AXISCADES Technologies financials and balance sheet

NSE: AXISCADESBSE: 532395Aerospace & DefenseSmall Cap

Formerly AXISCADES Engineering Technologies

₹1,917.40₹43.90 (2.24%)BSE ₹1,915.05

Share price at the NSE close on 23 Oct 2026. Previous close ₹1,961.30.

52-week range of traded prices to 23 Oct 2026

₹1,063.30Low, 22 Jan 2026₹2,360.00High, 5 Oct 2026

Market cap: ₹8,155 Cr683rd largest listed
P/E: 224.4
P/E without one-offs: 147.7
P/B: 11.2
Dividend yield: Nonein the last 12 months
ROE: 5.3%
ROE without one-offs: 8.0%
ROCE: 10.7%
Debt to equity: 0.38
Volume, NSE: 1,98,70047.1% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.AXISCADES Technologies annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹1,159 Cr, year to Mar 2026A loss in 4 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. Lease payments were 16.5% of operating profit in the first full year.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue1,159
Materials and goods−238
Employee costs−554
Other expenses−189
Operating profit178
Depreciation−44
Other income+23
One-off items−11
Finance costs−31
Profit before tax114
Tax−42
Joint ventures−0.2
Net profit72

What the company owns

Plant, investments and other assets₹926 Cr
Receivables₹411 Cr
Inventory₹79 Cr
Cash and bank₹45 Cr
Current investments₹4 Cr

What pays for it: net worth and liabilities

Net worth₹734 Cr
Other liabilities₹312 Cr
Borrowings₹276 Cr
Owed to suppliers₹143 Cr

AXISCADES Technologies 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.AXISCADES Technologies segment results by quarter

Revenue by segment

₹1,159 CrTotal

Technology Services and Solutions₹781 Cr67.4% of total
Defence₹378 Cr32.6% of total

Profit by segment

Technology Services and Solutions₹66.4 Cr44.5% of total
Defence₹82.9 Cr55.5% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Technology Services and Solutions
Revenue, ₹ crore
412
476
504
367
453
583
697
728
781
Mar 18Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−12
13
47
18
47
106
79
72
66
Mar 18Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Defence
Revenue, ₹ crore
107
131
169
156
158
238
258
303
378
Mar 18Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
9
−15
20
30
10
25
36
43
83
Mar 18Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	519	608	673	524	610	822	955	1,031	1,159
Company revenue, as in its results	519	604	673	524	610	822	952	1,031	1,159
Revenue	412	476	504	367	453	583	697	728	781
Revenue growth	–	15.6%	5.8%	−27.1%	23.2%	28.8%	19.5%	4.4%	7.3%
Profit	−12	13	47	18	47	106	79	72	66
Profit growth	–	–	255.1%	−61.2%	154.0%	128.0%	−25.6%	−8.8%	−8.0%
Margin	−2.8%	2.8%	9.4%	5.0%	10.3%	18.2%	11.3%	9.9%	8.5%
Return on capital	−4.4%	15.6%	35.7%	12.6%	27.9%	49.7%	23.4%	24.5%	20.1%
Assets	603	443	308	281	292	381	578	517	616
Liabilities	336	358	175	136	125	167	240	222	286
Capital employed	267	85	133	146	167	214	338	295	330
Revenue	107	131	169	156	158	238	258	303	378
Revenue growth	–	22.8%	28.6%	−7.5%	0.7%	51.3%	8.2%	17.4%	24.7%
Profit	9	−15	20	30	10	25	36	43	83
Profit growth	–	–	–	44.8%	−66.4%	146.0%	46.3%	21.1%	90.9%
Margin	8.5%	−11.3%	12.1%	18.9%	6.3%	10.3%	13.9%	14.3%	21.9%
Return on capital	–	−10.7%	152.4%	–	–	–	48.5%	25.6%	35.5%
Assets	113	253	365	259	307	319	346	382	577
Liabilities	116	114	352	292	320	373	272	212	343
Capital employed	−3	139	13	−33	−13	−54	74	170	234
	–	0	–	–	–	–	–	–	–
Profit	–	0	–	–	–	–	–	–	–
Assets	–	74	–	–	–	–	–	–	–
Liabilities	–	10	–	–	–	–	–	–	–

