# Azad Engineering share price today (Azad Engineering Ltd, NSE: AZAD)

> Azad Engineering share price today: ₹2,581.30 at the NSE close on 4 November 2026, up 60.2% in a year. Azad Engineering (NSE: AZAD) is worth ₹16,672 crore, trades at a P/E of 120.4 and has closed between ₹1,391.20 and ₹2,910.20 over the past 52 weeks. > Azad Engineering Ltd is reporting record margins. AZAD · Aerospace & Defence - Equipments · data as of 4 November 2026. Page: https://www.sectoralpha.in/stocks/azad-engineering-ltd

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## Key numbers

- Business trend: Mixed, from the last 12 quarters
- Price: ₹2,581.30 (+60.2% in a year)
- P/E: 120.4× (higher than 55% of the last 2.4 years)
- Revenue (Jun 2026): ₹173 Cr (+26.3% on a year ago)
- Profit (Jun 2026): ₹35.0 Cr (+20.7% on a year ago)
- Operating margin: 37.0% (+1.0 points on a year ago)
- ROCE: 12%, FY26
- ROIC: 7.1%, against a 12.0% cost of capital: −4.9 points

The main question: profits are rising, but only −26% of the last 3 years' profit came in as cash from operations. The gap between reported profit and actual cash is the thing to watch. ## What is the Azad Engineering share price today? Azad Engineering Ltd's share price was ₹2,581.30 at the close on 4 November 2026. It has been rising for 29 weeks. That is 13.0% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹1,391 and ₹2,910, and at that close it sat 78% of the way up from that low. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 15 weeks in a row. Over the last 2.8 years the share price moved +273% while the NIFTY 500 moved +13%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at Azad Engineering this quarter? Three changes stood out: revenue up on a year earlier for 11 quarters in a row (every quarter we can compare), foreign funds (FIIs) cut their stake for 5 quarters in a row and profit up on a year earlier for 9 quarters in a row. 1. Revenue up on a year earlier for 11 quarters in a row (every quarter we can compare) In the June 2026 quarter revenue was ₹173 crore, +26.3% on a year earlier. Why: Sales rose because both main businesses grew. Aerospace and defense grew faster, and energy and oil and gas also grew, helped by more work for global aviation customers and first engine and defense system deliveries. Next results: check whether completed customer qualifications turn full production into faster reported revenue. From the earnings call on 8 Aug 2026. 2. Foreign funds (FIIs) cut their stake for 5 quarters in a row From 16.2% to 12.7% of the company by the September 2026 quarter. 3. Profit up on a year earlier for 9 quarters in a row In the June 2026 quarter profit was ₹35 crore, +20.7% on a year earlier. Why: Profit rose because the company got more of its materials locally and spent less on transport. Next results: check whether profit holds up as new staff and machines start running. From the earnings call on 8 Aug 2026. ## What are Azad Engineering's latest quarterly results? For April to June 2026 (the quarter ended 30 June 2026), Azad Engineering reported revenue of ₹173 crore, up 26.3% from ₹137 crore a year earlier, and a profit of ₹35.0 crore, up 20.7% from ₹29.0 crore. ### Azad Engineering results: April to June 2026 against a year earlier

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹173 crore | ₹137 crore | +26.3% |
| Profit | ₹35.0 crore | ₹29.0 crore | +20.7% |
| Earnings per share | ₹5.54 | ₹4.60 | +20.4% |
| Operating margin | 37.0% | 36.0% | +1.0 points |

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). Azad Engineering's management discussed these results on a call held on 8 August 2026; what it said is further down this page. (From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.)

## What is the Azad Engineering share price history? Azad Engineering closed at ₹2,581.30 on 4 November 2026, up 60.2% from ₹1,611.20 a year earlier (7 November 2025). Its highest weekly close since December 2023 was ₹2,910.20 on 9 October 2026. ### Azad Engineering share price: then and now

| When | Close | Change to 4 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 30 Oct 2026 | ₹2,445.30 | +5.6% |
| 1 month ago · 1 Oct 2026 | ₹2,860.90 | −9.8% |
| 6 months ago · 8 May 2026 | ₹2,315.60 | +11.5% |
| 1 year ago · 7 Nov 2025 | ₹1,611.20 | +60.2% |
| Earliest weekly close in our records · 29 Dec 2023 | ₹692.05 | +273.0% |
| Highest weekly close since December 2023, also the 52-week high · 9 Oct 2026 | ₹2,910.20 | −11.3% |
| Lowest weekly close since December 2023 · 5 Jan 2024 | ₹661.70 | +290.1% |
| 52-week low (weekly close) · 23 Jan 2026 | ₹1,391.20 | +85.5% |

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (157 weekly closes from 29 December 2023 to 4 November 2026.)

