Defence · Founded 1990 · www.axiscades.com · BSE 532395 · NSE AXISCADES · ISIN INE555B01013
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Business
Axiscades Technologies Ltd. is a leading product engineering and technology solutions company primarily serving the aerospace, defence, heavy engineering, automotive, and energy sectors. The company provides a range of services including product design and development, digital engineering solutions, manufacturing engineering, embedded software and hardware development, and industrial IoT solutions. Its core business model involves leveraging its engineering expertise to offer end-to-end solutions, from concept to commissioning, helping clients innovate, optimize processes, and enhance product lifecycle management. It makes money by charging for its engineering services, specialized product development, and integrated technology solutions delivered to its client base.
Revenue Mix
Axiscades Technologies operates across several key industry verticals. While specific revenue contributions can vary and are often detailed in annual reports, its primary segments include:
Aerospace & Defence: A significant focus area, providing engineering services for aircraft design, embedded systems, avionics, and various defence platforms.
Heavy Engineering & Industrial Products: Services for machinery, industrial equipment, and large-scale manufacturing.
Automotive: Engineering and design services for the automotive industry, including electric vehicles and autonomous systems.
Energy & Utilities: Solutions for power generation, transmission, and related infrastructure.
The company's revenue mix generally leans heavily towards its engineering services, with a growing emphasis on digital and embedded technologies across these sectors.
Industry
Axiscades operates in the Indian Defence sector as a private-sector player primarily focused on engineering and technology solutions. The Indian defence industry is characterized by a significant presence of public sector undertakings (PSUs) but is increasingly opening up to private participation, driven by "Make in India" and "Atmanirbhar Bharat" initiatives. Axiscades positions itself as a specialized technology and engineering partner, offering niche capabilities that complement the broader manufacturing and integration efforts of larger players and government entities. Its standing is as a significant provider of complex engineering services rather than a primary manufacturer of large defence platforms. Peers would include other engineering services providers with defence domain expertise, both domestic and international.
MOAT
Axiscades possesses several potential competitive advantages:
Domain Expertise & Certifications: Deep engineering knowledge in highly regulated sectors like aerospace and defence, coupled with necessary certifications, creates barriers to entry.
Long-term Client Relationships: Building trust and delivering complex projects fosters long-term engagements, leading to recurring business.
Specialized Technology & Talent: Expertise in niche areas like embedded systems, digital twins, and industrial IoT for critical sectors.
Strategic Partnerships: Collaborations with global OEMs and defence integrators can provide access to advanced projects and technology.
Regulatory Alignment: Aligning with government policies promoting indigenous defence manufacturing and technology development provides a tailwind.
Growth Drivers
Increased Defence Spending & Modernization: India's growing defence budget and focus on modernizing its armed forces drive demand for advanced engineering and indigenous technology.
"Make in India" & "Atmanirbhar Bharat" Initiatives: Government push for self-reliance in defence manufacturing and R&D creates opportunities for domestic players like Axiscades.
Offset Obligations: International defence deals often include offset clauses, benefiting Indian engineering and technology firms.
Digital Transformation: Rising demand for digital engineering, embedded systems, AI, and IoT solutions across its served industries.
Aerospace Sector Growth: Revival and growth in the civil aerospace sector, alongside military aviation projects.
Risks
Government Policy & Budget Volatility: Dependence on government defence procurement and policies, which can change, impacting project timelines and funding.
Geopolitical Instability: Global events can affect defence budgets or lead to project delays.
Technological Obsolescence: Need for continuous investment in R&D to stay competitive in rapidly evolving technology landscapes.
Customer Concentration: Reliance on a few large defence or aerospace clients could pose a risk if those relationships are impacted.
Talent Acquisition & Retention: Difficulty in finding and retaining specialized engineering talent.
Project Delays & Cost Overruns: Complex engineering projects are susceptible to delays and cost escalations.
Intense Competition: Competition from both domestic and international engineering service providers.
