Azad Engineering Limited (AZAD) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

Azad Engineering manufactures mission-critical rotating and stationary airfoils for gas, steam and nuclear turbines and for aerospace, defence and oil & gas OEMs like GE Vernova, Siemens, Mitsubishi and Rolls-Royce, with an order book of about Rs. 6,500 crores — roughly 11x-12x FY26 revenue. This print will speak to whether the 25%+ FY27 revenue growth path and the 33%-35%+ EBITDA margin guide hold, and whether quarter-specific milestones like Rolls-Royce first qualification parts and GTRE turbojet orders convert on schedule.

Azad Engineering Limited Q2 Results Date and Time

The Board of Directors is scheduled to meet on November 6, 2026 to approve the Q2/H1 FY27 financial results. The trading window remained closed from October 1 to November 8, 2026.

The earnings call for Q2/H1 FY27 results is scheduled for November 7, 2026 at 12:00 Noon IST. Speakers include Rakesh Chopdar (Chairman & CEO), Vishnu Malpani (Whole-Time Director) and Ronak Jajoo (CFO).

The Board did not recommend any dividend for FY 2025-26, per the Annual Report released in September 2026.

What to expect from Azad Engineering Limited's Q2 FY27 results

The quarter's central test is whether Azad converts a record external demand cycle — GE Vernova's Gas Power backlog plus slot-reservation agreements grew from 100 to 116 GW and Siemens Energy booked ~40 GW of firm gas-turbine orders in its first three quarters — into shipments against its ~Rs. 6,500 crore order book, with management having reiterated 25%+ FY27 revenue growth on August 8, 2026.

Q1 FY27 ran ahead of the guide with standalone revenue of Rs. 170.5 crores (+26.8% YoY) and a 37.6% EBITDA margin, well above the 33%-35%+ band, driven by what management called fixed corporate overhead being absorbed efficiently as production scale rises. The binding constraints are internal: four newly commissioned plants remain underutilized, stabilization of the 10x capacity build is due for full closure by Q3 FY27, and working capital stood at 158 days in FY26 against a 160-170 day target for H2 FY27.

The Oil & Gas vertical's material FY27 ramp off a sub-Rs. 10 crore FY26 base is the one demand leg where external evidence is a headwind, with Baker Hughes expecting global producer spending to decline modestly in 2026 and Middle East project timelines already shifted per management.

The call will likely be probed on the Rolls-Royce first qualification parts and first delivery flagged as imminent in August 2026, GTRE turbojet testing and order conversion, and the consolidated PAT drag from loss-making subsidiaries that held consolidated PAT at Rs. 35.2 crores in Q1 FY27.

Key Things To Watch

Guidance scorecard: FY27 growth, margin and working capital: Q1 FY27 came in ahead of the stated bands; the Q2 call will test whether the run-rate holds.

• FY27 revenue growth — 25%+ by FY27 — Q1 FY27 delivered +26.8%; check Q2 run-rate
• EBITDA margin — 33%-35%+ (32%-35% for guidance purposes) — Q1 FY27 at 37.6%, above band; check sustainability
• Working capital days — 160-170 by H2 FY27 — FY26 closed at 158 days; ask for the H1 FY27 reading

Stabilization and facility commissioning deadlines: Several timelines fall due around this call.

• Stabilization initiatives — full closure by Q3 FY27; mid-Q2 checkpoint to confirm on schedule
• Remaining 4 of 8 dedicated OEM facilities — completion within 6 months of the May 2026 statement; deadline falls around this call
• QIP capex deployment — remaining Rs. 180-190 crores by March 31, 2027; Rs. 107.88 crore was unutilized at June 30, 2026

Rolls-Royce and turbojet milestone conversions: Two quarter-specific milestones were pending as of the August 2026 call.

• Rolls-Royce — first batch of qualification parts within Q2 FY27; first delivery was 'imminent' as of Aug 2026; initial supply batches in H2 FY27
• GTRE turbojet — weapon-system testing within 4-6 weeks of Aug 2026, then worthiness certification; orders expected 'within a few months'
• Aero engine revenues — first revenues expected in FY27

Oil & Gas ramp and BHEL contract phasing: The Oil & Gas vertical is the one demand leg where sector commentary is cautious.

• Oil & Gas segment — material ramp-up guided for FY27; contributed less than Rs. 10 crores in FY26; Baker Hughes Saudi timelines already shifted due to geopolitical priorities
• BHEL Long Term Rate Contract — approximately Rs. 52.68 crore for stator vanes and rotor blades; execution by October 9, 2028; ask for phasing

GE Vernova ramp and consolidated PAT drag: Post-quarter capacity additions and the subsidiary gap are both live items.

• Two dedicated GE Vernova facilities (7,600 sq. m each) inaugurated September 28, 2026, taking GE Vernova facilities to three — ask for ramp updates
• Consolidated PAT (Rs. 35.2 crores in Q1 FY27) ran below standalone (Rs. 36.4 crores) as subsidiaries stayed loss-making — check whether the gap narrows
• Management explicitly excludes rupee-depreciation benefits from the EBITDA margin — watch whether the FX narrative shifts