Azad Engineering Limited — Investor Presentation 2026

May 15, 2026

AZAD

May 15, 2026

To,

The Listing Department
BSE Limited
Department of Corporate Affairs
Phiroze Jeejeebhoy Towers, Dalal Street
Mumbai – 400 001
Scrip ID - 544061

To,

The Listing Department
National Stock Exchange of India Limited
Exchange Plaza, Plot No. C/1, G Block
Bandra-Kurla Complex, Bandra (E)
Mumbai - 400 051
Scrip Code - AZAD

Dear Sir/Madam,

Subject: Investor Presentation.

Pursuant to Regulation 30(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith the presentation on Audited Standalone and Consolidated Financial Results for the quarter and financial year ended March 31, 2026, which would be used in the Investors / Analysts earnings conference call scheduled to be held on May 16, 2026, at 11:00 A.M. (IST).

Kindly take the information on record.

Thanking you.

Yours truly,

For Azad Engineering Limited

PRANEETH
ABHISHEK
GUNDA
Digitally signed by
PRANEETH ABHISHEK
Date: 2026.05.15
18:39:14 +05'30'

G. Praneeth Abhishek
Company Secretary, Compliance Officer and Head Legal
Membership No.: ACS-35583
Encl.: As above

Azad Engineering Limited
Plot No.90/C, 90/D, Phase -1, I.D.A., Jeedimetla, Hyderabad, Telangana-500 055, India.
Contact: 040-23097007
Email: info@azad.in
Web: www.azad.in
CIN NO: L74210TG1983PLC004132
GSTIN: 36AAECA9452H1ZJ
CS-2601-56
AZAD

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AZAD

Azad Engineering Limited

Investor Presentation

May 2026

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Safe Harbor

AZAD

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 securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.

This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.

Certain matters discussed in this Presentation may contain statements regarding the Company's market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the company's ability to successfully implement its strategy, the Company's future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company's market preferences and its exposure to market risks, as well as other risks. The Company's actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third-party statements and projections.

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Performance Update

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4

Highest Ever Quarterly and Annual Performance

FY26 vs FY25 (Consolidated)

Rs. 6,029.8 Mn	Rs. 2,253.1 Mn	Rs. 1,873.1 Mn	Rs. 1,335.6 Mn
↑ 31.8%	↑ 39.7%	↑ 51.0%	↑ 54.4%
Revenue	EBITDA	31.1% margin	22.2% margin
	EBITDA	PBT	PAT

Q4FY26 vs Q4FY25 (Consolidated)

Rs. 1,615.4 Mn	Rs. 613.2 Mn	Rs. 512.4 Mn	Rs. 368.1 Mn
↑ 27.3%	↑ 34.5%	↑ 42.8%	↑ 48.4%
Revenue	EBITDA	38.0% margin	22.8% margin
	EBITDA	PBT	PAT

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5

AJAD

Highest Ever Quarterly and Annual Performance

FY26 vs FY25 (standalone)

Rs. 5,903.8 Mn	Rs. 2,177.5 Mn	Rs. 1,854.9 Mn	Rs. 1,321.6 Mn
↑ 30.3%	↑ 35.3%	↑ 47.2%	↑ 49.3%
Revenue	36.9% margin	31.4% margin	22.4% margin
	EBITDA	PBT	PAT

Q4FY26 vs Q4FY25 (standalone)

Rs. 1,573.9 Mn	Rs. 577.6 Mn	Rs. 491.4 Mn	Rs. 351.3 Mn
↑ 26.4%	↑ 27.1%	↑ 33.6%	↑ 34.9%
Revenue	36.7% margin	31.2% margin	22.3% margin
	EBITDA	PBT	PAT

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Performance Highlights (standalone)

AZAD

"FY26 was a year of clear focus on consolidation and stabilization - embedding newly commissioned capacities, strengthening OEM qualifications, and building the human capital foundation for the next phase of growth.

From a financial perspective, Q4 FY26 was another strong quarter, with healthy revenue growth and sustained margins. This momentum continued throughout the full year, with total revenue reaching close to ₹6,000 million, reflecting consistent execution and increasing contributions from advanced manufacturing programs.

On the CAPEX front, we made steady progress by commissioning four dedicated lean manufacturing facilities for our customers since listing, including two during FY26 and one as recently as last month.

Looking ahead, we remain confident of sustaining strong growth momentum, supported by favourable industry tailwinds and continued investments in capacity expansion."

