Azad Engineering Limited · NSE:AZAD
Azad Engineering — H1 FY26 Earnings Presentation
39 slides from Azad Engineering's earnings presentation, November 2025
Slide 1: Stock exchange cover letter for investor presentation
D\- F\N AZA D AZ A D\Y Date:Novernber l ,2025 : To, r To, : The Listing Departnrent . The Listing Departrnent i BSB Limited : National Stock Exchange of Intlia Ltd. , Department of Corporate Alfairs , Exchange Plaza, Plot No. C/1, G Block : Phiroze .leejeebhoy Towers : Bandra-Kurla Complex, DalaI St
Slide 2: Azad Engineering Limited Investor Presentation November 2025
Azad Engineering Limited Investor Presentation November 2025
Slide 3: Safe Harbor
Safe Harbor This presentation and the accompanying slides (the “Presentation”), which have been prepared by Azad Engineering Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any secu
Slide 4: Performance Update
Performance Update AZA SS
Slide 5: Highest Ever Half Yearly and Quarterly Performance
H1FY26 vs H1FY25 (standalone) Rs. 2,771.8 Mn Rs. 999.0 Mn Rs. 892.4 Mn Rs. 629.9 Mn 32.1% 37.1% 64.3% 64.9% Highest Ever 36.0% margin 32.2% margin 22.7% margin Half Yearly and Revenue EBITDA PBT PAT Quarterly Q2FY26 vs Q2FY25 (standalone) Performance Rs. 1,426.7 Mn Rs. 513.8 Mn Rs. 468.1 Mn
Slide 6: Performance Highlights (standalone)
Performance Highlights (standalone) “Azad continues to demonstrate solid performance quarter after quarter, supported by a proven product portfolio that is consistently evolving to meet Rakesh Chopdar the high standards of our clients. Our performance in the second quarter of FY26 and the first half
Slide 7: Revenue Mix - Growth momentum building across segments
Revenue Mix - Growth momentum building across segments (standalone) % Revenue (Rs. Mn) contribution Energy & Oil & Gas Aerospace & Defence Other operating* Exports# Domestic# 79.4% 81.6% 17.2% 17.0% 3.4% 1.4% 92.6% 93.9% 7.4% 6.1% 35.7% 2,260.9 30.3% 34.0% 8.1% 470.6 70.7 2,603.6 168.2 1,666.2 155.6
Slide 8: Standalone Profit & Loss Account
Standalone Profit & Loss Account Particulars (Rs. Mn) H1FY26 H1FY25 YoY Q2FY26 Q2FY25 YoY Key Highlights Revenue from Operations 2,771.8 2,098.2 32.1% 1,426.7 1,114.1 28.1% ▪ Consumption expenses as a % of sales has decreased Consumption 340.0 313.1 176.8 159.9 from 14.9% in H1FY25 to 12.3% as on H1
Slide 9: Standalone Balance Sheet
Standalone Balance Sheet Assets (Rs. Mn) Sep-25 Mar-25 Equity and liabilities (Rs. Mn) Sep-25 Mar-25 Non-current assets Equity Equity share capital 129.2 129.2 Property, plant and equipment 5,099.3 4,010.2 Other equity 14,677.6 14,046.9 Right of use assets 122.2 131.3 Total equity (A) 14,806.7 14,17
Slide 10: Standalone Cash Flow
Standalone Cash Flow Particulars (Rs. Mn) Sep-25 Sep-24 Profit Before Taxes 892.4 543.0 Adjustments for Non-Cash / Non-Operating items 118.1 210.1 Operating profit before working capital changes 1,010.6 753.1 Changes in working capital -1,530.3 -670.6 Cash generated from operations -519.7 82.5 Direc
Slide 11: Key order wins in Q2FY26
Key order wins in Q2FY26 Mitsubishi Safran 1. Signed a new Long-Term Contract & Price Agreement (LTCPA) with 1. Entered in Memorandum of Understanding (MoU) with Safran Aircraft Mitsubishi Heavy Industries for supply of highly engineered & complex Engines for cooperation in the development of critic
Slide 12: Key order wins in the recent past
Key order wins in the recent past Arabelle Solutions BHEL Baker Hughes GE Vernova 1. Signed a supply agreement for the 1. Secured a purchase order from 1. Signed an MoU to setup a facility to manufacture 1. Secured agreement to supply of highly engineered, supply of critical and highly Bharat Heavy
Slide 13: Inaugurated three new lean facilities as part of proposed expansion
Inaugurated three new lean facilities as part of proposed expansion Lean Manufacturing Facility (Siemens Energy) at Tunikibollaram IP, Hyderabad Area: 7,200 sq. mts Inaugurated in September 2025 12 *Confidential information - Not to be shared
Slide 14: Inaugurated three new lean facilities as part of proposed expansion
