Azad Engineering Limited

BSE: AZAD544061ISIN INE02IJ01035

Industrials
Heavy Electrical Equipment
BSE 1000

Share price

₹2,580.35+21.00 (+0.82%)

as of 4 Nov 2026

Prices adjusted for splits and bonuses; cash dividends excluded. Volume shows actual shares traded.

52W high: ₹3,126.00
52W low: ₹1,358.70
Off 52W high: -17.46%
1M return: -11.87%
3M return: +5.44%
6M return: +17.58%
1Y return: +55.76%
20D avg volume: 51,683
50 DMA: ₹2,755.53
200 DMA: ₹2,163.12

Key ratios Consolidated

Market cap: ₹16,664 Cr
Current price: ₹2,580.35
52W high / low: ₹3,126.00 / ₹1,358.70
Face value: ₹2.00
P/E: 119.64
P/B: 10.90
EPS (TTM): ₹21.57
Book value / share: ₹236.74
ROE: —
ROCE: 11.50%
Operating margin: —
Net margin: —
Debt / equity: 0.30
Net debt: ₹432.05 Cr
Interest cover: 7.08
Dividend yield: —
Dividend / share (TTM): —
Payout: —
Cash conversion cycle: 336.3 days

Financials

Metric	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24
Income statement
	172.60	161.54	158.72	145.62	137.09	126.93	120.48	111.53	98.41	92.80	89.23
	3.55	16.58	8.14	12.25	8.69	3.38	5.07	1.53	0.61	2.77	18.44
	176.15	178.12	166.86	157.87	145.78	130.30	125.56	113.06	99.02	95.57	107.67
	137.18	126.89	119.08	111.44	103.92	94.43	91.52	83.31	74.67	72.94	81.08
	43.25	30.99	39.60	17.92	41.96	29.61	32.94	25.54	16.89	19.41	18.39
	63.83	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—
	41.74	38.32	34.22	33.68	29.31	25.38	24.82	22.23	20.44	19.66	20.84
	10.32	9.86	8.34	6.71	5.91	3.82	6.42	4.87	3.28	6.03	19.37
	18.62	16.80	14.24	11.66	10.14	9.27	7.44	6.76	6.01	5.46	5.22
	56.81	50.85	49.17	42.22	41.78	39.75	—	33.61	—	—	—
	38.97	51.23	47.78	46.43	41.87	35.88	34.04	29.75	24.36	22.63	26.59
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	38.97	51.23	47.78	46.43	41.87	35.88	34.04	29.75	24.36	22.63	26.59
	3.81	14.43	13.06	13.82	12.44	11.07	10.32	8.87	7.23	7.70	9.78
	35.16	36.80	34.72	32.61	29.43	24.81	23.72	20.88	17.12	14.93	16.80
	5.53	5.57	5.34	5.05	4.56	4.15	4.05	3.55	2.90	2.85	3.37
Key metrics
	67.91	77.89	70.36	64.80	57.92	48.97	47.90	41.38	33.65	34.12	51.18
	39.30%	48.20%	44.30%	44.50%	42.20%	38.60%	39.80%	37.10%	34.20%	36.80%	57.40%
	20.40%	22.80%	21.90%	22.40%	21.50%	19.50%	19.70%	18.70%	17.40%	16.10%	18.80%
	—	3.20%	—	3.10%	—	2.40%	—	—	—	—	—
	25.90%	27.30%	31.70%	30.60%	39.30%	36.80%	35.00%	—	—	—	—
	19.50%	48.30%	46.40%	56.20%	71.90%	66.20%	41.20%	—	—	—	—

