NSE: AXISCADES · BSE: 532395
AXISCADES TECH LTD
Provides engineering services and defence solutions through two reportable segments. The Technology Services and Solutions segment generated Rs 781.30 crore in FY26, making up 67.4% of segment revenue, with EBIT of Rs 66.36 crore. The Strategic Technology Solutions segment — which was labelled "Defence" in earlier quarterly filings before being renamed — generated Rs 377.70 crore (32.6% of segment revenue) with EBIT of Rs 82.86 crore. Employee costs are the largest expense at 47.8% of revenue, followed by materials at 21.9% and other operating expenses at 16.3%. The company is undergoing a major restructuring: it is divesting its Aerospace Engineering Services business to Akkodis entities in two tranches for a combined programme value of about US$237 million (~Rs 2,256 crore). It bought a 32,847 sq m plot in Telangana for about Rs 39.42 crore to set up a Defence Hardware Manufacturing and Article Integration unit. The company has outlined a 'Power 930' plan targeting Rs 9,000 crore revenue and Rs 960 crore PAT by FY2030, with Rs 1,800 crore earmarked for acquisitions and platform build-out across Aerospace Manufacturing, Defence Solutions, XiDA Inc (AI-centric ESAI), and Space Systems. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Technology Services and Solutions (67%), Strategic Technology Solutions (33%). Engineering services business in transition towards defence manufacturing and aerospace platforms
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 610 | 822 | 952 | 1,031 | 1,159 |
| EBITDA (ex other income) | 69 | 78 | 130 | 139 | 166 |
| margin % | 11.3 | 9.4 | 13.7 | 13.4 | 14.4 |
| Owners' profit | 22 | (5) | 33 | 75 | 72 |
| EPS, as reported (₹) | 5.86 | (1.37) | 8.40 | 17.76 | 16.92 |
| ROE % · ROCE % | 6.7 · 14.8 | (1.4) · 10.4 | 5.6 · 13.8 | 11.5 · 14.3 | 9.8 · 15.7 |
| Debt / equity (x) | 0.14 | 0.91 | 0.40 | 0.29 | 0.38 |
| Cash from operations | 31 | 71 | 79 | 88 | (1) |
| Capex | (14) | (11) | (20) | (38) | (133) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 264 | 274 | 268 | 244 | 299 | 343 | 273 | 183 |
| Profit before tax | 19 | 23 | 21 | 28 | 36 | 39 | 11 | (6) |
| Net profit | 12 | 15 | 31 | 21 | 23 | 28 | 0 | (15) |
| EPS (₹) | 2.93 | 3.50 | 7.24 | 4.88 | 5.42 | 6.52 | 0.10 | (3.49) |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| (a) Technology Services and Solutions | 597 | 51.5 |
| (b) Strategic Technology Solutions | 67 | 5.8 |
| (b) Defence | 251 | 21.7 |
| Technology Services and Solutions | 185 | 15.9 |
| Defence | 59 | 5.1 |
| Total, before eliminations | 1,159 | 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. % |
|---|---|---|---|---|---|---|---|---|
| HINDUSTAN AERONAUTICS LTD | 3,24,358 | 34.8 | 7.90 | 23.8 | 22.2 | 13.7 | 7.8 | 44.0 |
| BHARAT ELECTRONICS LTD | 2,66,259 | 43.4 | 11.09 | 30.7 | 25.3 | 31.9 | 14.4 | 28.1 |
| BHARAT DYNAMICS LIMITED | 36,381 | 69.8 | 8.58 | — | 9.9 | 7.2 | — | 32.6 |
| DATA PATTERNS INDIA LTD | 22,316 | 83.3 | 12.86 | — | 15.6 | 20.3 | — | 33.3 |
| GARDEN REACH SHIP&ENG LTD | 21,752 | 27.2 | 8.28 | — | 28.5 | 36.2 | — | 13.7 |
| APOLLO MICRO SYSTEMS LTD | 15,340 | 119.3 | 11.73 | 70.3 | 8.2 | 10.4 | 34.8 | 22.3 |
| ASTRA MICROWAVE LTD | 14,940 | 79.0 | 11.36 | 42.7 | 14.7 | 17.2 | 12.7 | 20.1 |
| AEQUS LIMITED | 14,225 | — | 9.58 | 90.4 | (7.6) | (3.8) | — | 5.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 235.5 | 69.8 | 23 of 23 | 0% |
| P/B | 11.7 | 9.6 | 17 of 23 | 27% |
| ROCE | 12.3 | 13.6 | 16 of 26 | 40% |
| ROE | 9.8 | 10.9 | 14 of 23 | 41% |
| Debt / Equity | 0.4 | 0.0 | 21 of 23 | 9% |
| EBITDA margin | 6.1 | 22.3 | 20 of 23 | 14% |
| Revenue growth | (24.8) | 24.9 | 20 of 23 | 14% |
| Profit growth | (170.8) | 14.9 | 19 of 21 | 10% |
| Market cap | 8569 | 6504 | 11 of 26 | 60% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Grant of 246,340 stock options to eligible employees | capital market events | medium | — | — |
| 17 Oct 2026 · AXISCADES incorporates space tech subsidiary Xponential Space | strategic transactions | medium | — | — |
| 16 Oct 2026 · AXISCADES appoints Uttam Kumar Bhageria as CFO-Designate | management changes | high | — | — |
| 15 Oct 2026 · Board approves acquisition of San Jose-based ITSJ business by XIDA | compliance | low | — | — |
| 14 Oct 2026 · Completed 100% acquisition of Switzerland-based Ulosia Holding AG | strategic transactions | high | — | — |
| 14 Oct 2026 · AXISCADES US unit XIDA to acquire ITSJ Group assets for up to USD 7 million | strategic transactions | high | — | — |
| 12 Oct 2026 · Quarterly compliance certificate from registrar for Q2 FY27 demat activities | compliance | minimal | — | — |
| 7 Oct 2026 · Jupiter Capital releases 27,000 shares from pledge with TATA Capital | ownership changes | medium | — | — |
| 6 Oct 2026 · AXISCADES incorporates step-down subsidiary XIDA DeePtech in deep tech | strategic transactions | medium | — | — |
| 5 Oct 2026 · AXISCADES initiates solvent liquidation of German arm add-solution GmbH | compliance | 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.