## What is the latest news on Azad Engineering? 4 Nov 2026: Azad Engineering closed at ₹2,581.30, up 5.6% on the week and down 9.8% on the month. 8 Aug 2026: Azad Engineering held its results call for April to June 2026. Management guided: FY27 revenue growth above 25%. ### Earlier

- Results for April to June 2026: Revenue up 26.3% and profit up 20.7% on a year earlier. ## What dividend does Azad Engineering pay? Azad Engineering has paid no dividend on the NSE since its first NSE close in our records (29 December 2023), the start of the period we checked. No. Azad Engineering Ltd paid out 0% of its profit as dividends in each of its last 6 reported years, so there is no payout history to show. That comes from the filed annual statements, not an estimate. (From the NSE corporate-actions record, read 5 November 2026.)

## What did Azad Engineering management say on the latest results call? On the call for April to June 2026, held on 8 August 2026, Azad Engineering's management guided: FY27 revenue growth above 25%. > “This is not a story of some years; it is a story of a few months. This is what we have been told, and we have been guided to prepare for massive production of these engines.”
> Rakesh Chopdar, on the call for April to June 2026

### What management guided

- Operating margin guidance remains 32-35% for calculation purposes. - Stabilization initiatives were 80% complete; remaining work due by mid-Q2 and full closure by Q3, with substantive revenue from H2 and Q3/Q4 acceleration. - New customer-dedicated campus potential approximately ₹1,200 crore at full utilization, based on ₹150-180 crore per plant. - Working capital planned around 200 days in H1 and 160-180 days in H2; bill discounting expected to reduce debtor days to 90 and fully hedge exports by Q4. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijorifinance.com/insight/india/57607/Conference Call/CC-Aug26.pdf). (From the call for April to June 2026, 8 August 2026.)

## What is the future of Azad Engineering? What is changing in the business? What is changing at Azad Engineering, from the latest results and calls: order book consumption, 11x revenue, five-year visibility, operating leverage inflection, new plants moving to 70-80% utilisation and client mining, single-digit wallet share with all major oems. - Order Book Consumption, 11x Revenue, Five-Year Visibility. ₹6,500 crore order book (~$700 M) distributed Energy/A&D/Oil&Gas at 11x FY26 revenue; five-year consumption at 25%+ pace; additional contracts undisclosed due to customer confidentiality. ⚠ estimate
- Operating Leverage Inflection, New Plants Moving to 70-80% Utilisation. Four dedicated plants at different stabilisation stages; as utilisation exceeds 70-80%, operating margin expected to breach 37% and asset turns move to 1.7-2.0x. ⚠ estimate
- Client Mining, Single-Digit Wallet Share With All Major OEMs. 1-1.5% wallet share with GE, Siemens, Mitsubishi, Safran, P&W, Rolls-Royce, structural multi-year runway that compounds independently of new customer wins. ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown. (Our read after the latest results, written 17 May 2026.)

## What is Azad Engineering's order book? Order book ₹6,500 crore (11-12x FY26 revenue) with five-year forward visibility; Energy ~$400 M, A&D ~$200 M+, Oil & Gas ~$100 M+; additional contracts not publicly disclosable. ✓ fact

(Our read after the latest results, written 17 May 2026.)

## What could change the Azad Engineering story? What are the risks? Inventory elevated deliberately for plant ramp stocking (96% of inventory <1Y old); ₹309 crore receivables; free cash flow conversion suppressed to ~55%; normalization to 160-170 days H2 FY27 is management's commitment. ### The main risks

- Working Capital Elevation, Inventory Cycle 200+ Days, free cash flow Suppressed: Inventory elevated deliberately for plant ramp stocking (96% of inventory <1Y old); ₹309 crore receivables; free cash flow conversion suppressed to ~55%; normalization to 160-170 days H2 FY27 is management's commitment. ✓ fact
- New Plant Qualification & Utilisation Ramp Risk: Four additional plants planned by end FY27; each facility requires customer audits and certification before full production, any delay pushes operating leverage inflection from FY28 to FY29. ✓ fact
- Tariff Risk on 93.9% Export Revenue: 93.9% export revenue; FOB Hyderabad structure; mission-critical component positioning mitigates impact, no OEM can quickly find alternative suppliers for qualified precision parts. ✓ fact

(Our read after the latest results, written 17 May 2026.)

## What to watch in Azad Engineering's next results? When Azad Engineering reports July to September 2026, these are the 4 checks that show whether the story is still on course. First: Turbojet testing and successive engine output - check for documented GTRE/MoD program confirmation and follow-on orders. - What to check (from the call)
- Turbojet testing and successive engine output - check for documented GTRE/MoD program confirmation and follow-on orders. - Customer-dedicated line ramp - check whether qualification completion converts full-throttle production into reported revenue acceleration. - Working-capital normalization and bill-discounting rollout - check cash-conversion improvement and natural-hedge implementation. - Rolls-Royce qualification parts - check first batch delivery and progression toward serial production. ## Which stock lists is Azad Engineering on? Azad Engineering is on 2 of our India lists: Small & mid cap stocks and Defence stocks. - [Small & mid cap stocks Size rank in India: 414](https://www.sectoralpha.in/small-cap-stocks-india)
- [Defence stocks Group on the list: Defence equipment and electronics](https://www.sectoralpha.in/sectors/aerospace-defence-equipments)

