Azad Engineering Limited
NSE: AZAD · Heavy Electrical Equipment · sector
₹2,547.80NSE close 2026-10-26
Key numbers
Market cap₹16,454 cr
Price₹2,547.80
52w high / low₹3,128 / ₹1,360
P/E118.6xSector median 27.8x
P/B10.8xSector median 5.4x
Book value₹236.7
Dividend yield–Sector median 0.19%
ROE9.5%Sector median 18.8%
ROCE11.1%Sector median 21.4%
OPM37.7%Sector median 15.1%
Debt / equity0.30xSector median 0.09x
EV/EBITDA69.6xSector median 21.4x
Interest cover6.2x
Current ratio3.27x
Sales growth 3y–Sector median +22.1%
Profit growth 3y–Sector median +27.5%
PEG3.00x
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 43 companies in Heavy Electrical Equipment (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹185 cr vs borrowings ₹457 cr (FY26): borrowings are higher by ₹272 cr.
- Operating profit covered interest 6.2x in the last 12 months.
- No promoter shares are pledged.
- Operating cash flow was below net profit in 3 of the last 3 years (FY26, FY25, FY24).
- Revenue was higher than a year earlier in 4 of the last 4 quarters.
- Other income was 29% of net profit in the last 12 months.
- No dividend in the last 3 financial years.
- Price ₹2,547.80 on 2026-10-26: -18.5% from the 52-week high, +87.3% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹2,910.20 · low ₹1,226.60
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 112 | 120 | 127 | 137 | 146 | 159 | 162 | 173 |
| EBITDA | 40 | 43 | 46 | 49 | 53 | 62 | 61 | 64 |
| OPM % | 35.7% | 35.5% | 35.9% | 35.9% | 36.1% | 39.2% | 38.0% | 37.3% |
| Other income | 2 | 5 | 3 | 9 | 12 | 8 | 17 | 4 |
| Net profit | 21 | 24 | 25 | 29 | 33 | 35 | 36 | 36 |
| EPS (₹) | 3.55 | 4.05 | 4.15 | 4.56 | 5.05 | 5.34 | 5.57 | 5.53 |
| Revenue YoY | +30.6% | +31.7% | +27.3% | +25.9% | ||||
| Profit YoY | +55.9% | +44.3% | +42.4% | +21.4% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|
| Revenue | 341 | 457 | 603 | 638 |
| EBITDA | 117 | 161 | 225 | 240 |
| Net profit | 59 | 87 | 133 | 139 |
| EPS (₹) | 11.20 | 14.66 | 20.57 | 21.49 |
| Revenue growth | +34.2% | +31.8% | +28.7% | |
| Profit growth | +49.1% | +52.2% | +39.5% | |
| Dividend / share (₹) | – | – | – |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | – | – | +28.7% |
| Net profit | – | – | +39.5% |
| EPS | – | – | – |
| Share price | – | +29.1% (2y) | +52.2% |
Balance sheet
| ₹ cr | FY24 | FY25 | FY26 |
|---|---|---|---|
| Shareholders' equity | 645 | 1,394 | 1,529 |
| Borrowings | 37 | 244 | 457 |
| Cash & equivalents | 59 | 697 | 185 |
| Total assets | 797 | 1,861 | 2,200 |
| Fixed assets | 257 | 417 | 779 |
| Capital work in progress | 45 | 80 | 257 |
| Investments | 0 | 0 | 0 |
| Receivables | 170 | 223 | 312 |
| Inventory | 133 | 189 | 329 |
| Payables | 50 | 80 | 85 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY24 | FY25 | FY26 |
|---|---|---|---|
| Cash from operations | -7 | 54 | -119 |
| Cash from investing | -55 | -918 | -71 |
| Cash from financing | 71 | 877 | 174 |
| Capex | 75 | 293 | 572 |
| Free cash flow | -82 | -240 | -691 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY24 | FY25 | FY26 |
|---|---|---|---|
| ROE % | 9.1% | 6.3% | 8.7% |
| ROCE % | 18.8% | 8.7% | 11.0% |
| Debtor days | 182 | 178 | 189 |
| Inventory days | 1,055 | 1,085 | 2,067 |
| Payable days | 396 | 459 | 536 |
| Cash conversion cycle (days) | 841 | 804 | 1,720 |
| Working capital days | 346 | 772 | 416 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 55.84% |
| FIIs | 12.70% |
| DIIs | 10.40% |
| of which Mutual funds | 8.81% |
| of which Insurance | 1.27% |
| Government | 0.00% |
| Public (non-institutions) | 21.05% |
| Quarter | Mar 2025 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 60.32% | 60.32% | 55.42% | 55.42% | 55.84% | 55.84% | 55.84% | 55.84% |
| Promoter group | % |
|---|---|
| Rakesh Chopdar | 54.88% |
| Jyoti Chopdar | 0.68% |
| Satwik Chopdar | 0.23% |
| Babita Shripalsingh Sulhyan | 0.02% |
| Ella Walia | 0.01% |
| Amit Walia | 0.01% |
| Deepak Chopdar | 0.01% |
| Sunita Walia | 0.00% |
| Chopdar Kartik | 0.00% |
| Public holders above 1% | % |
|---|---|
| ICICI Prudential Flexi CAP Fund | 2.71% |
| Axis Mutual Fund Trustee Limited A/C Axis Mutual F | 2.21% |
| ABU Dhabi Investment Authority - Monsoon | 1.46% |
| Whiteoak Capital Flexi CAP Fund | 1.09% |
1,49,134 shareholders. Pledged: 0.00% of promoter shares.
Peers in Heavy Electrical Equipment
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| BHEL | ₹1,37,384 cr | 47.7x | 5.1x | 11.2% | 13.5% | 10.1% | +13.1% | 0.12% |
| ABB | ₹1,34,715 cr | 45.1x | 14.4x | 36.1% | 22.4% | 14.0% | – | – |
| CGPOWER | ₹1,31,237 cr | 104.9x | 16.5x | 16.5% | 21.3% | 12.5% | +30.7% | 0.16% |
| POWERINDIA | ₹1,19,751 cr | 104.0x | 23.1x | 24.5% | 29.9% | 14.9% | +22.2% | 0.02% |
| SIEMENS | ₹1,16,725 cr | 35.6x | 8.4x | 25.0% | 14.2% | 10.0% | +41.0% | 0.37% |
| ENRIN | ₹98,074 cr | 65.9x | 20.4x | 34.3% | 42.0% | 20.9% | – | 0.14% |
| GVT&D | ₹97,043 cr | 74.3x | 36.1x | 58.5% | 65.5% | 25.2% | +30.8% | 0.13% |
| SUZLON | ₹51,051 cr | 16.3x | 5.4x | 40.4% | 29.2% | 17.7% | +41.0% | – |
| THERMAX | ₹35,902 cr | 60.5x | 6.5x | 11.3% | 12.5% | 8.6% | +9.8% | 0.44% |
| AZAD | ₹16,454 cr | 118.6x | 10.8x | 9.5% | 11.1% | 37.7% | – | – |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Manufacturing: Energy
- Manufacturing: Aerospace and Defence
| Sector | Industrials |
| Industry | Heavy Electrical Equipment |
| Sub-industry | Heavy Electrical Equipment |
| Symbol | AZAD |
| BSE code | 544061 |
| ISIN | INE02IJ01035 |
| Face value | ₹2.0 |
| Incorporated | 1983-09-14 |
| Website | www.azad.in |
| Plants (India / abroad) | 6 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-22 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.