| ₹ crore | Q1 FY27 | Q1 FY26 | Change |
|---|---|---|---|
| Revenue | 173 | 137 | +25.9% |
| EBITDA | 64.4 | 49.2 | +30.7% |
| EBITDA margin | 37.3% | 35.9% | +1.4 pts |
| Profit before tax | 39.0 | 41.9 | −6.9% |
| Net profit | 35.2 | 29.4 | +19.5% |
| EPS | ₹5.53 | ₹4.56 | +21.3% |
Amounts on the left scale in ₹ crore; per cent on the right, dashed. L = lakh crore, K = thousand crore. Touch the chart to read any period.
| Tap a line for its trend | Currentlast 12M | FY26Mar 2026 | FY25Mar 2025 | FY24Mar 2024 | FY23Mar 2023 |
|---|
| 16,364 | — | — | — | — | |
| 24.6 | 24.6 | 40.8 | 28.2 | 19.4 | |
| −0.1 | −0.1 | −0.8 | 0.0 | — | |
| 457 | 457 | 244 | 37.2 | 301 | |
| 16,796 | — | — | — | — | |
| 638 | 603 | 457 | 341 | 262 | |
| — | +31.8% | +34.2% | +30.3% | — | |
| 240 | 225 | 161 | 117 | 55.7 | |
| 37.7% | 37.4% | 35.3% | 34.2% | — | |
| 179 | 172 | 132 | 96.1 | 55.7 | |
| 139 | 134 | 86.5 | 58.6 | — | |
| 21.8% | 22.2% | 18.9% | 17.2% | — | |
| ₹21.52 | ₹20.58 | ₹13.52 | ₹9.07 | — | |
| — | +52.2% | +49.1% | — | — | |
| — | −119 | 53.7 | −7.0 | — | |
| — | −572 | −293 | −75.3 | −85.6 | |
| −691 | −691 | −240 | −82.3 | — | |
From the company's filings with NSE and BSE (Ind-AS), consolidated. For information only, not investment advice.
In ₹ Crore except Per Share 12 Months Ending | FY23 31/03/2023 | FY24 31/03/2024 | FY25 31/03/2025 | FY26 31/03/2026 | Current/LTM TTM · last close | |
|---|---|---|---|---|---|---|
| Market Capitalization | — | — | — | — | 16,363.9 | |
| - Cash, Equiv & ST Investments | 19.4 | 28.2 | 40.8 | 24.6 | 24.6 | |
| + Minority Interest | — | 0.0 | -0.8 | -0.1 | -0.1 | |
| + Total Debt | 300.6 | 37.2 | 243.6 | 456.6 | 456.6 | |
| Enterprise Value | — | — | — | — | 16,795.9 | |
| Revenue | 261.5 | 340.8 | 457.4 | 603.0 | 638.5 | |
| Growth %, YoY | — | +30.3 | +34.2 | +31.8 | — | |
| EBITDA | 55.7 | 116.6 | 161.3 | 225.3 | 240.4 | |
| Margin % | — | 34.21 | 35.27 | 37.37 | 37.66 | |
| EBIT | 55.7 | 96.1 | 131.8 | 172.5 | 179.1 | |
| Net Income | — | 58.6 | 86.5 | 133.6 | 139.3 | |
| Margin % | — | 17.19 | 18.92 | 22.15 | 21.82 | |
| EPS, Adj (current shares) | — | 9.07 | 13.52 | 20.58 | 21.52 | |
| Growth %, YoY | — | — | +49.1 | +52.2 | — | |
| Cash from Operations | — | -7.0 | 53.7 | -119.0 | — | |
| Capital Expenditures | -85.6 | -75.3 | -293.3 | -572.5 | — | |
| Free Cash Flow | — | -82.3 | -239.6 | -691.4 | -691.4 | |
Prices at the previous close · figures from the company's filings with NSE
Azad Engineering (NSE: AZAD) had a market capitalisation of ₹16,364 crore at the previous close (₹2,533.90 a share), a PE ratio of 117.7 on the last four quarters' profit and a price-to-book ratio of 10.70. In FY26 its consolidated net profit attributable to shareholders was ₹133 crore on revenue of ₹603 crore; in Q1 FY27 (April–June 2026) it was ₹35.7 crore, up 21.4% year on year. Its debt-to-equity ratio was 0.30 on 31 March 2026. Promoters held 55.84% of the shares on 30 September 2026.
Azad Engineering's PE ratio is 117.7 at the previous close (₹2,533.90 a share): a market capitalisation of ₹16,364 crore divided by consolidated net profit attributable to shareholders of ₹139 crore over the last four quarters (Q2 FY26 to Q1 FY27). On FY26 net profit attributable to shareholders (₹133 crore) it is 123.2.
