NSE: AZADIND · BSE: 504731
AZAD INDIA MOBILITY LTD.
Manufactures electric luxury buses for inter-city passenger transport, having pivoted from its former identity as Indian Bright Steel Co Limited. Its flagship product is a 12.5-metre electric bus deployed in inter-city operations; one such bus crossed 1,00,000 kilometres of on-road running with zero tailpipe emissions, and the company is targeting cumulative fleet-wide electric bus kilometres of 1,00,000 per day over the next year. Standalone net sales rose to Rs. 6,493.51 lakhs in FY26 from Rs. 903.18 lakhs in FY25, with quarterly revenue climbing from Rs. 1,980.66 lakhs in Q2 FY26 to Rs. 2,867.72 lakhs in Q3 FY26 as the new EV bus business scaled up. The company reported a standalone net profit of Rs. 239.30 lakhs for FY26 versus Rs. 7.21 lakhs in FY25, and consolidated net profit of Rs. 237.04 lakhs, with subsidiary NAE Mobility Private Limited contributing negligibly. Materials account for 80.2% of revenue, making raw inputs the dominant cost, while employee cost is just 2.0% and depreciation 0.3%. The balance sheet was strengthened by an equity infusion of Rs. 6,885.18 lakhs during H1 FY26, taking total assets to roughly Rs. 13,509.64 lakhs at the half-year stage. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. EV luxury bus manufacturing and sales. Early-stage EV bus manufacturing pivot from a former steel products company; small revenue base, materials-heavy cost structure.
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 9 | 65 |
| EBITDA (ex other income) | (1) | 2 |
| margin % | (11.8) | 3.3 |
| Owners' profit | 0 | 2 |
| EPS, as reported (₹) | 0.01 | 0.44 |
| ROE % · ROCE % | 0.0 · (0.2) | 1.8 · 2.3 |
| Debt / equity (x) | 0.04 | 0.00 |
| Cash from operations | (51) | (42) |
| Capex | 0 | (2) |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ crore | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|
| Revenue | 9 | 8 | 20 | 29 | 9 |
| Profit before tax | 0 | 0 | 0 | 1 | 2 |
| Net profit | 0 | 0 | 0 | 1 | 1 |
| EPS (₹) | 0.03 | 0.02 | 0.04 | 0.12 | 0.26 |
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. % |
|---|---|---|---|---|---|---|---|---|
| WELSPUN CORP LIMITED | 65,982 | 28.6 | 7.01 | 28.1 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 61,480 | 50.0 | 11.61 | 32.0 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 32,069 | 28.6 | 2.60 | 13.0 | 8.6 | 11.4 | 24.1 | 14.9 |
| RATNAMANI MET & TUB LTD. | 16,437 | 38.0 | 3.91 | 19.2 | 12.7 | 15.6 | 14.4 | 18.5 |
| JINDAL SAW LIMITED | 15,732 | 24.0 | 1.28 | 8.7 | 7.5 | 6.8 | 10.9 | 9.4 |
| USHA MARTIN LTD. | 14,523 | 28.6 | 4.40 | 19.1 | 14.1 | 17.7 | 12.0 | 21.0 |
| GALLANTT ISPAT LIMITED | 13,114 | 30.2 | 3.95 | 17.5 | 14.6 | 16.8 | 34.4 | 17.8 |
| GODAWARI POW & ISP LTD | 12,641 | 14.8 | 2.16 | 9.6 | 13.7 | 17.0 | 5.7 | 21.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 33.8 | 15.6 | 80 of 105 | 24% |
| P/B | 0.6 | 1.4 | 16 of 101 | 84% |
| ROCE | 2.3 | 9.1 | 92 of 115 | 20% |
| ROE | 1.8 | 8.6 | 86 of 103 | 17% |
| Debt / Equity | 0.0 | 0.2 | 17 of 101 | 83% |
| EBITDA margin | 26.1 | 11.0 | 16 of 100 | 85% |
| Revenue growth | (3.0) | 13.7 | 70 of 97 | 28% |
| Profit growth | 1314.6 | 29.3 | 3 of 105 | 98% |
| Market cap | 81 | 210 | 76 of 122 | 38% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · Routine SEBI compliance certificate filed for Q2 FY27 | compliance | minimal | — | — |
| 6 Oct 2026 · Azad India Mobility fixes Oct 23 record date for 1:5 stock split | corporate actions | medium | — | — |
| 6 Oct 2026 · Stock split record date fixed at Oct 23, 2026; 1 share of Rs 10 to become 5 of Rs 2 | corporate actions | high | — | — |
| 30 Sept 2026 · Trading Window Closed for Q2 Results | compliance | minimal | — | — |
| 29 Sept 2026 · 65th AGM results: All 8 resolutions passed; stock split Rs.10 to Rs.2 approved | compliance | minimal | — | — |
| 28 Sept 2026 · AZM 65th AGM held; stock split 10-to-2 and 8 resolutions proposed | board shareholder meetings | medium | — | — |
| 3 Sept 2026 · 65th Annual Report and AGM Notice filed for FY26 | board shareholder meetings | medium | — | — |
| 3 Sept 2026 · AGM notice: stock split, excess MD pay waiver, related party deals | management changes | low | — | — |
| 2 Sept 2026 · Board approves auditor re-appointment for 5 years | management changes | medium | — | — |
| 25 Aug 2026 · Board approves Board Report and AGM Notice; 65th AGM on 28 Sep 2026 | 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.