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 102
  • Book Value ₹ 237
  • Dividend Yield 0.00 %
  • ROCE 11.9 %
  • ROE 9.09 %
  • Face Value ₹ 2.00
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Pros

  • Company is expected to give good quarter
  • Company has delivered good profit growth of 63.1% CAGR over last 5 years

Cons

  • Stock is trading at 8.86 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 9.49% over last 3 years.
  • Company has high debtors of 189 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

Consolidated Figures in Rs. Crores / View Standalone

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 98 112 120 127 137 146 159 162
54 50 57 56 61 65 72 78 81 88 93 96 100
Operating Profit 30 26 26 33 31 33 40 43 46 49 53 62 61
OPM % 36% 35% 32% 37% 34% 34% 36% 36% 36% 36% 36% 39% 38%
5 0 11 18 3 1 2 5 3 9 12 8 17
Interest 11 10 12 19 6 3 5 6 4 6 7 8 10
Depreciation 4 5 5 5 5 6 7 7 9 10 12 14 17
Profit before tax 20 11 20 27 23 24 30 34 36 42 46 48 51
Tax % 26% 35% 3% 37% 34% 30% 30% 30% 31% 30% 30% 27% 28%
15 7 19 17 15 17 21 24 25 29 33 35 37
EPS in Rs 89.78 44.80 3.92 2.84 2.53 2.90 3.55 4.05 3.91 4.60 5.07 5.34 5.57
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
123 194 252 341 457 603
95 132 179 224 296 378
Operating Profit 28 62 72 117 161 225
OPM % 23% 32% 29% 34% 35% 37%
2 5 10 32 11 46
Interest 5 14 52 47 18 31
Depreciation 9 13 17 21 29 53
Profit before tax 16 40 13 81 124 187
Tax % 29% 27% 36% 27% 30% 29%
12 29 8 59 87 134
EPS in Rs 76.00 194.69 51.28 9.91 13.52 20.58
Dividend Payout % 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: %
5 Years: 37%
3 Years: 34%
TTM: 32%
Compounded Profit Growth
10 Years: %
5 Years: 63%
3 Years: 150%
TTM: 52%
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

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
Reserves 89 118 202 633 1,381 1,516
88 197 301 39 263 474
77 87 85 113 204 197
Total Liabilities 256 404 589 797 1,861 2,200
121 144 217 257 436 779
CWIP 0 24 38 45 80 257
Investments 0 0 0 0 0 0
135 236 335 494 1,345 1,164
Total Assets 256 404 589 797 1,861 2,200

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
5 21 -10 -7 54 -119
-35 -114 -101 -55 -918 -71
24 96 126 71 877 174
Net Cash Flow -6 3 15 9 13 -16
Free Cash Flow -16 -96 -94 -78 -240 -691
CFO/OP 43% 41% -1% 7% 44% -31%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 156 140 172 182 178 189
Inventory Days 906 1,009 1,042 1,055 1,085 2,067
Days Payable 986 748 599 396 459 536
Cash Conversion Cycle 77 401 615 840 804 1,720
Working Capital Days -11 4 120 283 215 304
ROCE % 22% 16% 21% 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 ・Standalone data
Manufacturing Area
Square Meters ・Standalone data
Number of Qualified Manufacturing Processes
Number ・Standalone data
Number of Qualified Parts
Number ・Standalone data
Total Workforce
Number ・Standalone data
Order Book
INR Crores
Total Annual Installed Capacity
Hours ・Standalone data

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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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