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Revenue
₹162 Cr
verified against source
Revenue YoY
32%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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). Growth was driven by ramp-up of four new dedicated customer facilities, a robust order book of 6,500 crore (11x FY26 revenue), and a landmark single-source contract from Mitsubishi Heavy Industries for hot-section nozzle vein segments. Management guided for 25%+ revenue growth in FY27, supported by capacity utilization improvements and working capital normalization. Key risks include execution risk in ramping new plants and potential delays in the Saudi Arabia JV with Baker Hughes due to geopolitical tensions.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated guidance of approximately 25%+ topline growth for the current financial year, driven by ramp-up of new facilities and qualified products.
- Management guided that inventory days will reduce to around 200 days in H1 FY27 and further to 160-170 days in H2 FY27 as new plants ramp up.
- The remaining four of the eight planned dedicated facilities will be commissioned during FY27, with civil work and ramp-up ongoing.
- With the Baker Hughes facility inaugurated in April 2026, oil & gas revenue is expected to ramp up and become a material contributor in FY27.
Risks flagged
- Management acknowledged that commissioning and stabilizing new facilities involves significant upfront investment and time before revenue conversion, posing execution risk.
- An analyst raised concerns about the Saudi Arabia JV with Baker Hughes; management confirmed timelines have shifted due to the current situation, though the opportunity remains.
- Inventory buildup to support new plant ramp-ups has elevated working capital days; management expects normalization but any delay could pressure cash flows.
- Growth relies on timely customer qualifications and audits; any delays in these processes could impact revenue conversion from the order book.
Key quotes
- The growth you are now seeing in our reported numbers is the conversion of qualifications we earned over the last several years against the backdrop of capacity we have deliberately built to be ready for the next conversion.
- Single source qualification for hot section components of a turbine nozzle range for an OEM of MHI stature is the strongest possible endorsement of our technical and process capabilities.
- We are confident in sustaining strong business momentum and in delivering on our previously communicated topline growth of approximately 25% plus for the current year.
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