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ICICI Securities Report
Azad Engineering Ltd. Q1 FY25 performance was in line. Key points:
Revenue/Ebitda rose 30%/26% YoY with Ebitda margin at 33.6%;
other expenses rose on higher freight cost and forex losses;
revenue share of aerospace and defence segment rose to 18.5% versus 7.2% YoY; and
order visibility of Rs 33 billion led by recent wins.
Going ahead, we believe Azad may sustain its high earnings trajectory with recent orders and customer additions aiding future growth.
Besides, the new 95,000 million square facility is likely to be ready before FY26, providing medium-term visibility on earnings accretion. Maintain 'Buy' with discounted cash flow -based unchanged target price of Rs 2,450.
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