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

Profit and loss

Consolidated, ₹ crore, years to March.AXISCADES Technologies quarterly results

₹ crore	Mar 2017	Mar 2018Filed 26 Jun	Mar 2019Filed 9 May	Mar 2020Filed 30 Jun	Mar 2021Filed 12 Jun	Mar 2022Filed 3 Jun	Mar 2023Filed 26 May	Mar 2024Filed 5 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 27 May
Revenue from operations	484	519	604	673	524	610	822	952	1,031	1,159
	446	502	596	581	460	540	676	822	888	981
Materials and goods bought	67	55	95	103	98	117	179	185	213	238
Employee costs	252	284	350	361	267	312	361	500	516	554
Other expenses	127	163	151	117	95	111	136	136	158	189
Operating profit before depreciation	37	18	9	92	64	71	146	130	142	178
Operating margin	7.7%	3.4%	1.4%	13.6%	12.2%	11.6%	17.7%	13.7%	13.8%	15.3%
Materials, % of revenue	13.8%	10.6%	15.6%	15.2%	18.8%	19.1%	21.8%	19.5%	20.7%	20.5%
Employee costs, % of revenue	52.1%	54.6%	57.9%	53.7%	50.9%	51.1%	43.9%	52.5%	50.1%	47.8%
Other expenses, % of revenue	26.3%	31.4%	25.0%	17.5%	18.1%	18.2%	16.6%	14.3%	15.4%	16.3%
Depreciation and amortisation	14	19	20	33	26	25	27	34	40	44
Operating profit after depreciation	23	−1	−11	59	38	46	119	97	103	133
Other income	15	15	12	8	14	9	6	13	21	23
Finance costs	12	14	24	28	23	16	36	56	32	31
Profit before one-off items and tax	27	0	−22	38	30	39	89	53	91	125
One-off items	1	−3	15	0	−41	−2	−68	0	−4	−11
Profit before tax	27	−3	−8	38	−11	37	21	53	88	114
	14	5	−1	8	11	14	26	20	12	42
Current tax	11	9	8	12	10	14	17	22	22	35
Deferred tax	3	−4	−9	−3	1	0	9	−2	−10	6
Share of profit of joint ventures and associates	–	–	−1	0	0	0	0	0	0	0
	13	−8	−8	30	−21	23	−5	33	75	72
Belonging to the company's shareholders	13	−8	−8	30	−22	22	−5	33	75	72
Belonging to outside owners of subsidiaries	–	0	0	1	0	0	0	1	0	0
Other comprehensive income	–	−1	0	0	4	3	5	1	−3	1
Total comprehensive income	–	−9	−8	31	−17	26	0	35	72	73
Net margin	2.7%	−1.5%	−1.3%	4.5%	−4.0%	3.7%	−0.6%	3.5%	7.3%	6.2%
Net margin without joint ventures and associates	–	–	−1.2%	4.5%	−4.1%	3.8%	−0.6%	3.5%	7.3%	6.2%

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2018Filed 26 Jun	Mar 2019Filed 9 May	Mar 2020Filed 30 Jun	Mar 2021Filed 12 Jun	Mar 2022Filed 3 Jun	Mar 2023Filed 26 May	Mar 2024Filed 5 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 27 May
	295	289	320	304	337	344	592	656	734
	292	285	315	299	331	338	585	649	728
Share capital	19	19	19	19	19	19	21	21	21
Reserves	273	266	296	280	312	319	564	628	706
Belonging to outside owners of subsidiaries	3	4	4	5	5	6	6	7	7
	138	132	122	51	49	314	238	189	276
Repayable after a year	73	49	39	21	0	171	106	109	75
Repayable within a year	65	83	83	31	48	143	133	80	201
	276	325	409	340	436	357	345	290	543
Trade payables	50	35	50	51	70	75	64	58	143
Other financial liabilities	126	156	211	205	242	46	39	43	60
Other liabilities	25	41	53	43	61	65	81	67	138
Provisions	8	8	8	10	13	17	19	31	0
Tax owed	1	3	5	1	2	11	9	11	–
	187	157	130	99	22	203	203	181	189
Other financial liabilities	103	97	80	68	11	22	81	55	93
Other liabilities	0	0	0	0	0	0	–	0	21
Provisions	11	11	10	10	11	10	12	13	0
Deferred tax	0	0	0	0	0	0	4	4	–
	758	771	859	742	794	904	1,139	1,127	1,466
Held for sale or for a demerger	–	–	–	–	–	–	8	–	–
	412	435	455	378	362	366	476	484	635
Plant in use, after depreciation	124	127	148	52	58	57	69	82	92
Plant being built	1	0	0	0	0	0	–	0	44
Intangible assets	55	46	39	35	29	26	31	24	39
Goodwill	165	166	168	105	112	113	162	154	151
Intangible assets being developed	0	1	1	0	0	0	–	8	9
Property held to earn rent	0	10	0	96	87	116	152	138	178
Investments	0	0	4	7	2	4	2	1	1
Stakes in joint ventures and associates	0	0	2	2	2	0	6	6	12
Loans given	12	11	9	8	0	0	0	0	0
Other financial assets	23	4	6	9	9	10	15	16	12
Deferred tax	16	25	30	28	28	20	22	32	29
Trade receivables	0	0	0	0	0	0	–	0	–
Other assets	17	45	49	36	35	20	18	22	69
	346	336	403	364	432	538	655	643	831
Inventories	30	20	20	23	52	66	69	61	79
Trade receivables	166	153	166	128	145	179	234	302	411
Cash and cash equivalents	14	31	45	53	71	75	56	52	18
Other bank balances	48	28	25	32	34	25	97	37	28
Current investments	6	20	29	41	15	29	29	52	4
Loans given	3	4	3	2	0	0	0	0	0
Other financial assets	47	29	74	54	76	59	67	76	93
Other assets	32	52	42	31	39	106	103	63	198
Net debt	70	53	23	−74	−72	185	57	48	227

