Any current/future new fundraising through debt or equity?

The company plans to develop new facilities through a downstream entity, AXISCADES Aerospace Infrastructure Private Limited (AAIPL), owned by ACAT. They intend to raise funds or secure strategic partnerships at the AAIPL level, with some oral commitments received. The first portion of funds is expected in Q2 or beginning of Q3, with a major portion likely by Q4. This fundraising involves strategic partners who will participate in funding the infrastructure. Currently, there is no plan for borrowing money or equity dilution at the listed company level. Additional working capital requirements ma

Any current/future capex/capital investment/strategic investment?

AXISCADES is investing about $200 million (approx. Rs.1,500 crores) in infrastructure before the beginning of FY27. New facilities are planned to contribute 30% and 50% of total revenues in FY27 and FY28 respectively. Facilities are developed through a downstream company, AXISCADES Aerospace Infrastructure Private Limited (AAIPL), owned by ACAT. AXISCADES is seeking strategic partnerships at the AAIPL level, with some oral commitments expected by Q2 or Q3 and major funding by Q4. No current plans for borrowing or equity dilution at the listed company level. Phase 1A of the DAC facility is expe

Future growth expectations in sales/revenue/volumes?

The company targets over 40% year-on-year growth in core areas (defense, aerospace, ESAI) for FY26 and FY27. Current order book and forecast visibility total approximately Rs.3,087 crores across FY26 and FY27, supporting this growth. FY26 guidance includes around 25% revenue growth, driven by core verticals, with significant ramp-up expected in H2 FY26. Infrastructure investments of about Rs.1,500-1,800 crores before 2027 will enable steeper growth beyond 40%, aiming for over 70% jump fueled by new facilities and customer acquisitions. The company’s long-term "Power 930" plan aims to r

Future growth expectations in earnings/operating earnings/profits/EPS?

The company targets over 40% year-on-year growth in core areas (defense, aerospace, ESAI) for FY26 and FY27. Order book: Rs.1,260 crores for FY26 and Rs.1,827 crores for FY27, with forecast visibility plus order book totalling Rs.3,087 crores. FY26 revenue growth guidance is around 25% including core and non-core verticals. EBITDA margin expected to improve by approximately 300 basis points in FY26, resulting in 19.2%-19.8% margin, rising to 20%-21% in subsequent years. Core segment EBITDA margins currently at ~18.6% expected to expand further as scale picks up. The company expects s

Current/ Expected Orderbook/ Pending Orders?

AXISCADES has an order book of approximately Rs.1,260 crores for FY26 and Rs.1,827 crores forecast visibility plus orders for FY27, totaling around Rs.3,087 crores for FY26 and FY27 combined. Defense order book is about Rs.540 crores, including DRDO, PSU, MOD orders, anti-drone systems, OEM engagements, and tank trailer orders (~Rs.200 crores). ESAI order book is approximately Rs.210 crores. Aerospace order book stands around Rs.450 crores. The defense order book for the current and next year is close to Rs.1,500 crores, already booked and secured. The order book includes both firm orders and

AXISCADES Technologies LtdQ2 FY26

AXISCADES Technologies Ltd Q2 FY26 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹1,529P/E: 85.6Market Cap: ₹6.8K Cr

Management growth scorecard

Revenue

Category 1

Margin

Category 1

Fundraise

Yes

Order

Yes

Capex

Yes

5 of 5 growth signals are positive — a strong management growth story.

Full analysis

Revenue guidance

Category 1

→The company targets over 40% year-on-year growth in core areas (defense, aerospace, ESAI) for FY26 and FY27.
→Current order book and forecast visibility total approximately Rs.3,087 crores across FY26 and FY27, supporting this growth.
→FY26 guidance includes around 25% revenue growth, driven by core verticals, with significant ramp-up expected in H2 FY26.
→Infrastructure investments of about Rs.1,500-1,800 crores before 2027 will enable steeper growth beyond 40%, aiming for over 70% jump fueled by new facilities and customer acquisitions.
→The company’s long-term "Power 930" plan aims to reach $1 billion revenue (approx. Rs.9,000 crores) by 2030.
→Aerospace business order book is Rs.450 crores for FY26, with expected revenue concentration in last two quarters.
→Defense order book near Rs.1,500 crores across FY26 and FY27, with back-ended execution mostly in H2.
→The ramp-up in production volumes and new product launches like KUSHA, radar, and OEM test benches will support volume expansion.

Margin guidance

Category 1

→The company targets over 40% year-on-year growth in core areas (defense, aerospace, ESAI) for FY26 and FY27.
→Order book: Rs.1,260 crores for FY26 and Rs.1,827 crores for FY27, with forecast visibility plus order book totalling Rs.3,087 crores.
→FY26 revenue growth guidance is around 25% including core and non-core verticals.
→EBITDA margin expected to improve by approximately 300 basis points in FY26, resulting in 19.2%-19.8% margin, rising to 20%-21% in subsequent years.
→Core segment EBITDA margins currently at ~18.6% expected to expand further as scale picks up.
→The company expects strong margin and revenue improvement starting Q2 FY26, with significant order execution ramp-up in H2.
→Long-term goal: achieve $1 billion (Rs.9,000 crores) revenue by 2030 (Power 930 plan), implying a roughly 60% CAGR over four years post-FY26.
→Profit after Tax (PAT) grew 25% YoY in Q1 FY26; continued growth expected with order execution.

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Fundraise plans

Yes

→The company plans to develop new facilities through a downstream entity, AXISCADES Aerospace Infrastructure Private Limited (AAIPL), owned by ACAT.
→They intend to raise funds or secure strategic partnerships at the AAIPL level, with some oral commitments received.
→The first portion of funds is expected in Q2 or beginning of Q3, with a major portion likely by Q4.
→This fundraising involves strategic partners who will participate in funding the infrastructure.
→Currently, there is no plan for borrowing money or equity dilution at the listed company level.
→Additional working capital requirements may arise in FY27, which will need to be organized at that time.

Order book

Yes

→AXISCADES has an order book of approximately Rs.1,260 crores for FY26 and Rs.1,827 crores forecast visibility plus orders for FY27, totaling around Rs.3,087 crores for FY26 and FY27 combined.
→Defense order book is about Rs.540 crores, including DRDO, PSU, MOD orders, anti-drone systems, OEM engagements, and tank trailer orders (~Rs.200 crores).
→ESAI order book is approximately Rs.210 crores.
→Aerospace order book stands around Rs.450 crores.
→The defense order book for the current and next year is close to Rs.1,500 crores, already booked and secured.
→The order book includes both firm orders and offsets via OEM contracts and partnerships.
→Significant order intake during Q1 FY26 with momentum expected to build further in H2 FY26 backed by confirmed orders.
→Orders include OEM test benches, counter-drone systems, Kusha missile components, and BrahMos wiring harness qualification underway.

Capex plans

Yes

→AXISCADES is investing about $200 million (approx. Rs.1,500 crores) in infrastructure before the beginning of FY27.
→New facilities are planned to contribute 30% and 50% of total revenues in FY27 and FY28 respectively.
→Facilities are developed through a downstream company, AXISCADES Aerospace Infrastructure Private Limited (AAIPL), owned by ACAT.
→AXISCADES is seeking strategic partnerships at the AAIPL level, with some oral commitments expected by Q2 or Q3 and major funding by Q4.
→No current plans for borrowing or equity dilution at the listed company level.
→Phase 1A of the DAC facility is expected by March, with the first portion of the new facility ready around October 2028, supporting growth plans.
→These investments aim to support non-linear product-led growth and enable capacity for future customer acquisitions and revenue scale-up.

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