AXISCADES Technologies (532395) Q1 25/26 earnings summary

Executive summary

• Q1 FY26 revenue from operations was ₹24,370.57 lakh, up 9.0% YoY; PAT was ₹2,086.00 lakh, up 24.8%. Core domains grew 16.9%, while other domains declined 9.1%.

• Order book and forecast visibility totaled ₹3,087 crore across Defence, Aerospace and ESAI, supporting growth plans subject to execution.

• The auditor’s review found nothing indicating material misstatement or non-compliance with required disclosures.

Financial highlights

• Dollar revenue was $28.5 million, up 5.9% YoY; total income was ₹254 crore, up 8.6%, and PBT was ₹27 crore, up 13.6%.

• Reported EBITDA was ₹34 crore, up 9.3% YoY, with a 14.0% margin; normalized EBITDA rose 86.3% from ₹18 crore to ₹34 crore.

• PAT margin was 8.2%, versus 7.2% in Q1 FY25; total comprehensive income was ₹1,849.44 lakh.

• Core-domain revenue was ₹182 crore, up 16.9%; normalized core EBITDA rose 51% to ₹34 crore.

Outlook and guidance

• FY26 topline growth target is >25%, with EBITDA improvement of 300 bps over FY25, including ESOP cost.

• FY26 revenue mix forecast is 35% in H1 and 65% in H2; management expects revenue and profitability to accelerate as Defence execution ramps.

• FY26 vertical growth forecasts are 70–75% for Defence, 30–35% for Aerospace and 45% for ESAI; core verticals are targeted to grow >40%.

• Longer-term objectives include growth above 40% and a 19.5% EBITDA margin by FY28; Power 930 targets ₹9,000 crore ($1 billion) revenue by FY30.

• New facilities are expected to contribute 30% of revenue in FY27 and 50% in FY28, subject to commissioning; FY26 performance does not rely on them.