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

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 12 Jun	Mar 2022Filed 3 Jun	Mar 2023Filed 26 May	Mar 2024Filed 5 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 27 May
	122	31	71	79	88	−1
	121	44	83	100	113	32
	51	−38	−77	−47	−23	−157
Receivables	38	−27	−32	−41	−68	−111
Inventories	−4	−28	−14	−3	9	−18
Payables	−12	42	9	−13	−8	114
Other working capital	29	−26	−39	9	44	−142
Tax paid	1	−13	−13	−22	−24	−33
Capital spending	6	14	11	20	38	133
Free cash flow	116	18	60	59	50	−135
	−22	30	−201	−163	9	−71
Plant and property sold	0	0	0	0	11	1
Companies bought	−10	0	−190	−57	−2	0
Interest received	3	4	1	1	11	4
Dividends received	0	0	0	0	0	0
	−93	−42	133	64	−100	38
Borrowings raised	0	0	225	231	69	96
Borrowings repaid	−68	−24	−23	−318	−119	−10
Interest paid	−13	−6	−57	−38	−29	−22
Lease payments	0	0	0	0	−23	−27
Dividends paid	0	0	0	0	0	0
Shares bought back	0	0	0	0	0	0
Shares issued	0	1	0	207	0	0
Net change in cash	7	18	3	−20	−3	−34

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.

₹ per share	Mar 2017	Mar 2018Filed 26 Jun	Mar 2019Filed 9 May	Mar 2020Filed 30 Jun	Mar 2021Filed 12 Jun	Mar 2022Filed 3 Jun	Mar 2023Filed 26 May	Mar 2024Filed 5 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 27 May
Earnings per share	₹3.48	−₹2.18	−₹2.15	₹7.87	−₹5.74	₹5.86	−₹1.37	₹8.40	₹17.76	₹16.92
Diluted earnings per share	₹3.48	−₹2.18	−₹2.15	₹7.69	−₹5.74	₹5.76	−₹1.37	₹7.74	₹17.22	₹16.83
Book value per share	–	₹77.20	₹75.33	₹83.39	₹79.02	₹87.30	₹88.43	₹139.44	₹152.62	₹170.99
Shareholder yield	–	–	–	–	0.0%	−0.2%	0.0%	−8.9%	0.0%	0.0%
Market cap at the year end (₹ crore)	609	520	233	106	150	477	1,022	2,311	3,787	6,439

