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Azad Engineering

AZAD NSE
₹2,581.30 +20.20 (+0.79%)
P/E
119.95
View as Markdown
MCP
Close 4 Nov 2026 ₹2,581.30 +963.00 +59.5% 1Y
Start ₹1,618.30

Key Fundamentals

SmallcapElectrical EquipmentCapital Goods

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
11.90%
Debt to Equity
0.31
EPS (TTM)
₹21.52
Book Value
₹236.74
Market Cap
—
P/E (TTM)
119.95
P/B
10.90
ROE
9.09%
Dividend Yield
0.00%
EBITDA
₹271 Cr
52W High
₹3,127.90
52W Low
₹1,360.00
Day Range
₹2,510.00 – ₹2,620.00
Volume
3,84,715

Peer Comparison

Industrials › Capital Goods › Electrical Equipment › Heavy Electrical Equipment

Azad Engineering peer comparison
Bharat Heavy Electricals
₹423.8551.25₹1,46,351 Cr5.520.35%6.23%9.14%₹37,782 Cr₹2,878 Cr
ABB
₹6,750.0047.87₹1,40,908 Cr15.321.36%22.40%29.90%₹13,477 Cr₹2,988 Cr
CG Power & Industrial Solutions
₹841.4596.28₹1,27,312 Cr15.170.16%20.50%26.70%₹13,699 Cr₹1,364 Cr
Hitachi Energy
₹29,100.00112.75₹1,24,045 Cr25.060.03%21.90%29.40%₹9,162 Cr₹1,149 Cr
Siemens
₹3,509.00—₹1,22,035 Cr9.030.53%19.20%21.40%₹18,062 Cr₹3,276 Cr
GE Vernova T&D
₹4,265.0083.66₹1,04,523 Cr33.150.25%57.40%77.40%₹6,712 Cr₹1,305 Cr
Siemens Energy
₹2,963.0070.90₹1,01,562 Cr21.930.14%50.50%67.80%₹9,436 Cr₹1,489 Cr
Azad Engineering (this company)
₹2,581.30119.95₹16,623 Cr10.900.00%9.09%11.90%₹638 Cr₹140 Cr
Median 8 companies₹3,236.0083.66₹1,23,040 Cr15.250.21%21.20%28.05%₹11,457 Cr₹1,427 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

39 Weak

Data confidence 100/100

Category scores

Quality
36
Poor
Returns, margins, earnings quality 22% weight
Valuation
11
Poor
Cheap vs sector & own history 24% weight
Growth
73
Strong
Sales & profit trajectory 9% weight
Financial Health
54
Average
Solvency, leverage, coverage 9% weight
Momentum
56
Good
Trend strength, vol-adjusted 12% weight
Ownership
39
Weak
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

1
  • Company has delivered good profit growth of 63.1% CAGR over last 5 years

Weaknesses

4
  • Stock is trading at 12.4 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.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish766
OscillatorsBearish360
Moving AveragesStrong Bullish406

Key readings

RSI (14)
44.67
Neutral
MACD (12,26,9)
−73.61
Bearish
SMA (50)
2,755.54
Bearish
SMA (200)
2,162.69
Bullish

As of

Analyst Rating

Based on 5 analysts
BUY100%

5 of 5 analysts rate Buy, 0 Hold, 0 Sell.

As of

BUY
5
100%
HOLD
0
0%
SELL
0
0%

Growth Rate

From the financial statements below. 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
5Y+37.43%
3Y+33.75%
1Y+31.95%
TTM+29.03%

Net profit

Net profit growth by window
5Y+62.03%
3Y+155.86%
1Y+54.02%
TTM+41.41%

Operating cash flow

Operating cash flow growth by window
5YTurned negative
3YOutflow widened by ₹109 Cr
1YTurned negative
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
5Y+14.55 pp
3Y+8.74 pp
1Y+2.08 pp
TTM+1.61 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2021₹123 Cr
Mar 2022₹194 Cr
Mar 2023₹252 Cr
Mar 2024₹341 Cr
Mar 2025₹457 Cr
Mar 2026₹603 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2021₹12.00 Cr
Mar 2022₹29.00 Cr
Mar 2023₹8.00 Cr
Mar 2024₹59.00 Cr
Mar 2025₹87.00 Cr
Mar 2026₹134 Cr

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹69.09 Cr +1.8% vs Jun 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 29 Oct 2026
AI opinion · based on fundamentals
Risk high

Azad Engineering Ltd trades at ₹2,533.9 as of 2026-10-29 with a market cap of ₹16,364.37 Cr. The company has delivered strong revenue growth (34% CAGR over 3 years) and profit growth (63% CAGR over 5 years), but carries a premium valuation at 117.75x TTM P/E and 10.7x P/B, with a modest ROE of 8.74% and zero dividend payout.

