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Revenue
₹159 Cr
verified against source
Revenue YoY
31%
reported change
EBITDA
₹60.1 Cr
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 Q3 FY26 with revenue of ₹155.9 crore (+31% YoY), EBITDA of ₹60.1 crore (+40.7% YoY), and PAT of ₹34 crore (+40.1% YoY). EBITDA margin expanded to 38.6% (+260 bps YoY), driven by favorable product mix and operating leverage despite ramp-up costs. The order book remains robust at ₹6,500+ crore, providing multi-year visibility. Management reiterated 25%+ revenue growth guidance over the coming years, with margin sustainability in the 33-35% range. Key growth drivers include deepening engagements with Safran, Pratt & Whitney, and Rolls-Royce for aerospace components, and strong demand from energy OEMs for gas turbines. Capacity expansion is on track, with stabilization expected by FY27 and full utilization by FY28. Risk: Execution delays in new plant qualifications or workforce ramp-up could temper near-term growth.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects revenue to grow at 25% or more annually, backed by order book and plant readiness.
- Long-term EBITDA margin target of 33-35% is sustainable, with current quarter at 38.6%.
- New facilities for GE, Mitsubishi, and Siemens will stabilize operations by FY27 and reach maximum utilization by FY28.
- Revenues from new aerospace customers (Rolls-Royce, etc.) are expected to begin in FY27.
Risks flagged
- Stabilization of new plants is complex and may take longer than expected, delaying revenue ramp-up.
- Hiring and training skilled workers at scale is challenging; any shortfall could impact production targets.
- Inventory days are elevated due to ramp-up; management targets 140-150 days but current levels are higher.
- Revenue concentration on key customers (GE, Mitsubishi, Siemens) poses risk if any program is delayed.
Key quotes
- We are not chasing scale at the cost of margins. Every growth initiative is aligned with long-term sustainability and value creation.
- The capacity we are creating is substantial. These are not incremental expansions. We are building multifold scalable infrastructure designed to support long-term growth visibility already secured through firm contracts.
- We are building capacity against firm contracts and long cycle programs. There is no speculative expansion.
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