Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 5 Oct - AXISCADES starts voluntary solvent liquidation of German subsidiary add-solution GmbH, ending automotive engineering exposure.
Source: Bse
AXISCADES Technologies Limited (AXISCADES)
Micro CapIndustrials stocks · Micro cap · NSE
AXISCADES Technologies is undergoing a major strategic transformation, divesting non-core engineering services to focus on higher-value Aerospace & Space Manufacturing, Defence Systems & Solutions, and AI-Driven Deep Tech (XIDA Inc.). The company aims for a sharper, higher-margin, and globally scalable business model.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result13 Aug, 03:37 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
66Bullishfull bull SMA stack · SMA20 +20.7% / mo · MACD −
Stock trend: 77
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
AXISCADESD candles · FIT view+8.1%Latest close ₹2096.70 on 2026-10-19
Bar
-1.4%
RSI
57
MACD hist
-20.18
52W pos
80%
2026-10-19O ₹2126.60H ₹2161.00L ₹2073.50C ₹2096.70Vol 1.3L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
AXISCADESNifty India ManufacturingNifty 500
- AXISCADES
- +32.4%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- +38.0 pp
Chart stats
19 Oct 2026- From 52W high
- -11.2%
- 52W range position
- 80%
- ATR (14)
- 5.1%
- Volume vs 20D
- 0.43x
- Avg traded value
- ₹61.6 Cr
- 20D price channel
- ₹1,782.7 - ₹2,360
₹2,360
₹1,063.3 - ₹2,360
₹106.2
Latest completed session
20-session average
61.1% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Weak U-Score but strong trend: momentum may be ahead of fundamentals.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · WATCHLIST32
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad2
Revenue +94.7% · PAT -171.4% YoY
Technical
Bullish66
Price trend and sector-relative-strength timing.
Valuation
Legacy model-524.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence57
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 2/100PAT -171% YoY · margin compression · Rev +95% YoY · +68% QoQ
Filed 13 Aug 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 271.00
- P/B
- 12.20
- EV/EBITDA
- 58.26
- Market Cap
- 8876.00Cr
Profitability
- ROE
- 11.50%
- ROCE
- 15.40%
- ROA
- 2.46%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 17.00%
- EPS 5Y
- 21.00%
- Revenue 3Y
- 12.00%
- EPS 3Y
- 64.00%
Balance Sheet
- Debt/Equity
- 0.53
- Interest Coverage
- 3.72×
- Altman Z
- 7.76
- 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
- 79%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 183+67.9% vs prev
Net Profit
₹ CrLatest: -15.0
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 57.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~17.2% over last month) — short-term momentum positive.
- RSI(14) at 57 — rising, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 11% off 52W high · 97% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
85
RS percentile
Stage 2 UptrendRecent S2
1M return
+15.8%
3M return
+32.4%
6M return
+8.9%
1Y return
+41.8%
RS 1D
0
RS 20D
+18
Sector rank
#2
Industry rank
-
Stage evidence
- Price is 17.4% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +5.0%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
08 Oct 2026
S2 age
8 trading sessions
Sector
leading
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 131.71+0.11%
RS vs Nifty 500132
Valuation & peers
U-Score 32 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 32 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth15/25
Quality5/20
Balance Sheet6/15
Cash Flow3/10
Piotroski
6/9 (+3)
Penalties
0
Raw sum
32
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
32/100 · legacy band WATCHLIST
Positive drivers
- Growth contributes 15/25 to the score.
- Balance sheet contributes 6/15 to the score.
- Cash flow contributes 3/10 to the score.
Main drags
- Fair-value margin of safety is negative at -524.0%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 5/20; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
271.0
PB
12.2
EV/EBITDA
58.3
ROE
11.5%
ROCE
15.4%
FCF Yield
—
Debt/Equity
0.5
MoS
-524.0%
Score movement
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.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
32
Previous: 32
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-524.0%
Previous: -524.0%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
31
31
31
31
31
32
32
32
32
32
32
32
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹181.37
-1056.0% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹336.02
-524.0% MoS
PEG
8.07
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
PARAS
Micro
Paras Defence and Space Technologies Limited
IT Services / Digital
match 103
42
112.0
12.4%
-175%
WATCHLIST
DYNAMATECH
Micro
Dynamatic Technologies Limited
Aerospace & Defence
match 101
24
162.0
6.7%
-418%
OVERVALUED
HAL
Large
Hindustan Aeronautics Limited
Defence Aerospace
match 100
54
35.8
24.0%
+9%
FAIR VALUE
APOLLO
Micro
Apollo Micro Systems Limited
Defence Electronics
match 95
34
125.0
11.8%
-215%
WATCHLIST
SIKA
Micro
Sika Interplant Systems Limited
Aerospace & Defence
match 92
61
62.6
25.1%
-43%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-08T07:53:02.112Z
Management commentary snapshot
FY26 revenue grew 12.4% YoY to ₹1,159 Cr, with EBITDA up 24.6% to ₹178 Cr and margin expanding 150 bps to 15.3%. Reported PAT declined 4.3% to ₹72 Cr due to one-time restructuring costs and Q4 revenue deferrals, while normalized PAT rose 27.6% to ₹83 Cr.