Azad Engineering's price-to-book (PB) ratio is 10.70 at the previous close: a market capitalisation of ₹16,364 crore divided by shareholders' equity (book value) of ₹1,529 crore on 31 March 2026. That is a book value of ₹236.74 per share against a share price of ₹2,533.90.
Azad Engineering's book value per share was ₹236.74 on 31 March 2026: shareholders' equity of ₹1,529 crore divided by the 6.46 crore shares in issue, up 9.7% from ₹215.82 a year earlier. The share price at the previous close was ₹2,533.90.
Azad Engineering's market capitalisation was ₹16,364 crore at the previous close: 6.46 crore shares at ₹2,533.90 each.
No. Azad Engineering had borrowings of ₹457 crore on 31 March 2026 (consolidated balance sheet), a debt-to-equity ratio of 0.30. Its cash and current investments were ₹185 crore, so its net debt was ₹272 crore.
Azad Engineering's basic earnings per share (EPS) were ₹20.57 in FY26, against ₹14.66 in FY25. Over the last four quarters (Q2 FY26 to Q1 FY27) they add up to ₹21.49.
Azad Engineering's debt-to-equity ratio was 0.30 on 31 March 2026: borrowings of ₹457 crore against total equity of ₹1,529 crore. A year earlier, on 31 March 2025, it was 0.17.
Azad Engineering's net worth — shareholders' equity in its consolidated balance sheet — was ₹1,529 crore on 31 March 2026, up 9.7% from ₹1,394 crore a year earlier. Its market value is a different figure: a market capitalisation of ₹16,364 crore at the previous close.
In FY26, Azad Engineering generated ₹119 crore of cash from operations and spent ₹572 crore on capital expenditure (property, plant, equipment and intangibles), leaving free cash flow of −₹691 crore. In FY25 it was −₹240 crore.
In FY26, Azad Engineering's return on equity (ROE) was 9.1% and its return on capital employed (ROCE) was 9.8%. ROE is net profit attributable to shareholders divided by average shareholders' equity (the start and end of the year); ROCE is operating profit (EBIT) divided by average capital employed (total assets less current liabilities). In FY25, ROE was 8.6% and ROCE 11.3%.
On 30 September 2026, Azad Engineering's shares were held by promoters 55.84%, foreign portfolio investors (FII/FPI) 12.70%, domestic institutions (DII) 10.40% (including mutual funds at 8.81%) and retail and other non-institutional investors 21.05%. Over the year, FII holding was down 3.06 percentage points from 15.76% and DII holding was up 0.56 percentage points from 9.84%.
In FY26, Azad Engineering earned net profit attributable to shareholders of ₹133 crore on revenue of ₹603 crore, against ₹94 crore on ₹876 crore for MTAR Technologies. Azad Engineering's operating margin was 28.6% (MTAR Technologies 15.5%) and its return on equity 9.1% (MTAR Technologies 12.1%).
Promoters held 55.84% of Azad Engineering on 30 September 2026, unchanged from the previous quarter and up 0.42 percentage points from 55.42% a year earlier, according to the shareholding pattern filed with NSE.
In FY26 (April 2025–March 2026), Azad Engineering's consolidated net profit attributable to shareholders was ₹133 crore, up 52.2% from ₹87.3 crore in FY25, on revenue from operations of ₹603 crore (up 31.8%).
Azad Engineering has not yet announced the date of its Q2 FY27 results (July–September 2026); under SEBI's listing rules (Regulation 33) they are due by 14 November 2026.
Azad Engineering's latest results are for Q1 FY27 (April–June 2026), filed on 7 August 2026: consolidated net profit attributable to shareholders ₹35.7 crore, up 21.4% from ₹29.4 crore in Q1 FY26; revenue from operations ₹173 crore, up 25.9% year on year.
On FY26 consolidated figures, against MTAR Technologies, Paras Defence and Space Technologies and Dynamatic Technologies: Azad Engineering's operating margin of 28.6% is the highest of the four (MTAR Technologies 15.5%, Paras Defence and Space Technologies 21.7%, Dynamatic Technologies 6.5%; peer average 14.6%); its return on equity of 9.1% is the third highest of the four (MTAR Technologies 12.1%, Paras Defence and Space Technologies 12.9%, Dynamatic Technologies 4.3%; peer average 9.8%); its revenue growth over three years of 32.1% a year is the highest of the four (MTAR Technologies 15.2% a year, Paras Defence and Space Technologies 28.9% a year, Dynamatic Technologies 7.2% a year; peer average 17.1% a year).
From Azad Engineering's own consolidated results, balance sheets and shareholding patterns filed with NSE. Ratios are calculated by Alphave from those filings as each answer describes.
Consolidated figures from the company's filings with NSE; prices are NSE closing prices.