## Is Azad Engineering profitable? Azad Engineering Ltd earned ₹35.0 Cr of net profit in the Jun 2026 quarter, +20.7% on the same quarter a year earlier. That is the 9th quarter in a row of profit growth. Full-year FY26 profit was ₹134 Cr. Over 5 years profit has grown 62.0% a year on average. That is 20.2% of the quarter's revenue. The same quarter a year earlier earned ₹29.0 Cr. For the full year, FY26 profit was ₹134 Cr (+54.0% on the year before). Why profit moved: revenue changed +26.3% on a year earlier and the margin moved +1.0 percentage points. Sales did the work, and the margin was about flat. On average over the last four quarters, profit changed +42.9% and revenue +29.2%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit. ## How much revenue does Azad Engineering make, and is it growing? Azad Engineering Ltd reported ₹173 Cr of revenue in the Jun 2026 quarter, +26.3% on the same quarter a year earlier. That is the 11th quarter in a row with growth on the year before. Over 5 years it has grown 37.4% a year on average. The last full year, FY26, came in at ₹603 Cr. Why this happened. The order book is the primary underpin of the multi-year thesis. At Rs 6,500 Cr net of FY26 deliveries, it represents 11x trailing revenue with firm customer production schedules. The composition, ~$400 M Energy, ~$200 M A&D, ~$100 M Oil & Gas, is confirmed with additional undisclosed contracts hinting at a larger true backlog. For the first time in the company's history, all three execution levers (capacity, qualifications, customer schedules) are simultaneously aligned. This is what makes the FY27 inflection structurally different from prior years when capacity constrained fulfilment. The last four reported quarters add to ₹640 Cr. FY26 revenue was ₹603 Cr, +31.9% on the year before. Recent pace: the last four quarters grew +29.2% on average, against 37.4% a year over the longer run, so this year is growing slower than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +29.0%, against +32.8% a year over the last 8 quarters (rolling over); profit over the last 12 months grew +41.4%, against +43.5% a year (stabilising). ## How much of every ₹100 of sales does Azad Engineering keep? Azad Engineering Ltd's operating margin was 37.0% in the Jun 2026 quarter, 1.0 percentage points higher than the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Across 6 years it has been between 23.0% and 37.0%. The latest quarter is within that range. Why this happened. Airfoil supply is the next frontier. The global market is dominated by Howmet Aerospace and PCC. Azad's 2.5-year qualification cycle with Rolls-Royce is described as fast by industry standards. Once Rolls-Royce enters commercial production (Q4 FY27/early FY28), P&W and Safran follow automatically, same qualification infrastructure. The HTT engine delivery validates indigenous engine manufacturing capability, a strategic moat for defence programs. These are not yet in the revenue model; they represent optionality worth pricing at a premium. Why the margin moved: operating margin changed +1.4 percentage points on the year while gross margin changed +6.6 points. So the gain came mostly from the gross margin, which means input costs and prices charged. When margins are at a record, every ratio built on profit looks better than usual, so watch whether they hold. ## Is Azad Engineering's profit turning into cash? Over the last 3 years Azad Engineering Ltd's operations used more cash than they brought in, so cash conversion was −26%, a gap worth watching. In FY26 its operations used ₹119 Cr of cash, against ₹134 Cr of profit. After ₹573 Cr of spending on assets, free cash was −₹692 Cr: it spent more than its operations brought in. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why: the cash figure is clear, but the day counts behind it are not in our data, so we show it without guessing the reason. What to look at next: the main use of cash is spending on assets. The next section checks what that spending is building. ## Where does Azad Engineering's cash go? Azad Engineering Ltd's customer, stock and supplier day counts come out in the thousands of days on sales this small (₹603 Cr in FY26), so no cash-cycle chart is drawn and this section looks at its spending on assets instead. It spent ₹884 Cr on assets over the last 3 years. Averaged over those years that is 48.9% of FY26 revenue a year. Spending on assets: ₹884 Cr over the last 3 years, against ₹103 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹257 Cr (FY26): assets paid for that are not earning yet. In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns. ## What is Azad Engineering's P/E ratio, and how does it compare with its own history? Azad Engineering Ltd's P/E is 120.4×, in the middle of its own history: higher than 55% of past readings. Its usual P/E (the middle reading) is 115.4×, over 2.4 