AZADENGINEERING / Q3-FY26 / claim-ledger

Audit the questions that mattered.

Azad Engineering · Analyst questions, management answers, and the quality of the response where the ledger is available.

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PositiveQ3-FY26 · 2026-02-10Back to quarter ↗

Questions audited

Answered directly

50%

Numeric claims

Consistency

contradicted

Question ledger

What was answered, and how?

Vikas Singh · ICICI Securities

partial

Timeline for new dedicated sheds and OEM tie-ups.

The facilities which are already inaugurated... the building is up, machines are in... it will be done by FI26 stabilization and FI27 we can see stabilization and maximization start by FI28.

Vikas Singh · ICICI Securities

evasive

Wallet size with Safran and growth plans given capacity constraints.

Azad is a global supplier... Safran coming to India gives additional boost... Azad is playing global as well as will benefit from the obligations... this is nothing but a bonus.

Vikas Singh · ICICI Securities

direct

Update on small engine development.

That's still under progress. We have finished... around 75%... by when you can expect the 100%? We are planning very soon, couple of months.

Amit Digshit · Goldman Sachs

evasive

Order book trajectory given strong OEM demand.

We are at exactly the same stage with Safran, Rolls-Royce as we were with GE, Mitsubishi years ago... once qualifications are done, the door opens... we know what's coming.

Amit Digshit · Goldman Sachs

direct

Impact of US-India trade deal on business.

These tariffs won't affect the products... even if tariff goes double it will not go away... customers are more happy... it has turned around more positive.

Manish Odwal · Nirmal Bang Securities

partial

Growth trajectory to 1800-2000 cr by 2030 without equity dilution.

We raised 240 cr in IPO, 180 cr for debt reduction... QIP of 700 cr... deploying 450-500 cr in machines should generate asset turn of 500 cr... gives visibility of 800-1000 cr incremental to 450 cr last year.

Manish Odwal · Nirmal Bang Securities

direct

Nature of 156 cr general corporate expenses from QIP.

Deploying 450-500 cr in plant and machinery requires 10-15% ancillary... 150 cr has gone toward stabilization and balance toward long-term working capital and debt-funded machines.

Miles Savla · Sha and Sava

direct

Why guide 25% growth instead of 30%+ given past performance.

Stabilization is very important. FI26 stabilize, FI27 operating levels, FI28 maximum utilization... then I'll change my statement.

Miles Savla · Sha and Sava

evasive

Potential business from indigenous gas turbine engine.

This will be the first jet engine of India... we are in the last leg... we anticipate finishing deliveries in Q4... but there are challenges... we are not looking at business now.

Gorav · Aendas

partial

Benefit from gas turbine price increases and aero foil qualification status.

We are experiencing high demand... pricing decisions are not being done... contracts are long-term with 30-35% margins... aero foil qualification progressing... revenues from aero engine in coming year.

Gorav · Aendas

evasive

Sales of services impact on gross margins and inventory/working capital days.

Business is stable... we don't track business on that front... on working capital, targeting 190-200 days in H1, 140-150 days in H2.

Vinaya Kari · Exponent Tribe

partial

Workforce hiring progress and margin impact from new plants.

We are onboarding 150-200 people per month... we have a training center... on margins, we guide 33-35% EBITDA margin... this quarter it's 38%.