AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Change in Management 30 Sep - AGM approved five-year reappointments of Rakesh Chopdar, Jyoti Chopdar and Vishnu Malpani from 13 Sept 2026.
Source: Bse
Azad Engineering Limited (AZAD)
Small CapIndustrials stocks · Small cap · NSE
Azad Engineering Limited is a manufacturer of highly-engineered, complex, and mission & life-critical components for global OEMs in the Aerospace & Defence, Energy, and Oil & Gas industries. It operates with stringent vendor qualifications and high entry barriers, supplying to 12 countries.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals14 Oct 2026 · screener
Latest result16 Aug, 12:54 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 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
57NeutralSMA20 +2.2% / mo · MACD −
Stock trend: 61
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
AZADD candles · FIT view+28.5%Latest close ₹2685.30 on 2026-10-19
Bar
-2.0%
RSI
42
MACD hist
-30.86
52W pos
75%
2026-10-19O ₹2741.00H ₹2744.20L ₹2665.30C ₹2685.30Vol 3.3L 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
AZADNifty India ManufacturingNifty 500
- AZAD
- +14.5%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- +20.1 pp
Chart stats
19 Oct 2026- From 52W high
- -14.2%
- 52W range position
- 75%
- ATR (14)
- 4.8%
- Volume vs 20D
- 0.30x
- Avg traded value
- ₹315 Cr
- 20D price channel
- ₹2,665.3 - ₹3,127.9
₹3,127.9
₹1,360 - ₹3,127.9
₹129.3
Latest completed session
20-session average
47.7% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST34
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent85
Revenue +26.3% · PAT +20.7% YoY
Technical
Neutral57
Price trend and sector-relative-strength timing.
Valuation
Legacy model-217.5%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence68
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
Excellent · 85/100Rev +26% YoY · PAT +21% YoY · margin expansion · +7% QoQ
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹173 Cr | +26.3% | +6.8% |
| EBITDA | ₹64 Cr | +30.6% | +4.9% |
| Operating margin | 37.0% | +100 bps | -100 bps |
| PAT | ₹35 Cr | +20.7% | -5.4% |
| PAT margin | 20.2% | -94 bps | -261 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 139.00
- P/B
- 12.60
- EV/EBITDA
- 65.60
- Market Cap
- 19273.00Cr
Profitability
- ROE
- 9.09%
- ROCE
- 11.90%
- ROA
- 6.32%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 37.00%
- EPS 5Y
- 63.00%
- Revenue 3Y
- 34.00%
- EPS 3Y
- 150.00%
Balance Sheet
- Debt/Equity
- 0.31
- Interest Coverage
- 6.86×
- Altman Z
- 7.86
- Book Value
- 237.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -119.00 Cr
- EPS TTM
- 21.52
Shareholding
- Promoter Hold
- 55.84%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 92%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 603+31.9% vs prev
Net Profit
₹ CrLatest: 134+54.0% vs prev
Return on Equity
%Latest: 8.8+40.4% vs prev
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
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 42. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~2.1% over last month) — short-term momentum positive.
- RSI(14) at 42 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 14% 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
89
RS percentile
Stage 2 UptrendEstablished S2
1M return
-3.8%
3M return
+14.5%
6M return
+37.7%
1Y return
+57.6%
RS 1D
0
RS 20D
-3
Sector rank
#2
Industry rank
#6
Stage evidence
- Price is 16.8% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +7.6%.
- Both 3-month and 6-month returns are positive.
50-DMA
price below
200-DMA
price above
S2 entered
22 Apr 2026
S2 age
127 trading sessions
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 173.67-1.02%
RS vs Nifty 500174
Valuation & peers
U-Score 34 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 34 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth23/25
Quality1/20
Balance Sheet8/15
Cash Flow0/10
Piotroski
6/9 (+3)
Penalties
-1
Raw sum
34
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
34/100 · legacy band WATCHLIST
Positive drivers
- Growth contributes 23/25 to the score.
- Balance sheet contributes 8/15 to the score.
- Quality contributes 1/20 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -217.5%.
- Valuation is weaker at 0/30; 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
139.0
PB
12.6
EV/EBITDA
65.6
ROE
9.1%
ROCE
11.9%
FCF Yield
—
Debt/Equity
0.3
MoS
-217.5%
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: 21 Oct 2026
v4.3-runtime-valuation
Final score
34
Previous: 34
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-217.5%
Previous: -217.5%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
34
34
34
34
34
34
34
34
34
34
34
34
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
₹338.76
-692.7% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹845.74
-217.5% MoS
PEG
1.42
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
BEML
Small
BEML Limited
Defence / Aerospace
match 134
26
90.5
4.8%
-130%
OVERVALUED
UNIMECH
Small
Unimech Aerospace and Manufacturing Limited
Defence / Aerospace
match 130
28
130.0
8.0%
-202%
OVERVALUED
MTARTECH
Micro
Mtar Technologies Limited
Defence / Aerospace
match 128
32
175.0
12.4%
-321%
WATCHLIST
SHAHALLOYS
Small
Shah Alloys Limited
Defence / Aerospace
match 125
43
23.6
-55.5%
+58%
WATCHLIST
VAISHALI
Small
Vaishali Pharma Limited
Defence / Aerospace
match 125
24
24.2
6.0%
+44%
OVERVALUED
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 2026-06-08T07:39:12.080Z
Management commentary snapshot
Azad Engineering reported highest-ever Q4FY26 and FY26 consolidated performance. FY26 revenue grew 31.8% YoY to Rs. 6,029.8 Mn, with PAT up 54.4% to Rs. 1,335.6 Mn. Q4FY26 revenue rose 27.3% YoY to Rs. 1,615.4 Mn, and PAT increased 48.4% to Rs. 368.1 Mn.
