AXISCADES Technologies (532395) Q2 24/25 earnings summary

Executive summary

• Q2 FY25 revenue was ₹264.33 crore, up 5.1% YoY and 18.4% QoQ; Aerospace and Defence led growth amid automotive weakness.

• H2 FY25 is expected to outperform H1, with Defence production and Aerospace and Defence performance supporting growth.

• The ambition to raise Defence to ~60% of revenue from ~30% over 12–18 months is not formal guidance.

Financial highlights

• Q2 PAT was ₹12.25 crore; H1 revenue was ₹487.58 crore and PAT ₹29.02 crore, versus ₹16.88 crore in H1 FY24.

• Q2 EBITDA margin was 12.4%, versus 14.2% in Q2 FY24; automotive underperformance weighed on margins.

• Excluding Germany automotive, Q2 adjusted EBITDA was ₹35 crore at a 13.5% margin; Q1-normalized operational EBITDA rose 75% QoQ.

• H1 EBITDA was ₹64 crore at a 13.1% margin, versus ₹69 crore and 14.8% in H1 FY24; H1 operating cash flow rose to ₹32.91 crore from ₹13.84 crore.

• Q2 total income was ₹269.03 crore; PBT was ₹18.75 crore and attributable profit ₹12.30 crore.

Outlook and guidance

• H2 FY25 is expected to exceed H1, supported by higher Defence production revenue and stronger Aerospace and Defence performance.

• FY25 EBITDA outlook may be ₹5–6 crore below the earlier ₹160–170 crore target; Defence production should rise in H2, and automotive EBITDA is expected to turn positive from Q4.

• Defence production revenue is expected to reach ~₹170 crore this year; higher production mix is expected to lift blended Defence margins.

• Earlier FY26 targets of ₹1,600 crore revenue and ₹160–180 crore PAT are under review amid automotive headwinds.

• Aerospace, Energy and Semiconductor outlooks are positive; automotive remains uncertain and Heavy Engineering is expected to post marginal growth.