Management & Ownership
Axiscades Technologies Ltd. is part of the Axiscades Group. The company has a promoter group holding a significant stake, reflecting a committed ownership. The management team typically comprises experienced professionals from the engineering services and technology sectors. Their focus has been on expanding capabilities, securing strategic partnerships, and leveraging government initiatives in defence and aerospace. The ownership structure generally includes the promoter group, institutional investors, and public shareholders.
Outlook
Axiscades Technologies is well-positioned to capitalize on India's strong push for indigenous defence manufacturing and technological self-reliance, coupled with global trends in digital engineering and aerospace modernization. The company's specialized engineering capabilities in critical sectors like defence and aerospace provide a robust demand outlook. However, its growth is intrinsically linked to government spending cycles, regulatory changes, and intense competition in the engineering services market. While significant opportunities exist from "Make in India" and defence modernization, the company must effectively manage project execution, continually innovate, and diversify its client base to mitigate risks associated with geopolitical shifts and policy changes. Its ability to scale its niche capabilities and secure larger, long-term contracts will be crucial for sustained growth.
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| #(Fig in Cr.) | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 232 | 261 | 224 | 265 | 275 | 268 | 244 | 299 | 343 | 273 |
| Other Income | 2 | 0 | 10 | 4 | 2 | 4 | 11 | 6 | 2 | 4 |
| Total Income | 234 | 261 | 234 | 269 | 277 | 272 | 254 | 305 | 345 | 277 |
| Total Expenditure | 202 | 223 | 192 | 231 | 234 | 231 | 210 | 252 | 280 | 239 |
| Operating Profit | 32 | 38 | 42 | 38 | 43 | 41 | 45 | 53 | 65 | 38 |
| Interest | 12 | 13 | 8 | 9 | 7 | 8 | 7 | 7 | 7 | 10 |
| Depreciation | 8 | 10 | 9 | 10 | 11 | 10 | 9 | 10 | 11 | 14 |
| Exceptional Income / Expenses | 0 | 0 | 0 | -0 | -2 | -2 | 0 | 0 | -8 | -3 |
| Profit Before Tax | 11 | 16 | 24 | 19 | 23 | 21 | 28 | 36 | 39 | 11 |
| Provision for Tax | 3 | 7 | 7 | 7 | 8 | -10 | 7 | 13 | 11 | 10 |
| Profit After Tax | 8 | 9 | 17 | 12 | 15 | 32 | 21 | 23 | 28 | 1 |
| Adjustments | -0 | -0 | 0 | 0 | 0 | -1 | -0 | -0 | 0 | -0 |
| Profit After Adjustments | 7 | 9 | 17 | 12 | 15 | 31 | 21 | 23 | 28 | 0 |
| Adjusted Earnings Per Share | 1.9 | 2.1 | 4.1 | 2.9 | 3.5 | 7.2 | 4.9 | 5.4 | 6.5 | 0.1 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 318 | 375 | 487 | 519 | 608 | 673 | 524 | 610 | 822 | 955 | 1031 | 1159 |