The company delivered robust financial performance in FY26 and Q4FY26, driven by consistent execution and contributions from advanced manufacturing programs. Management is confident in sustaining strong growth, supported by industry tailwinds and continued investments in capacity expansion.
Current business mix
Revenue by Vertical (Standalone FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Energy and Oil & Gas81.5%
Aerospace & Defence17.2%
Others1.3%
Growth engines
Wallet Share Gains
Increasingly catering to diverse component needs for clients, reflected in growing order book across key clients.
New Clients & Product Portfolio
Utilizing existing product and technology capabilities to serve new clients, building a comprehensive product portfolio.
Higher-Value Products
Expanding into manufacture of higher-value products along the client value chain, including advanced gas, steam, nuclear turbines and landing gears.
End-to-End Production Capabilities
Leveraging core competencies to provide end-to-end production capabilities, including manufacturing, assembly, and integration of ATGG.
Capacity and execution
GE Vernova (Steam Power) Facility
7,600 sq.m facility inaugurated in April 2025.
Mitsubishi Heavy Industries Facility
7,200 sq.m facility inaugurated in March 2025.
Siemens Energy Facility
7,200 sq.m facility inaugurated in September 2025.
Baker Hughes Facility
7,600 sq.m facility inaugurated in April 2026.
Tailwinds
Increased Defence Spending
Rise in Defence spending with focus on modernization and advanced aircrafts.
Commercial Aircraft Demand
Increasing demand for commercial aircrafts; 15,000 units of backlog order with Boeing and Airbus.
Turbine Replacement Market
Replacement market for turbines given their limited operational lifespan.
Conventional Energy Support
Continued support of conventional energy to supplement renewable sources.
Risk radar
Increased Finance Cost
Finance cost increased due to additional term loans and working capital loans availed to support business growth.
Working Capital Management
Changes in working capital resulted in a cash outflow of -3,003.0 Mn in Mar-26 (standalone), with significant increases in inventories and trade receivables.
Execution Risk for New Capacities
Commissioning of four dedicated lean manufacturing facilities for customers since listing, including two during FY26 and one last month, presents ramp-up and qualification risks.
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
Both annual (FY26 vs FY25) and quarterly (Q4FY26 vs Q4FY25) comparisons are relevant as the company reported 'highest ever' performance for both periods, indicating sustained momentum and consistent execution.
Sector KPIs management disclosed
Revenue (Consolidated FY26)
Rs. 6,029.8 Mn, up 31.8% YoY.
EBITDA (Consolidated FY26)
Rs. 2,253.1 Mn, up 39.7% YoY, with a 37.4% margin.
PAT (Consolidated FY26)
Rs. 1,335.6 Mn, up 54.4% YoY, with a 22.2% margin.
Revenue (Consolidated Q4FY26)
Rs. 1,615.4 Mn, up 27.3% YoY.
Management forward view
FY26 Focus
FY26 was a year of clear focus on consolidation and stabilization - embedding newly commissioned capacities, strengthening OEM qualifications, and building human capital.
Growth Confidence
Remain confident of sustaining strong growth momentum, supported by favourable industry tailwinds and continued investments in capacity expansion.
Strategic Geographical Expansion
MoU signed for expansion into Saudi Arabia, ensuring co-location with manufacturing footprint of key global OEMs.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Inflow Conversion | Multiple new supply agreements and business awards secured. | Conversion of MoUs and business awards into firm orders and revenue. |
| Capacity Utilization | Four dedicated lean manufacturing facilities commissioned. | Ramp-up of utilization rates in newly commissioned facilities. |
| Working Capital Cycle | Working Capital Days at 154 in FY26 (standalone). | Improvement in working capital cycle, especially receivables and inventory. |
| Debt Management | Finance cost increased due to additional term loans and working capital loans. | Prudent management of debt levels and interest coverage ratios. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
68Limited 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 56th percentile of the scored universe and 52nd percentile within Industrials. Main check: cash conversion is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
42 docs text-extracted · 17 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
56th percentile
overall median 67 · Industrials: 52nd pctile, median 68 · Small: 60th pctile, median 66
Evidence depth
Financial-only
42 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
Acceptable, but check the weakest sub-score before increasing exposure.
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
28
weak · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
58
watch · capital discipline
Results
95
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 55.8%.
- ▸Promoter pledge is zero.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸4/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Operating cash flow is negative at ₹-119 Cr.
- ▸Only 0 years of positive FCF.
- ▸ROCE trend is -3.1%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Azad Engineering Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 8 Sep - Newspaper advertisement regarding 43rd Annual General Meeting.
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Monitoring Agency Report 10 Aug - CARE report for June 30, 2026 QIP shows ₹589.42 crore utilized; no deviation, ₹107.88 crore unutilized.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 8 Aug - Newspaper clippings regarding unaudited standalone and consolidated financial results for the quarter ended June 30, 2026
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 8 Aug - Newspaper clippings regarding unaudited standalone and consolidated financial results for the quarter ended June 30, 2026
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 3 Jun - Azad Engineering to meet Bernstein in Hyderabad on June 10, 2026.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 8 Jun - Azad Engineering to attend Citigroup investor group meeting on June 12, 2026 in Hyderabad.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 3 Jun - Officials of the Company will be attending on 8th June, 2026.
Source: Bse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Bse
Investor presentationMay 2026
May 2026 · PPT
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.