Azad Engineering’s shares surged 8.9% to ₹2,955 on Tuesday, closing the session at the highest level of the day. The rally follows a fresh buy rating from Goldman Sachs, which lifted its price target to ₹3,315—an upside of 22% from the closing price.
Quarter‑one earnings show a net profit of ₹35.7 crore, up 20.2% from ₹29.7 crore a year earlier. Revenue hit ₹172.5 crore, a 26% increase over the ₹137 crore of last year’s first quarter. EBITDA rose 31% to ₹64.3 crore, though the margin slipped to 37.28% from 35.84%.
The company also announced the launch of two new lean‑manufacturing units at its Hyderabad centre, each spanning 7,600 m², to serve GE Vernova’s gas‑turbine segment. Analysts see the expansion as a key driver for medium‑term growth, and 8 of 9 covering analysts maintain a buy recommendation.
Azad Engineering has already climbed 82% in 2026, outpacing the sector’s average rise of around 35%. The stock’s rally is partly buoyed by the company’s move up the value chain from component supplier to a critical producer for power‑generation giants.
The company will release Q2 guidance on October 25, after the next earnings call. Investors will be watching for any hints on the cash‑flow impact of the new GE Vernova facilities and the company’s strategic debt‑management plan.