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. Why this happened. Four dedicated plants at different stabilisation stages; as utilisation exceeds 70-80%, EBITDA margin expected to breach 37% and asset turns move to 1.7-2.0x. Why the multiple is where it is: over the past year earnings per share moved +52.2% while the price moved +60.2%. The price did better than earnings, which pushed the multiple up within its own range. In short: the multiple is about average against its own past, so the earnings trend underneath matters more than the multiple. ## Is the Azad Engineering business getting better or worse? Azad Engineering Ltd's business is giving mixed signals. Growth is slowing from a very fast pace: profit growth has eased from +58.4% at its peak to +41.4%, but the business is still expanding, with ROCE steady at 12.4%. This is based on 12 quarters of 4 measures. Why it matters: when the lines disagree, each line above matters more than any single label. ## What is the Azad Engineering story, and has it been checked? Azad Engineering Ltd's story is not scored yet against the checks our research set on 17 May 2026. Where it sits in its own cycle: FIRST EXPANSION. Our read, 17 May 2026. A precision-engineering moat being built in real time, eight OEM-dedicated plants, a 11x order book, and single-digit wallet share with the world's biggest turbine makers. From the numbers. From the price. Price stage 2, week 29, above its 200-day line, relative strength falling. From the research. A precision-engineering moat being built in real time, eight OEM-dedicated plants, a 11x order book, and single-digit wallet share with the world's biggest turbine makers. What is proven. A precision-engineering moat being built in real time, eight OEM-dedicated plants, a 11x order book, and single-digit wallet share with the world's biggest turbine makers. What is not proven yet. Three documented cross-call contradictions: revenue guidance moderation, jet engine delivery slipped twice, WC goal revised upward each call. Financial outcomes beat; strategic timelines need a buffer. The test written in advance. Management Milestone Credibility, Strategic Timelines Carry 1-2Q Buffer. Measured by: Management Milestone Credibility, Strategic Timelines Carry 1-2Q Buffer Rolls-Royce batch delivery (goal H2 FY27): any further delay pushes commercial ramp to FY28+ by the next result. The test written in advance. Working Capital Elevation, Inventory Cycle 200+ Days, FCF Suppressed. Measured by: Working Capital Elevation, Inventory Cycle 200+ Days, FCF Suppressed H1 FY27 inventory days, management committed to 'drastic change' to ~200 days; H2 FY27 goal 160-170 days by the next result. The test written in advance. New Plant Qualification & Utilisation Ramp Risk. Measured by: New Plant Qualification & Utilisation Ramp Risk Q1 and Q2 FY27 concalls: plant commissioning progress, customer audit timelines for new facilities by the next result. Lever 6 · Order-book wins: building. Rs 6,500 Cr order book (~$700 M) distributed Energy/A&D/Oil&Gas at 11x FY26 revenue; five-year consumption at 25%+ pace; additional contracts undisclosed due to customer confidentiality. What proves it keeps working: Order Book Consumption, 11x Revenue, Five-Year Visibility. It stops working if Rolls-Royce batch delivery (goal H2 FY27): any further delay pushes commercial ramp to FY28+. Lever 8 · Demerger or value unlock: building. Four dedicated plants at different stabilisation stages; as utilisation exceeds 70-80%, EBITDA margin expected to breach 37% and asset turns move to 1.7-2.0x. What proves it keeps working: Operating Leverage Inflection, New Plants Moving to 70-80% Utilisation. It stops working if Rolls-Royce batch delivery (goal H2 FY27): any further delay pushes commercial ramp to FY28+. Lever 4 · Paying down debt: building. 1-1.5% wallet share with GE, Siemens, Mitsubishi, Safran, P&W, Rolls-Royce, structural multi-year runway that compounds independently of new customer wins. What proves it keeps working: Client Mining, Single-Digit Wallet Share With All Major OEMs. It stops working if Rolls-Royce batch delivery (goal H2 FY27): any further delay pushes commercial ramp to FY28+. Lever 1 · Operating leverage: building. Rolls-Royce airfoil first batch H2 FY27; P&W and Safran follow same cycle; HTT engine delivery imminent, all represent TAM expansion into higher-barrier, higher-margin product segments. What proves it keeps working: Next-Gen Qualification Pipeline, Rolls-Royce / P&W / Safran / HTT Engine. It stops working if Rolls-Royce batch delivery (goal H2 FY27): any further delay pushes commercial ramp to FY28+. Sources: our stock research file (17 May 2026) · quarterly results through Jun 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did Azad Engineering management deliver what it promised? What Azad Engineering Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met. Rolls-Royce