Inaugurated three new lean facilities as part of proposed expansion Lean Manufacturing Facility (GE Vernova) at Tunikibollaram IP, Hyderabad Area: 7,600 sq. mts Inaugurated in April 2025 13 *Confidential information - Not to be shared
Slide 15: Inaugurated three new lean facilities as part of proposed expansion
Inaugurated three new lean facilities as part of proposed expansion Lean Manufacturing Facility (MHI) at Tunikibollaram, Hyderabad Area: 7,200 sq. mts Inaugurated in March 2025 14 *Confidential information - Not to be shared
Slide 16: Company Overview
Company Overview AZA iN
Slide 17: Azad Engineering Ltd.: Snapshot
Azad Engineering Ltd.: Snapshot Preferred name in the manufacturing of highly-engineered, complex and mission & life-critical components Supplying to highly regulated industries having large Direct TAM and significant entry barriers End-markets with massive TAM CY29 Aerospace & Defence INR 2,190 bn
Slide 18: Project and Life Critical Portfolio of Diversified Products (1/2)
Project and Life Critical Portfolio of Diversified Products (1/2) Energy and Oil & Gas Industry Product Category Products End-Use Industry/Application Last Stage Airfoil – Rotary & Fixed Airfoil Last Stage Airfoil - Stationary Welding Chamfers Electric Power Generation Nuclear Power Turbine – Turbin
Slide 19: Project and Life Critical Portfolio of Diversified Products (2/2)
Project and Life Critical Portfolio of Diversified Products (2/2) Aerospace Aerospace and and Defence Defence Industry Industry Product Category Products End-Use Industry/Application Housing, Compressor & Airfoils, Unison Rings, Arm, Levers Body, Assembly Aero Engine Assembly Mount Business Jet Airc
Slide 20: Significant Entry Barriers at Each Stage
Significant Entry Barriers at Each Stage Azad has delivered over 3 million mission critical parts with Zero parts per million defects requirement to its customers. Demonstrated efficiencies pursuant to machining time reduction and adherence to strict quality, resulting in competitive strength agains
Slide 21: Critical Source Supplier to OEMs - Aerospace & Defence
Critical Source Supplier to OEMs with High Global Market Penetration - Aerospace & Defence Azad is a supplier to six of the key manufacturers in aerospace and defence industry Addressable market Growth Drivers Key components used in an aircraft Aerospace & Defence1 • Opportunity to increase wallet s
Slide 22: Critical Source Supplier to OEMs - Energy Turbine Industries
Critical Source Supplier to OEMs with High Global Market Penetration – Energy Turbine Industries Azad, being a critical components supplier, is a key link in the global supply chain for the OEMs Azad’s customer market share in Global turbine components1 Rs. 310 Bn Supplier to five of the key manufac
Slide 23: Long-standing and Deep Customer Relationships With OEMs
Long-standing and Deep Customer Relationships With OEMs As a strategic and growth partner to customers across highly regulated industries, Azad enjoys long-term relationships with high customer stickiness and a high percentage of repeat business, which allows us to have long-term contracts, a stable
Slide 24: Well-diversified Business with Global Operations
Well-diversified Business with Global Operations Azad caters to multiple customers across the globe has average relationship for over 10 years with key customers Standalone Revenue Breakup H1FY26 Q2FY26 Domestic Domestic UK Switzerland 6.1% 4.3% Hungary Poland France Sweden Germany Italy 93.9% 95.7%
Slide 25: Advanced Manufacturing Facilities With Focus on Innovation and Cost Competitiveness
Advanced Manufacturing Facilities With Focus on Innovation and Cost Competitiveness Azad’s all facilities (except which are earmarked for specific clients) are fungible in nature Skilled workforce of 1,313+ personnel 1 Area Customers Existing facilities 4 facilities in Hyderabad 20,000 sq. mts Multi
Slide 26: Experienced Promoter and Board of Directors
Experienced Promoter and Board of Directors…. Rakesh Chopdar Murli Krishna Bhupatiraju Vishnu Malpani Chairman & CEO Managing Director Whole-Time Director pic • Involved with Azad since 2003 with • Holds PhD (Ohio State University), • Previously worked with Wipro two decades of experience MBA (Michi
