Azad Engineering (AZAD) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 revenue reached INR 155.8 crores (Rs. 1,558.0 Mn), up over 31% year-on-year, with EBIT at INR 60.1 crores and PAT at INR 34 crores (Rs. 340.4 Mn), both up over 40% year-on-year.

• Nine-month PAT grew 55% year-on-year, surpassing FY25 full-year levels, with EBITDA and PAT for 9MFY26 exceeding FY25 figures.

• Order book stands above INR 6,500 crores, ensuring multi-year revenue visibility and consistent quarter-on-quarter growth.

• Major contracts and deepening relationships with global OEMs such as Safran, Pratt & Whitney, GE, Mitsubishi, Siemens, Rolls Royce, and Honeywell.

• Three new lean manufacturing facilities inaugurated in Hyderabad during FY26 to support growth and strategic partnerships.

Financial highlights

• Q3FY26 revenue rose 31.4% YoY to Rs. 1,558.0 Mn; 9MFY26 revenue up 31.8% YoY to Rs. 4,329.8 Mn.

• Q3FY26 EBITDA increased 40.7% YoY to Rs. 600.9 Mn (margin 38.6%); 9MFY26 EBITDA up 38.4% YoY to Rs. 1,599.8 Mn (margin 36.9%).

• Q3FY26 PAT grew 40.1% YoY to Rs. 340.4 Mn (margin 21.8%); 9MFY26 PAT up 55.3% YoY to Rs. 970.3 Mn (margin 22.4%).

• EPS for Q3FY26 was Rs. 5.27, up from Rs. 4.11 YoY; 9MFY26 EPS at Rs. 15.02, up from Rs. 10.57 YoY.

• Net debt as of Dec-25 stood at Rs. 1,575 Mn, with increased finance costs due to business expansion.

Outlook and guidance

• Confident of achieving 25%+ annual revenue growth over the coming years, with larger operating leverage benefits from FY27.

• Long-term EBITDA margin guidance maintained at 33%-35%.

• Focused on execution excellence, fulfilling GTRE project commitments, and advancing strategic investments.