AZAD IN EQUITY
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| CUSTOMER | BASIS | EST ₹CR | RANGE | % REV | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| ENRINSiemens Energy India Ltd. | CONTRACT | 543 | 543–543 | 90.0% | CAPEX | FY25 | EST | 85% |
| “Reguiations"), it is informed that AZAD Engineering Limited has signed a long-term Contract & Price Agreement with Siemens Energy Global GmbH & Co. KG, for man…” ORDER p.1 · 29-JAN-25 · +2 DOC | ||||||||
| ENRINSiemens Energy India Ltd. | UNSTATED | 543 | 60–543 | 90.0% | — | FY25 | EST | 75% |
| “Long-term contracts with GE Vernova, Mitsubishi Heavy Industries, Siemens Energy, Rolls-Royce, Honeywell, and the DRDO-backed GTRE validate our role in global …” AR · +2 DOC | ||||||||
| ITCITC Ltd. | UNSTATED | 543 | 543–543 | 90.0% | CAPEX | FY25 | EST | 65% |
| “This demand is based on findings related to the improper calculation of the turnover of zero-rated supplies, irregular availment of Input Tax Credit (ITC) on c…” AR DOC | ||||||||
| Business | REV SHARE | 411 | 411–411 | 90.0% | — | FY25 | DISC | 90% |
| “Details of business activities (accounting for 90% of the turnover): S. No. Description of Main Activity Description of Business Activity % of Turnover of the …” AR · +2 DOC | ||||||||
| SIEMENSSiemens Ltd. | UNSTATED | 56 | 6–56 | 9.3% | — | 2025-11 | EST | 65% |
| “With a strong order book from major OEMs, Mitsubishi, GE, Siemens, we remain optimistic about the growth of this segment for the longer term.” CONCALL · +1 DOC | ||||||||
| BSEBSE Ltd. | UNSTATED | 0 | 0–0 | 0.0% | — | FY26 | EST | 60% |
| “He has also confirmed that he is not debarred from holding the office of Director by virtue of any SEBI Order or any such authority pursuant to circulars dated…” AR · +1 DOC | ||||||||
| BHELBharat Heavy Electricals Ltd. | CONTRACT | CT 53 | — | — | CAPEX | FY27 | EST | 85% |
| “') has bctr.r lpfrlo":d as a long-terrn soluce by Bharat Heavy Electricals Lirnitecl (BI{EL), a Maharahra Inciian Public Sector Ur-rdertakirrg, ancl has beerr …” ORDER p.1 · 12-OCT-26 · +1 DOC | ||||||||
| Honeywell Aerospace ISC | CONTRACT | CT 2 | — | — | — | FY25 | EST | 75% |
| “Scrip Code-AZAD Dear Sir/Madam, Pursuant to Regulation 30 of the SEBI [Listing Obligation and Disclosure Requirements) Regulations ,2075 ("LODR Regulations"), …” ORDER p.1 · 24-OCT-24 · +1 DOC | ||||||||
| United States | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “Exports accounted for almost 93% of revenue, sold into the same global platforms contested by suppliers from across the world - the United States, European cou…” AR DOC | ||||||||
| China. | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “Exports accounted for almost 93% of revenue, sold into the same global platforms contested by suppliers from across the world - the United States, European cou…” AR DOC | ||||||||
| Parties | UNSTATED | — | — | — | — | FY25 | EST | 75% |
| “PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES: The Company has in place a robust process for approval of Related Party Transactions and on…” AR · +1 DOC | ||||||||
| Office | UNSTATED | — | — | — | — | FY25 | EST | 75% |
| “Goods and Services Tax Act, 2017 The Company has received an order from the Office of Commissioner Appeals, GST and Central Tax, demanding a payment of ₹ 4.22 …” AR · +1 DOC | ||||||||
| INDUSINDBKIndusInd Bank Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 75% |
| “Has served as the Country Head for Small and Medium Enterprises and Executive Vice President at IndusInd Bank, he leads complete ecosystem banking for SME’s. H…” AR DOC | ||||||||
| Bharai Heavy Electrical Limited | CONTRACT | — | — | — | CAPEX | FY25 | EST | 70% |