Qualification Timeline Pulled Forward · 8 August 2026. In May 2026, management expected the first Rolls-Royce qualification batch in H2 FY '27, with momentum only from Q4 FY '27 or early FY '28. In Aug 2026, management moved the first batch forward to the current quarter without explaining a change in the qualification schedule, which is a material acceleration for a qualification-dependent program. Working Capital Goal Deteriorated Versus Earlier Guidance · 8 August 2026. The Feb 2026 call planned 140-150 working capital days by H2, while the Aug 2026 call planned 160-180 days. The latest range no longer reaches the earlier goal and represents a meaningful deterioration in cash conversion, with no explanation for why the 140-150 day objective was abandoned. Turbojet Engine Delivery Missed Earlier Near-Term Timetable · 8 August 2026. The Feb 2026 call indicated that the engine could be delivered within a couple of months, and the May 2026 call described delivery as weeks away. The latest call identifies July 22 as the delivery milestone, indicating that the project took materially longer than the earlier near-term expectations without explaining the slippage. Upward Revision of Goal Inventory Cycle · 16 May 2026. During the Feb 2026 call, management established a specific goal to reduce the inventory cycle to 140-150 days for the second half of the performance cycle, expressing high confidence in supply chain optimizations and a new distribution network. In the May 2026 call, management revised this goal upward to 160-170 days for the same period. This indicates that the previously stated operational efficiencies and working capital improvements are moving more slowly than originally communicated to the market. Every quote above is taken word for word from the company’s own earnings calls. ## How much does Azad Engineering earn on its capital? Azad Engineering Ltd earned a ROCE of 12% in FY26. Its return on capital used (ROIC) is 4.9 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses. It comes from a 22.2% net margin and 0.27× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 22.2% net margin × 0.27× asset turnover × 1.44× leverage (assets divided by equity) ≈ 8.6% on equity. The margin does most of the work; borrowing plays a small part, so this return is earned, not borrowed. The key test, return on capital used minus the cost of capital: 7.1% − 12.0% = −4.9 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Negative: growth at these returns loses value until returns improve. ## Does Azad Engineering have too much debt? Azad Engineering Ltd has total debt of ₹474 Cr against shareholder equity of ₹1,529 Cr as of Jun 2026, so its debt is 0.31× its equity. Year by year, that ratio went from 1.48 in FY23 to 0.31 in FY26. Keep that borrowing in mind when reading the returns on this page. Why this happened. The client-mining thesis is structural, not cyclical. Azad is a qualified and trusted supplier on the lowest-margin fringes of OEM bills of materials. As plant footprint grows and qualifications deepen, cross-category and cross-platform expansion happens organically. The Mitsubishi hot-section nozzle vane win, eight-year single-source combustor supply, is the clearest manifestation: Azad moved from periphery to the highest-barrier segment. This pattern is repeatable across the entire OEM roster. ## What is the Azad Engineering shareholding pattern? Promoters cut their stake in Azad Engineering Ltd by 10.1 percentage points over 8 quarters, the biggest change among its owners. Promoters now own 55.8% of the company. Domestic institutions moved +4.7 points over the same period, to 10.4%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Promoters: −10.1 points over 8 quarters, to 55.8%; Domestic institutions: +4.7 points over 8 quarters, to 10.4%; Foreign institutions: +3.0 points over 8 quarters, to 12.7%. Why the owners changed: promoters drove it (−10.1 points), with the other side taken by domestic institutions (+4.7 points). They reduced their stake. ## How far is Azad Engineering from balance-sheet trouble? For Azad Engineering Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Azad Engineering rank in its industry? 57.4 out of 100, rank 6 of 25 in Aerospace & Defence - Equipments, with 89% of the evidence available. Azad Engineering Ltd scores 57.4 out of 100 against the 25 companies it is compared with in Aerospace & Defence - Equipments, ranking 6. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. The four parts add up to the total exactly: 21 + 12.5 + 9 + 14.9 = 57.4. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Azad Engineering compared with? Azad Engineering ranks 6 of 25 Aerospace & Defence - Equipments companies on the 4-Factor Sector Score, with 57.4 out of 100. 1. [Apollo Micro Systems Ltd](https://www.sectoralpha.in/stocks/apollo-micro-systems-ltd) APOLLO · turning · Most evidence points up · 100% evidence 70.