Rakesh Chopdar, Chairman & CEO

Yearly performance

* EBITDA margin is calculated as – Reported EBITDA/ Revenue from operations
** PBT Margin is calculated as – Reported PBT / Revenue from Operation and PAT Margin is calculated as – PAT / Revenue from Operation

Quarterly performance

** EBITDA***
35.5% 36.9%
30.3% 2,177.5
5,903.8
FY25 FY26

** PBT***
27.8% 31.4%
454.4
1,260.1
FY25 FY26

** PAT**
19.5% 22.4%
885.2
FY26 FY26

(Rs. Mn)
Margins
PAT
20.9% 22.3%
34.9% 351.3
Q4FY25 Q4FY26
Q4FY25 Q4FY26

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A Z A D

Revenue Mix - Growth momentum building across segments (standalone)

(Rs. Mn)
% Revenue contribution

Energy & Oil & Gas

Aerospace & Defence

Revenue from Operations*

Exports

Domestic

* Including others

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Inaugurated Four Dedicated Facilities at Tunikibollaram Industrial Park, Hyderabad

AZAD

Mitsubishi Heavy Industries

7,200 sq.m · Inaugurated March 2025

Siemens Energy

7,200 sq.m · Inaugurated September 2025

Siemens Energy

7,600 sq.m · Inaugurated April 2025

GE Vernova (Steam Power)

7,600 sq.m · Inaugurated April 2025

Baker Hughes

7,600 sq.m · Inaugurated April 2026

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AZAD

Orders that are driving AZAD's growth journey

Arabelle Solutions	BHEL	Baker Hughes	GE Vernova	GTRE
Signed a supply agreement for the supply of critical and highly complex rotating and stationary components. The value of this agreement for the entire term is at USD 40 Mn	Secured a purchase order from Bharat Heavy Electrical Limited (BHEL) for the supply of advanced, high-complex rotating airfoils for supercritical turbines. Prestigious collaborative indigenization project; evaluation and approval by the Central Electricity Authority Ministry of Power, NTPC, & BHEL	Signed an MoU to setup a facility to manufacture and supply of precision components, sub-assemblies, assemblies to cater the requirements within the kingdom of Saudi Arabia
Signed an additional Strategic supply Agreement with Nuovo Pignone srl, a corporation of Baker Hughes company, that involves the supply of high-complex and critical components. Further, this agreement is amended for a term of five (5) years, expiring in CY 2030	Secured agreement to supply of highly engineered, complex rotating and stationary airfoils for Advanced Gas turbine engines, the contract is valued at USD 112 Mn
Secured agreement for manufacturing and supplying of highly engineered and complex rotating and stationary Airfoils for advanced nuclear, industrial, and thermal power industries, contract valued at USD 53.5 Mn	Secured a prestigious nation pride contract from GTRE one of the pioneering Research and Development Organizations under DRDO and the Ministry of Defense, Government of India. The contract is of end-to-end manufacturing, assembling and integration of a complete assembled Advanced Turbo Gas Generator Engine
Honeywell Aerospace	Mitsubishi	Pratt and Whitney Canada	Rolls Royce Plc London	Siemens Energy Global
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Received a business award from Honeywell Aerospace ISC, USA, for manufacturing and supply of high complex components to meet the global demand in the Aviation industry. This Phase 1 of the Award, valued at USD 16 Mn spend over the contract period has added to its strategic collaboration with Honeywell Aerospace	Signed a LTCPA with Mitsubishi Heavy Industries for supply of highly engineered & complex rotating and stationary airfoils for Advanced Gas & Thermal power turbine engines. This current Phase of contract is valued at USD 83 Mn for a period of 5 years
Single Source Supplier Partner for supply of highly engineered & complex hot-section Nozzle Vanes Segments of gas turbine engines, LTCPA signed for 8 years	Master Terms Agreement & Purchase Agreement for development and manufacturing of aircraft engine components. This agreement establishes a framework for long-term collaboration aimed at strengthening Azad's manufacturing capabilities in the aerospace sector, in alignment with national strategic priorities	Signed a deal to produce Civil Aircraft Engine Components and supply super critical complex machined parts for a period of life of the Engine Program on a long-term basis	Secured agreement to manufacture and supply critical rotating components for the global demands of advanced gas and thermal turbine engines
Secured agreement for manufacturing and supplying essential components like combustion commodities, cold blades, and machined parts, valued at USD 90 Mn