| Other Income | 2 | 4 | 15 | 15 | 9 | 8 | 14 | 9 | 6 | 16 | 21 | 23 |
| Total Income | 319 | 379 | 501 | 534 | 617 | 680 | 538 | 619 | 828 | 971 | 1052 | 1181 |
| Total Expenditure | 276 | 322 | 448 | 501 | 594 | 580 | 459 | 538 | 675 | 826 | 887 | 981 |
| Operating Profit | 44 | 58 | 54 | 33 | 23 | 101 | 80 | 81 | 152 | 145 | 164 | 201 |
| Interest | 3 | 2 | 13 | 14 | 25 | 30 | 24 | 17 | 37 | 58 | 34 | 31 |
| Depreciation | 9 | 10 | 12 | 19 | 20 | 33 | 26 | 25 | 27 | 34 | 40 | 44 |
| Exceptional Income / Expenses | -3 | -1 | 1 | -3 | 15 | 0 | -41 | -2 | -68 | 0 | -4 | -11 |
| Profit Before Tax | 29 | 45 | 29 | -3 | -8 | 38 | -10 | 37 | 21 | 53 | 88 | 114 |
| Provision for Tax | 9 | 16 | 14 | 5 | -1 | 8 | 11 | 14 | 26 | 20 | 12 | 41 |
| Profit After Tax | 20 | 29 | 15 | -8 | -8 | 30 | -21 | 23 | -5 | 33 | 75 | 73 |
| Adjustments | -0 | -0 | -0 | -0 | -0 | -1 | -0 | -0 | -0 | -1 | -0 | 0 |
| Profit After Adjustments | 19 | 29 | 14 | -8 | -8 | 30 | -22 | 22 | -5 | 33 | 75 | 72 |
| Adjusted Earnings Per Share | 7.1 | 10.5 | 3.7 | -2.2 | -2.2 | 7.9 | -5.7 | 5.9 | -1.4 | 7.8 | 17.6 | 16.9 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 8% | 19% | 9% | 12% |
| Operating Profit CAGR | 13% | 27% | 10% | 14% |
| PAT CAGR | 127% | 48% | 20% | 14% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 70% | 71% | 81% | 22% |
| ROE Average | 12% | 6% | 4% | 6% |
| ROCE Average | 15% | 14% | 12% | 13% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 125 | 158 | 301 | 292 | 285 | 315 | 299 | 331 | 338 | 585 | 649 |
| Minority's Interest | 2 | 3 | 3 | 3 | 4 | 4 | 5 | 5 | 6 | 6 | 7 |
| Borrowings | 1 | 0 | 27 | 73 | 49 | 39 | 21 | 0 | 171 | 106 | 109 |
| Other Non-Current Liabilities | 2 | 1 | 48 | 98 | 83 | 61 | 50 | -6 | 12 | 75 | 39 |
| Total Current Liabilities | 55 | 79 | 122 | 276 | 325 | 409 | 340 | 436 | 358 | 345 | 290 |
| Total Liabilities | 185 | 241 | 501 | 741 | 745 | 828 | 714 | 766 | 885 | 1118 | 1095 |
| Fixed Assets | 49 | 48 | 159 | 344 | 339 | 355 | 288 | 286 | 312 | 414 | 398 |
| Other Non-Current Assets | 14 | 28 | 106 | 52 | 70 | 70 | 62 | 48 | 34 | 41 | 54 |
| Total Current Assets | 123 | 165 | 236 | 346 | 336 | 403 | 364 | 432 | 538 | 655 | 643 |
| Total Assets | 185 | 241 | 501 | 741 | 745 | 828 | 714 | 766 | 885 | 1118 | 1095 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 3 | 17 | 24 | 36 | 13 | 31 | 45 | 53 | 71 | 75 | 56 |
| Cash Flow from Operating Activities | 31 | 31 | 9 | -38 | 37 | 65 | 122 | 31 | 71 | 79 | 88 |
