Azad Engineering Ltd

NSE: AZAD BSE: 544061Energy

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]

₹1,940

52W: ₹1359 — ₹2350

PE 94.8 · Book ₹240 · +708% vs book

Market Cap₹12,526 Cr

Stock P/E94.8Price to Earnings

ROCE11.7%Return on Capital

ROE8.9%Return on Equity

Div. Yield0%Face Value ₹2

Strengths

+Company has delivered good profit growth of 57.8% CAGR over last 5 years

Weaknesses

−Stock is trading at 8.21 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 9.25% over last 3 years.
−Company has high debtors of 191 days.

Shareholding Pattern

Promoters55.84%

FIIs14.75%

DIIs11.71%

Public17.69%

Category	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	65.9%	65.9%	65.9%	60.32%▼5.6	55.42%▼4.9	55.42%	55.84%▲0.4	55.84%
FIIs	9.69%	9.74%▲0.1	9.98%▲0.2	14.23%▲4.3	16.16%▲1.9	15.76%▼0.4	15.33%▼0.4	14.75%▼0.6
DIIs	3.44%	5.74%▲2.3	6.57%▲0.8	8.23%▲1.7	8.91%▲0.7	9.84%▲0.9	10.73%▲0.9	11.71%▲1.0
Public	20.98%	18.61%▼2.4	17.56%▼1.1	17.21%▼0.3	19.53%▲2.3	18.99%▼0.5	18.08%▼0.9	17.69%▼0.4

Financial Statements

Metric	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales	89	93	98	111	119	125	135	143	156	157
Expenses	56	61	65	72	76	79	86	91	96	100
Operating Profit	33	31	33	40	43	45	49	51	60	58
OPM %	37%	34%	34%	36%	36%	36%	36%	36%	39%	37%
Net Profit	17	15	17	21	24	26	30	33	34	35
EPS ₹	2.84	2.53	2.9	3.56	4.11	4.03	4.64	5.11	5.27	5.44

AI Insights

Revenue Trend

Mar 2026 revenue at ₹590Cr, up 30.2% YoY. OPM at 37%.

Debt Position

Borrowings at ₹464Cr. Debt-to-equity ratio: 0.30x. Healthy balance sheet.

Capex Cycle

CWIP at ₹257Cr (34% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 11.71% (+6.00pp change). FIIs: 14.75% (+10.07pp change). Promoters hold 55.84%.

Margin & Efficiency

ROCE improving from 0% (Mar 2020) to 12% (Mar 2026). Working capital days: 310.

Valuation

PE 94.8x with 11.7% ROCE. Price is 708% above book value of ₹240. Dividend yield: 0%.