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Azad

Standalone Profit & Loss Account

Particulars (Rs. Mn)	Q4FY26	Q4FY25	YoY	Q3FY26	QoQ	FY26	FY25	YoY
Revenue from Operations	1,573.9	1,245.2	26.4%	1,558.0	1.0%	5,903.8	4,529.3	30.3%
Consumption	98.4	156.5		132.0		570.4	627.2
Employee expenses	371.0	245.7		330.4		1,310.2	909.9
Other Expenses	526.8	388.6		479.9		1,828.1	1,346.4
Non - Recurring Expenses	0.0	0.0		14.87		17.5	35.8
Reported EBITDA	577.6	454.4	27.1%	600.9	-3.9%	2,177.5	1,610.0	35.3%
Reported EBITDA Margin	36.7%	36.5%		38.6%		36.9%	35.5%
Other income	170.4	37.8		86.2		475.3	115.5
Depreciation and amortisation expense	160.4	88.3		135.5		500.9	285.9
Finance cost	96.3	36.0		80.6		297.1	179.4
Profit before Tax	491.4	367.9	33.6%	471.0	4.3%	1,854.9	1,260.1	47.2%
Profit before Margin	31.2%	29.5%		30.2%		31.4%	27.8%
Tax	140.1	107.5		130.6		533.2	374.9
Profit After Tax	351.3	260.4	34.9%	340.4	3.2%	1,321.6	885.2	49.3%
Profit After Tax Margin	22.3%	20.9%		21.8%		22.4%	19.5%
EPS – Basic (Rs.)	5.44	4.28		5.27		20.46	14.87
EPS – Diluted (Rs.)	5.44	4.28		5.27		20.46	14.87

Key Highlights

• Record quarterly and annual performance across all segments
• Aerospace & Defence has surpassed a mark of Rs. 1,000 Mn first time in Azad's history
• Depreciation has increased over the period because of capacity additions
• Finance cost has increased due to additional term loans and working capital loans availed to support business growth
• Other income was higher on account of net gain on foreign currency transactions and translations

10

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Azad

Standalone Balance Sheet

Assets (Rs. Mn)	Mar-26	Mar-25
Non-current assets
Property, plant and equipment	7,447.7	4,010.2
Right of use assets	113.1	131.3
Capital work-in-progress	2,566.8	797.8
Financial assets
(i) Investments	0.2	0.2
(ii) Loan	196.4	188.9
(iii) Other financial assets	450.3	316.4
Other non-current assets	1,340.5	1,190.4
Total non-current assets (A)	12,115.1	6,635.2
Current assets
Inventories	3,266.3	1,884.8
Financial assets
(i) Trade receivables	3,092.4	2,215.8
(ii) Cash and cash equivalents	235.8	403.8
(iii) Bank balances other than cash and cash equivalents	1,600.0	6,555.4
(iv) Other financial assets	88.8	40.4
Other current assets	1,553.0	809.8
Total current assets (B)	9,836.3	11,910.0
Total assets (A+B)	21,951.3	18,545.3
Equity and liabilities (Rs. Mn)	Mar-26	Mar-25
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Equity
Equity share capital	129.2	129.2
Other equity	15,390.6	14,046.9
Total equity (A)	15,519.8	14,176.0
Non-current liabilities
Financial liabilities
(i) Borrowings	2,783.4	1,679.0
(ii) Lease liabilities	112.5	123.7
Provisions	59.8	45.9
Deferred tax liabilities (net)	490.6	274.4
Total non-current liabilities (B)	3,446.3	2,122.9
Current liabilities
Financial liabilities
(i) Borrowings	1,732.4	704.4
(ii) Lease liabilities	11.9	10.5
(iii) Trade payables
a) total outstanding dues of MSMEs	180.1	299.8
b) total outstanding dues of creditors other than MSMEs	683.3	489.8
(iv) Other financial liabilities	314.5	493.3
Provisions	8.2	6.3
Other current liabilities	45.9	63.8
Current tax liabilities (net)	9.0	178.6
Total current liabilities (C)	2,985.3	2,246.3
Total liabilities (B+C)	6,431.6	4,369.3
Total equity and liabilities (A+B+C)	21,951.3	18,545.3

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Standalone Cash Flow Statement

AZAD

Particulars (Rs. Mn)	Mar-26	Mar-25
Profit Before Taxes	1,854.9	1,260.2
Adjustments for Non Cash / Non Operating items	402.2	423.3
Operating profit before working capital changes	2,257.0	1,683.5
Changes in working capital	-3,003.0	-879.5
Cash generated from operations	-745.9	804.0
Direct taxes paid (net of refund)	-486.7	-175.2
Net Cash from Operating Activities (A)	-1,232.6	628.9
Net Cash from Investing Activities (B)	-701.1	-9,232.6
Net Cash from Financing Activities (C)	1,765.8	8,725.6
Net Increase in cash and cash equivalents (A+B+C)	-167.9	121.9
Cash and cash equivalents at the beginning of the period year	403.8	281.9
Cash and cash equivalents at the end of the period year	235.8	403.7

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Company Overview

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Azad Engineering Ltd.: Snapshot

