Azad Engineering Ltd.

NSE: AZAD · Capital Goods

₹2,422.70-6.20%06 Nov 2026

Ask the data

Instant answers about Azad Engineering Ltd. — computed from its filings, no language model

Market cap₹15,646 cr

Current price₹2,422.70

High / Low₹3,063 / ₹1,366

P/E112.6

P/B10.23

Book value₹236.7

ROE9.1%

ROCE11.1%

Debt / equity0.30

Dividend yield—

EPS (TTM)₹21.52

Face value₹2

Price & valuation

split & bonus adjusted · pick a metric and range

Annual performance

annual · ₹ crore · line = operating margin

	FY24	FY25	FY26
Revenue	340.8	457.4	603.0
EBITDA	116.6	161.3	225.3
Operating margin	34.2%	35.3%	37.4%
Interest	47.3	18.4	30.8
Depreciation	20.5	29.5	52.8
Profit before tax	80.8	124.0	187.3
Tax	22.2	37.5	53.7
Net profit	0.0	87.3	132.9
EPS ₹	11.20	14.66	20.57
Operating cash flow	-7.0	53.7	-119.0
Capex	75.3	293.2	572.5
Dividend paid	0.0	0.0	0.0
Total assets	797.1	1,860.7	2,200.0
Equity	645.1	1,393.8	1,528.9

Quarterly performance

last 11 quarters · ₹ crore

showing latest 8 of 11 periods

	DEC '23	MAR '24	JUN '24	SEP '24	DEC '24	MAR '25	JUN '25	SEP '25	DEC '25	MAR '26	JUN '26
Revenue	89.2	92.8	98.4	111.5	120.5	126.9	137.1	145.6	158.7	161.5	172.6
Operating profit	32.7	31.4	33.0	39.9	42.8	45.6	49.2	52.5	62.2	61.3	64.4
Operating margin	36.7%	33.8%	33.6%	35.7%	35.5%	35.9%	35.9%	36.1%	39.2%	38.0%	37.3%
Other income	18.4	2.8	0.6	1.5	5.1	3.4	8.7	12.2	8.1	16.6	3.5
Interest	19.4	6.0	3.3	4.9	6.4	3.8	5.9	6.7	8.3	9.9	10.3
Depreciation	5.2	5.5	6.0	6.8	7.4	9.3	10.1	11.7	14.2	16.8	18.6
Profit before tax	26.6	22.6	24.4	29.8	34.0	35.9	41.9	46.4	47.8	51.2	39.0
Tax	9.8	7.7	7.2	8.9	10.3	11.1	12.4	13.8	13.1	14.4	3.8
Net profit	16.8	0.0	0.0	21.0	23.9	25.3	29.4	32.8	34.5	36.0	35.7
EPS ₹	3.37	2.85	2.90	3.55	4.05	4.15	4.56	5.05	5.34	5.57	5.53
Revenue YoY	—	—	—	—	35.0%	36.8%	39.3%	30.6%	31.7%	27.3%	25.9%
Profit YoY	—	—	—	—	42.3%	—	—	55.9%	44.3%	42.4%	21.4%

Returns & margins

trailing-twelve-month, per quarter

	SEP '24	DEC '24	MAR '25	JUN '25	SEP '25	DEC '25	MAR '26	JUN '26
ROE	5.5%	6.6%	5.0%	7.1%	7.5%	8.2%	8.7%	9.1%
ROCE	16.5%	15.8%	8.7%	9.9%	10.2%	11.1%	11.0%	11.1%
Net margin	9.6%	10.6%	15.3%	20.1%	21.0%	21.5%	22.0%	21.8%
EBITDA margin	35.0%	34.8%	35.3%	35.8%	35.9%	36.9%	37.4%	37.7%
Debt / equity	0.22	0.22	0.17	0.17	0.20	0.20	0.30	0.30
Interest coverage	4.08	6.38	7.74	7.73	7.92	7.94	7.08	6.23
Asset turnover	0.40	0.44	0.25	0.27	0.27	0.29	0.27	0.29

