Azad Engineering Ltd Q4 FY26 Results & Concall Highlights: Revenue, Margins & Order Book

Q4 FY26 earnings call analysis: revenue, margin, capex, fundraise and order book outlook from management commentary.

Published 24 May 2026 | Electrical Equipment | Market Cap: ₹15.8K Cr

Azad Engineering expects a 25%+ annual revenue growth over the next several years, supported by a robust order book of around INR 6,500 crores with delivery schedules over 5-6 years. Azad Engineering expects a sustained top-line growth of 25%+ annually over multiple years, driven by ramp-up of newly commissioned plants and expanding customer wallet share.

From Azad Engineering Ltd's Q4 FY26 earnings-call transcript · updated 23 Aug 2026.

Price

₹2,838

Market Cap

₹15.8K Cr

P/E Ratio

118.9

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Azad Engineering Ltd — Quarterly revenue & net profit

Revenue Net Profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹157 Cr, net profit ₹35 Cr.

Full financials →

📊 Revenue & Sales Performance

→Azad Engineering expects a 25%+ annual revenue growth over the next several years, supported by a robust order book of around INR 6,500 crores with delivery schedules over 5-6 years.
→The company is ramping up 8 dedicated OEM plants, with 4 already commissioned and 4 more to be completed in FY '27, which will drive volume growth.
→Increased capacity and stabilization of new plants will convert elevated inventory investment into revenues, improving asset turns and cash flow from FY '27 onwards.
→Growth levers include ramp-up of qualified parts, addition of adjacent product categories, and onboarding new customers leveraging horizontally developed capabilities.
→Vertical diversification is underway, with Energy expected to contribute 55-60% of revenues, and significant ramp-up planned in Oil & Gas and Aerospace & Defence segments.
→Demand outlook is strong due to global OEM order backlogs and India's emerging engine ecosystem, positioning Azad for sustained multi-year growth.

📈 Profitability & Margins

→Azad Engineering expects a sustained top-line growth of 25%+ annually over multiple years, driven by ramp-up of newly commissioned plants and expanding customer wallet share.
→Margins are robust, with EBITDA margins around 33%-35%+, and management anticipates potential margin expansion as new plants reach optimal utilization and continuous improvements are implemented.
→Profit after tax grew strongly by ~54.4% in FY '26, demonstrating operational leverage despite ongoing capacity build-up.
→Operating cash flow and asset turns are expected to improve in FY '27 and beyond as utilization of capitalized assets rises.
→The order book (~INR 6,500 crores) offers revenue visibility extending 5-6 years, supporting stable earnings growth.
→The company’s diversified industry focus (Energy, Aerospace & Defence, Oil & Gas) and ongoing capacity expansions underpin medium- to long-term profit and EPS growth potential.

See what Azad Engineering Ltd said on profitability & margins — free account, 30 seconds.

🏗️ Capital Expenditure Plans

→FY '26 capex: INR 392 crores capitalized assets; incremental term funding of INR 154 crores utilized.
→FY '27 planned capex: Around INR 180 crores to be deployed, mainly linked to QIP proceeds raised (INR 700 crores).
→Focus this year: Complete commissioning of current and balance plants (total 8 dedicated lean manufacturing facilities; 4 completed, 4 to be completed in FY '27).
→Third expansion plan: 85,000 square meter plant civil work to start after current plants are fully ramped up.
→Strategic investment: Inaugurated dedicated facility for Baker Hughes in Saudi Arabia; capex plans on track but timelines shifted due to geopolitical events.
→Long-term: Capacity to be increased based on customer order schedules to support growth; ongoing efforts to bring special processes like heat treatment fully in-house.
→Large investments to support capacity building, operational readiness, and long-term earnings growth.

💰 Fundraising & Capital Structure

→Azad Engineering raised INR700 crores through QIP (Qualified Institutional Placement) recently.
→The company utilized incremental term funding of INR154 crores during FY '26 to support capacity expansions.
→Total borrowing stood at INR457 crores (gross) and INR272 crores (net) as of FY '26.
→Treasury balance includes INR184 crores, with INR160 crores coming from QIP proceeds.
→Going forward, no specific mention of additional fundraising through debt or equity beyond deploying the QIP proceeds and some planned capex (~INR180 crores remaining deployment).
→The focus appears to be on utilizing existing funds (QIP and debt) for capacity ramp-up and working capital normalization.

See what Azad Engineering Ltd said on fundraising & capital structure — free account, 30 seconds.

📋 Order Book & Pipeline

→Azad Engineering's rolling order book stands at approximately INR 6,500 crores net of deliveries in FY '26 (Page 17).
→The order book is described as INR 6,500 crores plus, reflecting some contracts with undisclosed values (Page 17).
→Contracts typically have delivery schedules extending over 5 to 6 years (Page 17).
→The order book represents about 11x to 12x of FY '26 revenue, providing strong forward visibility (Page 6).
→Around INR 600 crores of the order book were delivered in FY '26 (Page 6).
→Orders are diversified across multiple segments with notable contracts from GE, Siemens, Mitsubishi, Baker Hughes (Page 6-17).
→Revenue conversion from the order book depends on production schedules, capacity ramp-up, and part qualifications (Page 6).
→Growth guidance expects to consume the current order book over the next 5 years with 25%+ revenue growth trajectory (Page 17).

Key Metrics

How does Azad Engineering Ltd rank vs peers in Electrical Equipment?

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What AZAD's management said in earlier quarters

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Frequently Asked Questions

What were Azad Engineering Ltd Q4 FY26 results?

What is Azad Engineering Ltd share price analysis?

Azad Engineering Ltd currently shows a neutral. The stock trades at a P/E of 118.9 with a market cap of ₹15,802 Cr. Investors should review the full earnings analysis for detailed insights.

Is Azad Engineering Ltd planning capital expenditure?

FY '26 capex: INR 392 crores capitalized assets; incremental term funding of INR 154 crores utilized.

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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.