AXISCADES Technologies Limited (AXISCADES)
Micro CapIndustrials stocks · Micro cap · NSE
AXISCADES Technologies Limited has divested its Engineering Services business (Aerospace, Heavy Engg, Energy, Automotive) to transform into a manufacturing and deep-tech platform. The company now focuses on Aerospace Manufacturing, Defence Solutions, AI-centric ESAI (XiDA Inc), and a new Space division, aiming for product and manufacturing-driven growth.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 2/100PAT -171% YoY · margin compression · Rev +95% YoY · +68% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹183 Cr | +94.7% | +67.9% |
| EBITDA | ₹9 Cr | +28.6% | NDF |
| Operating margin | 4.7% | -230 bps | +440 bps |
| PAT | ₹-15 Cr | -171.4% | NDF |
| PAT margin | -8.2% | -3054 bps | -820 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
AXISCADES concludes strategic Engineering Services divestment program, securing ~₹ 2,256 Cr (~US$237 M) to fully fund its 'Power 930' plan through FY2030, shifting focus to manufacturing, defence, space, electronics, and AI platforms.
The company has executed its two-phase divestment, securing substantial capital to fund its 'Power 930' transformation. The strategic shift to higher-margin manufacturing and deep-tech platforms, coupled with a clear M&A pipeline and mirroring architecture, provides a credible path for future growth, despite near-term revenue reclassification.
Aerospace Manufacturing, SCM & MRO
OEM supplier across commercial, regional, and dual-use aerospace programmes, with end-to-end supply chain orchestration and MRO lifecycle support.
Defence Solutions
Focus on Defence Manufacturing, Strategic Electronics, and System Integration for mission-critical electronics and indigenous defence programmes.
XiDA Inc — AI-centric ESAI
US-driven Electronics and Semiconductor platform, AI-native engineering, serving as a vehicle for international ESAI M&A.
Space Division
New division for satellite bus manufacturing and related system integration, funded from Phase 2 proceeds, commencing FY27.
Defence Solutions Investment
₹ 600 Cr investment: ₹ 300 Cr at DAC + ₹ 300 Cr at MAC for OEM-certified manufacturing and integration facilities.
Aerospace Manufacturing Investment
₹ 600 Cr investment: ₹ 150 Cr at DAC + ₹ 450 Cr in 2 acquisitions for composite, precision manufacturing, and supply chain capability.
Space Systems Investment
₹ 300 Cr investment: ₹ 120 Cr for facilities & training + ₹ 180 Cr in 2 joint ventures for satellite bus manufacturing and system integration.
XiDA Inc (AI-ESAI) Investment
₹ 300 Cr investment: ₹ 90 Cr for facilities + ₹ 210 Cr in 2 acquisitions for US acquire → India mirror architecture.
Full Funding for Power 930
Combined ~₹ 2,256 crore (~US$237 M) across Phase 1 and Phase 2 fully funds the Power 930 plan organically and inorganically through FY2030.
Strategic Shift to Manufacturing
Company is now structurally a manufacturing, defence, space, electronics and AI platform, moving up the value chain.
Tri-use Manufacturing Foundation
Aerospace manufacturing technologies are dual- and tri-use across Aero, Defence, and Space, creating operating leverage and a defensible moat.
Customer Relationship Continuity
The buyer becomes a strategic partner, not a competitor, allowing customer relationships to compound rather than reset for AXISCADES in its new role.
FY27 Revenue Reclassification
Aerospace Engineering Services revenue will be reclassified as Discontinued Operations, no longer appearing in continuing operations for FY27.
Higher Transaction Costs
Higher transaction-related costs (deal advisory, legal, tax, separation and carve-out) will be recognised in FY27.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The company is undergoing a significant strategic transformation with divestments and new business focus. While sequential execution of the new strategy (QoQ) is crucial, the long-term impact and growth of the new platforms will be best assessed YoY, especially after the FY27 revenue reclassification.
Power 930 Vision
Targeting ₹ 9,000 Cr revenue and ₹ 960 Cr PAT by FY2030, driven by four focused growth platforms and a shift to higher-multiple manufacturing.
FY27 Revenue Compensation Plan
Planning to compensate equivalent revenue by accelerating conversion of the Defence pipeline, which carries structurally higher margins and longer lifecycles.
M&A Strategy
Active India, US + Europe M&A pipeline funded and architecturally integrated through a 'mirroring' approach, replicating India operating model internationally.
Strategic Partnership
18-to-24-month strategic partnership extends customer access and reduces risk during the transition.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| FY27 Revenue Transition Update | Aerospace Engineering Services revenue to be reclassified as Discontinued Operations. | Clear, quantified update on FY27 revenue transition, Defence related Assured Forecast Visibility / Pipeline conversion plan, and revised continuing-operations guidance at Q1 FY27. |
| Acquisition Closures | 3 planned acquisitions scheduled to close in FY27 (1 India, 2 US, 1 Europe). | Timely closure of planned acquisitions in Aerospace and ESAI, and details of counterparty disclosures. |
| Space Division Commencement | Space division scheduled to commence in FY27, funded from Phase 2 proceeds. | Progress on strategic partnerships and joint ventures for satellite bus manufacturing and system integration. |
| Cash Inflow Schedule | Combined ~US$95 Mn / ~₹ 906 Cr cash inflow in Q3 FY27 (Phase 1 Tranche 1 + Phase 2 Tranche 1). | Timely receipt of scheduled cash inflows from divestment tranches. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
66Bullishfull bull SMA stack · SMA20 +1.8% / mo · MACD +
Technical chart
AXISCADESdaily · 1Y · AUTO+16.2%Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 61.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~1.7% over last month) — short-term momentum positive.
- RSI(14) at 61 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 23% off 52W high · 61% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 17 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 17 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Balance sheet contributes 6/15 to the score.
- Cash flow contributes 3/10 to the score.
- Growth contributes 5/25 to the score.
Main drags
- Fair-value margin of safety is negative at -2835.3%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 20th percentile of the scored universe and 15th percentile within Industrials. Main check: financial discipline is weak at 30/100.
Mixed Trust Lite: Promoter holding is 58%. Key concern: Operating cash flow is negative at ₹-1 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Industrials: 15th pctile, median 68 · Micro: 13th pctile, median 73
114 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 58%.
- ▸Promoter pledge is zero.
- ▸8 years of positive FCF.
- ▸3/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Operating cash flow is negative at ₹-1 Cr.
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸ROCE is low at 3.6%.
- ▸ROE is low at 4.1%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 222.00
- P/B
- 10.01
- EV/EBITDA
- 48.23
- Market Cap
- 7280.00Cr
Profitability
- ROE
- 4.06%
- ROCE
- 3.57%
- ROA
- 2.46%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 9.39%
- EPS 5Y
- -1.00%
- Revenue 3Y
- -14.00%
- EPS 3Y
- 42.00%
Balance Sheet
- Debt/Equity
- 0.53
- Interest Coverage
- 3.72×
- Altman Z
- 7.67
- Book Value
- 171.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 8/5
- OCF
- -1.00 Cr
- EPS TTM
- 8.55
Shareholding
- Promoter Hold
- 58.03%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 57%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.