The company is actively executing its "Power 930" transformation, divesting non-core assets, building capacity, and pursuing strategic acquisitions in high-growth areas like defence, aerospace, and AI. While FY26 reported PAT was impacted by one-time costs and Q4 revenue deferrals, management asserts these are non-recurring, and the underlying demand and order book remain strong, setting the stage for FY27.
Current business mix
Revenue by Domains (FY26)
Latest issuer-disclosed distribution across 6 reported categories.
Aerospace34.0%
Defence33.0%
Heavy Engineering13.0%
ESAI12.0%
Automotive6.0%
Energy4.0%
Growth engines
Power 930 Strategy
Targeting ₹9,000 Cr revenue and ₹960 Cr PAT by FY2030 through strategic shifts.
Aerospace Manufacturing
Planned acquisition to jump-start activities in Q3 FY27, accelerating entry into higher-value manufacturing.
Deep-tech & AI (Xida Inc.)
US-headquartered platform with planned acquisition serving hyperscalers and tech-giants, folding existing ESAI business.
Defence Programs
L1 wins for Navigation System (ARV) and Gun Proof & Testing Platform, positioning as system integrator for Indian Army.
Capacity and execution
DAL (Devanahalli Aero Land)
Bengaluru campus is already operational.
DAC (Devanahalli Atmanirbhar Complex)
In progress, 11 hangars operational by Jan 1st 2027.
MAC (Missile Atmanirbhar Complex)
Hyderabad facility becoming operational through FY27.
Tailwinds
Strategic Divestment
Divestment of Heavy Engineering, Energy, and Automotive businesses for US$30.63M provides liquidity and management focus.
Strong Order Book
₹142 Cr of Q4FY26 revenue deferred to Q1/Q2 FY27 is contracted and certain, providing strong visibility.
Supply Chain Resolution
External disruptions impacting Q4FY26 execution are substantially addressed, and execution is normalized.
Headwinds
Restructuring Costs
FY26 P&L impacted by ₹9.80 Cr transaction costs and ₹7.98 Cr exceptional charge from divestment.
Revenue Deferment
Q4FY26 revenue impacted by ₹142 Cr deferment due to supply chain issues in defence and strategic electronics programs.
Higher Tax Rate
FY26 tax charge of ₹42 Cr reflects a normalized position, unlike FY25 which included a one-time tax reversal.
Risk radar
Execution of Power 930
Transformation scale implies execution risk over multiple years.
Acquisition Integration
Risks associated with closing planned acquisitions and successful integration into the new structure.
Contract Formalization
L1 defence wins are awaiting contract awards, posing a risk of delays or changes.
Concentration Risk
Company aims to reduce concentration risk through customer diversification, implying current exposure.
Management accountability
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.
Analyst reading lens
Compare BOTH
Full-year YoY comparison reflects the impact of strategic restructuring and divestments. QoQ highlights the immediate operational challenges and revenue deferrals in Q4, which are expected to impact Q1/Q2 FY27.
Sector KPIs management disclosed
Revenue from Operations
FY26: ₹1,159 Cr (+12.4% YoY); Q4FY26: ₹273 Cr (+2.0% YoY)
EBITDA
FY26: ₹178 Cr (+24.6% YoY); Q4FY26: ₹34 Cr (-10.3% YoY)
EBITDA Margin
FY26: 15.3% (+150 bps YoY); Q4FY26: 12.3% (-169 bps YoY)
Reported PAT
FY26: ₹72 Cr (-4.3% YoY); Q4FY26: ₹0.4 Cr (-98.7% YoY)
Management forward view
Strategic Transformation
FY26 was a "consequential year" of strategic restructuring, laying the foundation for Power 930.
FY27 Outlook
FY27 is positioned as the "takeoff" year, with a cleaner portfolio, reset cost base, and strong revenue visibility.
Value Chain Progression
Company aims to move up the value chain into higher-value, higher-margin manufacturing and development.
Future Focus
The goal is a transformed company, sharp in focus, global in reach, and scalable in design, operating in defence, aerospace, space, and Deep-tech-AI.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| FY27 Revenue Visibility | ₹1,377 Cr (Orders under execution ₹927 Cr, AFV ₹285 Cr, Acquisitions ₹165 Cr) | Conversion of pipeline into firm orders and execution against this visibility. |
| Strategic Acquisitions | NBO issued for aerospace manufacturing and Xida Inc.'s first acquisition. | Successful closure and integration of these acquisitions. |
| Capacity Ramp-up | DAL operational, DAC & MAC becoming operational through FY27. | Timely commissioning and utilization ramp-up of new facilities. |
| Remaining Divestments | Further restructuring of engineering services portfolio planned for H1 FY27. | Completion of planned divestments. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
57Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: 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.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
114 docs text-extracted · 32 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
20th percentile
overall median 67 · Industrials: 15th pctile, median 68 · Micro: 13th pctile, median 73
Evidence depth
Financial-only
114 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read 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.
Promoter
86
strong · holding, pledge, alignment
Cash flow
52
watch · profit to cash conversion
Balance sheet
73
acceptable · leverage and solvency
Discipline
30
weak · capital discipline
Results
43
weak · quarterly consistency
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.
Continue researching AXISCADES Technologies Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 16 Sep - Intimation of schedule of Analysts / Institutional Investors Meeting under the SEBI (LODR) Regulations, 2015
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 11 Sep - Intimation of AXISCADES Investor Day and Plants visit
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 6 Sep - Newspaper publication title - "Notice of 36th AGM and e-Voting Information"
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.