Metric	TTM	FY26	FY25	FY24
Income statement
	638.48	602.98	457.35	340.77
	40.52	45.65	10.59	31.99
	679.00	648.63	467.94	372.76
	494.59	461.32	343.92	291.98
	131.76	130.47	104.99	66.76
	63.83	0.00	0.00	—
	147.96	135.52	92.87	74.27
	35.23	30.82	18.39	47.27
	61.32	52.84	29.48	20.53
	199.05	184.02	139.50	—
	184.41	187.31	124.03	80.79
	0.00	0.00	0.00	0.00
	184.41	187.31	124.03	80.79
	45.12	53.74	37.49	22.21
	139.29	133.56	86.53	58.58
	21.49	20.57	14.66	11.20
Key metrics
	280.96	270.97	171.90	148.59
	44.00%	44.90%	37.60%	43.60%
	21.82%	22.10%	18.90%	17.20%
	—	11.50%	8.70%	—
	28.72%	31.80%	34.20%	—
	40.92%	54.40%	47.70%	—
	—	-691.45	-239.58	—
	—	-0.89	0.62	—
	—	0.30	0.17	—
	—	432.05	202.76	—
	—	336.3	265.6	—
Balance sheet
	—	2,200	1,861	—
	—	989.30	1,197	—
	—	24.59	40.83	—
	—	311.66	223.48	—
	—	329.11	189.30	—
	—	157.67	84.03	—
	—	779.34	416.65	—
	—	85.27	80.11	—
	—	302.67	230.11	—
	—	456.64	243.59	—
	—	175.69	72.72	—
	—	280.95	170.87	—
	—	1,529	1,393	—
Cash flow
	—	-118.97	53.67	—
	—	-71.42	-917.71	—
	—	174.15	876.69	—
	—	572.48	293.25	—

Metric	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24
Income statement
	170.52	157.39	155.80	142.67	134.51	124.52	118.59	111.41	98.41	92.80	89.23
	4.02	17.04	8.62	12.72	9.15	3.78	5.46	1.70	0.61	2.77	18.44
	174.54	174.43	164.43	155.39	143.66	128.30	124.05	113.11	99.02	95.57	107.67
	134.45	125.29	117.32	108.58	101.23	91.51	89.12	83.17	74.66	72.94	81.08
	42.55	30.32	39.03	17.39	41.50	29.14	32.11	25.28	16.89	19.41	18.39
	62.91	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—
	40.66	37.10	33.04	32.47	28.40	24.57	24.06	21.92	20.44	19.66	20.84
	10.09	9.63	8.06	6.40	5.62	3.60	6.20	4.85	3.28	6.03	19.37
	17.91	16.04	13.55	10.89	9.61	8.83	7.05	6.70	6.01	5.46	5.22
	57.20	52.68	49.48	41.13	41.28	38.86	—	33.71	—	—	—
	40.09	49.14	47.10	46.81	42.43	36.79	34.93	29.94	24.37	22.63	26.58
	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—
	40.09	49.14	47.10	46.81	42.43	36.79	34.93	29.94	24.37	22.63	26.58
	3.73	14.01	13.06	13.82	12.44	10.75	10.64	8.87	7.24	7.70	9.78
	36.35	35.13	34.04	32.99	29.99	26.03	24.29	21.07	17.13	14.93	16.80
	5.63	5.44	5.27	5.11	4.64	4.28	4.11	3.56	2.90	2.85	3.37
Key metrics
	68.09	74.81	68.71	64.10	57.66	49.22	48.18	41.49	33.66	34.12	51.17
	39.90%	47.50%	44.10%	44.90%	42.90%	39.50%	40.60%	37.20%	34.20%	36.80%	57.30%
	21.30%	22.30%	21.80%	23.10%	22.30%	20.90%	20.50%	18.90%	17.40%	16.10%	18.80%
	—	3.10%	—	3.10%	—	2.50%	—	—	—	—	—
	26.80%	26.40%	31.40%	28.10%	36.70%	34.20%	32.90%	—	—	—	—
	21.20%	35.00%	40.10%	56.60%	75.10%	74.30%	44.60%	—	—	—	—