AZAD

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

Source: EY Report, DRHP; Notes: Amounts are rounded off; ¹Between FY09 to FY26; ²Based on orders in H2FY25; as of March 31, 2026

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Project and Life Critical Portfolio of Diversified Products (1/2)

AZAD

Energy and Oil & Gas Industry

Product Category

Nuclear Power Turbine – Turbine Airfoil Assembly

Hydrogen / Natural Gas Turbine – Turbine Airfoil Assembly

Thermal Power Turbine – Turbine Airfoil Assembly

Oil & Gas – Up & Mid Stream Subsystems

Products

Fixed Airfoil

Last Stage Airfoil – Rotary & Welding Chamfers

Last Stage Airfoil - Stationary

Stator & Rotor Airfoils

Compressor Airfoils

Hot Gas Parts

Fixed, Moving and Last Stage Airfoil/Blade

End-Use Industry/Application

Slips

Drill Bits

Hatch Cover

Bonnet

Frame

Oil & Gas – Up & Mid Stream Subsystems

Frame

Discovery & Extraction of Fossil Fuels

15

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Project and Life Critical Portfolio of Diversified Products (2/2)

AZAD

Aerospace and Defence Industry

Product Category

Aero Engine Assembly

Auxiliary Power Unit ("APU")

Air Generation & Valve Assembly

Actuator & Hydraulic Systems

Airframes & Booster

Products

End-Use Industry/Application

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Significant Entry Barriers at Each Stage

AZAD

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 against manufacturers from China, Europe, USA and Japan.

• Substantial upfront capital for setting up manufacturing plant and technology
• Requirement of skilled engineers for oversight and quality controls

• Highly engineered, complex and mission and life-critical components
• Some parts have “zero parts per million” defects requirement

• Estimated 30-48 months long process for onboarding a qualified supplier
• Separate qualification process for each component supplied

• Significant time & capital spent by OEMs and supplier in design, manufacturing & qualifications
• Superior manufacturing demands a unique blend of expertise, innovation, quality and scalability, resulting in high switching costs for the OEMs

• Requires constant innovations in developing manufacturing processes
• Expansion of in-house capabilities along with integrated supply chain for handling logistics globally

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AZAD

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

Growth Drivers

Opportunity to increase wallet share by entering into adjacencies

Rise in Defence spending with focus on modernization and advanced aircrafts

Technological advancements for next generation engines

Increasing demand for commercial aircrafts

Global air traffic (RPK bn)

+10%

• Dominated by Boeing and Airbus SE with over 90% market share
• 15,000 units of backlog order with ~84% of narrow body aircrafts like Airbus A220, A320 and Boeing 737

Key components used in an aircraft

1. Outer Structure

• Fuselage
• Wings
• Empennage
• Landing Gear

2. Engine Parts

• Fan
• Compressor
• Combustor
• Turbine
• Nozzle

3. Operational Systems

• Avionics
• Flight control

• Hydraulics

• Rotary wings

• Fuel system
• Pneumatic systems

Scope to deepen our presence into other areas of engine & operational systems

Addressable market

Aerospace & Defence¹

Critical components supplier for various Aircrafts Platforms...

Airbus SE
A320, A356, A355, A356
XWB

Boeing
B737, B737 Max, B747, B777, B777X

Gulfstream
Gulfstream G550

...further in discussion for supplying of components for new engine platforms to various aircraft manufacturers

Source: EY report
RPK = Revenue Passenger Kilometer; ¹Includes the market for five key players: Eaton Corporation Plc, The Boeing Company, Honeywell International Inc., GE Aerospace & HAL

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AZAD

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
Gas power turbine

Rs. 310 Bn
(2029)
Overall global energy turbine components market

Growth Drivers

• Opportunity to penetrate existing customers by entering into new component lines
• Demand for turbines in Industrial applications
• Replacement market for turbines given their limited operational lifespan
• Continued support of conventional energy to supplement renewable sources

Supplier to five of the key manufacturers in the turbine manufacturing industry
Supplier to key OEMs controlling ~75% of the gas turbine market share

Key segments in a power turbine

Note: ¹ Based on technology ownership and number of units ordered in 9M 2024; Source: EY Report

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Long-standing and Deep Customer Relationships With OEMs

AZAD

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 customer base and strong visibility on long term revenue.

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Well-diversified Business with Global Operations

AZAD

Standalone

Azad caters to multiple customers across the globe has average relationship for over 10 years with key customers

Revenue Breakup

Exports to 12 Countries

Maps not to scale. All data, information, and maps are provided "as is" without warranty or any representation of accuracy, timeliness or completeness.

