Azad engineering Limited has completed its mandatory quarterly compliance filing under SEBI regulations for the quarter ended March 31, 2026. The company submitted the required documentation to both BSE Limited and National Stock Exchange of India Limited on April 2, 2026, ensuring adherence to regulatory requirements for listed entities.

Regulatory Compliance Filing Details

The compliance filing was made pursuant to Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. This regulation mandates listed companies to provide quarterly confirmations regarding securities dematerialization and rematerialization activities during the specified period.

Registrar Confirmation Certificates

KFin Technologies Limited, serving as the company's Registrar to an Issue and Share Transfer Agent, issued confirmation certificates to both major depositories. The certificates were signed by K V S Gopala Krishna, Assistant Vice President at KFin Technologies Limited.

The confirmation certificates were addressed to:

• Central Depository Services (India) Limited (CDSL)
• National Securities Depository Limited (NSDL)

Certificate Compliance Statement

The registrar certified that all details of securities dematerialized and rematerialized during the quarter ended March 31, 2026 have been properly furnished to stock exchanges where Azad Engineering Limited's shares are listed. This confirmation ensures transparency in share transfer activities and maintains investor confidence in the company's regulatory compliance.

Company Authorization

The filing was authorized by G. Praneeth Abhishek, Company Secretary, Compliance Officer and Head Legal (Membership No.: ACS35583). The document was digitally signed on April 2, 2026, demonstrating the company's commitment to timely regulatory submissions and corporate governance standards.

Azad Engineering has received a positive assessment from Goldman Sachs, which has maintained its Buy rating on the stock with a target price of Rs 2200. The investment bank's recommendation is supported by the company's recent strategic developments, including its long-term contract with Mitsubishi Heavy Industries and enhanced manufacturing capabilities.

Goldman Sachs Investment Thesis

Goldman Sachs has highlighted several key factors supporting their bullish stance on Azad Engineering. The investment bank emphasizes the company's long-term contract with Mitsubishi Heavy Industries, single-source supplier status, entry into high-value hot-section components, and thermal coating capability as primary drivers for margin expansion and growth.

Strategic Partnership with Mitsubishi Heavy Industries

The company has secured a significant milestone through an 8-year Long Term Contract & Price Agreement (LTCPA) with Mitsubishi Heavy Industries Limited, Japan (MHI). This partnership involves manufacturing and supplying highly engineered and complex hot-section nozzle vanes segments for gas turbine engines, representing a rare achievement for an Indian precision engineering manufacturing company.

Manufacturing Capabilities and Market Position

The collaboration represents a significant technological advancement for Azad Engineering, transitioning from manufacturing compressor cold-section airfoils to producing critical combustion hot-section turbine nozzle vanes segments. The partnership utilizes MHI's dedicated lean manufacturing facility, specifically designed for highly engineered hot section nozzle vanes for advanced gas turbine platforms serving global power generation markets.

Goldman Sachs particularly notes the company's thermal coating capability as a significant competitive advantage that supports margin expansion. The hot-section components represent some of the most technically challenging and high-value components in gas turbine manufacturing, requiring precision engineering and advanced manufacturing capabilities.

Growth Outlook and Strategic Significance

The investment bank's positive outlook is anchored on Azad Engineering's evolution from a traditional component manufacturer to a specialized supplier of critical gas turbine components. The single source supplier status with MHI demonstrates confidence in the company's manufacturing capabilities and quality standards, while the 8-year contract duration provides long-term business visibility and establishes a foundation for sustained growth in the precision engineering sector.