Metric	TTM	FY26	FY25	FY24
Income statement
	626.38	590.38	452.93	340.77
	42.40	47.53	11.55	31.99
	668.79	637.91	464.48	372.76
	485.64	452.42	338.46	291.98
	129.29	128.24	103.43	66.76
	62.91	0.00	0.00	—
	143.27	131.02	90.99	74.27
	34.18	29.71	17.94	47.27
	58.39	50.09	28.59	20.53
	200.49	184.56	138.22	—
	183.14	185.49	126.02	80.79
	0.00	0.00	0.00	—
	183.14	185.49	126.02	80.79
	44.62	53.32	37.49	22.21
	138.51	132.16	88.53	58.58
	21.45	20.46	14.87	11.20
Key metrics
	275.71	265.29	172.55	148.59
	44.02%	44.90%	38.10%	43.60%
	22.11%	22.40%	19.50%	17.20%
	—	11.30%	8.80%	—
	28.09%	30.30%	32.90%	—
	36.62%	49.30%	51.10%	—
	—	-693.97	-212.25	—
	—	-0.93	0.71	—
	—	0.29	0.17	—
	—	428.00	197.96	—
	—	339.7	266.9	—
Balance sheet
	—	2,195	1,855	—
	—	983.63	1,191	—
	—	23.58	40.38	—
	—	309.24	221.58	—
	—	326.63	188.48	—
	—	155.30	80.98	—
	—	744.77	401.02	—
	—	86.34	78.96	—
	—	298.53	224.63	—
	—	451.58	238.34	—
	—	173.24	70.44	—
	—	278.34	167.90	—
	—	1,552	1,418	—
Cash flow
	—	-123.26	62.88	—
	—	-70.11	-923.25	—
	—	176.58	872.56	—
	—	570.71	275.13	—

Compounded growth

Standalone

Sales CAGR 3Y: —
Sales CAGR 5Y: —
Profit CAGR 3Y: —
Profit CAGR 5Y: —
Sales YoY (TTM): +28.09%
Profit YoY (TTM): +36.62%

Consolidated

Sales CAGR 3Y: —
Sales CAGR 5Y: —
Profit CAGR 3Y: —
Profit CAGR 5Y: —
Sales YoY (TTM): +28.72%
Profit YoY (TTM): +40.92%

Compounded from reported annual figures. We publish no share-price CAGR: our prices are as-traded, so one would be wrong across every split and bonus issue.

Shareholding as of 30 Sep 2026

Promoter holding: 55.84%

Quarter	September 2026	June 2026
Promoter %	55.84%	55.84%

Holder	Type	Holding	Previous	Change
RAKESH CHOPDAR	Promoter	54.88%	54.88%	0.00%
ICICI PRUDENTIAL FLEXI CAP FUND	Public	2.71%	—	—
AXIS MUTUAL FUND TRUSTEE LIMITED A/C AXIS MUTUAL F	Public	2.21%	1.59%	+0.62%
ABU DHABI INVESTMENT AUTHORITY - MONSOON	Public	1.46%	1.74%	-0.28%
WHITEOAK CAPITAL FLEXI CAP FUND	Public	1.09%	1.26%	-0.17%
JYOTI CHOPDAR	Promoter Group	0.68%	0.68%	0.00%
SATWIK CHOPDAR	Promoter Group	0.23%	0.23%	0.00%
BABITA SHRIPALSINGH SULHYAN	Promoter Group	0.02%	0.02%	0.00%
ELLA WALIA	Promoter Group	0.01%	0.01%	0.00%
DEEPAK CHOPDAR	Promoter Group	0.01%	0.01%	0.00%
AMIT WALIA	Promoter Group	0.01%	0.01%	0.00%
CHOPDAR KARTIK	Promoter Group	0.00%	0.00%	0.00%
SUNITA WALIA	Promoter Group	0.00%	0.00%	0.00%

Public shareholders are disclosed individually only above 1%.