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Advanced Manufacturing Facilities With Focus on Innovation and Cost Competitiveness

AZAD

Azad's all facilities (except which are earmarked for specific clients) are fungible in nature

		Area	Customers
Existing facilities	4 facilities in Hyderabad	20,000 sq. mts	Multiple customers
Upcoming facilities	Multiple sub facilities	Phase 1- ~94,899 sq. mts
(includes 4 facilities which have been already inaugurated)
Phase 2 – 67,267 sq. mts	Dedicated for specific customers

International & Domestic Accreditations

Hyderabad, Telangana

Maps not to scale. All data, information, and maps are provided "as is" without warranty or any representation of accuracy, timeliness or completeness.

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Azad

Experienced Promoter, Board of Directors and Key Management team…

Rakesh Chopdar

Chairman & CEO

• Associated with Azad since 2003, with two decades of experience
• Bestowed “Young Asian Entrepreneur 2019-20” by CNBC – TV18 in 2020

Murli Krishna Bhupatiraju

Managing Director

• Holds PhD (Ohio State University), MBA (Michigan State University) and MSc in Computer Science (Georgia Institute of Technology)
• Previously worked with Bharat Forge America, Dyson Corporation, & Gerdau Macsteel

Vishnu Malpani

Whole-Time Director

• Associated with Azad for over 4 years
• Previously worked with Wipro Technologies, Jubilant MotorWorks Private Limited, Visaka Industries Limited

Jyoti Chopdar

Whole-Time Director

• Associated with Azad for over 8+ years and is actively involved in the Company’s general administrative activities

Ronak Jajoo

Chief Financial Officer

• Passed the examination for post graduate degree in business management
• Associated with Azad since 2021

Praneeth Abhishek Gunda

Head - Secretarial and legal

• 13+ years experience in Corporate Secretarial and legal function
• Previously associated Cohance Life sciences Ltd, KSK Energy Ventures Ltd and MedRC Edutech Ltd

Michael Joseph Booth

Independent Director

• Holds a higher national diploma in mechanical engineering from Kilmarnock Technical College
• Previously worked with GE Caledonian Ltd & in Turbine Services Ltd (owned by Chromalloy)

Deepak Kabra

Independent Director

• Accomplished banking & finance professional with over 20+ years of experience
• Previously associated with ICICI Bank, YES Bank, and Tata Chemicals

Madhusree Vemuru

Independent Director

• Admitted to Bar Council of India of the State of Andhra Pradesh
• Previously worked with Andhra Paper Ltd & Dr. Reddy’s Foundation

Subba Rao Ambati

Independent Director

• Hold Bachelor’s degree in Pharmacy (Hons.) from BITS & diploma from the Indian Merchants’ Chamber, Bombay
• Previously worked with Mars Therapeutics & Chemicals Ltd

23

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24

Unique positioning of

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
• High upfront investment

Organizational capabilities aligned with strategic priorities

• Promoter with more than 2 decades of experience
• Experienced senior management with technical know-how & strong customer understanding
• Long-standing and deep customer relationships with OEMs; Record orderbook, multiyear contracts
• Consistent delivery of profitable growth with a high focus on operational excellence
• Strong balance sheet

Uniquely positioned to meet complex engineering requirements of energy sector for today and for the A&D and O&G sectors in the near future

• Proven highly complex portfolio in Energy Space (Airfoils) acting as a testimony for Aerospace & Defence and Oil & Gas sectors
• Resilient and growing end markets; Huge replacement demand
• Geared for the future with upcoming capacity expansion

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Way Forward

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Key Strategies Going Forward

AZAD

| | • 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 clients |
| --- | --- |
| | • Utilizing existing product and technology capabilities to serve new clients
Building a comprehensive product portfolio catering to diversified new clients |
| | • Strategic inorganic acquisitions to complement and enhance capabilities
Building capabilities to manufacture large components; acquiring technologies to achieve full stack production capabilities reducing external dependencies |
| | • Technology-led optimization driving cost and operating efficiencies
Underpinned by automation, lean manufacturing, quality enhancement, improved capacity utilization, and economies of scale |
| | • Strategic geographical expansion ensuring co-location with manufacturing footprint of key global OEMs
MoU signed for expansion into Saudi Arabia |
| | • Leveraging core competencies to provide end-to-end production capabilities
Manufacture, assembly, and integration of ATGG (Advanced Turbo Gas Generator) |
| | • Expanding into manufacture of higher-value products along the client value chain
Includes advanced gas, steam and nuclear turbines and landing gears among others |

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Historical financials

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A Z A D

Consistent Track Record of Financial Performance (Standalone)

Margin

In Rs. Mn
Revenue From Operations
Net Debt to Equity

Adj. EBITDA* & EBITDA Margin
Return on Capital Employed (%)

