NSE: AXTEL · BSE: 523850
AXTEL INDUSTRIES LTD.
Designs and manufactures process engineering equipment for the food processing industry, based in Vadodara, Gujarat. In FY26, total income was Rs. 223.77 crore with profit after tax of Rs. 31.16 crore and an EBITDA margin of 20.84%. Exports contributed Rs. 26.89 crore in FY26, with the rest of revenue coming from the domestic market. Materials are the single largest cost line at 41.1% of revenue, followed by employee costs at 19.2%, other operating expenses at 20.2%, depreciation at 2.2% and capex at 3.5% of revenue. The board declared an interim dividend of Rs. 12 per share (120% on face value of Rs. 10) in March 2026, which shareholders at the July 2026 AGM confirmed as the final dividend for FY26. The pack does not break out revenue by specific product line, customer segment or geography beyond the export figure. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Process engineering equipment for food processing. BSE-listed, small-cap process equipment maker with export exposure
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 144 | 180 | 223 | 179 | 224 |
| EBITDA (ex other income) | 19 | 23 | 44 | 24 | 41 |
| margin % | 13.2 | 12.6 | 19.7 | 13.3 | 18.2 |
| Owners' profit | 14 | 17 | 32 | 18 | 31 |
| EPS, as reported (₹) | 8.56 | 10.71 | 19.89 | 11.16 | 19.29 |
| ROE % · ROCE % | 17.1 · 22.6 | 18.0 · 24.3 | 28.4 · 38.3 | 14.7 · 19.4 | 25.0 · 32.0 |
| Debt / equity (x) | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | (11) | 30 | 39 | 31 | 51 |
| Capex | (2) | (5) | (11) | (7) | (8) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 45 | 56 | 40 | 38 | 27 | 67 | 59 | 71 |
| Profit before tax | 5 | 9 | 5 | 4 | 2 | 14 | 11 | 15 |
| Net profit | 4 | 6 | 3 | 5 | 2 | 10 | 8 | 11 |
| EPS (₹) | 2.54 | 3.65 | 2.02 | 2.95 | 1.17 | 6.26 | 4.94 | 6.91 |
Exhibit 3: 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 | 46,904 | 97.4 | 24.99 | 80.9 | 19.6 | 24.5 | — | 14.8 |
| SYRMA SGS TECHNOLOGY LTD | 30,105 | 81.2 | 9.82 | 52.4 | 11.3 | 13.4 | — | 11.1 |
| HONEYWELL AUTOMATION IND | 26,932 | 49.1 | 6.04 | — | 11.8 | 15.5 | — | 18.2 |
| JYOTI CNC AUTOMATION LTD | 21,121 | 65.7 | 10.55 | 37.3 | 16.8 | 19.2 | — | 22.2 |
| KAYNES TECHNOLOGY IND LTD | 20,995 | 60.6 | 4.41 | 29.9 | 7.6 | 9.8 | — | 17.1 |
| LMW LIMITED | 17,483 | 100.1 | 6.10 | 56.6 | 4.6 | 5.9 | 13.2 | 11.9 |
| TEGA INDUSTRIES LIMITED | 13,085 | 459.6 | 3.84 | 39.1 | 4.2 | 5.4 | — | 4.2 |
| LLOYDS ENGG WORK LIMITED | 12,360 | 48.5 | 7.34 | 50.4 | 11.7 | 11.5 | — | 15.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 21.3 | 26.7 | 54 of 130 | 59% |
| P/B | 5.3 | 3.1 | 75 of 112 | 33% |
| ROCE | 31.8 | 11.3 | 8 of 142 | 95% |
| ROE | 25.0 | 9.8 | 6 of 113 | 96% |
| Debt / Equity | 0.0 | 0.2 | 1 of 113 | 80% |
| EBITDA margin | 22.9 | 12.4 | 22 of 110 | 81% |
| Revenue growth | 87.7 | 20.6 | 13 of 114 | 89% |
| Profit growth | 134.5 | 17.1 | 17 of 109 | 85% |
| Market cap | 662 | 273 | 49 of 141 | 66% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 24 Oct 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 15 Oct 2026 · RTA confirms dematerialisation compliance for Sept 2026 quarter | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 7 Sept 2026 · Axtel signs tech licensing deal with IISc FSID for cryogenic grinding tech | strategic transactions | medium | — | — |
| 6 Aug 2026 · Axtel re-appoints Desai as Whole-time Director for 5 years, continues Parikh till 2028 | management changes | medium | — | — |
| 6 Aug 2026 · Axtel Q1 FY27: revenue doubles YoY but PAT falls 83% to 189.61 lacs | results | medium | — | — |
| 1 Aug 2026 · Axtel Industries board meeting on 6 Aug 2026 to consider Q1 FY27 results | results | low | — | — |
| 1 Aug 2026 · Axtel Industries AGM 2026: All 8 resolutions passed with 99.99 percent approval | board shareholder meetings | medium | — | — |
| 31 Jul 2026 · AGM approves financials, dividend, director re-appointments | management changes | medium | — | — |
| 31 Jul 2026 · Axtel Industries: All 8 AGM resolutions passed with near-unanimous support | board shareholder meetings | 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.