A2Z Infra Engineering financials and balance sheet

NSE: A2ZINFRABSE: 533292Commercial Services & SuppliesSmall Cap

Formerly A2Z Maintenance & Engineering Services

₹12.52₹0.62 (4.72%)BSE ₹12.63

Share price at the NSE close on 23 Oct 2026. Previous close ₹13.14.

52-week range of traded prices to 23 Oct 2026

₹12.00Low, 23 Jul 2026₹19.39High, 11 Nov 2025

Under NSE's long-term additional surveillance, stage I, on the list for 23 Oct 2026. The exchange puts a share here when its price has moved unusually, and trading in it carries extra conditions.

Market cap: ₹222 Cr2,195th largest listed
P/E: 60.7
P/E without one-offs: 38.5
P/B: 4.5
Dividend yield: Nonein the last 12 months
ROE: 9.6%
ROE without one-offs: 15.2%
ROCE: −1.6%
Debt to equity: 2.99
Volume, NSE: 3,06,81354.2% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.A2Z Infra Engineering annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹996 Cr, year to Mar 2017A loss in 7 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue386
Materials and goods−179
Employee costs−155
Other expenses−44
Operating profit8.7
Depreciation−4.8
Other income+16
One-off items−5.2
Finance costs−7.4
Profit before tax7.7
Tax−2.4
Net profit5.2

What the company owns

Plant, investments and other assets₹376 Cr
Receivables₹80 Cr
Cash and bank₹5 Cr

What pays for it: net worth and liabilities

Owed to suppliers₹218 Cr
Other liabilities₹115 Cr
Borrowings₹96 Cr
Net worth₹32 Cr

A2Z Infra Engineering business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.A2Z Infra Engineering segment results by quarter

Revenue by segment

₹418 CrTotal

FMS₹218 Cr52.2% of total
ES₹114 Cr27.2% of total
MSW₹86 Cr20.6% of total

Profit by segment

FMS₹11.2 Cr46.4% of total
MSW₹3.8 Cr15.9% of total
Others₹9.1 Cr37.7% of total

Segment results by year

Consolidated, ₹ crore, years to March.

