Azad Engineering Limited — Q4 FY26
Azad Engineering delivered a strong Q4 FY26 with consolidated revenue of 603 crore (up 32% YoY) and PAT of 134 crore (up 54.5% YoY).
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
67%Questions answered2Evaded / deflected12Questions audited
Partial answer
High priority
Why is growth guidance only 25% given strong OEM demand?
Asked by Amit Digshit, Goldman Sachs
Acknowledged conservatism but gave no concrete revision; deferred to next quarter.
no specific timeline for guidance revisiondeferred to future quarters
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Question
the growth that we have projected 25% in revenue appears to be actually little bit on conservative side given the overall macro tailwinds
Chairman (Rakesh)
we are moving the new facility... we can't see that massive jump immediately, because we need capacity, audits, qualifications... this statement is going to change maybe in the coming quarter
Evasive
High priority
What is the delivery roadmap for ATG engines?
Asked by Amit Digshit, Goldman Sachs
Gave vague progress update but no concrete delivery schedule or count.
no specific timeline or numbers given
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Question
the road map of delivery... 18 to 20 engines that you have to deliver in maybe one and a half years
Chairman (Rakesh)
it was years, got to months now it has come to weeks... it's not far away.
Partial answer
Medium priority
Can you break down receivable and inventory days?
Asked by Amit Digshit, Goldman Sachs
Provided future targets but did not disclose current quarter days.
no current quarter numbers givenonly forward guidance
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Question
Is it possible to break receivable and inventory days in December for this year?
CFO (Vishnu)
we have already WIP... to cut down these inventories... H1 you will see a drastic change coming to closer to 200 days and H2 we get down to 160 170 days
Answered
Medium priority
Are we on track to set up four more facilities in 6 months?
Asked by Suraj Malu, Kataran Katamaran
Simple affirmative answer with no hedging.
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Question
in Q1 FI26 you had mentioned a plan of creating total eight dedicated facilities... are we on track to set up four more new facilities over 6 months?
Chairman (Rakesh)
Yes, you're right. We are on track.
Answered
High priority
What is the delivery timeline for the 6,000 crore order backlog?
Asked by Suraj Malu, Kataran Katamaran
Provided a clear average timeline for backlog execution.
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Question
Of the existing order backlog of around 6,000 crores. What will be the timeline over which you will need to deliver this?
CFO (Vishnu)
if you look at it over five to six years we should be able to on an average these contracts extend to over five to six years.
Answered
High priority
Can you split the 6,000 crore backlog by segment?
Asked by Suraj Malu, Kataran Katamaran
Provided a clear segment-wise split in USD.
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Question
is it possible to get a split of this 6,000 cr order backlog by segment
CFO (Vishnu)
we have over $400 million worth of orders towards energy, approximately $200 million plus for aerospace and defense and about $100 million plus in oil and gas.
Partial answer
High priority
Is the Mitsubishi hot section order single-sourced? How big is the opportunity?
Asked by Gorov, Aventdus
Explained single-source nature but did not quantify opportunity; directed to competitors.
no specific market size givenredirected to competitors
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Question
when you said it's a single source order... how big is this opportunity especially on the hot section for the noses and well veins
Chairman (Rakesh)
it was manufactured inhouse... they can't have multiple partners... we have stepped ourselves in this door... you can study with how metrospace or PCC
Answered
High priority
Where are we in the Pratt & Whitney and Rolls-Royce qualification cycle?
Asked by Gorov, Aventdus
Provided specific timeline for qualification batch and start of supply.
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Question
for the Pratson Whitney and Ross order where are we in the qualification cycle?
Chairman (Rakesh)
in H2 we are expecting to supply the first qualification batch... from Q4 of 527 or early of FI28 that's where the supply starts
Evasive
High priority
Can margins improve further from new plants' operating leverage?
Asked by Gorov, Aventdus
Repeated existing guidance without quantifying potential upside from new plants.
no specific margin guidancevague 'plus' language
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Question
you have just commissioned the four plants... yet margins going up every quarter... can we see more margin surplus from here on?
Chairman (Rakesh)
we always say 33 to 35% plus and that plus can be anything... definitely a growth is always... hope that we deliver that
Partial answer
Medium priority
What utilization level for new facilities and time to reach 90%?
Asked by Bhavika Singhi, Nishai
Described process but did not quantify utilization or time to 90%.
no specific utilization percentage or timeline given
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Question
Do we expect the same utilization or it will differ... how much time we can expect it to come at the same level of 90% plus utilization?
Chairman (Rakesh)
when we cut the ribbon we started producing the parts the same day... it will take some time to flow... Q1 of this current month quarter is the turnout month
Answered
Medium priority
What is driving growth in energy and oil segments?
Asked by Bhavika Singhi, Nishai
Clearly explained three growth levers with specific examples.
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Question
what's driving the growth in the segment is the new addition of the customers or the new products we are adding in the portfolio?
CFO (Vishnu)
most of the growth that you see today is coming out of qualifications of parts that have been done and ramp up... we are also adding adjacent categories... and adding other customers
Answered
High priority
Will aerospace share of revenue increase from current 70%?
Asked by Bhavika Singhi, Nishai
Provided a clear target revenue mix for 5 years out.
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Question
currently it holds 70% of our total revenue. So do we see the same percentage going forward or we are expecting the aerospace division getting increased?
CFO (Vishnu)
energy will be contributing anywhere between 55 to 60%... balance will be contributed by our other verticals which is aerospace and defense and even oil and gas