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 28.9/35 · Revenue 77% · Profit 63.8% · Operating margin change 3 points · 100% evidence Capital efficiency 15.7/25 · ROCE 14.5% · Operating margin 29% · 100% evidence Valuation 9.2/20 · P/E 107× · PEG 1.7 · 100% evidence Relative strength 16.4/20 · Lead over its industry 10% · Lead over NIFTY 500 31% · 1 year 44.1% · 100% evidence · 4 of 12 weeks ahead Exact sum: 28.9 + 15.7 + 9.2 + 16.4 = 70.2 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 2. [MTAR Technologies Ltd](https://www.sectoralpha.in/stocks/mtar-technologies-ltd) MTARTECH · breaking out · Most evidence points up · 90% evidence 70.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 32.3/35 · Revenue 53.5% · Profit 100% · Operating margin change 10.2 points · 100% evidence Capital efficiency 15.5/25 · ROCE 15.1% · Operating margin 23.2% · 100% evidence Valuation 7.4/20 · P/E 155× · PEG n/a · 50% evidence Relative strength 14.9/20 · Lead over its industry 18.6% · Lead over NIFTY 500 37.1% · 1 year 168.4% · 100% evidence · 5 of 12 weeks ahead Exact sum: 32.3 + 15.5 + 7.4 + 14.9 = 70.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. [Paras Defence and Space Technologies Ltd](https://www.sectoralpha.in/stocks/paras-defence-and-space-technologies-ltd) PARAS · breaking out · Evidence leans up · 82% evidence 63.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.4/35 · Revenue 41.5% · Profit 58.8% · Operating margin change 1 points · 95% evidence Capital efficiency 17.5/25 · ROCE 17.2% · Operating margin 29% · 76% evidence Valuation 8.7/20 · P/E 98.6× · PEG n/a · 50% evidence Relative strength 13.3/20 · Lead over its industry 17.1% · Lead over NIFTY 500 37.9% · 1 year 76.3% · 100% evidence · 10 of 12 weeks ahead Exact sum: 24.4 + 17.5 + 8.7 + 13.3 = 63.9 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 4. [Rossell Techsys Ltd](https://www.sectoralpha.in/stocks/rossell-techsys-ltd) ROSSTECH · leader · Evidence leans up · 79% evidence 63.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 27.5/35 · Revenue 82.9% · Profit 68.8% · Operating margin change 1.8 points · 88% evidence Capital efficiency 8.1/25 · ROCE 11.5% · Operating margin 14.4% · 100% evidence Valuation 8.8/20 · P/E 194× · PEG n/a · 15% evidence Relative strength 19.5/20 · Lead over its industry 28.7% · Lead over NIFTY 500 52.7% · 1 year 107.2% · 100% evidence · 11 of 12 weeks ahead Exact sum: 27.5 + 8.1 + 8.8 + 19.5 = 63.9 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 5. [Sigma Advanced System Ltd](https://www.sectoralpha.in/stocks/sigma-advanced-system-ltd) SIGMAADV · leader · Evidence leans up · 78% evidence 58.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.4/35 · Revenue 100% · Profit 20.3% · Operating margin change 307 points · 83% evidence Capital efficiency 9.8/25 · ROCE 11.7% · Operating margin 16% · 76% evidence Valuation 6.9/20 · P/E 102× · PEG n/a · 50% evidence Relative strength 15.0/20 · Lead over its industry 96.2% · Lead over NIFTY 500 116.7% · 1 year 318.8% · 100% evidence · 12 of 12 weeks ahead Exact sum: 26.4 + 9.8 + 6.9 + 15 = 58.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. Azad Engineering Ltd this page AZAD · leader · Evidence leans up · 89% evidence 57.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.0/35 · Revenue 29% · Profit 41.4% · Operating margin change 1 points · 88% evidence Capital efficiency 12.5/25 · ROCE 11.9% · Operating margin 37% · 100% evidence Valuation 9.0/20 · P/E 114× · PEG 1.94 · 65% evidence Relative strength 14.9/20 · Lead over its industry 4.2% · Lead over NIFTY 500 24.6% · 1 year 44.1% · 100% evidence · 12 of 12 weeks ahead Exact sum: 21 + 12.5 + 9 + 14.9 = 57.4 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [Jaykay Enterprises Ltd](https://www.sectoralpha.in/stocks/jaykay-enterprises-ltd) JAYKAY · breaking out · Too little evidence to rank firmly · 51% evidence 56.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 34.3/43.75 · Revenue 100% · Profit 100% · Operating margin change 1.8 points · 83% evidence Capital efficiency 9.2/31.25 · ROCE 4.8% · Operating margin 14.2% · 76% evidence Valuation 12.9/25 · P/E 72.3× · PEG n/a · 15% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 34.3 + 9.2 + 12.9 = 56.4 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 8. [Sika Interplant Systems Ltd](https://www.sectoralpha.in/stocks/sika-interplant-systems-ltd) SIKA · quiet · Evidence leans up · 81% evidence 55.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 13.1/35 · Revenue 0.5% · Profit 9.8% · Operating margin change 1.1 points · 88% evidence Capital efficiency 21.7/25 · ROCE 34.6% · Operating margin 19.5% · 100% evidence Valuation 12.9/20 · P/E 51.9× · PEG 1.01 · 100% evidence Relative strength 7.8/20 · Lead over its industry n/a · Lead over NIFTY 500 -9.8% · 1 year -27.7% · 25% evidence · 5 of 12 weeks ahead Exact sum: 13.1 + 21.7 + 12.9 + 7.8 = 55.