PAT and PAT Margin

Working Capital Days

Notes: Amounts are rounded off; Adjusted EBITDA is calculated as EBITDA plus fire incident, fire restoration cost, fire insurance – premium, ECL, foreign currency, professional and consultancy charges towards Hamuel litigation and COVID loss; ; Adjusted ROCE % = Adjusted EBIT / Adjusted average capital employed (Excluding CWIP)
Margins are calculated as a percentage of revenue from operations

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Restated Standalone Statement of Profit and Loss

AZAD

(Rs. Mn)	FY26	FY25	FY24	FY23	FY22	FY21	CAGR (FY21-25)
Revenue from Operations	5,903.8	4,529.3	3,407.7	2,516.8	1,944.7	1,205.1	37.4%
Consumption	570.4	627.2	460.2	301.5	207.6	137.5
Employee expenses	1,310.2	909.9	742.7	592.7	462.7	316.2
Other Expenses	1,845.6	1,346.4	1,030.3	827.1	642.9	375.0
Adj EBITDA	2,195.3	1,645.7	1,174.5	795.4	631.5	376.3	42.1%
Adj EBITDA Margin	37.2%	36.3%	34.5%	31.6%	32.5%	31.2%
Non - Recurring Expenses	17.9	35.8	8.6	72.7	9.0	89.4
Reported EBITDA	2,177.5	1,609.9	1,165.9	722.8	622.5	287.0
Reported EBITDA Margin	36.9%	35.5%	34.2%	28.7%	32.0%	23.8%
Other income – recurring	475.3	115.5	46.3	88.9	33.5	41.6
Depreciation and amortisation expense	500.9	285.9	205.3	165.8	133.1	88.7
Finance cost – recurring	297.1	179.4	185.3	228.7	136.2	48.9
Adj Profit before tax	1,872.7	1,295.9	830.2	489.8	395.7	280.3	45.9%
Finance cost - non-recurring	0.0	0.0	287.4	295.1	0.0	0.0
Other income - one time	0.0	0.0	273.7	9.6	0.0	0.0
Profit before Tax	1,854.9	1,260.1	807.9	131.6	386.7	190.9	57.6%
Tax	533.2	374.9	222.1	46.9	106.8	55.8
Profit After Tax	1,321.6	885.2	585.8	84.7	280.0	135.1	57.8%
Profit After Tax Margin	22.4%	19.5%	17.2%	3.4%	14.4%	11.2%

• Non-recurring expenses include:
• Fire related expenses
• Provision for credit impaired trade receivables
• Professional and consultancy charges
• Loss on forex transactions and translations other than those considered as finance cost (net)
• Covid Loss
• Non-recurring finance cost includes:
• Interest on optionally & compulsory convertible debentures
• IND-AS Impact of Bank Term loan Closure
• Premium on redemption of debentures

*Adjusted EBITDA: Calculated as EBITDA plus provision for credit impaired trade receivable
** Adjusted PBT is calculated as Adjusted EBITDA plus other income minus depreciation and finance costs. Adjusted PBT excludes non- recurring income and expense
* Adj PBT Margin is calculated as - Adj PBT / Revenue from Operation and PAT Margin is calculated as - PAT / Revenue from Operation

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Restated Standalone Balance Sheet

