Azad Engineering Limited has released the audio recording of its Earnings Conference Call held on May 16, 2026, covering audited standalone and consolidated financial results for the quarter and financial year ended March 31, 2026. The filing was made pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, and submitted to both BSE Limited and National Stock Exchange of India Limited. The filing was signed by G. Praneeth Abhishek, Company Secretary, Compliance Officer and Head Legal (M. No.: ACS-35583).

Management Guidance: Growth and Margins

During the earnings call, Azad Engineering's management shared key operational and financial targets. The company expects its business to grow approximately 25% this year and in the coming years. Management has guided for EBITDA margins in the range of 33% to 35%, with room for further improvement driven by ongoing operational upgrades. On working capital, the company is targeting an improvement in its working capital cycle by FY27, aiming for inventory days of approximately 200 in H1 and a reduction to 160-170 days in H2.

Capex and Segment Diversification

Azad Engineering reported INR 392 crore in capitalized assets for FY26, along with an increase of INR 191 crore in Capital Work-in-Progress (CWIP) and capital advances. The company has planned a remaining capex deployment of INR 180-190 crore from QIP proceeds for FY27. On the business mix, management anticipates the Energy segment's revenue contribution to decrease to 55%-60% over the next five years, while the Aerospace & Defence and Oil & Gas segments are expected to increase their contributions, resulting in a more diversified revenue profile.

Aerospace Qualifications and Supply Chain

A key highlight from the call was the company's aerospace qualification pipeline. Management expects the first qualification batch for Rolls-Royce in the second half of 2027, with a supply boost anticipated from Q4 FY27 or early FY28. Qualifications for Pratt & Whitney and Safran are expected to follow. Management also asserted that the company has reduced risk from supply chain disruptions through long-term contracts and qualification-focused customer relationships.

Earnings Call Details and Key Participants

The board meeting to approve the audited financial results was held on May 15, 2026, following an intimation filed on May 9, 2026 under Regulation 29(1) of SEBI (LODR) Regulations, 2015. The Earnings Conference Call was originally scheduled at 12:00 PM (IST) but was revised to 11:00 AM (IST) per an updated intimation filed on May 13, 2026. The key management participants on the call were:

The audio recording of the call is accessible via the following details:

Trading Window and Regulatory Compliance

In continuation of an earlier communication dated March 27, 2026, and pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015, the trading window for dealing in the securities of Azad Engineering had been closed from April 1, 2026, and remained closed until 48 hours after the announcement of financial results, i.e., up to May 17, 2026 (both days inclusive). All regulatory filings were submitted to BSE Limited and National Stock Exchange of India Limited as part of the company's disclosure obligations. Azad Engineering is headquartered at Plot No. 90/C, 90/D, Phase-1, I.D.A., Jeedimetla, Hyderabad, Telangana.

The Board of Directors of Azad Engineering Limited, at its meeting held on Tuesday, May 12, 2026, approved the re-appointment of three Whole-Time Directors for five-year terms commencing September 13, 2026. The re-appointments — covering Mr. Rakesh Chopdar, Mrs. Jyoti Chopdar, and Mr. Vishnu Malpani — are each subject to the approval of shareholders and will be tabled at the company's ensuing Annual General Meeting. The board meeting commenced at 4:37 P.M. (IST) and concluded at 4:47 P.M. (IST).

Re-appointment Details at a Glance

The following table summarises the key details of the three re-appointments approved by the board:

Mr. Rakesh Chopdar — Executive Chairman and CEO

Mr. Rakesh Chopdar is a first-generation entrepreneur and the founder of Azad Engineering. He established the company in 2008 in Hyderabad, India, starting as a CNC machine operator. Over the past 17 years, he has built Azad Engineering into a globally recognised manufacturer of highly engineered, critical components for the Aerospace, Defence, Energy, and Oil & Gas sectors. The company today serves major global OEMs including GE Vernova, Mitsubishi, Siemens, Toshiba, MAN, Doosan Skoda, GE Aviation, Boeing, Honeywell, Eaton, Rolls Royce, Pratt & Whitney, Rafael, BHEL, HAL, and Baker Hughes, among others. Mr. Rakesh Chopdar is the spouse of Mrs. Jyoti Chopdar, Whole-Time Director of the company, and is not related to any other director. He is not debarred from holding the office of Director by virtue of any SEBI order or any other authority.

Mrs. Jyoti Chopdar — Whole-Time Director

Mrs. Jyoti Chopdar holds a Bachelor of Arts degree from Kurukshetra University. She has served the company for over eight years, providing strategic oversight of general administrative operations. Her leadership has been instrumental in streamlining the company's administrative functions and processes. Mrs. Jyoti Chopdar is the spouse of Mr. Rakesh Chopdar, Whole-Time Director designated as Executive Chairman, and is not related to any other director of the company. She is not debarred from holding the office of Director by virtue of any SEBI order or any other authority.

Mr. Vishnu Malpani — Whole-Time Director

Mr. Vishnu Malpani serves as an Executive Director at Azad Engineering, where he drives enterprise strategy, capital formation, and organisational scale-up. His responsibilities encompass decisions related to customers, contracts, capital, capability, and capacity, ensuring strategic alignment across commercial, operational, and financial priorities. Mr. Malpani holds a Bachelor of Technology degree from the Indian Institute of Technology (IIT) Guwahati and has attended executive leadership programmes at ISB Hyderabad and IIM Ahmedabad. He is not related to any other director of the company and is not debarred from holding the office of Director by virtue of any SEBI order or any other authority.

Regulatory Compliance

The re-appointments have been disclosed pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Master Circular No. HO/49/14/14(7)2025-CFDPOD2/1/3762/2026 dated January 30, 2026. Detailed annexures pertaining to each re-appointment have been filed with the stock exchanges as required under the applicable regulatory framework. The company will seek shareholders' formal approval for all three re-appointments at its ensuing Annual General Meeting.