Bull Case 7
  • Compounded profit growth of 63% CAGR over the last 5 years demonstrates strong earnings expansion trajectory
  • TTM sales growth of 29% and 3-year compounded sales CAGR of 34% indicate robust and sustained top-line momentum
  • TTM profit growth of 39% shows continued acceleration in bottom-line performance in the most recent period
  • Debt-to-equity ratio of 0.31 reflects a conservatively leveraged balance sheet, providing capacity for future capex
  • Stock has appreciated 70% over the past 1 year, reflecting strong market recognition of the company's growth profile
  • 5-year compounded sales CAGR of 37% suggests the company has consistently scaled revenue over a longer horizon
  • ROCE of 11.5% is reasonable for a capital goods company in a growth-investment phase, indicating the business generates returns above its cost of capital
Bear Case 7
  • P/B ratio of 10.7x (or 12.4x on a trailing basis per known data) means the stock trades at a steep premium to its book value
  • 3-year average ROE of approximately 9% is low for a company commanding such premium valuations, indicating modest capital efficiency
  • Zero dividend yield — the company retains all profits and does not reward shareholders with any payout despite reporting repeated profits
  • High debtor days of 189 indicate significant working capital locked in receivables, which can strain cash flows
  • Current price of ₹2,533.9 is approximately 19% below the 52-week high of ₹3,127.9, suggesting recent downward momentum from peak levels
  • ROE has remained range-bound at 9-10% over the last 1, 3, and 5 years, showing no meaningful improvement in return on equity despite rapid revenue growth
  • EPS TTM of ₹21.52 against a share price of ₹2,533.9 implies investors are paying a very high multiple per rupee of current earnings

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: Azad Engineering added a meaningful ₹52.68 crore BHEL airfoil contract, reinforcing its position in critical turbine components. No headwinds surfaced in the recent news cycle. With limited data points this period, the outlook hinges on whether more order wins follow and execution stays on track.

Positives 1
  • BHEL airfoil contract won Oct 13

    Azad Engineering secured a two-year long-term rate contract from BHEL for supply of critical airfoils, valued at approximately ₹52.68 crore.

Quarterly Results

₹ Cr
AZAD quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
76
83
89
93
98
112
120
127
137
146
159
162
173
Expenses
50
57
56
61
65
72
78
81
88
93
96
100
108
Operating Profit
26
26
33
31
33
40
43
46
49
53
62
61
64
OPM %
35%
32%
37%
34%
34%
36%
36%
36%
36%
36%
39%
38%
37%
Other Income
0
11
18
3
1
2
5
3
9
12
8
17
4
Interest
10
12
19
6
3
5
6
4
6
7
8
10
10
Depreciation
5
5
5
5
6
7
7
9
10
12
14
17
19
PBT
11
20
27
23
24
30
34
36
42
46
48
51
39
Tax %
35%
3%
37%
34%
30%
30%
30%
31%
30%
30%
27%
28%
10%
Net Profit
7
19
17
15
17
21
24
25
29
33
35
37
35
EPS (₹)
44.8
3.92
2.84
2.53
2.9
3.55
4.05
3.91
4.6
5.07
5.34
5.57
5.54

Profit & Loss

₹ Cr
AZAD profit and loss, annual, ₹ crore
Particulars Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
123
194
252
341
457
603
638
Expenses
95
132
179
224
296
378
398
Operating Profit
28
62
72
117
161
225
240
OPM %
23%
32%
29%
34%
35%
37%
38%
Other Income
2
5
10
32
11
46
41
Interest
5
14
52
47
18
31
35
Depreciation
9
13
17
21
29
53
61
PBT
16
40
13
81
124
187
184
Tax %
29%
27%
36%
27%
30%
29%
—
Net Profit
12
29
8
59
87
134
139
EPS (₹)
76
195
51.28
9.91
13.52
20.58
21.52
Div. Payout %
0%
0%
0%
0%
0%
0%
—

Balance Sheet

₹ Cr
AZAD balance sheet, annual, ₹ crore
Particulars Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
2
2
2
12
13
13
Reserves
89
118
202
633
1,381
1,516
Borrowings
88
197
301
39
263
474
Other Liabilities
77
87
85
113
204
197
Total Liabilities
256
404
589
797
1,861
2,200
Fixed Assets
121
144
217
257
436
779
CWIP
0
24
38
45
80
257
Investments
0
0
0
0
0
0
Other Assets
135
236
335
494
1,345
1,164
Total Assets
256
404
589
797
1,861
2,200

Cash Flow

₹ Cr
AZAD cash flow, annual, ₹ crore
Particulars Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
5
21
−10
−7
54
−119
Investing
−35
−114
−101
−55
−918
−71
Financing
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

AZAD financial ratios, annual
Particulars Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
576
396
459
536
Cash Conversion Cycle
77
401
638
840
804
1,720
Working Capital Days
−11
4
120
283
215
304
ROCE %
—
22%
16%
21%
12%
12%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Azad Engineering insights

65 extracted metrics across FY20–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 55.84%
  • Public 17.23%
  • FIIs 12.70%
  • DIIs 10.40%
  • Others 3.82%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Documents

Frequently Asked Questions about Azad Engineering

What does Azad Engineering Ltd do?
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.
Where is Azad Engineering Ltd (AZAD) listed?
Azad Engineering Ltd trades as AZAD on the NSE and under code 544061 on the BSE.
Which sector does Azad Engineering Ltd belong to?
Azad Engineering Ltd is classified under the Capital Goods sector, in the Electrical Equipment industry.
What is the PE ratio of Azad Engineering Ltd?
Azad Engineering Ltd trades at a PE ratio of 119.95 as of 4 Nov 2026, on earnings per share of ₹21.52, against a book value of ₹236.74 per share.
What is the 52-week high and low of Azad Engineering Ltd?
Over the last 52 weeks Azad Engineering Ltd has traded between ₹1,360 and ₹3,127.9 as of 4 Nov 2026.
What is the Return on Equity (ROE) of Azad Engineering Ltd?
Azad Engineering Ltd reported a return on equity of 9.09%. Its debt-to-equity ratio is 0.31.

Company Information

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.

Website azad.in
CEO Mr. Rakesh Chopdar
Employees 1,441
Listed 28 Dec 2023
Face Value ₹2

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