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 9. [Data Patterns (India) Ltd](https://www.sectoralpha.in/stocks/data-patterns-indialtd) DATAPATTNS · quiet · Evidence leans up · 96% evidence 55.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.8/35 · Revenue 33.9% · Profit 24.2% · Operating margin change -5 points · 88% evidence Capital efficiency 21.3/25 · ROCE 21.9% · Operating margin 27% · 100% evidence Valuation 7.4/20 · P/E 78.7× · PEG 3.94 · 100% evidence Relative strength 5.5/20 · Lead over its industry -9.4% · Lead over NIFTY 500 8.8% · 1 year 38.5% · 100% evidence · 5 of 12 weeks ahead Exact sum: 20.8 + 21.3 + 7.4 + 5.5 = 55 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 10. [High Energy Batteries (India) Ltd](https://www.sectoralpha.in/stocks/high-energy-batteries-indialtd) losing its lead · Evidence leans up · 72% evidence 53.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 12.9/35 · Revenue 1.5% · Profit -3.5% · Operating margin change 32.4 points · 95% evidence Capital efficiency 19.5/25 · ROCE 20.4% · Operating margin 28.1% · 95% evidence Valuation 11.8/20 · P/E 27.3× · PEG n/a · 50% evidence Relative strength 8.9/20 · Lead over its industry n/a · Lead over NIFTY 500 -2% · 1 year n/a · 25% evidence · 7 of 11 weeks ahead Exact sum: 12.9 + 19.5 + 11.8 + 8.9 = 53.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 11. [Hindustan Aeronautics Ltd](https://www.sectoralpha.in/stocks/hindustan-aeronautics-ltd) HAL · breaking out · Evidence leans up · 96% evidence 52.3 out of 100 Growth Capital Valuation Relative
12. [Dynamatic Technologies Ltd](https://www.sectoralpha.in/stocks/dynamatic-technologies-ltd) DYNAMATECH · breaking out · Evidence leans up · 79% evidence 50.9 out of 100 Growth Capital Valuation Relative
13. [Bharat Electronics Ltd](https://www.sectoralpha.in/stocks/bharat-electronics-ltd) BEL · turning · Evidence leans up · 100% evidence 50.7 out of 100 Growth Capital Valuation Relative
14. [Astra Microwave Products Ltd](https://www.sectoralpha.in/stocks/astra-microwave-products-ltd) ASTRAMICRO · quiet · Evidence leans down · 96% evidence 47.8 out of 100 Growth Capital Valuation Relative
15. [Zen Technologies Ltd](https://www.sectoralpha.in/stocks/zen-technologies-ltd) ZENTEC · turning · Evidence leans down · 60% evidence 47.6 out of 100 Growth Capital Valuation Relative
16. [Mishra Dhatu Nigam Ltd](https://www.sectoralpha.in/stocks/mishra-dhatu-nigam-ltd) MIDHANI · losing its lead · Evidence leans down · 96% evidence 42.4 out of 100 Growth Capital Valuation Relative
17. [AXISCADES Technologies Ltd](https://www.sectoralpha.in/stocks/axiscades-technologies-ltd) AXISCADES · breaking out · Evidence leans down · 89% evidence 41.5 out of 100 Growth Capital Valuation Relative
18. [Ideaforge Technology Ltd](https://www.sectoralpha.in/stocks/ideaforge-technology-ltd) IDEAFORGE · quiet · Evidence leans down · 71% evidence 41.5 out of 100 Growth Capital Valuation Relative
19. [BEML Ltd](https://www.sectoralpha.in/stocks/beml-ltd) BEML · breaking out · Evidence leans down · 88% evidence 40.8 out of 100 Growth Capital Valuation Relative
20. [Bharat Dynamics Ltd](https://www.sectoralpha.in/stocks/bharat-dynamics-ltd) BDL · basing · Evidence leans down · 96% evidence 35.4 out of 100 Growth Capital Valuation Relative
21. [Avantel Ltd](https://www.sectoralpha.in/stocks/avantel-ltd) AVANTEL · basing · Most evidence points down · 83% evidence 34.6 out of 100 Growth Capital Valuation Relative
22. [Aequs Ltd](https://www.sectoralpha.in/stocks/aequs-ltd) AEQUS · losing its lead · Too little evidence to rank firmly · 51% evidence 28.8 out of 100 Growth Capital Valuation Relative
23. [NIBE Ltd](https://www.sectoralpha.in/stocks/nibe-ltd) NIBE · quiet · Too little evidence to rank firmly · 53% evidence 27.8 out of 100 Growth Capital Valuation Relative
24. [DCX Systems Ltd](https://www.sectoralpha.in/stocks/dcx-systems-ltd) DCXINDIA · quiet · Most evidence points down · 61% evidence 23.7 out of 100 Growth Capital Valuation Relative
25. [Vinyas Innovative Technologies Ltd](https://www.sectoralpha.in/stocks/vinyas-innovative-technologies-ltd) VINYAS · turning · Too little evidence to rank firmly · 44% evidence 62.0 out of 100 Growth Capital Valuation Relative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Aerospace & Defence - Equipments](https://www.sectoralpha.in/sectors/aerospace-defence-equipments), all 25 compared on one page. ## Which companies are close to Azad Engineering in size? Azad Engineering is the 8th largest of 25 Aerospace & Defence - Equipments companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: MTAR Technologies, Sigma Advanced System and BEML. Just below it: Apollo Micro Systems, Astra Microwave Products and Zen Technologies. ### Aerospace & Defence - Equipments companies close in size

