Capacity fill is the story: four OEM plants running, four to open, full utilization now FY28. Momentum's edging up, but the price already banks the whole ramp.
Overall read
6.0/10
Outlook-led
The three reads · this quarter
Capacity fill is the story: four OEM plants running, four to open, full utilization now FY28. Momentum's edging up, but the price already banks the whole ramp.
Overall read
6.0/10
Outlook-led
The three reads · this quarter
The standing reads · change less often
Moat
Moderate edge
Narrow, middle tier: every part must be requalified to leave Azad, but returns since listing are untested.
Key variables
3 tracked
lead: Working capital days (cash conversion cycle)The new plants are the reason cash is tied up. To qualify parts Azad has to buy castings, which sit in stock until the customer approves them, and customers are paying no faster. Over the same years the target was loosened four times, from 130-140 days in February 2024 to 160-180 days for H2 FY27, and the end-FY26 goal of 170-180 days was missed at 244.
Walk the talk
Management guides 25%-plus revenue growth built only on parts already qualified; the turbojet engine, Rolls-Royce and MHI hot-section work sit outside that guide.
Mixed
9 of 13 guidance items delivered on time
7 more live
Where it sits