FMS
Revenue, ₹ crore
268
231
153
150
179
220
216
218
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−35
6
8
2
30
21
18
11
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
ES
Revenue, ₹ crore
500
379
187
135
69
86
49
114
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−231
−102
−43
−155
−3
−38
−2
−4
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
MSW
Revenue, ₹ crore
88
84
95
97
82
82
74
86
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−2
5
8
6
0
0
5
4
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
23
5
2
1
0
0
0
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
646
75
20
15
−121
53
4
9
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	879	701	436	384	330	388	339	418
Company revenue, as in its results	869	700	415	353	349	388	336	386
Revenue	268	231	153	150	179	220	216	218
Revenue growth	–	−13.7%	−33.9%	−1.5%	18.8%	23.2%	−2.0%	1.2%
Profit	−35	6	8	2	30	21	18	11
Profit growth	–	–	35.0%	−71.1%	1,165.5%	−30.4%	−11.3%	−38.6%
Margin	−13.1%	2.6%	5.3%	1.6%	16.6%	9.4%	8.5%	5.1%
Return on capital	–	27.0%	61.1%	38.9%	360.0%	70.8%	54.1%	42.8%
Assets	–	164	137	135	103	92	89	85
Liabilities	–	141	123	129	95	63	55	58
Capital employed	–	22	13	6	8	29	34	26
Revenue	500	379	187	135	69	86	49	114
Revenue growth	–	−24.2%	−50.7%	−27.6%	−48.7%	23.9%	−43.5%	134.2%
Profit	−231	−102	−43	−155	−3	−38	−2	−4
Margin	−46.3%	−27.0%	−23.1%	−114.7%	−4.0%	−44.6%	−3.3%	−3.5%
Return on capital	–	−32.9%	−16.6%	−93.0%	−1.4%	−180.8%	−26.2%	−16.6%
Assets	–	1,131	1,068	778	561	327	240	218
Liabilities	–	821	808	611	367	306	234	194
Capital employed	–	310	260	167	193	21	6	24
Revenue	88	84	95	97	82	82	74	86
Revenue growth	–	−5.1%	13.1%	2.8%	−15.5%	0.2%	−9.8%	15.8%
Profit	−2	5	8	6	0	0	5	4
Profit growth	–	–	64.5%	−20.2%	−94.1%	−42.9%	2,290.7%	−22.2%
Margin	−2.8%	5.6%	8.1%	6.3%	0.4%	0.3%	6.6%	4.5%
Return on capital	–	18.4%	27.1%	19.3%	1.1%	2.3%	–	–
Assets	–	130	139	160	153	106	55	36
Liabilities	–	105	111	129	120	97	101	94
Capital employed	–	25	28	32	32	9	−46	−58
Revenue	23	5	2	1	0	0	0	0
Revenue growth	–	−78.3%	–	–	–	–	–	–
Profit	646	75	20	15	−121	53	4	9
Profit growth	–	−88.5%	–	–	–	–	–	–
Margin	2,859.0%	1,516.8%	937.0%	1,650.2%	−67,965.3%	–	3,433.4%	–
Return on capital	–	–	913.5%	–	–	435.6%	20.7%	74.9%
Assets	–	57	87	41	55	39	46	42
Liabilities	–	76	84	81	78	27	29	30
Capital employed	–	−19	2	−41	−23	12	18	12
Revenue	1	2	0	0	0	0	–	–
Profit	−14	−159	−6	−3	−3	0	–	–
Margin	−1,562.8%	−6,577.2%	–	–	–	–	–	–
Return on capital	–	−183.7%	−7.4%	−3.6%	−31.6%	−1.8%	–	–
Assets	–	88	84	76	10	6	–	–
Liabilities	–	2	1	1	1	0	–	–
Capital employed	–	86	83	75	9	6	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.A2Z Infra Engineering quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 6 Jun	Mar 2020Filed 5 Aug	Mar 2021Filed 23 Jul	Mar 2022Filed 23 May	Mar 2023Filed 8 Jun	Mar 2024Filed 18 May	Mar 2025Filed 13 Jun	Mar 2026Filed 14 Jul
Revenue from operations	996	709	869	700	415	353	349	388	336	386
	935	734	811	729	445	502	348	443	328	378
Materials and goods bought	612	387	478	425	235	191	134	174	133	179
Employee costs	253	265	262	216	123	113	155	169	167	155
Other expenses	70	81	70	87	86	198	59	100	27	44
Operating profit before depreciation	61	−25	58	−29	−30	−149	1	−54	9	9
Operating margin	6.1%	−3.5%	6.6%	−4.1%	−7.2%	−42.0%	0.4%	−14.0%	2.6%	2.2%
Materials, % of revenue	61.5%	54.6%	55.1%	60.8%	56.7%	54.1%	38.3%	44.8%	39.6%	46.3%
Employee costs, % of revenue	25.4%	37.4%	30.2%	30.9%	29.7%	32.0%	44.4%	43.5%	49.7%	40.0%
Other expenses, % of revenue	7.0%	11.5%	8.1%	12.5%	20.7%	55.9%	16.9%	25.7%	8.1%	11.5%
Depreciation and amortisation	43	33	27	14	9	9	9	5	5	5
Operating profit after depreciation	18	−58	31	−43	−39	−158	−7	−60	4	4
Other income	38	43	19	28	26	18	33	38	22	16
Finance costs	201	206	60	60	60	28	13	6	8	7
Profit before one-off items and tax	−145	−221	−10	−75	−73	−168	12	−28	17	13
One-off items	−99	136	313	−161	0	5	−122	58	−5	−5
Profit before tax	−244	−85	304	−236	−73	−163	−110	30	12	8
	62	2	7	41	4	3	20	3	9	2
Current tax	2	–	5	3	3	3	1	5	8	3
Deferred tax	60	–	1	37	1	0	19	−2	1	0
Share of profit of joint ventures and associates	–	–	−10	−1	−4	−14	4	−34	−2	–
	−306	−87	287	−278	−81	−180	−126	−7	1	5
Belonging to the company's shareholders	–	–	305	−277	−81	−180	−123	−6	9	4
Belonging to outside owners of subsidiaries	–	–	−18	−1	0	0	−3	−2	−8	1
Other comprehensive income	–	–	2	2	3	1	1	−1	4	0
Total comprehensive income	–	–	289	−277	−78	−179	−125	−9	5	5
Net margin	−30.7%	−12.3%	33.1%	−39.7%	−19.5%	−50.9%	−36.1%	−1.9%	0.3%	1.4%
Net margin without joint ventures and associates	–	–	34.2%	−39.6%	−18.5%	−46.9%	−37.2%	6.9%	0.9%	–