Balance sheet

equity vs borrowings over time · ₹ crore

	MAR '24	SEP '24	MAR '25	SEP '25	MAR '26
Share capital	11.8	11.8	12.9	12.9	12.9
Other equity / reserves	633.2	671.1	1,380.9	1,465.9	1,516.0
Total equity	645.1	682.9	1,393.8	1,478.8	1,528.9
Borrowings	37.2	148.3	243.6	293.7	456.6
Current liabilities	98.2	153.9	230.1	228.4	302.7
Non-current liabilities	53.8	136.2	237.6	249.3	368.5
Total assets	797.1	972.9	1,860.7	1,955.5	2,200.0
Property, plant & equipment	257.3	279.9	416.6	544.4	779.3
Capital work-in-progress	45.4	56.8	79.8	154.8	256.7
Investments	0.0	0.0	0.0	0.0	0.0
Inventories	133.0	154.2	189.3	233.7	329.1
Receivables	169.9	226.3	223.5	285.2	311.7
Cash & equivalents	28.2	32.1	40.8	31.6	24.6

Cash flow

annual · ₹ crore · line = free cash flow

	FY24	FY25	FY26
Cash from operations	-7.0	53.7	-119.0
Cash from investing	-55.3	-917.7	-71.4
Cash from financing	71.0	876.7	174.2
Capex	75.3	293.2	572.5
Free cash flow	-82.3	-239.6	-691.5
Dividends paid	0.0	0.0	0.0

Where the assets sit

Mar '26 · ₹ crore

Fixed assets (PPE)

₹779.3 cr35%

CWIP

₹256.7 cr12%

Inventories

₹329.1 cr15%

Receivables

₹311.7 cr14%

Cash & equivalents

₹24.6 cr1%

Other assets

₹498.7 cr23%

Peer comparison

largest in Capital Goods · this company in bold

Company	Market cap ₹cr	Price	P/E	P/B	ROE
Hindustan Aeronautics Ltd.	3,33,052	4,980.00	35.7	8.12	22.7%
Bharat Electronics Ltd.	2,89,468	396.00	45.2	11.02	24.4%
Tata Motors Ltd.	1,56,797	425.50	24.8	10.26	41.3%
Bharat Heavy Electricals Ltd.	1,45,828	418.80	50.7	5.45	10.8%
ABB India Ltd.	1,43,541	6,774.00	55.7	15.37	27.6%
Siemens Ltd.	1,26,736	3,560.00	28.2	8.02	28.4%
Hitachi Energy India Ltd.	1,23,988	27,800.00	107.8	23.95	22.2%
CG Power and Industrial Solutions Ltd.	1,21,786	773.00	89.1	13.94	15.6%
Polycab India Ltd.	1,18,610	7,871.00	37.6	9.06	24.1%
Cummins India Ltd.	1,12,233	4,048.80	49.8	13.52	27.1%
Azad Engineering Ltd.	15,646	2,422.70	112.6	10.23	9.1%

StoxGud checklist: Neutral setup · 6/10

Price above 50-day average
Price above 200-day average
50-day average above 200-day (uptrend)
RSI in healthy 40–70 zone
Positive 1-year return
Return on equity above 15%
Debt to equity below 1
Revenue growing year on year
Net profit margin above 10%
P/E below industry median

A rules-based screen of trend, momentum, quality and valuation. Educational only — not a buy or sell recommendation.

Returns & technicals

1 month-20.5%

6 months+7.9%

1 year+42.8%

3Y CAGR—

5Y CAGR—

10Y CAGR—

50-day avg₹2,743.64

200-day avg₹2,172.62

RSI (14)31

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FAQs

What is the share price of Azad Engineering Ltd.?

Azad Engineering Ltd. (AZAD) closed at ₹2,422.70 on NSE on 06 Nov 2026.

What is the market cap of Azad Engineering Ltd.?

₹15,646 crore at the latest close.

What is the P/E ratio of Azad Engineering Ltd.?

112.6, on trailing-twelve-month earnings from its filings.

How fast is Azad Engineering Ltd. growing?

Azad Engineering Ltd.: Latest-quarter revenue is up 25.9% year on year, profit up 21.4%.

How profitable is Azad Engineering Ltd.?

On a trailing-twelve-month basis return on equity is 9.1%, return on capital employed 11.1%, operating margin 37.7%, net margin 21.8%.

How much debt does Azad Engineering Ltd. have?

Azad Engineering Ltd. is lightly geared: debt to equity is 0.30 with borrowings of ₹457 cr against cash of ₹25 cr (balance sheet of 2026-03-31). Operating profit covers interest 6.2 times.

Financials parsed from Azad Engineering Ltd.'s own XBRL filings to NSE (consolidated), ₹ crore unless marked. Quarterly from DEC '23, annual from FY24, balance sheet from Mar '24. * = derived (full year or half year minus earlier quarters). Information only, not investment advice.