AZAD

Assets (Rs. Mn)	Mar-26	Mar-25	Mar-24	Mar-23	Mar-22	Mar-21
Non-current assets
Property, plant and equipment	7,447.7	4,010.2	2,545.4	2,096.8	1,374.3	1,140.6
Right of use assets	113.1	131.3	27.3	0.0	0.0	0.0
Capital work-in-progress	2,566.8	797.8	454.3	379.9	236.6	0.0
Financial assets
(i) Investments	0.2	0.2	0.0	62.8	62.8	62.9
(ii) Loan	196.4	188.9	0.0	0.0	0.0	0.0
(iii) Other financial assets	450.3	316.4	246.9	38.7	36.0	39.3
Other non-current assets	1,340.5	1,190.4	479.7	475.7	654.8	55.5
Total non-current assets (A)	12,115.1	6,635.2	3,753.7	3,053.9	2,364.5	1,298.3
Current assets
Inventories	3,266.3	1,884.8	1,329.6	860.6	573.8	342.9
Financial assets
(i) Trade receivables	3,092.4	2,215.8	1,699.5	1,186.6	746.3	525.4
(ii) Cash and cash equivalents	235.8	403.8	281.9	193.9	44.2	16.8
(iii) Bank balances other than cash and cash equivalents	1,600.0	6,555.4	307.3	333.3	132.5	154.1
(iv) Other financial assets	88.8	40.4	0.0	0.9	0.0	12.3
Other current assets	1,553.0	809.8	598.7	260.8	179.9	215.8
Total current assets (B)	9,836.3	11,910.0	4,217.1	2,836.2	1,676.6	1,267.4
Total assets (A+B)	21,951.3	18,545.3	7,970.8	5,890.0	4,041.1	2,565.7
Equity and liabilities (Rs. Mn)	Mar-26	Mar-25	Mar-24	Mar-23	Mar-22	Mar-21
---	---	---	---	---	---	---
Equity
Equity share capital	129.2	129.2	118.2	16.5	15.1	15.1
Other equity	15,390.6	14,046.9	6,332.8	2,023.8	1,185.0	908.5
Total equity (A)	15,519.8	14,176.0	6,451.1	2,040.3	1,200.2	923.6
Non-current liabilities
Financial liabilities
(i) Borrowings	2,783.4	1,679.0	271.1	2,206.5	1,223.5	411.3
(ii) Lease liabilities	112.5	123.7	20.1	0.0	0.0	0.0
Provisions	59.8	45.9	36.1	25.6	22.5	14.1
Deferred tax liabilities (net)	490.6	274.4	210.7	135.9	116.3	97.7
Total non-current liabilities (B)	3,446.3	2,122.9	537.9	2,368.1	1,362.4	523.0
Current liabilities
Financial liabilities
(i) Borrowings	1,732.4	704.4	100.4	797.4	746.3	462.5
(ii) Lease liabilities	11.9	10.5	2.7	0.0	0.0	0.0
(iii) Trade payables
a) total outstanding dues of MSMEs	180.1	299.8	208.6	191.8	32.5	26.2
b) total outstanding dues of creditors other than MSMEs	683.3	489.8	290.5	303.0	392.7	341.9
(iv) Other financial liabilities	314.5	493.3	297.0	123.4	158.1	75.8
Provisions	8.2	6.3	4.3	2.7	10.8	5.2
Other current liabilities	45.9	63.8	50.4	38.4	54.0	168.2
Current tax liabilities (net)	9.0	178.6	27.9	24.9	84.2	39.1
Total current liabilities (C)	2,985.3	2,246.3	981.8	1,481.7	1,478.6	1,119.0
Total liabilities (B+C)	6,431.6	4,369.3	1,519.7	3,849.7	2,841.0	1,642.1
Total equity and liabilities (A+B+C)	21,951.3	18,545.3	7,970.8	5,890.0	4,041.1	2,565.7

30

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Restated Standalone Cash Flow Statement

AZAD

(Rs. Mn)	Mar-26	Mar-25	Mar-24	Mar-23	Mar-22	Mar-21
Profit Before Taxes	1,854.9	1,260.2	807.9	131.9	386.7	190.9
Adjustments for Non Cash / Non Operating items	402.2	423.3	756.7	672.3	254.5	127.7
Operating profit before working capital changes	2,257.0	1,683.5	1,564.5	804.3	641.3	283.2
Changes in working capital	-3,003.0	-879.5	-1,487.7	-809.9	398.7	167.9
Cash generated from operations	-745.9	804.0	76.8	-5.7	257.2	380.6
Direct taxes paid (net of refund)	-486.7	-175.2	-146.2	-96.4	-47.8	-41.5
Net Cash from Operating Activities (A)	-1,232.6	628.9	-69.5	-102.1	209.4	339.1
Net Cash from Investing Activities (B)	-701.1	-9,232.6	-552.5	-1,011.5	-1,142.4	-285.8
Net Cash from Financing Activities ( C)	1,765.8	8,725.6	709.9	1,263.3	960.4	69.7
Net Increase in cash and cash equivalents (A+B+C)	-167.9	121.9	87.9	149.8	27.4	123.0
Cash and cash equivalents at the beginning of the period year	403.8	281.9	193.9	44.2	16.8	80.1
Cash and cash equivalents at the end of the period year	235.8	403.7	281.9	193.9	44.1	203.1

31

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Restated Consolidated Statement of Profit and Loss

AZAD

Particulars (Rs. Mn)	FY26	FY25	FY24	FY23	FY22
Revenue from Operations	6,029.8	4,573.5	3,407.7	2,516.8	1,944.7
Consumption	581.2	636.8	460.2	301.5	207.6
Employee expenses	1,355.2	928.7	742.7	592.7	462.7
Other Expenses	1,840.2	1,359.2	1,030.3	826.8	642.7
Reported EBITDA	2,235.3	1,613.1	1,165.9	723.1	622.7
Reported EBITDA Margin	37.1%	35.3%	34.2%	28.7%	32.0%
Other income	456.5	105.9	46.3	88.9	48.0
Depreciation and amortisation expense	528.4	294.8	205.3	165.8	133.1
Finance cost	308.2	183.9	185.3	228.7	107.9
Profit before Tax	1,873.1	1,240.3	807.9	131.9	401.3
Tax	537.4	374.9	222.1	46.9	106.8
Profit After Tax	1,335.64	865.3	585.8	85.1	294.6
Profit After Tax Margin	22.2%	18.9%	17.2%	3.4%	15.1%