Belonging to the company's shareholders is left blank for the year to Mar 2017: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the period is a loss, which leaves no share to compare with the company's other periods. Belonging to the company's shareholders is left blank for the year to Mar 2018: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the share count moved by more than 5% across the period.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 6 Jun	Mar 2020Filed 5 Aug	Mar 2021Filed 23 Jul	Mar 2022Filed 23 May	Mar 2023Filed 8 Jun	Mar 2024Filed 18 May	Mar 2025Filed 13 Jun	Mar 2026Filed 14 Jul
	687	408	331	153	29	21	27	32
	686	413	338	159	38	32	27	49
Share capital	176	176	176	176	176	176	176	176
Reserves	509	237	162	−17	−138	−144	−150	−127
Belonging to outside owners of subsidiaries	1	−5	−7	−6	−9	−11	–	−17
	335	342	362	385	313	198	92	96
Repayable after a year	37	4	1	6	4	1	1	1
Repayable within a year	298	338	361	379	309	197	91	95
	1,435	1,531	1,484	1,186	893	603	426	384
Trade payables	645	671	608	529	362	278	250	218
Other financial liabilities	217	229	257	75	86	48	34	37
Other liabilities	272	291	257	202	135	81	52	34
Provisions	1	1	1	1	0	0	0	0
Tax owed	1	1	0	0	0	0	0	0
	53	54	57	89	69	59	45	45
Other financial liabilities	0	1	0	0	0	0	0	1
Other liabilities	0	31	31	39	29	28	20	20
Provisions	17	19	25	44	36	30	25	23
Deferred tax	0	0	0	0	0	0	0	0
	2,175	1,994	1,872	1,427	991	683	498	461
Held for sale or for a demerger	25	30	–	–	–	–	–	–
	697	555	537	463	285	247	168	140
Plant in use, after depreciation	123	78	70	62	37	40	37	28
Plant being built	142	90	90	93	55	58	18	6
Intangible assets	0	0	0	0	0	0	0	0
Goodwill	43	43	43	36	36	36	36	36
Intangible assets being developed	1	1	1	0	0	0	0	0
Property held to earn rent	2	0	0	0	0	0	0	0
Investments	0	0	0	0	0	0	0	0
Stakes in joint ventures and associates	226	213	220	156	70	36	0	0
Loans given	2	2	2	0	0	0	0	0
Other financial assets	25	18	14	15	15	13	24	24
Deferred tax	69	32	31	30	11	13	11	11
Other assets	64	77	66	71	63	53	42	35
	1,453	1,409	1,335	964	705	436	330	321
Inventories	4	6	7	5	5	0	0	0
Trade receivables	983	917	903	512	325	156	105	80
Cash and cash equivalents	13	10	14	9	11	1	4	4
Other bank balances	1	1	1	1	1	1	1	1
Loans given	90	86	90	84	15	29	20	39
Other financial assets	217	230	198	279	271	181	132	115
Other assets	144	158	122	74	77	66	69	82
Net debt	321	330	347	375	301	195	86	91

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 23 Jul	Mar 2022Filed 23 May	Mar 2023Filed 8 Jun	Mar 2024Filed 18 May	Mar 2025Filed 13 Jun	Mar 2026Filed 14 Jul
	−7	38	20	95	54	−17
	−15	39	23	91	55	−22
	−48	14	−8	75	37	−43
Receivables	−5	167	164	78	60	31
Inventories	−1	3	0	5	0	0
Payables	−63	−70	−61	24	−27	−18
Other working capital	21	−84	−110	−32	4	−56
Tax paid	8	−1	−2	4	−1	6
Capital spending	4	2	7	11	3	1
Free cash flow	−11	36	14	85	51	−18
	11	25	28	−11	−12	11
Plant and property sold	2	16	1	0	0	10
Interest received	8	2	35	0	1	8
	−1	−68	−47	−94	−39	5
Borrowings raised	22	0	0	0	0	12
Borrowings repaid	−1	−51	−39	−82	−36	0
Interest paid	−21	−16	−6	−12	−3	−6
Lease payments	−1	0	−1	0	0	0
Dividends paid	0	0	0	0	0	0
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	4	−5	2	−9	3	0

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.A2Z Infra Engineering dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 6 Jun	Mar 2020Filed 5 Aug	Mar 2021Filed 23 Jul	Mar 2022Filed 23 May	Mar 2023Filed 8 Jun	Mar 2024Filed 18 May	Mar 2025Filed 13 Jun	Mar 2026Filed 14 Jul
Earnings per share	−₹23.60	−₹7.41	₹17.32	−₹15.73	−₹4.61	−₹10.22	−₹6.98	−₹0.32	₹0.51	₹0.25
Diluted earnings per share	−₹23.60	−₹7.41	₹17.30	−₹15.73	−₹4.61	−₹10.22	−₹6.98	−₹0.32	₹0.51	₹0.25
Book value per share	–	–	₹38.92	₹23.44	₹19.18	₹9.04	₹2.16	₹1.83	₹1.51	₹2.81
Shareholder yield	–	–	–	–	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Market cap at the year end (₹ crore)	569	384	292	55	66	170	116	238	241	276