| Cash Flow from Investing Activities | -8 | -21 | 1 | -44 | -13 | -3 | -22 | 30 | -201 | -163 | 9 |
| Cash Flow from Financing Activities | -9 | -1 | 2 | 47 | -7 | -48 | -93 | -42 | 133 | 64 | -100 |
| Net Cash Inflow / Outflow | 14 | 9 | 12 | -34 | 17 | 14 | 7 | 18 | 3 | -20 | -3 |
| Closing Cash & Cash Equivalent | 17 | 26 | 36 | 13 | 31 | 45 | 53 | 71 | 75 | 56 | 52 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 7.14 | 10.51 | 3.74 | -2.18 | -2.15 | 7.88 | -5.74 | 5.86 | -1.37 | 7.82 | 17.63 |
| CEPS(Rs) | 10.72 | 14.41 | 7.08 | 2.9 | 3.2 | 16.69 | 1.27 | 12.59 | 5.69 | 16.02 | 27.03 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 46.07 | 57.99 | 79.83 | 77.25 | 75.38 | 82.99 | 78.24 | 84.98 | 84.92 | 135.28 | 152.57 |
| Core EBITDA Margin(%) | 13.22 | 14.3 | 8.05 | 3.54 | 2.25 | 13.87 | 12.46 | 11.77 | 17.83 | 13.5 | 13.94 |
| EBIT Margin(%) | 9.86 | 12.47 | 8.65 | 2.25 | 2.79 | 10.16 | 2.55 | 8.8 | 7.04 | 11.6 | 11.74 |
| Pre Tax Margin(%) | 9.07 | 11.92 | 5.92 | -0.54 | -1.38 | 5.7 | -1.98 | 6.02 | 2.56 | 5.55 | 8.49 |
| PAT Margin (%) | 6.24 | 7.72 | 2.99 | -1.5 | -1.26 | 4.5 | -4.05 | 3.72 | -0.58 | 3.5 | 7.3 |
| Cash Profit Margin (%) | 9.18 | 10.44 | 5.5 | 2.11 | 1.99 | 9.37 | 0.91 | 7.82 | 2.64 | 7.04 | 11.15 |
| ROA(%) | 11.1 | 13.6 | 3.92 | -1.26 | -1.03 | 3.85 | -2.75 | 3.06 | -0.58 | 3.34 | 6.81 |
| ROE(%) | 17.77 | 20.49 | 6.34 | -2.63 | -2.66 | 10.13 | -6.97 | 7.34 | -1.48 | 7.49 | 12.38 |
| ROCE(%) | 21.9 | 27.8 | 14.83 | 2.88 | 3.91 | 15.26 | 3.22 | 14.29 | 11.21 | 15.01 | 14.56 |
| Receivable days | 76.19 | 70.42 | 63.15 | 87.92 | 95.71 | 86.59 | 102.41 | 81.55 | 72.01 | 78.94 | 94.89 |
| Inventory Days | 0 | 0 | 1.46 | 11.28 | 15.11 | 10.79 | 14.95 | 22.39 | 26.08 | 25.83 | 23.05 |
| Payable days | 0 | 0 | 124.79 | 257.88 | 164.88 | 151.55 | 186.09 | 187.94 | 147.3 | 136.58 | 104.28 |
| PER(x) | 47.26 | 27.26 | 43.24 | 0 | 0 | 3.53 | 0 | 21.68 | 0 | 70.67 | 50.38 |
| Price/Book(x) | 7.32 | 4.94 | 2.02 | 1.8 | 0.81 | 0.34 | 0.51 | 1.5 | 3.15 | 4.09 | 5.82 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 2.89 | 2.06 | 1.27 | 1.16 | 0.53 | 0.27 | 0.26 | 0.7 | 1.51 | 2.52 | 3.76 |
| EV/Core EBITDA(x) | 21.03 | 13.42 | 11.52 | 17.96 | 14.3 | 1.77 | 1.74 | 5.26 | 8.12 | 16.63 | 23.56 |
| Net Sales Growth(%) | 3.51 | 18.2 | 29.67 | 6.65 | 17.06 | 10.72 | -22.15 | 16.5 | 34.62 | 16.25 | 7.92 |
| EBIT Growth(%) | 33.25 | 49.44 | -10.08 | -72.25 | 44.98 | 303.62 | -80.43 | 301.47 | 7.73 | 91.48 | 9.24 |
| PAT Growth(%) | 23.96 | 46.35 | -49.81 | -153.69 | 1.76 | 494.74 | -170 | 206.95 | -121.16 | 796.29 | 125.34 |
