AXISCADES Technologies (532395) Q4 25/26 earnings summary

Executive summary

• FY26 revenue was ₹1,159 Cr, up 12.4%, and EBITDA was ₹178 Cr, up 24.6%; reported PAT fell 4.3% to ₹72 Cr, while normalized PAT rose 27.6% to ₹83 Cr.

• Q4 revenue included ₹142 Cr of deferred deliverables, with an EBITDA impact above ₹40 Cr; recognition is expected in Q1–Q2 FY27, subject to delivery and acceptance.

• Agreements were signed to divest Heavy Engineering, Energy and Automotive services to Akkodis, refocusing the portfolio on higher-value businesses.

• Power 930 targets ₹9,000 Cr revenue by FY30; management also cited a ₹960 Cr PAT goal.

Financial highlights

• FY26 revenue from operations was ₹115,895.24 lakh versus ₹103,072.37 lakh in FY25; total income was ₹118,173.35 lakh.

• FY26 EBITDA was ₹178 Cr, up 24.6%, with a 15.3% margin, up 150 bps; EBIT was ₹133 Cr, up 29.4%.

• FY26 PBT after exceptional items was ₹114 Cr, up 29.8%; normalized PAT was ₹83 Cr versus ₹65 Cr.

• Q4 FY26 revenue was ₹27,300.93 lakh versus ₹26,797.26 lakh; PAT was ₹41.36 lakh versus ₹3,149.61 lakh.

Outlook and guidance

• FY27 revenue visibility is ₹1,377 Cr: ₹927 Cr under execution, ₹285 Cr forecast programs and ₹165 Cr acquisition-linked, subject to procurement, closing and integration.

• ₹142 Cr of deferred revenue is expected to be recognized in Q1–Q2 FY27, subject to delivery, inspection, customer acceptance and recognition criteria.

• Management expects ₹120–140 Cr of cash release in H1 FY27 from program delivery and collections.

• FY27 priorities include DAL production, DAC expansion with 11 hangars targeted to be operational by Jan. 1, 2027, and the Hyderabad MAC.

• Management targets 150–200 bps YoY EBITDA margin improvement from the retained core mix; longer-term margins could plateau at 25–27%.