ALFA Finder
The call ran from 12:01 PM to 1:04 PM IST (1 h 3 min).
Key takeaways
Record Q2 revenue ₹187.8 Cr (+31.6%), but H1 PAT up only 6.6% as depreciation, finance cost and lost treasury income absorbed margin gains. Operating cash flow negative ₹45.8 Cr; cash inflow promised from Q4 without firm numbers.
| Management target | Revenue 25.0% |
|---|
| Revenue growth | Q2 revenue +31.6% YoY to ₹187.8 Cr, +10.1% QoQ; export-led. |
|---|---|
| Margins | EBITDA margin 37.5%, up 150bp YoY; gross margin 45.2% vs 43.7%. |
| Order book | Stated ₹6,500 Cr 'rolling' book; management disclaimed calling it backlog. |
| Demand visibility | Demand called 'intact'; visibility tied to qualified parts and rolling contracts. |
| Management confidence | Over-optimistic; repeated 'definitely', 'hundred percent sure' on unproven qualifications. |
Growth
Revenue +31.6% YoY, +10.1% QoQ; EBITDA +37.1%. Margin gains from operating leverage; new capacity not yet billing fully.
Outlook
Guides >25% long-term growth and ₹1,300 Cr annual run rate by FY28; all plants fully ramped by H1 FY28.
Risks
Negative operating cash flow; ramp depends on delta qualifications; depreciation doubled to ₹21.8 Cr; other income down to ₹4.7 Cr.
Last quarter's promises, checked
Delivered
- Guided >25% growth → Q2 revenue +31.6% YoY (= BEAT)
- Guided EBITDA margin 32–35% → 37.5% (= BEAT)
Partly delivered
- Guided substantive revenue from Q3/H2 FY27 → new capacity not yet billing fully; full ramp now H1 FY28 (= PARTIAL)
- Guided ~₹1,200 Cr from new plants → Q2 revenue ₹187.8 Cr vs ₹1,300 Cr FY28 run-rate target (= PARTIAL)
Missed
- Guided H1 debtor days ~200 and better operating cash flow → H1 operating cash flow –₹45.8 Cr; days not disclosed (= MISS)
- Guided sustained profitability (Q1 PAT +21.2% YoY) → H1 PAT +6.6% (= MISS)
Summary by ALFA Finder, written with AI assistance from our own recording of the call, published . Open it on ALFA Filings ›
The results behind this call
Azad Engineering Q2 FY27 Results: Net Profit ₹30.9 Cr, Down 5.2% YoY
Azad Engineering Ltd reported revenue from operations of ₹190.9 Cr (+31.1% YoY) and net profit of ₹30.9 Cr (-5.2% YoY) for Q2 FY27.
- Key figure
- Net profit ₹30.9 Cr · -5.2% YoY
What management said last time
Full summary →From the call summary published .
Outlook they gave
Management reiterated long-term annual revenue growth guidance of over 25% with sustained profitability.
Growth they described
Revenue grew 26.8% YoY; EBITDA expanded 32.1% with margins rising to 37.6% due to cost indigenization.
Call details
| Company | Azad Engineering Limited |
|---|---|
| NSE symbol | AZAD |
| ISIN | INE02IJ01035 |
| Call | Q2 FY27 earnings call |
| Date | Saturday, 7 November 2026 |
| Time | 12:00 PM IST |
| Length | 1 h 3 min |
| Audio | Our stream on YouTube ↗ |
Azad Engineering Limited: key numbers
- Share price
- ₹2,422.70
- Market cap
- ₹15,646 Cr
- Revenue (annual)
- ₹603.0 Cr
- Net profit (annual)
- ₹132.9 Cr
- P/E (TTM)
- 114.1×Sector 50.0×
- Promoter holding
- 55.84%+0.00% QoQ
- FII holding
- 12.70%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
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