AXISCADES Technologies (532395) Q3 24/25 earnings summary

Executive summary

• Strategy refocused on Aerospace, Defence and ESAI, which contributed 72% of 9M revenue and 99% of 9M EBITDA; non-core businesses are being reset.

• Core domains grew 33.1% YoY in Q3 FY25, while the strategy shifts toward product- and solution-led, less labor-dependent growth.

Financial highlights

• Q3 revenue from contracts with customers was ₹27,414.63 lakhs versus ₹23,147.98 lakhs in Q3 FY24; EBITDA rose 36.9% YoY to ₹40 crore.

• Q3 net profit was ₹1,476.45 lakhs versus ₹753.81 lakhs in Q3 FY24; PAT margin increased to 5.3% from 3.2%.

• 9M revenue from contracts with customers was ₹78,173.31 lakhs and net profit ₹4,378.79 lakhs; 9M EBITDA was ₹104 crore at a 13.6% margin.

• 9M other income included an ₹859.19 lakh gain from the sale of leasehold land and building for ₹1,490 lakhs.

• Q3 finance costs fell 38.7% YoY to ₹7.3 crore; net debt was ₹35.5 crore at Dec. 31.

Outlook and guidance

• FY26 EBITDA target is 1.5x FY25 EBITDA, with EBITDA margin at least 300 bps above FY25; core-domain EBITDA growth is targeted at over 50%.

• Core EBITDA growth targets: Defence 55%–60%, ESAI 50%–55% and Aerospace 45%–50%.

• FY26 is a build-up year, FY27 takeoff and FY28 cruising; later growth depends on investment execution, including the Devanahalli cluster.

• A personal ambition, not formal guidance, is $1 billion revenue and at least 25% EBITDA by 2029; the strategic goal is a top-three position in India across operating categories.