AXISCADES Technologies Limited announced that its subsidiary Mistral Solutions Private Limited has secured a major supply order worth ₹100.00 crores from India's LLTR Ashwini programme, an indigenous low-level transportable radar system developed by DRDO and Bharat Electronics Ltd (BEL). The contract involves supplying signal and data processing units for defence radar subsystems along with associated spares over a two-year execution period.

Contract Details and Strategic Significance

The comprehensive details of this significant defence contract highlight its strategic importance for India's defence indigenisation efforts and the company's growth in embedded systems.

Leadership Perspective and Technical Capabilities

C. Manikandan, CEO of Mistral Solutions, emphasized that the contract reflects the subsidiary's commitment to supporting India's defence indigenisation initiatives and contributing to next-generation military systems. The liquid-cooled signal and data processing units are specifically designed to meet extreme operational demands, showcasing Mistral's advanced capabilities in embedded computing for radar platforms.

The LLTR Ashwini programme represents a critical component of India's indigenous defence technology development, focusing on low-altitude surveillance capabilities against unmanned aerial vehicles, helicopters and fighter jets.

Corporate Profile and Global Presence

AXISCADES operates across aerospace, defence, electronics, semiconductor and artificial intelligence sectors, employing over 3,000 professionals across 17 global locations including France, Germany, Denmark, the United States and Canada.

Market Performance and Compliance

The company maintains strong relationships with India's defence forces, Ministry of Defence, defence laboratories and public sector undertakings, along with global original equipment manufacturers. Its comprehensive portfolio spans weapon systems, avionics, radar, electronic warfare, drones and anti-drone systems.

The contract involves no related party transactions and maintains full compliance with SEBI Listing Regulations, ensuring transparent corporate governance standards throughout the execution period.

AXISCADES Technologies Limited has achieved a significant legal victory with the Karnataka High Court quashing all Income Tax Department notices against its wholly owned subsidiary, AXISCADES Aerospace & Technologies Private Limited. The court order dated November 4, 2025, brings closure to tax litigation that has been ongoing since July 2023.

Court Order Details

The Karnataka High Court at Bengaluru issued an order quashing multiple notices from the Income Tax Department, all dated May 22, 2023. The court's decision covers:

Background of the Litigation

The tax dispute originated from Income Tax Department proceedings initiated for fiscal year 2014-15 under section 147, read with sections 144 and 144B of the Income Tax Act. The core issue involved the admissibility of capital loss in income tax returns for the said fiscal year.

Regulatory Compliance

The company has fulfilled its disclosure obligations under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. This update follows the initial intimation filed on July 20, 2023, when the company first received the stay order from the Karnataka High Court.

The disclosure also complies with SEBI Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024, providing comprehensive details about the litigation status change. The company confirmed that the proceedings do not involve key management personnel, promoters, or ultimate persons in control, and no settlement terms or compensation payments were applicable.

Corporate Impact

This favorable court ruling eliminates the potential financial liability that could have arisen from the Income Tax Department's demands and penalties. The resolution of this long-standing litigation removes regulatory uncertainty for AXISCADES Aerospace & Technologies Private Limited, allowing the subsidiary to operate without the overhang of pending tax proceedings related to the 2014-15 fiscal year capital loss treatment.