Azad Engineering
- Market cap
- ₹ 16,018 Cr.
- P/E
- 115.2x
- P/B
- 10.8x
- 52-week range
- 1,360 – 3,127.9
- ROE
- 9%
- ROCE
- 12%
- Dividend yield
- 0%
- Debt / equity
- 0.31
- Sector
- Electrical Equipment
- Industry
- Heavy Electrical Equipment
- Listed on
- NSE, BSE
About
Azad Engineering Limited is an India-based company. The Company is engaged in manufacturing product lines in the aerospace and defense, energy and oil and gas industries, highly engineered, complex and mission and life-critical components. The Company’s products include three dimensional (3D) rotating air foil portions of turbine engines and other critical products for defense and civil aircrafts, spaceships, defense missiles, nuclear power, hydrogen, gas power, oil, and thermal power. The Company’s segments include Aerospace, Defense, Oil & Gas, and Energy. In Defense segment the Company manufactures industrial aerospace standard fluid distribution parts, integrated into the aircraft hydraulic systems which spans from nose to tail and left to right ends of the wing of an airplane, for the functioning of all the synchronized hydro pneumatic system. The Oil & Gas segment includes exploration, extraction, refining, and distribution of fossil fuels, primarily oil and natural gas.
Quick check
The five things to look at first. Open one for more.
Compared with its industry
Heavy Electrical Equipment: 51 companies →Azad Engineering against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.
- Valuation (P/E)115.2 against a typical 30.4: pricier than most peers (1st = cheapest).48th of 50
- Sales growth+26.3% against a typical +23.8% from a year earlier.19th of 41
- Profit growth+20.7% against a typical +24.6% from a year earlier.22nd of 40
- Share price, 3 months+7.3% against a typical −9.4%.8th of 45
- Size₹ 16,018.2 Cr. market value against a typical ₹ 5,357.9 Cr. (1st = largest).12th of 47
Latest announcements
Exchange filings and their impact on the company.
- Azad won a ~Rs 52.7 cr 2-year BHEL rate contract for gas turbine blades, adding ~4% to annual revenue.
Azad Engineering has been approved as a long-term source by BHEL and awarded a two-year long-term rate contract for critical stationary and rotating airfoils for heavy-duty gas turbines. The contract is valued at approximately Rs 52.68 crore and is to be executed by October 9, 2028. The win marks a step in Azad's role in India's domestic power generation ecosystem and supports BHEL's indigenisation of gas turbine components.
Credit ratings
Every rating action on file, newest first, including reaffirmations. Open a row for the agency's reasoning. All credit rating updates
Adequate safety
Rated A by CARE- No warnings from the agency.
| Agency | Current rating | Outlook | As of |
|---|---|---|---|
| CARE | CARE A / CARE A2+ | Stable | 22 Jun 2026 |
| Rating | Details | |||||
|---|---|---|---|---|---|---|
| 22 Jun 2026 | Reaffirmed | CARE A → CARE A / CARE A2+ | — | CARE | ₹ 564.45 Cr. | |
| 6 Aug 2025 | Reaffirmed | CARE A | — | CARE | ₹ 248.32 Cr. |
Board meetings
Results dates and other board meetings. Full calendar
| Details | ||
|---|---|---|
| 7 Aug 2026 | Financial Results | To consider and approve the Unaudited Standalone and Consolidated financial results for the quarter ended Jun 30, 2026. |
| 15 May 2026 | Financial Results | To consider and approve the financial results for the quarter and financial year ended March 31, 2026. |
| 13 Feb 2026 | Financial Results/Other business matters | To consider and approve the financial results for the period ended December 31, 2025 and other business matters |
| 1 Nov 2025 | Financial Results/Other business matters | To consider and approve the financial results for the period ended September 30, 2025 and other business matters |
| 4 Aug 2025 | Financial Results/Other business matters | To consider and approve the financial results for the period ended Jun 30, 2025 and other business matters |
| 23 May 2025 | Financial Results/Other business matters | Prior intimation under Regulation 29 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirement) Regulations, 2015, as amended ( SEBI LODR Regulations ). |
Financials
Consolidated figures in ₹ crore.
| ₹ Cr. | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 83 | 89 | 93 | 98 | 112 | 120 | 127 | 137 | 146 | 159 | 162 | 173 |
| Expenses | 57 | 56 | 61 | 65 | 72 | 78 | 81 | 88 | 93 | 96 | 100 | 108 |
| Operating Profit | 26 | 33 | 31 | 33 | 40 | 43 | 46 | 49 | 53 | 62 | 61 | 64 |
| OPM % | 32% | 37% | 34% | 34% | 36% | 36% | 36% | 36% | 36% | 39% | 38% | 37% |
| Other Income | 11 | 18 | 3 | 1 | 2 | 5 | 3 | 9 | 12 | 8 | 17 | 4 |
| Interest | 12 | 19 | 6 | 3 | 5 | 6 | 4 | 6 | 7 | 8 | 10 | 10 |
| Depreciation | 5 | 5 | 5 | 6 | 7 | 7 | 9 | 10 | 12 | 14 | 17 | 19 |
| Profit before tax | 20 | 27 | 23 | 24 | 30 | 34 | 36 | 42 | 46 | 48 | 51 | 39 |
| Tax % | 3% | 37% | 34% | 30% | 30% | 30% | 31% | 30% | 30% | 27% | 28% | 10% |
| Net Profit | 19 | 17 | 15 | 17 | 21 | 24 | 25 | 29 | 33 | 35 | 37 | 35 |
| EPS in Rs | 3.92 | 2.84 | 2.53 | 2.9 | 3.55 | 4.05 | 3.91 | 4.6 | 5.07 | 5.34 | 5.57 | 5.54 |
Growth and returns
Compounded yearly rates over each period.
- 10 Years
- —
- 5 Years
- 37%
- 3 Years
- 34%
- TTM
- 29%
- 10 Years
- —
- 5 Years
- 63%
- 3 Years
- 150%
- TTM
- 39%
- 10 Years
- —
- 5 Years
- —
- 3 Years
- —
- TTM
- —
- 10 Years
- —
- 5 Years
- 10%
- 3 Years
- 9%
- TTM
- —
P/E and EPS over time
Daily P/E and trailing 12-month EPS. EPS updates with each result.
Peers
Listed companies in the same business.
| Azad Engineering | ₹ 2,570.00 | ₹ 16,018 Cr. | 115.2x | 10.8x | 9% | — |
| Bharat Heavy Electricals | ₹ 387.00 | ₹ 1,34,756 Cr. | 92.4x | 5.6x | — | 6.8% |
| Suzlon Energy | ₹ 37.40 | ₹ 51,409 Cr. | 22.8x | 7.5x | 40.6% | 19% |
| Thermax | ₹ 3,095.60 | ₹ 36,999 Cr. | 73.4x | 10x | 13.7% | 6.7% |
| Voltas | ₹ 950.00 | ₹ 31,434 Cr. | 112.5x | 7x | 5.8% | 3.5% |
| AIA Engineering | ₹ 3,588.70 | ₹ 33,490 Cr. | 34.1x | 5.4x | 17% | 28.7% |
Management
- Rakesh Chopdar
- Chairman of the Board, Whole Time Director, Chief Executive Officer
- Ronak Jajoo
- Chief Financial Officer
- Praneeth Abhishek Gunda
- Compliance Officer, Company Secretary
- Murali Krishna Bhupatiraju
- Managing Director, Executive Director
- Jyoti Chopdar
- Whole-Time Director
- Vishnu Pramodkumar Malpani
- Whole-Time Director
Prices are delayed and for information only. Nothing on this page is investment advice.