Ratios

Consolidated, years to March.A2Z Infra Engineering PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 6 Jun	Mar 2020Filed 5 Aug	Mar 2021Filed 23 Jul	Mar 2022Filed 23 May	Mar 2023Filed 8 Jun	Mar 2024Filed 18 May	Mar 2025Filed 13 Jun	Mar 2026Filed 14 Jul
Revenue growth	−26.2%	−28.8%	22.6%	−19.4%	−40.7%	−14.8%	−1.1%	11.2%	−13.4%	14.9%
Operating profit growth	−26.2%	–	–	–	–	–	–	–	–	0.3%
Net profit growth	–	–	–	–	–	–	–	–	–	406.2%
Earnings per share growth	–	–	–	–	–	–	–	–	–	−51.0%
	–	–	44.5%	−50.4%	−21.6%	−72.4%	−124.7%	−16.2%	30.5%	11.5%
	–	–	–	−94.9 pts	28.8 pts	−50.8 pts	−52.3 pts	108.5 pts	46.8 pts	−19.0 pts
From the net margin	–	–	–	−94.6 pts	25.5 pts	−34.7 pts	22.4 pts	119.5 pts	45.7 pts	−17.6 pts
From asset turnover	–	–	–	8.0 pts	9.0 pts	0.1 pts	−17.5 pts	−3.1 pts	6.7 pts	5.4 pts
From borrowing	–	–	–	−8.3 pts	−5.7 pts	−16.2 pts	−57.2 pts	−7.9 pts	−5.7 pts	−6.8 pts
Return on capital employed	–	–	3.0%	−5.7%	−5.6%	−29.3%	−2.2%	−27.2%	3.2%	3.1%
Cash conversion	–	–	–	–	–	–	–	–	5,241.1%	−317.3%
Interest cover	0.1	–	0.5	–	–	–	–	–	0.5	0.5
Debt to equity	–	–	0.49	0.84	1.09	2.52	10.90	9.48	3.44	2.99
Receivable days	–	–	413	478	794	528	339	147	114	76
Inventory days	–	–	3	5	11	9	13	0	0	0
Payable days	–	–	492	576	943	1,010	987	582	684	445
Cash conversion cycle, days	–	–	−76	−93	−138	−473	−635	−436	−570	−369
Working capital days	–	–	127	106	173	151	114	25	−11	25
Asset turnover	–	–	0.40	0.34	0.21	0.21	0.29	0.46	0.57	0.81
Assets per rupee of net worth	–	–	3.17	3.80	5.15	6.64	12.26	23.83	20.11	12.61
Sales per rupee of plant	–	–	7.06	8.95	5.96	5.71	9.51	9.82	9.01	13.90
Capital spending to depreciation	–	–	–	–	0.39	0.18	0.74	2.06	0.68	0.31
Plant being built, % of plant in use	–	–	115.8%	115.5%	129.7%	150.5%	149.1%	145.8%	47.4%	19.9%

Interest cover is left blank for the years to Mar 2018, Mar 2020, Mar 2021, Mar 2022, Mar 2023 and Mar 2024: operating profit after depreciation is a loss, and a loss covers no interest bill. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 0.9%
Cash from operations against operating profit: −191.4%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	−11.8%	−1.4%	3.4%
Return on equity, average	–	−34.2%	8.6%
Return on capital employed, average	–	−10.5%	−7.0%
Operating margin, average	−5.3%	−10.2%	−3.1%
Net margin, average	−15.6%	−17.4%	−0.1%
Asset turnover, average	–	0.47	0.61
Cash conversion cycle, days, average	–	−497	−458
Interest cover, average	–	–	0.5
Debt to equity, average	–	5.87	5.31

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	191	133	−17
Cash from investing	41	−12	11
Cash from financing	−243	−128	5
Capital spending	24	15	1
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	12	12	12
Borrowings repaid	209	118	0

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	5	4	7	6	8	5
Altman Z-scorePublished threshold 1.1	2.42	−0.34	−0.06	−1.57	−2.32	−1.91	−1.92	−1.50
Beneish M-scorePublished threshold −1.78	–	–	−2.48	−3.74	−3.73	−3.16	−3.32	−2.40
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	−4.41	−14.72	−14.40	−11.01	−6.90	2.24
Receivables growth less revenue growthOur threshold 0 percentage points	–	12.72	39.14	−28.49	−35.39	−63.10	−19.46	−38.29
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	51.66	64.51	−17.55	32.57	−130.08	–	–
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	3.83	−16.43	9.31	−1.27	−25.99	−14.09	−0.94
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	136.46	73.58	–	7.21	6.56	–
Effective tax ratePublished threshold 17.16 per cent	2.18	–	–	–	–	9.35	74.88	31.49
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−4.57	67.60	−40.22

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Amount, ₹ Cr
10 Jun 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Term Loan	CARE D; ISSUER NOT COOPERATING*Review, Re-affirm	79.81
10 Jun 2026	CARE Ratings Limited (opens in a new tab)	Fund-based-Working capital facilities	CARE D; ISSUER NOT COOPERATING*Review, Re-affirm	67.99
10 Jun 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based-Short Term	CARE D; ISSUER NOT COOPERATING*Review, Re-affirm	337.29

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.