Azad Engineering - A Giant Leap; Maintain 'Buy': ICICI Securities

ICICI Securities Report

Azad Engineering Ltd. has received a contract for end-to-end production of Advanced Turbo Gas Generator engines from Gas Turbine Research Establishment.

Key points:

1. Marks Azad’s entry into propulsion systems besides enhancing its presence in the Indian defence ecosystem.

2. Showcases Azad’s capability enhancement from components/sub-system supplier to solution provider.

3. Azad has been selected as a single-source Industry Partner to GTRE for ATGG engines.

4. The delivery of the first batch of fully-integrated ATGG engines will commence in early CY26.

In our view, the foray into complete manufacturing of ATGG engines and being GTRE's single-source industry partner for the same marks a significant milestone in Azad’s journey.

Maintain 'Buy' on Azad; target price unchanged at Rs 1,750 based on 80 times FY26E earning per share.

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