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- Q2 FY26 results
AXISCADES Technologies Q2 FY26 results: net profit up 88.8% to ₹23.13 crore, revenue up 13.1%
AXISCADES Technologies Limited reported consolidated revenue of ₹299.06 crore in Q2 FY26, up 13.1% from a year ago and 22.7% from the previous quarter, with EBITDA of ₹47.09 crore at a 15.7% margin. Net profit for the quarter was ₹23.13 crore against ₹12.25 crore a year earlier, and basic EPS was ₹5.42. The board also approved unaudited standalone and consolidated results and took on record a provisional allotment letter for land in Telangana.
Key points
- Q2 FY26 consolidated revenue was ₹299.06 crore, up 13.1% from ₹264.33 crore in Q2 FY25 and 22.7% from ₹243.71 crore in Q1 FY26.
- EBITDA rose to ₹47.09 crore from ₹32.90 crore a year earlier, with the margin at 15.7% against 12.4% in Q2 FY25 and 14.0% in Q1 FY26.
- Net profit was ₹23.13 crore against ₹12.25 crore in Q2 FY25 and ₹20.86 crore in Q1 FY26; basic EPS was ₹5.42 against ₹2.93 a year earlier.
- For H1 FY26, revenue was ₹542.76 crore and profit after tax was ₹43.99 crore, against ₹487.58 crore and ₹29.02 crore in H1 FY25.
How did AXISCADES Technologies perform in Q2 FY26?
On a consolidated basis, revenue for the July–September 2025 quarter was ₹299.06 crore, up 13.1% from ₹264.33 crore in the year-ago quarter and 22.7% from ₹243.71 crore in the previous quarter. Total income was ₹305.00 crore, against ₹269.03 crore a year earlier and ₹254.30 crore in Q1 FY26.
EBITDA was ₹47.09 crore, up 43.1% from ₹32.90 crore in Q2 FY25 and 38.3% from ₹34.06 crore in Q1 FY26. The EBITDA margin was 15.7%, 3.3 percentage points above the year-ago quarter and 1.7 percentage points above the previous quarter.
Profit before tax was ₹36.27 crore, against ₹18.75 crore a year earlier and ₹27.98 crore in the previous quarter. Net profit was ₹23.13 crore, against ₹12.25 crore a year earlier and ₹20.86 crore in Q1 FY26, and basic EPS was ₹5.42 against ₹2.93. On a standalone basis, revenue was ₹105.07 crore, up 8.8%, and profit after tax was ₹0.35 crore, against ₹2.54 crore a year earlier.
| ₹ crore | Q2 FY26 | Q1 FY26 | Q2 FY25 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 299.06 | 243.71 | 264.33 | +13.1% | +22.7% |
| Other income | 5.94 | 10.59 | 4.70 | +26.4% | −43.9% |
| Total expenses | 268.74 | 226.32 | 249.93 | +7.5% | +18.7% |
| EBITDA | 47.09 | 34.06 | 32.90 | +43.1% | +38.3% |
| EBITDA margin | 15.7% | 14.0% | 12.4% | +3.3 pp | +1.7 pp |
| Profit before tax | 36.27 | 27.98 | 18.75 | +93.4% | +29.6% |
| Tax | 13.13 | 7.12 | 6.50 | +102.0% | +84.4% |
| Net profit | 23.13 | 20.86 | 12.25 | +88.8% | +10.9% |
| EPS (₹) | 5.42 | 4.88 | 2.93 | +85.0% | +11.1% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in AXISCADES Technologies' costs and profit?
Total expenses were ₹268.74 crore, up 7.5% from ₹249.93 crore in Q2 FY25, a slower rise than revenue. Cost of materials was higher at ₹67.57 crore against ₹55.21 crore, a rise of ₹12.36 crore, while employee cost rose ₹6.32 crore to ₹138.07 crore. Other expenses rose ₹6.01 crore to ₹42.81 crore.
Finance costs fell ₹2.02 crore to ₹6.55 crore from ₹8.57 crore a year earlier, and depreciation was ₹10.21 crore against ₹9.94 crore. Other income was ₹5.94 crore against ₹4.70 crore, a rise of ₹1.24 crore. There was no exceptional item in the quarter, against an exceptional charge of ₹0.34 crore in Q2 FY25.
Tax expense was ₹13.13 crore against ₹6.50 crore a year earlier, a rise of ₹6.63 crore. The filings do not state why the cost lines moved, and management said the higher optics on the tax rate came from the loss at ADD Solutions.
| ₹ crore | Q2 FY26 | Q2 FY25 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 67.57 | 55.21 | +12.36 | +22.4% |
| Employee cost | 138.07 | 131.75 | +6.32 | +4.8% |
| Finance costs | 6.55 | 8.57 | −2.02 | −23.6% |
| Depreciation | 10.21 | 9.94 | +0.27 | +2.7% |
| Other expenses | 42.81 | 36.80 | +6.01 | +16.3% |
| Total expenses | 268.74 | 249.93 | +18.81 | +7.5% |
| Other income | 5.94 | 4.70 | +1.24 | +26.4% |
| Tax | 13.13 | 6.50 | +6.63 | +102.0% |
| Exceptional items | none | −0.34 (charge) |
Source: Company's results filing (XBRL).