Slide 27: With Strong Management Team
….with Strong Management Team Ronak Jajoo Ashok Gentyala Balaji PR Chief Financial Officer Head - Engineering & Operations Head – Business Growth • Passed the examination for post • Holds a diploma in mechanical • Previously worked with Miranda graduate degree in business engineering Tools, Helix To
Slide 28: Unique positioning
Best-in-class engineering portfolio lending a strong moat with significant entry barriers Supplier of choice to highly regulated industries Producer of mission critical components; High complexity and precision requirements Long haul journey with vendor qualifications taking up to 30-48 months
Slide 29: Way Forward
Way Forward AZA NS
Slide 30: Key Strategies Going Forward
Key Strategies Going Forward • Wallet share gains driving revenue from existing long-standing clients Increasingly catering to diverse component needs for clients, reflected in growing order book across key clientsMultiple customers • Utilizing existing product and technology capabilities to serve n
Slide 31: Historical financials
Historical financials AZA SS
Slide 32: Consistent Track Record of Financial Performance (Standalone)
Consistent Track Record of Financial Performance (Standalone) Margin Revenue From Operations Adj. EBITDA* & EBITDA Margin PAT and PAT Margin In Rs. Mn 31.2% 32.5% 31.6% 34.5% 36.3% 11.2% 14.4% 3.4% 17.2% 19.5% 4,529.3 1,645.7 +39.2% 3,407.7 885.3 +44.6% 1,174.5 +60.0% 2,516.8 585.8 1,944.7 795.4 631
Slide 33: Restated Standalone Statement of Profit and Loss
Restated Standalone Statement of Profit and Loss CAGR (FY21- (Rs. Mn) FY25 FY24 FY23 FY22 FY21 25) Revenue from Operations 4,529.3 3,407.7 2,516.8 1,944.7 1,205.1 39.2% Consumption 627.2 460.2 301.5 207.6 137.5 ▪ Non-recurring expenses include: Employee expenses 909.9 742.7 592.7 462.7 316.2 ▪ Fire
Slide 34: Restated Standalone Balance Sheet
Restated Standalone Balance Sheet Assets (Rs. Mn) Mar-25 Mar-24 Mar-23 Mar-22 Mar-21 Equity and liabilities (Rs. Mn) Mar-25 Mar-24 Mar-23 Mar-22 Mar-21 Non-current assets Equity Property, plant and equipment 4,010.2 2,545.4 2,096.8 1,374.3 1,140.6 Equity share capital 129.2 118.2 16.5 15.1 15.1 Othe
Slide 35: Restated Standalone Cash Flow Statement
Restated Standalone Cash Flow Statement (Rs. Mn) Mar-25 Mar-24 Mar-23 Mar-22 Mar-21 Profit Before Taxes 1,260.2 807.9 131.9 386.7 190.9 Adjustments for Non Cash / Non Operating items 423.3 756.7 672.3 254.5 127.7 Operating profit before working capital changes 1,683.5 1,564.5 804.3 641.3 283.2 Chang
Slide 36: Restated Consolidated Statement of Profit and Loss
Restated Consolidated Statement of Profit and Loss Particulars (Rs. Mn) FY25 FY24 FY23 FY22 Revenue from Operations 4,573.5 3,407.7 2,516.8 1,944.7 Consumption 636.8 460.2 301.5 207.6 Employee expenses 928.7 742.7 592.7 462.7 Other Expenses 1,395.0 1,039.0 899.8 651.7 Reported EBITDA 1,613.1 1,165.9
Slide 37: Restated Consolidated Balance Sheet
Restated Consolidated Balance Sheet Assets (Rs. Mn) Mar-25 Mar-24 Equity and liabilities (Rs. Mn) Mar-25 Mar-24 Non-current assets Equity share capital 129.2 118.2 Property, plant and equipment 4,166.5 2,545.4 Other equity 13,808.7 6,332.4 Right-of-use assets 193.9 27.3 Equity attributable to the ow
Slide 38: Adj EBITDA & Reported EBITDA Bridge
Adj EBITDA & Reported EBITDA Bridge (Rs. Mn) FY25 FY24 FY23 FY22 FY21 (A) Adj EBITDA 1,645.7 1,174.5 795.4 631.5 376.3 (B) Non - Recurring Expenses Fire related expenses 0.0 0.0 63.0 0.0 0.0 Provision for credit impaired trade receivable 35.8 8.6 4.8 2.4 7.9 Professional and consultancy charges 0.0
Slide 39: For more information Please contact
For more information Please contact: Company: Investor Relations Advisor: Azad Engineering Limited: Strategic Growth Advisors Pvt Ltd. CIN: L74210TG1983PLC004L32 CIN: U74140MH2010PTC204285 Mr. Ful Kumar Gautam, Company Secretary & Shikha Puri / Srushti Pathak Compliance Officer Email id: shikha.puri