Transcript of Earnings Conference Call held on 16th May 2026

Azad Engineering reported Q4 FY '26 revenue of INR 157 crores (26.4% YoY growth) with EBITDA margin improving to 36.7% and PAT margin expanding to 22.3%. For FY '26 full year, revenue stood at INR 590 crores (30% growth from INR 453 crores) with PAT of INR 132 crores, up 54.4%. The company announced a landmark 8-year single-source contract with Mitsubishi Heavy Industries Japan for hot section nozzle vanes for gas turbine engines. The order book remains at approximately INR 6,500 crores (about 11x FY '26 revenue), with management confirming they are on track to complete the remaining 4 of 8 planned dedicated facilities during FY '27. Management maintained their previously communicated 25% plus top-line growth guidance for FY '27 and beyond, citing strong customer demand and capacity ramp-up underway.