How did the first half of FY26 go?
In the first half of FY26, consolidated revenue was ₹542.76 crore, up 11.3% from ₹487.58 crore in H1 FY25, and total income was ₹559.30 crore against ₹502.81 crore, a rise of ₹56.49 crore or 11.2%.
Profit before tax was ₹64.25 crore, up 49.5% from ₹42.97 crore in the year-ago half, while profit after tax was ₹43.99 crore against ₹29.02 crore, a rise of ₹14.97 crore or 51.6%. Basic EPS for the half was ₹10.30 against ₹7.00 in H1 FY25.
| ₹ crore | H1 FY26 | H1 FY25 | Change |
|---|---|---|---|
| Revenue from operations | 542.76 | 487.58 | +11.3% |
| Profit before tax | 64.25 | 42.97 | +49.5% |
| Net profit | 43.99 | 29.02 | +51.6% |
| EPS (₹) | 10.30 | 7.00 | +47.1% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2025, total assets were ₹1,219.90 crore against ₹1,127.11 crore at 31 March 2025, and total equity was ₹699.74 crore against ₹655.79 crore. Borrowings fell to ₹162.40 crore from ₹189.48 crore, while cash and cash equivalents were ₹35.75 crore against ₹52.35 crore.
Inventories were ₹65.14 crore against ₹60.87 crore, trade receivables were ₹345.91 crore against ₹301.80 crore, and trade payables were ₹77.93 crore against ₹58.21 crore. For H1 FY26, operating cash flow was ₹13.61 crore against ₹32.91 crore in H1 FY25, and investing cash flow was ₹20.82 crore against ₹29.16 crore.
Financing cash outflow was ₹51.93 crore in H1 FY26 against ₹82.61 crore a year earlier, and capital expenditure was ₹26.07 crore against ₹4.57 crore. Closing cash for H1 FY25 was ₹35.00 crore.
| ₹ crore | As of 30 September 2025 | As of 31 March 2025 |
|---|---|---|
| Total assets | 1,220 | 1,127 |
| Total equity | 699.74 | 655.79 |
| Borrowings | 162.40 | 189.48 |
| Cash and equivalents | 35.75 | 52.35 |
| Inventories | 65.14 | 60.87 |
| Trade receivables | 345.91 | 301.80 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY26 | H1 FY25 |
|---|---|---|
| Cash from operations | 13.61 | 32.91 |
| Cash from investing | 20.82 | 29.16 |
| Cash from financing | −51.93 | −82.61 |
| Capital expenditure | 26.07 | 4.57 |
Source: Company's results filing (XBRL).
How has AXISCADES Technologies done over the last 8 quarters?
Revenue has risen year on year in each of the last eight quarters and profit in each of the last six. In the eight-quarter series, revenue was lowest at ₹223.51 crore in Q1 FY25 and highest at ₹299.06 crore in Q2 FY26, after falling to ₹243.71 crore in Q1 FY26.
Profit after tax was lowest at ₹7.54 crore in Q3 FY24 and highest at ₹31.50 crore in Q4 FY25, then fell to ₹20.86 crore in Q1 FY26 before rising to ₹23.13 crore in Q2 FY26. The EBITDA margin was lowest at 12.4% in Q2 FY25 and highest at 15.7% in Q2 FY26, the latest quarter reported.
Which businesses drove the quarter?
Technology Services and Solutions reported revenue of ₹185.42 crore in Q2 FY26, up 2.3% from ₹181.20 crore a year earlier, with segment EBIT of ₹12.74 crore against ₹16.64 crore. The segment EBIT margin was 6.9%.
The Defence segment reported revenue of ₹113.64 crore in Q2 FY26 and segment EBIT of ₹26.31 crore, at a segment EBIT margin of 23.2%. Year-ago revenue and EBIT for the segment were not given in the filings. Management said defence revenues grew by 37% year on year in Q2.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| (a) Technology Services and Solutions | 185.42 | +2.3% | 12.74 | 6.9% |
| (a) Technology Services and Solutions | 185.42 | +2.3% | 12.74 | 6.9% |
| (b) Defence | 113.64 | 26.31 | 23.2% | |
| (b) Defence | 113.64 | 26.31 | 23.2% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved the unaudited standalone and consolidated financial results for the quarter and half-year ended 30 September 2025, and the results were accompanied by a limited review report of the statutory auditors, S.R. Batliboi & Associates. The meeting began at 07:00 PM IST and concluded at 08:03 PM IST on 12 November 2025.
The board also took on record a provisional allotment letter for land at Telangana State Industrial Infrastructure Corporation Hardware Park Phase II in Rangareddy District, measuring 32,862.00 sq. mts, for setting up a Defense and Engineering Complex. The filing states that the final allotment letter is subject to fulfilment of other terms and conditions, and the party is not related to the promoter or promoter group.