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Restated Consolidated Balance Sheet

AZAD

Assets (Rs. Mn)	Mar-26	Mar-25	Mar-24
Non-current assets
Property, plant and equipment	7,632.3	4,166.5	2,545.4
Right of use assets	161.1	193.9	27.3
Capital work-in-progress	2,566.8	797.8	454.3
Financial assets
(i) Investments	0.0	0.0	0.0
(ii) Loans	0.0	0.0	0.0
(ii) Other financial assets	406.7	264.7	246.9
Other non-current assets	1,340.5	1,214.1	479.7
Total non-current assets (A)	12,107.4	6,636.9	3,753.7
Current assets
Inventories	3,291.1	1,893.0	1,329.6
Financial assets
(i) Trade receivables	3,116.6	2,234.8	1,699.5
(ii) Cash and cash equivalents	245.4	408.3	281.9
(iii) Bank balances other than cash and cash equivalents	1,600.0	6,561.9	307.3
(iv) Other financial assets	62.6	31.7	0.0
Other current assets	1,577.2	840.3	598.7
Total current assets (B)	9,893.0	11,970.1	4,217.1
Total assets (A+B)	22,000.4	18,607.0	7,970.8
Equity and liabilities (Rs. Mn)	Mar-26	Mar-25	Mar-24
---	---	---	---
Equity
Equity share capital	129.2	129.2	118.2
Other equity	15,159.2	13,801.0	6,332.4
Total equity (A)	15,288.3	13,930.2	6,450.6
Non-current liabilities
Financial liabilities
(i) Borrowings	2,809.5	1,708.7	271.1
(ii) Lease liabilities	150.5	175.2	20.1
(iii) Other financial liabilities	171.5	171.5	0.0
Provisions	61.9	45.9	36.1
Deferred tax liabilities (net)	492.0	274.4	210.7
Total non-current liabilities (B)	3,685.4	2,375.6	537.9
Current liabilities
Financial liabilities
(i) Borrowings	1,756.9	727.2	100.4
(ii) Lease liabilities	26.4	22.7	2.7
(iii) Trade payables
a) total outstanding dues of MSMEs	181.1	299.8	208.6
b) total outstanding dues of creditors other than MSMEs	671.6	501.3	290.9
(iii) Other financial liabilities	320.9	498.4	256.3
Provisions	8.2	6.3	4.3
Other current liabilities	51.4	67.0	91.0
Current tax liabilities (net)	10.3	178.6	27.9
Total current liabilities (C)	3,026.7	2,301.2	982.2
Total liabilities (B+C)	6,712.1	4,676.8	1,520.1
Total equity and liabilities (A+B+C)	22,000.4	18,607.0	7,970.8

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Adj EBITDA & Reported EBITDA Bridge

AZAD

(Standalone Rs. Mn)	FY26	FY25	FY24	FY23	FY22	FY21
(A) Adj EBITDA	2,195.5	1,645.7	1,174.5	795.4	631.5	376.3
(B) Non - Recurring Expenses
Fire related expenses	0	0.0	0.0	63.0	0.0	0.0
Provision for credit impaired trade receivable	17.9	35.8	8.6	4.8	2.4	7.9
Professional and consultancy charges	0	0.0	0.0	4.9	5.0	21.6
Loss on forex transactions and translations other than those considered as finance cost (net)	0	0.0	0.0	0.0	1.6	0.0
Covid Loss	0	0.0	0.0	0.0	0.0	59.8
Total non-recurring expenses	17.9	35.8	8.6	72.7	9.0	89.4
(C) Reported EBITDA (A-B)	2,177.5	1,610.0	1,165.9	722.8	622.5	287.0

34

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For more information Please contact:

Company:

AZAD

Azad Engineering Limited:

CIN: L74210TG1983PLC004L32

Mr. Praneeth Abhishek Gunda, Company

Secretary & Compliance Officer

Email id: cs@azad.in

Investor Relations Advisor:

SGA Strategic Growth Advisors

Strategic Growth Advisors Pvt Ltd.

CIN: U74140MH2010PTC204285

Shikha Puri / Srushti Pathak

Email id: shikha.puri@sgapl.net /

srushti.pathak@sgapl.net

Tel No: +91 9819282743 / +91 8308245280