FY 26 Results Presentation
AXISCADES · price
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Axiscades reported FY26 revenue of ₹1,159 crore (up 12.4% YoY) and EBITDA of ₹178 crore (up 24.6%), with operating margin expanding 150 basis points to 15.3%. Reported PAT was ₹72 crore (down 4.3%) due to one-time charges: ₹9.80 crore in divestment-related transaction costs and ₹7.98 crore in fair value adjustments on the divested businesses. Normalized PAT, adjusted for exceptional items, was ₹83 crore, up 27.6% YoY. Management flagged ₹142 crore in Q4 revenue deferrals (primarily supply-chain driven) that are contracted and expected to be recognized in Q1/Q2 FY27. The company completed its first major portfolio restructuring, signing a divestment of its Heavy Engineering, Energy and Automotive business to Akkodis for US$30.63 million on 26 May 2026. Management guided FY27 revenue visibility of ₹1,377 crore (₹927 crore orders under execution + ₹285 crore assured forecast visibility + acquisitions), up significantly from FY26. The company is investing heavily in manufacturing capacity (DAL operational, DAC and MAC coming online through FY27) and has two acquisitions in late stages (aerospace manufacturing and XIDA AI platform).
The strategic restructuring into focused pillars (Defence/Aerospace Manufacturing and Deep-tech AI) and margin expansion (15.3% vs 13.8% in FY25) signal a higher-value business model. The ₹142 crore revenue deferral is a timing issue, not demand loss, and management has guided strong FY27 entry with ₹1,377 crore revenue visibility. The Akkodis divestment provides ~₹293 crore in liquidity for capex and acquisitions, supporting the Power 930 roadmap.