| EPS Growth(%) | -5.45 | 47.23 | -64.43 | -158.44 | 1.41 | 465.84 | -172.81 | 202.21 | -123.36 | 670.96 | 125.46 |
| Debt/Equity(x) | 0.21 | 0.17 | 0.27 | 0.47 | 0.53 | 0.46 | 0.25 | 0.15 | 0.97 | 0.42 | 0.29 |
| Current Ratio(x) | 2.24 | 2.08 | 1.94 | 1.25 | 1.03 | 0.99 | 1.07 | 0.99 | 1.5 | 1.9 | 2.22 |
| Quick Ratio(x) | 2.25 | 2.11 | 1.94 | 1.15 | 0.97 | 0.94 | 1 | 0.87 | 1.32 | 1.7 | 2.01 |
| Interest Cover(x) | 12.5 | 22.76 | 3.18 | 0.81 | 0.67 | 2.28 | 0.56 | 3.17 | 1.57 | 1.92 | 3.61 |
| Total Debt/Mcap(x) | 0.03 | 0.04 | 0.13 | 0.26 | 0.66 | 1.37 | 0.48 | 0.1 | 0.31 | 0.1 | 0.05 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 65.74 | 60.3 | 60.27 | 59.86 | 59.56 | 59.49 | 58.2 | 58.08 | 58.05 | 58.05 |
| FII | 0.31 | 0.37 | 0.34 | 0.4 | 0.52 | 0.69 | 1.61 | 2.18 | 1.45 | 1.15 |
| DII | 0.16 | 8.55 | 4.54 | 4.08 | 3.82 | 2.02 | 1.34 | 1.16 | 0.94 | 1.63 |
| Public | 33.79 | 30.77 | 34.84 | 35.66 | 36.1 | 37.8 | 38.85 | 38.58 | 39.56 | 39.16 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 2.53 | 2.53 | 2.53 | 2.53 | 2.53 | 2.53 | 2.47 | 2.47 | 2.47 | 2.47 |
| FII | 0.01 | 0.02 | 0.01 | 0.02 | 0.02 | 0.03 | 0.07 | 0.09 | 0.06 | 0.05 |
| DII | 0.01 | 0.36 | 0.19 | 0.17 | 0.16 | 0.09 | 0.06 | 0.05 | 0.04 | 0.07 |
| Public | 1.3 | 1.29 | 1.46 | 1.51 | 1.53 | 1.61 | 1.65 | 1.64 | 1.68 | 1.67 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 3.85 | 4.19 | 4.19 | 4.22 | 4.24 | 4.25 | 4.25 | 4.25 | 4.25 | 4.25 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +8% | +19% | +9% | +12% |
| Operating Profit CAGR | +13% | +27% | +10% | +14% |
| PAT CAGR | +127% | +48% | +20% | +14% |
| Share Price CAGR | +70% | +71% | +81% | +22% |
| ROE Average | +12% | +6% | +4% | +6% |
| ROCE Average | +15% | +14% | +12% | +13% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 65.74 | 60.3 | 60.27 | 59.86 | 59.56 | 59.49 | 58.2 | 58.08 | 58.05 | 58.05 |
| FII | 0.31 | 0.37 | 0.34 | 0.4 | 0.52 | 0.69 | 1.61 | 2.18 | 1.45 | 1.15 |
| DII | 0.16 | 8.55 | 4.54 | 4.08 | 3.82 | 2.02 | 1.34 | 1.16 | 0.94 | 1.63 |
| Public | 34.26 | 39.7 | 39.73 | 40.14 | 40.44 | 40.51 | 41.8 | 41.92 | 41.95 | 41.95 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 2.53 | 2.53 | 2.53 | 2.53 | 2.53 | 2.53 | 2.47 | 2.47 | 2.47 | 2.47 |
| FII | 0.01 | 0.02 | 0.01 | 0.02 | 0.02 | 0.03 | 0.07 | 0.09 | 0.06 | 0.05 |
| DII | 0.01 | 0.36 | 0.19 | 0.17 | 0.16 | 0.09 | 0.06 | 0.05 | 0.04 | 0.07 |
| Public | 1.32 | 1.66 | 1.67 | 1.7 | 1.72 | 1.72 | 1.78 | 1.78 | 1.78 | 1.78 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 3.85 | 4.19 | 4.19 | 4.22 | 4.24 | 4.25 | 4.25 | 4.25 | 4.25 | 4.25 |
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