| “Scrip Code-AZAD Dear Sir/Madam, Pursuant to Regulation 30 of lhe SEBI (Listing Obligation and DisclosLlre Requirements) Regulations, 2015 ('LODR Regulations"),…” ORDER p.1 · 27-JAN-25 DOC | ||||||||
| Central Electricity Authority | CONTRACT | — | — | — | CAPEX | FY25 | EST | 70% |
| “This purchase order is a prestiSious collaborative indlgenization pl'oject and is the result ofa coll;borative evaluation and approval by the Central Electrici…” ORDER p.1 · 27-JAN-25 · +1 DOC | ||||||||
| Safran Aircraft Engines | UNSTATED | — | — | — | CAPEX | FY26 | EST | 70% |
| “In aerospace, three significant aero-engine OEMs are now engaged with us - Rolls-Royce and Pratt & Whitney Canada under long-term contracts, and Safran Aircraf…” AR DOC | ||||||||
| Securities and Exchange Board of India | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “(e) Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021;- (f) The Securities and Exchange Board of India…” AR · +1 DOC | ||||||||
| BANKINDIABank of India | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “(a) The Company is not required to be registered under Section 45 IA of the Reserve Bank of India Act, 1934 (2 of 1934) and accordingly, the requirements to re…” AR · +1 DOC | ||||||||
| ENRINSiemens Energy India Ltd. | CONTRACT | CT 9 | — | — | COGS | FY25 | EST | 70% |
| “Siemens Energy Multiple contracts valued at € 90.1 million for combustion commodities, cold blades, and critical rotating parts.” AR DOC | ||||||||
| Bharat Heavy Electrical Limited | CONTRACT | — | — | — | CAPEX | FY25 | EST | 65% |
| “Bagging/Receiving of orders/contracts We are pleased to announce that AZAD Engineering has secured a purchase order from Bharat Heavy Electrical Limited (BHEL)…” ANN · 27-JAN-25 DOC | ||||||||
| Defence Research and Development Organisation | UNSTATED | — | — | — | — | FY25 | EST | 65% |
| “Long-term contracts with GE Vernova, Mitsubishi Heavy Industries, Siemens Energy, Rolls-Royce, Honeywell, and the DRDO-backed GTRE validate our role in global …” AR DOC | ||||||||
| SUPPLIER | BASIS | EST ₹CR | RANGE | % COST | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| United States | UNSTATED | — | — | — | CAPEX | FY26 | EST | 70% |
| “2025 Mitsubishi Heavy Industries Global “2024 Partner of the Year” - an exclusive recognition among MHI’s global network of more than 1,000 suppliers 2024 Godr…” AR DOC | ||||||||
| China. | UNSTATED | — | — | — | CAPEX | FY25 | EST | 70% |
| “For Azad, this means rising demand for critical turbine components where we are already qualified suppliers to all the major global OEMs with a average relatio…” AR DOC | ||||||||
| SOURCE | READ | % | LAST READ |
|---|---|---|---|
| ANNOUNCEMENTS | 12/12 | 100% | 15-OCT-26 |
| ANNUAL | 2/2 | 100% | 15-OCT-26 |
| CONCALL | 4/4 | 100% | 15-OCT-26 |
| ORDERS | 12/12 | 100% | 15-OCT-26 |
| SCREENER | 1/1 | 100% | 09-NOV-26 |
| SIGNAL | VALUE | AS OF | INPUTS |
|---|---|---|---|
| CUSTOMER HHI | 0.454 | 14-NOV-26 | Siemens Energy India Ltd. share 48% · ITC Ltd. share 48% · Siemens Ltd. share 5% |
| CUST MOM 1M | +6.5% | 14-NOV-26 | from 15-OCT-26 · Bharat Heavy Electricals Ltd. +0.5% w 0 · Siemens Energy India Ltd. +5.7% w 0 · Bank of India +18.2% w 0 · IndusInd Bank Ltd. +3.3% w 0 · ITC Ltd. +8.0% w 0 · Siemens Ltd. -0.2% w 0 |
| TOP 5 CUSTOMERS % REV | 10.0% | 31-MAR-26 | sentence Particulars For the year ended March 31, 2026 For the year ended March 31, 2025 Revenue from top customer 1,123.97 631.30 Revenue from top 5 customers (other than above customer) 1,711.10 2,314.75 Two customers accounts for more than 10% of the revenue for the year ended March 31, 2026 (March 31, 2025: One customer). · documentId 4,163 |