Peer comparison

Company	Mkt cap (₹ Cr)	Price (₹)	P/E	ROCE	Sales YoY	Profit YoY	1Y return
Bharat Heavy Electricals Ltd.	1,47,639	424.00	51.29	6.50%	+29.08% TTM	+415.37% TTM	+58.68%
ABB India Limited S	1,43,123	6,754.00	46.67	—	+7.92% TTM	+66.43% TTM	+28.89%
CG Power and Industrial Solutions Limited	1,32,631	841.85	97.18	19.30%	+23.76% TTM	+28.33% TTM	+12.62%
HITACHI ENERGY INDIA LIMITED S	1,29,262	29,000.40	112.37	24.90%	+40.17% TTM	+127.73% TTM	+41.26%
Siemens Ltd.	1,25,176	3,515.00	42.11	20.80%	—	—	+12.74%
GE Vernova T&D India Limited S	1,09,206	4,265.10	76.00	58.50%	+41.34% TTM	+56.22% TTM	+35.57%
Siemens Energy India Limited S	1,05,412	2,960.00	70.85	26.10%	—	—	-8.69%
SUZLON ENERGY LTD.	51,481	37.45	22.79	27.00%	+33.90% TTM	-28.79% TTM	-37.58%
Thermax Ltd.	39,095	3,280.95	66.19	15.40%	+4.68% TTM	-11.68% TTM	+0.66%
SCHNEIDER ELECTRIC INFRASTRUCTURE LIMITED S	27,448	1,147.95	149.28	24.90%	+9.56% TTM	-29.50% TTM	+28.95%
TD Power Systems Ltd	23,403	728.05	85.10	30.30%	+54.29% TTM	+45.27% TTM	+77.57%
Azad Engineering Limited	16,664	2,580.35	119.64	11.50%	+28.72% TTM	+40.92% TTM	+55.76%
Triveni Turbine Limited	15,868	499.15	47.21	32.00%	+17.70% TTM	-1.90% TTM	-6.73%
KARAMTARA ENGINEERING LIMITED	12,315	382.65	—	—	+36.52% FY26	+64.18% FY26	—
Atlanta Electricals Limited	11,643	1,514.10	51.86	34.60%	—	—	+50.82%
QUALITY POWER ELECTRICAL EQUIPMENTS LIMITED	11,249	1,452.55	50.36	27.30%	+89.92% TTM	+82.64% TTM	+50.72%
Inox Wind Limited	10,986	63.57	26.34	10.40%	+17.10% TTM	-14.81% TTM	-58.92%
VOLTAMP TRANSFORMERS LIMITED S	10,133	10,015.35	31.34	22.30%	+22.89% TTM	-1.63% TTM	+35.97%
Elecon Engineering Co.Ltd.	9,841	438.55	40.22	18.60%	+2.58% TTM	-52.69% TTM	-22.35%
Transformers and Rectifiers (India) Limited	9,527	317.40	30.44	25.40%	+27.23% TTM	+23.01% TTM	-24.26%
Kanohar Electricals Limited S	8,509	941.15	—	—	—	—	—
Skipper Limited	6,581	538.95	26.79	22.20%	+16.04% TTM	+47.75% TTM	+4.65%
Powerica Ltd.	6,316	499.05	—	11.20%	—	—	—
Transrail Lighting Limited	6,115	454.60	14.60	31.90%	+14.51% TTM	+0.35% TTM	-35.99%
GE Power India Limited	4,196	624.10	15.45	47.60%	+18.73% TTM	+9.86% TTM	+106.66%

Some figures use IPO-document inputs. Growth periods are shown per value; FY means annual.