1. [MTAR Technologies Ltd](https://www.sectoralpha.in/stocks/mtar-technologies-ltd) ₹21,033 crore
2. [Sigma Advanced System Ltd](https://www.sectoralpha.in/stocks/sigma-advanced-system-ltd) ₹16,915 crore
3. [BEML Ltd](https://www.sectoralpha.in/stocks/beml-ltd) ₹16,563 crore
4. Azad Engineering Ltd ₹15,792 crore
5. [Apollo Micro Systems Ltd](https://www.sectoralpha.in/stocks/apollo-micro-systems-ltd) ₹14,818 crore
6. [Astra Microwave Products Ltd](https://www.sectoralpha.in/stocks/astra-microwave-products-ltd) ₹14,381 crore
7. [Zen Technologies Ltd](https://www.sectoralpha.in/stocks/zen-technologies-ltd) ₹14,342 crore

[All 25 Aerospace & Defence - Equipments companies, largest first](https://www.sectoralpha.in/sectors/aerospace-defence-equipments#all-companies)

### Companies close in size in other industries

1. [Emmvee Photovoltaic Power Ltd](https://www.sectoralpha.in/stocks/emmvee-photovoltaic-power-ltd) ₹15,855 crore · Electric Equipment - General
2. [Aarti Industries Ltd](https://www.sectoralpha.in/stocks/aarti-industries-ltd) ₹15,806 crore · Speciality Chemicals
3. Azad Engineering Ltd ₹15,792 crore
4. [JSW Cement Ltd](https://www.sectoralpha.in/stocks/jsw-cement-ltd) ₹15,747 crore · Cement
5. [Sumitomo Chemical India Ltd](https://www.sectoralpha.in/stocks/sumitomo-chemical-india-ltd) ₹15,728 crore · Pesticides/Agrochemicals

## What else do people ask about Azad Engineering? ### What is Azad Engineering's share price today? Azad Engineering Ltd's share price is ₹2,581.30, +60.2% over the past year. The whole company is worth ₹16,672 Cr on the market. In the last 52 weeks it traded between ₹1,391 to ₹2,910; today it is 78% of the way up from the low, 13.0% above its 200-day average (as of 4 November 2026). ### What were Azad Engineering's latest quarterly results? Azad Engineering Ltd reported revenue of ₹173 Cr and net profit of ₹35.0 Cr for the Jun 2026 quarter. Revenue rose 26.3% and profit rose 20.7% compared with a year earlier. Earnings per share were ₹5.54. The operating margin was 37.0%, 1.0 percentage points higher than a year earlier (as of 4 November 2026). ### What is Azad Engineering's market cap? Azad Engineering Ltd's market capitalisation is ₹16,672 Cr at a share price of ₹2,581.30. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 4 November 2026). ### How is Azad Engineering performing? Azad Engineering Ltd's share price has been rising for 29 weeks. In its latest quarter, revenue rose 26.3% and profit rose 20.7% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 15 weeks running (as of 4 November 2026). ### Will Azad Engineering's share price go up? This page does not forecast Azad Engineering Ltd's share price. What it shows instead: the share price is ₹2,581.30, and it has been rising for 29 weeks. Its P/E of 120.4× is higher than 55% of its own last 2 years (as of 4 November 2026). ### Who owns Azad Engineering? Promoters own 55.8% of Azad Engineering Ltd, foreign institutions 12.7%, domestic institutions 10.4% and the public 21.1% (latest quarter). The biggest change over the last two years: Promoters cut their stake by 10.1 percentage points over 8 quarters (as of 4 November 2026). ### Where is Azad Engineering in its business cycle? Azad Engineering Ltd's FY26 operating margin was 37.0%, against a 6-year range of 23.0% to 37.0%: the top of its range, a record year. When profit is at a record, every ratio looks better than usual, and the story depends on margins staying high. The latest quarter was 37.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 4 November 2026). ### What could break the Azad Engineering story? The main question: profits are rising, but only −26% of the last 3 years' profit came in as cash from operations. The gap between reported profit and actual cash is the thing to watch. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 4 November 2026). ### Is Azad Engineering a stock worth studying right now? What the numbers show: Azad Engineering Ltd is reporting record margins. The main open question: whether the cash starts to follow the profit. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 4 November 2026). ### Is there a Azad Engineering share price forecast for 2026? What management itself guided: FY27 revenue growth above 25%. What is changing at Azad Engineering, from the latest results and calls: order book consumption, 11x revenue, five-year visibility, operating leverage inflection, new plants moving to 70-80% utilisation and client mining, single-digit wallet share with all major oems. What would change the story: Inventory elevated deliberately for plant ramp stocking (96% of inventory <1Y old); ₹309 crore receivables; free cash flow conversion suppressed to ~55%; normalization to 160-170 days H2 FY27 is management's commitment. ## Lists

- Small & mid cap stocks: https://www.sectoralpha.in/small-cap-stocks-india
- Defence stocks: https://www.sectoralpha.in/sectors/aerospace-defence-equipments

This is research, not advice. We’re not SEBI-registered.