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Precision forged and machined components maker for aerospace, defense and energy (oil & gas, power turbine) sectors.
Precision forged and machined components maker for aerospace, defense and energy (oil & gas, power turbine) sectors.
Supplies parts under long-term supply agreements to a small number of large turbine and aircraft engine makers, so revenue follows their production plans and each new part must be qualified before volumes start. Qualification takes years, so the order book builds slowly and then runs for long periods.
Moat: narrow (process know-how, customer qualification, IP / patents). High-precision forging/machining qualified for demanding aerospace and energy-turbine specifications.
Headquarters: Hyderabad, India · Founded: 2006 · Employees: 2,848
Size Azad Engineering (AZAD.NS) is an India Industrials company (Metal Fabrication) with a market value of $1.66B, the 424th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹2,423 on 6 Nov 2026.
Performance Over six months the shares gained 7.9%, against -20.6% for the median peer and 0.0% for the India market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 28.7% over the last twelve months (peer median +12.7%); the operating margin is 28.1% (peer median 8.2%).
Valuation It trades at 91.6× forward earnings against a peer median of 22.8× (most expensive of 18).
Capital Return on invested capital runs 10.3 points below its cost of capital (19.1% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹6.38B | ₹6.00B | ₹4.54B | ₹3.39B | ₹2.51B |
| Revenue growth | — | +32% | +34% | +35% | — |
| Gross profit | ₹3.78B | ₹2.17B | ₹1.67B | ₹1.21B | ₹819M |
| EBITDA | ₹2.40B | ₹2.24B | ₹1.59B | ₹1.15B | ₹757M |
| Net income | ₹1.39B | ₹1.33B | ₹873M | ₹586M | ₹84.7M |
| Free cash flow | n/a | -₹7.05B | -₹2.55B | -₹1.28B | -₹1.46B |
| Capital expenditure | n/a | ₹5.72B | ₹2.93B | ₹753M | ₹856M |
| Total debt | n/a | ₹4.74B | ₹2.63B | ₹394M | ₹3.01B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Azad Engineering AZAD.NS | $1.66B | +8% | +29% | 28% | 91.6× | n/a |
| PTC Industries PTCIL.NS | $4.09B | +45% | +95% | 19% | 174.5× | n/a |
| MTAR Technologies MTARTECH.NS | $1.77B | -18% | +108% | 20% | 64.7× | 48.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | AZAD.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -20.5% | -10.3% | 7th lowest of 21 |
| 6-month return | +7.9% | -20.6% | 6th highest of 21 |
| Distance from 52-week high | -22.6% | -49.5% | 6th highest of 21 |
| Revenue growth (TTM) | +28.7% | +12.7% | 7th highest of 21 |
| Operating margin | 28.1% | 8.2% | highest of 21 |
| Forward P/E | 91.6× | 22.8× | most expensive of 18 |
| ROIC minus cost of capital | -10.3 pp | -0.7 pp | 4th lowest of 21 |
| EV / EBITDA | 65.0× | 13.2× | most expensive of 8 |
| Net debt / EBITDA | 1.2× | 1.2× | 4th most indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Azad Engineering AZAD.NS | India | $1.66B | +8% | +29% | 28% | 91.6× | n/a | n/a |
| Nanshan Aluminium International 2610.HK | Hong Kong | $1.67B | -45% | -19% | 21% | 7.8× | n/a | n/a |
| Changzhou Nrb 002708.SZ | China | $1.63B | +50% | +29% | 1% | 74.0× | n/a | n/a |
| Happy Forging HAPPYFORGE.NS | India | $1.70B | +20% | +16% | 25% | 40.5× | 42.7% | +21.2% |
| Gaona Aero Material 300034.SZ | China | $1.71B | -29% | +5% | 5% | 49.0× | 21.3% | +18.5% |
| Suzhou UIGreen Micro&Nano Technologies 688661.SS | China | $1.55B | -44% | -7% | -3% | 44.2× | n/a | n/a |
| Essence Fastening Systems (Shanghai) 301005.SZ | China | $1.54B | -55% | +17% | 0% | n/a | n/a | n/a |
| Luoyang Xinqianglian Slewing Bearing 300850.SZ | China | $1.54B | -42% | +10% | 21% | 11.1× | n/a | n/a |
| Usha Martin USHAMART.NS | India | $1.54B | 0% | +9% | 17% | 22.8× | 23.1% | +12.0% |
| Shenzhen Vital New Material 301319.SZ | China | $1.53B | +15% | +34% | 5% | 82.0× | n/a | n/a |
| HENGHUI Technology 301678.SZ | China | $1.53B | -28% | +10% | 8% | n/a | n/a | n/a |
| SF Diamond 300179.SZ | China | $1.81B | -12% | +34% | 11% | 79.8× | 49.2% | +12.2% |
| Baoding Technology 002552.SZ | China | $1.84B | +44% | +64% | 15% | n/a | 11.3% | +54.0% |
| Beijer Alma BEIA-B.ST | Sweden | $1.86B | 0% | +6% | 15% | 20.7× | 9.9% | +12.8% |
| Richelieu Hardware RCH.TO | Canada | $1.48B | -2% | +7% | 7% | 20.5× | 5.7% | +11.7% |
| Hebei Huatong Wires and Cables 605196.SS | China | $1.94B | -41% | +49% | 10% | 13.4× | n/a | n/a |
| Freewon China 688678.SS | China | $1.41B | -13% | +33% | 6% | 19.6× | n/a | n/a |
| Riyue Heavy Industry 603218.SS | China | $1.41B | -28% | -17% | 5% | 24.6× | 5.0% | +4.1% |
| Wuxi Paike New Materials and Technology 605123.SS | China | $1.34B | -31% | +23% | 8% | 22.0× | n/a | n/a |
| Ramkrishna Forgings RKFORGE.NS | India | $1.34B | +12% | +25% | 9% | 46.9× | n/a | n/a |
| NBTM New Materials 600114.SS | China | $2.14B | -40% | +6% | 9% | 22.8× | 13.8% | +13.0% |