manufacturing Processes
Number
Number of Qualified Parts
Number
Total Workforce
Number
Order Book
INR Crores
Total Annual Installed Capacity
Hours

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Shareholding Pattern

Numbers in percentages

1 Recently
Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
65.90% 65.90% 65.90% 65.90% 65.90% 60.32% 55.42% 55.42% 55.84% 55.84%
4.68% 6.98% 9.69% 9.74% 9.98% 14.23% 16.16% 15.76% 15.33% 14.75%
5.71% 5.00% 3.44% 5.74% 6.57% 8.23% 8.91% 9.84% 10.73% 11.71%
23.70% 22.13% 20.98% 18.61% 17.56% 17.21% 19.53% 18.99% 18.08% 17.69%
No. of Shareholders 1,35,0901,06,2311,02,4451,28,8461,17,6131,24,5391,27,6921,27,7161,25,1181,26,786

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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