The company filed an investor presentation along with the results, which set out the Power930 initiative, facility build-out, and partnership updates. No dividend, fund raise or appointment was disclosed in the same-day filings provided.
What did AXISCADES Technologies' management say?
Management reaffirmed the Power930 target of ₹9,000 crore revenue by FY30 and said the company is on track for about 45% growth in its core domains and overall EBITDA in FY26, with similar visibility for FY27. Core growth is expected to accelerate to over 70% in FY28, FY29 and FY30 as infrastructure is fully in place.
The chairman said the goal for FY26 is a 30% improvement in per capita EBITDA and that the company is on track in the first half. Management said the investment programme would be funded through internal accruals, strategic investments by partners and some bridge funding from banks, and that the company has a consolidated net worth of ₹700 crore with net debt of around ₹50 crore.
On risks, management said the defence working capital cycle of about 120 days will stretch with the revenue ramp from FY27, ESAI growth is expected to be flat in Q3 and Q4 as the Aeroland EMS facility scales up and seeks hyperscaler certification by March 2026, and Q4 FY26 execution could be affected by facility relocation disruption. Aerospace margin dipped in Q2 due to the European summer shutdown, with a full-year average guided at 18.5%.
Management said defence margins would be defended at 22% rather than expanded, citing competitive bidding pressure as the constraint. On the Power930 ambition, Dr. Sampath Ravinarayanan said: "I feel by the last another two, three years from now, we will be a net exporter." He also said the company wanted to keep debt low: "We do not want to go for debt. If at all we go with the bridge basis. We have means to fund this... We want to minimize any debts or keep it as low as possible."
How did AXISCADES Technologies shares react?
The results were filed after market hours on 12 November 2025, and the shares were unchanged in the first 5, 15 and 30 minutes after the filing. From the pre-results close of ₹1,406.00, the stock was up 5.5% on the reaction day and closed at ₹1,483.40.
By the next day's close the stock was up 10.8% from its pre-results close, and by the fifth session it was up 8.0%. The Aerospace & Defense sector median moved −1.3% on the reaction day, 0.6% by the next session and 0.0% by the fifth, so the stock's excess return was 6.8 percentage points, 10.1 percentage points and 8.0 percentage points respectively.
Earlier results-day moves were mixed: −6.0% on 7 August 2025, −2.4% on 26 May 2025, 10.7% on 31 January 2025, −7.7% on 12 November 2024, −1.0% on 6 August 2024 and −10.9% on 20 May 2024. Over one month from the pre-results close, the stock was down 8.3%, while the Nifty Microcap 250 moved −0.9% over the fifth-session comparison.
| After the filing | Stock | Aerospace & Defense median |
|---|---|---|
| 5 minutes | +0.0% | |
| 15 minutes | +0.0% | |
| 30 minutes | +0.0% | |
| Reaction day | +5.5% | −1.3% |
| Next day | +10.8% | +0.6% |
| 5 days | +8.0% | +0.0% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 7 August 2025 | −6.0% |
| 26 May 2025 | −2.4% |
| 31 January 2025 | +10.7% |
| 12 November 2024 | −7.7% |
| 6 August 2024 | −1.0% |
| 20 May 2024 | −10.9% |
Source: MarketPing price-reaction measurement.
How did other Aerospace & Defense companies do?
Twenty Aerospace & Defense companies filed for the quarter, and the median revenue growth among them was 16.6%. AXISCADES Technologies grew revenue by 13.1%, with 10 peers growing slower than the company and 10 growing faster.
Of the 19 peers for which profit was compared, 12 reported higher profit than a year earlier.
| AXISCADES Technologies revenue growth (YoY) | +13.1% |
|---|---|
| Median of 20 other Aerospace & Defense companies | +16.6% |
| Companies with slower revenue growth than AXISCADES Technologies | 10 of 20 |
| Companies with faster revenue growth than AXISCADES Technologies | 10 of 20 |
| Companies whose net profit rose | 12 of 19 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was AXISCADES Technologies' revenue in Q2 FY26?
Revenue from operations was ₹299.06 crore, up 13.1% from ₹264.33 crore in Q2 FY25 (consolidated).
Did AXISCADES Technologies make a profit in Q2 FY26?
Yes. Net profit was ₹23.13 crore, against a net profit of ₹12.25 crore in Q2 FY25.
What was AXISCADES Technologies' EPS in Q2 FY26?
Basic earnings per share were ₹5.42, against ₹2.93 in Q2 FY25.
How did AXISCADES Technologies shares react to the Q2 FY26 results?
On the reaction day the stock moved +5.5% from the previous close; the median Aerospace & Defense stock moved −1.3%.
When did AXISCADES Technologies announce its Q2 FY26 results?
On 12 November 2025, in a filing to the NSE.
Sources
- Outcome of Board Meeting (NSE, 12 November 2025) · PDF
- Outcome of Board Meeting (NSE, 12 November 2025) · PDF
- The earnings call (20 November 2025)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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