AXISCADES Technologies (532395) Q4 24/25 earnings summary

Executive summary

• FY25 revenue from operations reached ₹1,030.72 crore, up 7.9%; PAT was ₹75.28 crore versus ₹33.41 crore in FY24.

• Core domains generated ₹749 crore revenue, growing 12%; aerospace, defense and ESAI led growth as non-core domains remained under pressure.

• Power 930 targets $1 billion revenue by FY30, supported by a shift from services toward products and solutions.

Financial highlights

• FY25 adjusted EBITDA was ₹156 crore, up 17.1%; reported EBITDA was ₹142 crore. Adjusted and reported margins were 15.1% and 13.8%, respectively.

• Q4 FY25 revenue was ₹268 crore, up 4.8% YoY and down 2.4% QoQ; adjusted EBITDA was ₹45 crore versus reported EBITDA of ₹37 crore.

• Q4 FY25 PAT was ₹31 crore versus ₹9 crore in Q4 FY24; Q4 tax expense was a credit of ₹1,007.84 lakh.

• FY25 total income was ₹1,051.57 crore and profit before tax was ₹87.52 crore; net exceptional charge was ₹3.86 crore.

• Audited consolidated results received an unmodified audit opinion; the auditor relied on other auditors for 11 subsidiaries and one associate.

Outlook and guidance

• FY26 targets include at least 50% EBITDA growth excluding ESOP cost, proportional PAT growth and at least 300 bps EBITDA-margin improvement; a 17% average EBITDA margin was also cited.

• FY26 segment growth targets are 35% for aerospace, 75% for defense and 60% for ESAI; defense production revenue is expected to double from FY25.

• By FY28, the target is an 80% products-and-solutions revenue mix; a 24% average EBITDA margin is targeted within two to three years.

• Core domains target at least 20% YoY revenue growth; non-core businesses are being recalibrated toward profitability.