Filings & corporate actions

Recent announcements

Earnings Conference Call to discuss the Unaudited financial results of the Company for the quarter and half year ended September 30, 2026.4 Nov 2026 · Company Update / Analyst / Investor Meet
Azad Engineering Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 06/11/2026 ,inter alia, to consider and approve the Unaudited Standalone and ....30 Oct 2026 · Board Meeting / Board Meeting
Disclosure under Regulation 30 of SEBI(Listing Obligations and Disclosure Requirements)Regulations, 201512 Oct 2026 · Company Update / Award of Order / Receipt of Order
Certificate under Regulation 74(5) of SEBI(DP)Regulations, 2018 for the quarter ended September 30, 20267 Oct 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Disclosure under Regulation 30 of SEBI (LODR) Regulations 2015.30 Sep 2026 · Company Update / Change in Management
43rd AGM Voting Results along with Scrutinizers Report30 Sep 2026 · AGM/EGM / AGM
Proceeding of 43rd Annual General Meeting held on September 29, 2026.29 Sep 2026 · AGM/EGM / AGM
Trading Window Closure28 Sep 2026 · Insider Trading / SAST / Closure of Trading Window
Intimating inauguration of two exclusive lean manufacturing facilities for GE Vernova''s Gas Power Business.28 Sep 2026 · Company Update / General
Newspaper advertisement regarding 43rd Annual General Meeting.8 Sep 2026 · Company Update / Newspaper Publication
Letter to Shareholders under Regulation 36(1)(b) of SEBI (LODR) Regulation 20157 Sep 2026 · Company Update / General
Business Responsibility and Sustainability Report of the Company for FY 2025-267 Sep 2026 · Others / Business Responsibility and Sustainability Reporting (BRSR)
Annual Report for the Financial Year 2025-267 Sep 2026 · Others / Reg. 34 (1) Annual Report
Notice of 43rd Annual General Meeting of the Company to be held on September 29, 20267 Sep 2026 · AGM/EGM / AGM
Submission of Transcript of Earning Conference Call held on August 8, 202614 Aug 2026 · Company Update / Earnings Call Transcript
Monitoring Agency Report for the quarter ended June 30, 2026.10 Aug 2026 · Company Update / Monitoring Agency Report
Link to access the Audio Recording of Earnings Conference Call8 Aug 2026 · Company Update / Analyst / Investor Meet
Newspaper clippings regarding unaudited standalone and consolidated financial results for the quarter ended June 30, 20268 Aug 2026 · Company Update / Newspaper Publication
Newspaper clippings regarding unaudited standalone and consolidated financial results for the quarter ended June 30, 20268 Aug 2026 · Company Update / Newspaper Publication
Investor Presentation7 Aug 2026 · Company Update / Investor Presentation
Unaudited Standalone and Consolidated Financial Results for the quarter ended June 30, 2026.7 Aug 2026 · Result / Financial Results
Outcome of Board Meeting held on August 7, 20267 Aug 2026 · Board Meeting / Outcome of Board Meeting
Intimation of Earnings Conference Call5 Aug 2026 · Company Update / Analyst / Investor Meet
Azad Engineering Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 07/08/2026 ,inter alia, to consider and approve the Unaudited Standalone and ....31 Jul 2026 · Board Meeting / Board Meeting
We wish to inform that Azad delivered its first Expendable Indigenous Turbo Jet Engine to DRDO (Defence Research and Development Organisation) and the Ministry of Defence , Government of ....22 Jul 2026 · Company Update / General
Certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018.6 Jul 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Intimation of Trading Window Closure.26 Jun 2026 · Insider Trading / SAST / Closure of Trading Window
Schedule of Investor Meet.8 Jun 2026 · Company Update / Analyst / Investor Meet
Schedule of investors meet.3 Jun 2026 · Company Update / Analyst / Investor Meet
Investor Conference that officials of the Company will be attending on 8th June, 2026.3 Jun 2026 · Company Update / Analyst / Investor Meet
Pursuant to Regulation 24A of the SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015, we hereby enclose the Annual Secretarial Compliance Report duly issued by Mr. ....28 May 2026 · Company Update / Reg.24(A)-Annual Secretarial Compliance
Officials of the Company will be attending an Investor Conference organised by Axis Capital on the 2nd of June, 2026, in Mumbai.27 May 2026 · Company Update / Analyst / Investor Meet
Transcript of Earnings Conference Call held on 16th May 202622 May 2026 · Company Update / Earnings Call Transcript
Audio Recordings of the Earnings Conference Call for the quarter and financial year ended March 31, 2026.16 May 2026 · Company Update / Analyst / Investor Meet
Copy of Newspaper Publication of Audited Financial Results for the quarter and year ended March 31, 202616 May 2026 · Company Update / Newspaper Publication
Investor Presentation15 May 2026 · Company Update / Investor Presentation
Audited Financial Results for the quarter and financial year ended 31st March 202615 May 2026 · Result / Financial Results
Audited Financial Results for the quarter and year ended March 31, 202615 May 2026 · Board Meeting / Outcome of Board Meeting
Please be informed that the Earnings Conference Call for analysts and investors is being rescheduled to be held on Saturday, May 16, 2026 at 11:00 A.M. (IST), to discuss the audited financial ....13 May 2026 · Company Update / Analyst / Investor Meet
Monitoring Agency Report for the quarter ended March 31, 2026.13 May 2026 · Company Update / Monitoring Agency Report

Board meetings

6 Nov 2026 Board Meeting - Financial Results
7 Aug 2026 Board Meeting - Financial Results