Ratios

Consolidated, years to March.AXISCADES Technologies PE ratio and valuation

Ratio	Mar 2017	Mar 2018Filed 26 Jun	Mar 2019Filed 9 May	Mar 2020Filed 30 Jun	Mar 2021Filed 12 Jun	Mar 2022Filed 3 Jun	Mar 2023Filed 26 May	Mar 2024Filed 5 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 27 May
Revenue growth	–	7.4%	16.4%	11.3%	−22.1%	16.5%	34.6%	15.9%	8.2%	12.4%
Operating profit growth	–	−52.9%	−51.4%	973.3%	−30.2%	10.4%	106.1%	−10.5%	9.3%	24.6%
Net profit growth	–	–	–	–	–	–	–	–	125.3%	−4.3%
Earnings per share growth	–	–	–	–	–	–	–	–	111.4%	−4.7%
	–	−2.7%	−2.8%	9.9%	−7.1%	7.1%	−1.6%	7.1%	12.1%	10.4%
	–	–	−0.1 pts	12.7 pts	−17.0 pts	14.1 pts	−8.6 pts	8.7 pts	5.0 pts	−1.7 pts
From the net margin	–	–	0.3 pts	12.1 pts	−19.2 pts	13.3 pts	−8.3 pts	10.0 pts	7.9 pts	−1.8 pts
From asset turnover	–	–	−0.4 pts	0.4 pts	1.9 pts	1.3 pts	−0.3 pts	−0.3 pts	−0.4 pts	−0.2 pts
From borrowing	–	–	−0.1 pts	0.2 pts	0.3 pts	−0.5 pts	−0.1 pts	−1.0 pts	−2.5 pts	0.3 pts
Return on capital employed	–	−0.3%	−2.7%	13.3%	10.7%	11.8%	18.1%	11.6%	12.2%	13.2%
Cash conversion	–	–	–	–	–	137.5%	–	236.3%	117.3%	−1.9%
Interest cover	2.0	–	–	2.1	1.7	2.9	3.3	1.7	3.2	4.3
Debt to equity	–	0.47	0.46	0.38	0.17	0.15	0.91	0.40	0.29	0.38
Receivable days	–	117	92	90	89	87	80	90	107	130
Inventory days	–	200	78	70	86	161	134	136	104	121
Payable days	–	333	136	177	188	218	153	125	100	220
Cash conversion cycle, days	–	−16	34	−17	−12	31	61	101	111	31
Working capital days	–	47	9	−12	−49	−45	87	100	103	139
Asset turnover	–	0.69	0.79	0.83	0.65	0.79	0.97	0.93	0.91	0.89
Assets per rupee of net worth	–	2.60	2.65	2.72	2.61	2.44	2.54	2.21	1.84	1.88
Sales per rupee of plant	–	4.19	4.76	4.56	10.07	10.56	14.46	13.88	12.64	12.66
Capital spending to depreciation	–	–	–	–	0.22	0.54	0.41	0.60	0.96	3.00
Plant being built, % of plant in use	–	0.4%	0.1%	0.0%	0.0%	0.0%	0.0%	–	0.2%	48.3%

Revenue growth, operating profit growth and net profit growth are left blank for the year to Mar 2017: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. Interest cover is left blank for the years to Mar 2018 and Mar 2019: operating profit after depreciation is a loss, and a loss covers no interest bill. No balance sheet is on record for the year to Mar 2017, 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: 5.5%
Cash from operations against operating profit: −0.8%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	11.9%	17.2%	12.1%
Profit growth, yearly rate	9.7%	–	–
Return on equity, average	3.6%	7.0%	9.9%
Return on capital employed, average	9.8%	13.4%	12.3%
Operating margin, average	11.0%	14.4%	14.3%
Net margin, average	2.1%	4.0%	5.7%
Asset turnover, average	0.83	0.90	0.91
Cash conversion cycle, days, average	36	67	81
Interest cover, average	–	3.1	3.1
Debt to equity, average	0.40	0.43	0.36

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	268	166	−1
Cash from investing	−396	−225	−71
Cash from financing	93	2	38
Capital spending	216	192	133
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	207	207	0
Borrowings raised	622	396	96
Borrowings repaid	493	446	10

Accounting checks

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

Check	Mar 2017	Mar 2018	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	6	4	8	5	4
Altman Z-scorePublished threshold 1.81	–	2.02	1.64	1.63	1.53	2.16	2.94	4.72	7.25	7.31
Beneish M-scorePublished threshold −1.78	–	–	–	–	−3.49	−2.49	−2.72	−2.31	−2.23	−2.02
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−15.19	−4.96	14.76	11.47	−1.91	11.12
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	–	3.52	2.29	0.92
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	−24.27	−2.47	−1.21	−2.69	−11.30	14.87	20.67	23.85
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	−105.26	−11.27	22.76	102.88	−25.91	1.76	−27.25	18.32
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	0.37	5.20	−5.81	4.83	6.02	0.53	−2.97	13.11
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	0.01	0.00	–	0.00	0.00	–	0.00	0.81
Effective tax ratePublished threshold 17.16 per cent	50.20	–	–	21.16	–	37.84	122.57	36.99	13.97	36.50
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	2.81	62.46	−3.58	−13.87	7.15

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
23 Jun 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Term Loan	CARE A- (Rating Watch with Developing Implications)Review, Re-affirm	20
23 Jun 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - LT-Bank Guarantee	CARE A- (Rating Watch with Developing Implications)Review, Re-affirm	1
23 Jun 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT/ ST-CC/Packing Credit	CARE A- / CARE A2+ (Rating Watch with Developing Implications)Review, Re-affirm	80

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