Azad Engineering Limited has submitted to the Exchange, the financial results for the quarter and year ended March 31, 2026.
AZAD · price
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On the reaction day the stock moved 7.0 pts less than Nifty Microcap 250 and 6.4 pts less than its Heavy Electrical Equipment peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Azad Engineering Limited reported standalone revenue of ₹15,391 million for FY2026, up 9.6% from ₹14,047 million in FY2025. Profit before tax grew 10.2% to ₹1,855 million, but profit after tax remained essentially flat at ₹1,321 million. The company raised ₹7,000 million through a Qualified Institutional Placement (QIP), with ₹5,403 million utilized as of March 31, 2026. Operating cash flow turned negative at ₹1,233 million in FY2026 compared to positive ₹629 million in FY2025, a significant deterioration despite higher profits. Statutory auditors MSKA & Associates LLP issued unmodified (clean) opinions on both standalone and consolidated financial results.
Revenue growth of ~10% is positive but below high-growth expectations; PAT stagnation despite revenue growth suggests margin pressure. The negative operating cash flow despite profit is a concern and shareholders should monitor working capital management and cash conversion quality.