BSE: 511144
AXIS SOLUTIONS LIMITED
An industrial products and engineering company earning revenue from three segments in FY26 — Industrial Engineering & Systems (Rs 66.91 crore), Water (Rs 43.28 crore) and Automation & Digitalisation (Rs 7.16 crore). Consolidated FY26 revenue was Rs 240.67 crore, with raw materials forming the largest cost component at 51.5% of revenue, followed by employee costs at 11.4% and other operating expenses at 12.7%. The company sells industrial automation, analytical systems, smart instrumentation and IIoT solutions, and showcased these capabilities at a Petchem & Chemical Leadership Connect event in Ahmedabad attended by around 30 firms including L&T and Adani Group. New technology initiatives include a Smart EV Charging Firmware supporting CCS2 DC and Type-2 AC chargers from 3.3 kW to 360 kW, and a patented Solid State Hydrogen Storage Technology backed by 13 patents across Germany, France, Great Britain and the USA. It also secured a Rs 4.25 crore order from BHEL for High Voltage Transducers used in locomotives, marking entry into the railway/metro segment, and incorporated a wholly-owned Saudi subsidiary, AxisSol Arabia, to operate in oil & gas field machinery and industrial machinery installation. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Industrial Engineering & Systems, Water, Automation & Digitalisation. Diversified industrial engineering and automation business with emerging technology platforms in EV charging and hydrogen storage.
Exhibit 1: Financial summary, FY19–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY19 | FY20 | FY21 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 40 | 45 | 41 | 201 | 241 |
| EBITDA (ex other income) | 2 | 2 | 2 | 35 | 45 |
| margin % | 3.8 | 3.8 | 3.9 | 17.6 | 18.7 |
| Owners' profit | 1 | 0 | 0 | (2) | 29 |
| EPS, as reported (₹) | 1.25 | 0.35 | 0.22 | 7.49 | 6.12 |
| ROE % · ROCE % | 3.9 · 6.2 | 1.3 · 4.3 | 0.8 · 3.7 | 29.1 · 27.9 | 20.4 · 27.7 |
| Debt / equity (x) | 0.23 | 0.27 | 0.34 | 0.33 | 0.58 |
| Cash from operations | — | — | (1) | (20) | (22) |
| Capex | — | — | (1) | (2) | (11) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q3 FY22 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 10 | 37 | 99 | 27 | 49 | 46 | 117 | 49 |
| Profit before tax | (0) | 1 | 13 | 2 | 4 | 6 | 27 | 3 |
| Net profit | (0) | 1 | 13 | 2 | 4 | 6 | 17 | 3 |
| EPS (₹) | (0.17) | 0.22 | 2.96 | 0.37 | 0.94 | 1.29 | 3.52 | 0.66 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Automation and Digitalisation | 24 | 10.0 |
| Water | 60 | 25.0 |
| Industrial Engineering & Systems | 75 | 31.1 |
| Industrial Engineering and systems | 66 | 27.5 |
| Infra & Water | 15 | 6.4 |
| Total, before eliminations | 241 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADITYA INFOTECH LIMITED | 47,010 | 97.6 | 25.05 | 81.1 | 19.6 | 24.5 | — | 14.8 |
| SYRMA SGS TECHNOLOGY LTD | 32,374 | 87.3 | 10.56 | 56.3 | 11.3 | 13.4 | — | 11.1 |
| HONEYWELL AUTOMATION IND | 28,600 | 52.1 | 6.41 | — | 11.8 | 15.5 | — | 18.2 |
| JYOTI CNC AUTOMATION LTD | 23,149 | 72.0 | 11.57 | 40.8 | 16.8 | 19.2 | — | 22.2 |
| KAYNES TECHNOLOGY IND LTD | 21,672 | 62.6 | 4.55 | 30.8 | 7.6 | 9.8 | — | 17.1 |
| LMW LIMITED | 17,592 | 100.7 | 6.14 | 57.0 | 4.6 | 5.9 | 13.2 | 11.9 |
| TEGA INDUSTRIES LIMITED | 14,712 | 516.7 | 4.32 | 44.3 | 4.2 | 5.4 | — | 4.2 |
| LLOYDS ENGG WORK LIMITED | 14,156 | 55.6 | 8.41 | 58.0 | 11.7 | 11.5 | — | 15.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 99.8 | 28.5 | 114 of 130 | 12% |
| P/B | 21.4 | 3.4 | 107 of 112 | 5% |
| ROCE | 24.7 | 11.3 | 17 of 142 | 89% |
| ROE | 20.4 | 9.8 | 10 of 113 | 92% |
| Debt / Equity | 0.6 | 0.2 | 87 of 113 | 23% |
| EBITDA margin | 12.7 | 12.4 | 53 of 110 | 52% |
| Revenue growth | 78.2 | 20.6 | 17 of 114 | 86% |
| Profit growth | 77.1 | 17.1 | 37 of 109 | 67% |
| Market cap | 3023 | 322 | 24 of 141 | 84% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · Reg 74(5) certificate filed for quarter ended Sept 2026 | compliance | minimal | — | — |
| 6 Oct 2026 · Axis Solutions wins 43.51 Cr gas analyzer order from John Cockerill | compliance | low | — | — |
| 1 Oct 2026 · Axis Solutions bags first DRI gas analyzer project, over USD 1M for German client | business updates | high | — | — |
| 26 Sept 2026 · Trading Window Closure for Q2 FY27 from October 1, 2026 | compliance | minimal | — | — |
| 22 Sept 2026 · Axis Solutions 41st AGM: all 9 resolutions passed, Rs 0.60 dividend approved | board shareholder meetings | low | — | — |
| 19 Sept 2026 · Shareholders approve re-appointment of statutory auditor for second 5-year term | management changes | medium | — | — |
| 19 Sept 2026 · Shareholders approve re-appointment of Secretarial Auditor | management changes | medium | — | — |
| 19 Sept 2026 · Axis Solutions 41st AGM approves Rs 0.60 dividend and director pay revision | board shareholder meetings | low | — | — |
| 15 Sept 2026 · Axis Solutions launches industry lab at GEC Gandhinagar | business updates | low | — | — |
| 7 Sept 2026 · Axis Solutions holds investor meeting, shares growth strategy | investor communications | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.