Azad Engineering Q1 FY27 Earnings Call — Analysis (NSE: AZAD)
Azad Engineering delivered India’s first indigenous expendable turbojet engine to GTRE/DRDO/MoD, shifting from precision component maker to integrated propulsion system player, while Q1 FY27 standalone revenue rose 26.8% YoY to ₹170.5 Cr.
Result quality: strong — Margin expansion. Management sentiment: neutral.
The take
Q1FY27 Revenue from operations (consolidated) ₹172.6 Cr ( +25.9% YoY ) .
Results
Standalone Q1 FY27 revenue ₹170.5 Cr (+26.8% YoY, +8.3% QoQ), EBITDA ₹64 Cr (+32.1% YoY) at 37.6% margin, PAT ₹36.4 Cr (+21.2% YoY); consolidated revenue ₹172.6 Cr (+25.9% YoY) with EBITDA ₹64.4 Cr and PAT ₹35.2 Cr.
Financial highlights
| Metric | Value | Change | Basis |
|---|---|---|---|
| Revenue from operations (standalone) | ₹170.5 Cr | +26.8% | yoy · Q1FY27 · vs ₹134.5 Cr in Q1FY26 |
| Revenue from operations (standalone) | ₹170.5 Cr | +8.3% | qoq · Q1FY27 · vs ₹157.4 Cr in Q4FY26 |
| EBITDA (standalone) | ₹64 Cr | +32.1% | yoy · Q1FY27 · vs ₹48.5 Cr in Q1FY26 |
| EBITDA margin (standalone) | 37.6% | +150 bps | yoy · Q1FY27 · vs 36.1% in Q1FY26 |
| PAT (standalone) | ₹36.4 Cr | +21.2% | yoy · Q1FY27 · vs ₹30 Cr in Q1FY26 |
| PAT margin (standalone) | 21.3% | none · Q1FY27 · Q1FY27 standalone PAT margin | |
| Revenue from operations (consolidated) | ₹172.6 Cr | +25.9% | yoy · Q1FY27 · Consolidated YoY revenue growth |
| EBITDA (consolidated) | ₹64.4 Cr | none · Q1FY27 · Q1FY27; consolidated EBITDA margin 37.3% | |
| PAT (consolidated) | ₹35.2 Cr | none · Q1FY27 · Q1FY27 consolidated PAT | |
| EPS (standalone) | ₹5.63 | Q1FY27 |
Guidance
Management reiterated long-term annual revenue growth guidance of over 25%, with 80% of FY26 expansion initiatives stabilized in Q1 and the remaining completed by Q3 FY27, and expects substantive new-line revenue contribution to begin in H2 FY27.
Key themes
Indigenous turbojet delivery and OEM capacity ramp
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