AXISCADES Technologies Ltd(AXISCADES)

NSE: AXISCADESBSE: 532395

₹ 1,915-2.39%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 8,145 crWebsite: www.axiscades.inUpdated: 24 Oct 2026

About

AXISCADES Technologies Ltd is an Indian aerospace, defence and technology company that designs, manufactures and integrates systems across defence electronics, aerospace structures and AI/semiconductor engineering services. In FY26 the company reported revenue of ₹1,158.95 Cr and is restructuring around three continuing segments - Defence, Aerospace manufacturing and XiDA (AI/semiconductor services) - after divesting its non-core engineering services to Akkodis for US$237M. Its long-range "Power 930" plan targets ₹9,000 Cr revenue and ₹960 Cr PAT by FY30.^[1]

Business segments

Technology Services and Solutions: ₹781.3 Cr revenue (67.4% share) and 8.5% EBIT margin in FY26, covering aerospace engineering services and legacy non-core verticals.^[2]
Strategic Technology Solutions: ₹377.7 Cr revenue (32.6% share) and 21.9% EBIT margin in FY26, covering defence products, strategic electronics and ESAI/AI services.^[2]
Continuing operations (Defence, XiDA, Aerospace manufacturing) delivered ₹183.4 Cr in Q1 FY27, up 94% YoY from ₹94 Cr in Q1 FY26, after non-core divestiture.^[3]
Subsidiary Mistral reported FY26 turnover of Rs 37,729.66 lakh, PAT of Rs 6,275.11 lakh and net worth of Rs 32,192.01 lakh.^[4]

Defence products and programmes

Defence delivered ₹125 Cr revenue in Q1 FY27, up 111% YoY, with underlying EBITDA of ₹11.2 Cr (9.7% margin excluding ₹9.6 Cr one-time provisions).^[3]
21 active defence programmes across air defence, surveillance, electronic warfare and platform upgrades as of FY26, with L1 bids won for Navigation System for Armoured Recovery Vehicle and 105mm Gun Proof & Testing Platform.^[5]
BrahMos RF seeker programme: all RF functionalities completed 4 February 2026; full qualification expected Q2 FY27; a second seeker for Kusha missile in parallel development; seeker revenue targeted from FY28.^[6]
30 kW laser directed-energy weapon technical selection secured in Q1 FY27; missile sub-system orders and Uttam radar antenna beam control orders among ₹332 Cr of new wins in the quarter.^[3]
Counter-drone portfolio includes man-portable, vehicle-mounted and hand-held systems; CILAS partnership for laser-based hard-kill; management targets 20 - 30% market share and top-3 position.^[7]

XiDA (AI and semiconductor engineering services)

XiDA (formerly ESAI, rebranded) posted ₹49.5 Cr revenue in Q1 FY27, up 62% YoY, at a 29.7% EBITDA margin.^[3]
A US business-transfer acquisition via XiDA Inc. added the world's largest semiconductor equipment maker and a top-5 AI/hyperscale company as customers, contributing at a 46% EBITDA margin.^[3]
Product revenue share rose from 32% in H1 FY25 to 38% in H1 FY26 and 39% in 9M FY26; management targets 61% products by FY27.^[6]

Order book and pipeline

Assured Forecast Visibility stood at ₹4,557 Cr as of Q1 FY27, after ₹332 Cr of new wins in the quarter.^[3]
Total defence pipeline (qualified bids) was approximately ₹24,000 Cr as of Q1 FY27.^[3]
FY27 revenue visibility of ₹1,377 Cr: ₹927 Cr orders under execution, ₹285 Cr AFV, ₹45 Cr from ESAI acquisition and ₹120 Cr from aerospace manufacturing acquisition (as of Q4 FY26).^[5]

Manufacturing facilities and capex

Devanahalli Atmanirbhar Complex: construction ongoing; radar hangar facility phased into operation by Q1 FY28 (revised from Sep 2026 target); 11 hangars targeted.^[3]
Missile Atmanirbhar Complex, Hyderabad: estimated project cost Rs 500.25 crore per the FY26 annual report; land acquired in Q1 FY27, groundbreaking July 2026, construction commenced.^[4][3]
Center for Advanced Manufacturing planned: 240,000 sq ft quad-use facility on 20 acres at Devanahalli for aerospace, defence, space and electronics manufacturing; land allocation in process (Q1 FY27).^[3]
Total planned capex approximately ₹1,500 Cr over three years including DAC (₹1,100 - 1,200 Cr) and Hyderabad MAC (as of Q2 FY26).^[7]

Customers and strategic alliances

Life-of-programme EWIS contract won for EEA Aircraft's LUS222 19-seat aircraft, design through series production, estimated at US$100M+ over ten years (Q4 FY26).^[5]
Strategic alliances include MBDA, INDRA, CILAS (laser hard-kill), Goodluck Industries and BrahMos Aerospace Thiruvananthapuram Ltd. for the AMCA programme.^[7]
International sales pipeline exceeded $300 Mn (near-term) as of Q3 FY26.^[6]

Acquisitions, divestments and recent developments

Engineering services (Heavy Engineering, Energy, Automotive) divested to Akkodis for US$237M (₹2,256 Cr); Phase-1 targeted Aug 31 2026 (₹190 Cr post-tax cash), Phase-2 by Nov 30 2026 (₹525 Cr).^[3]
Cloud Wave Technologies Private Limited: 90% stake acquired for INR 234 Cr (enterprise value INR 260 Cr), completed 10 September 2026, including step-down subsidiaries Protohubs and Aureate.^[8]
Akkodis Axiscades Aerospace Engineering Private Limited incorporated as a subsidiary (99.9999% stake, paid-up capital ₹15,00,000) on 22 September 2026.^[9]
ADD Solutions (non-core European unit) recorded EBITDA loss of ₹4.84 Cr and PAT loss of ₹6.72 Cr in Q1 FY27; sale process underway targeting FY27 exit.^[3]
FY26 annual report proposes raising the borrowing limit from Rs 500 crore to Rs 750 crore.^[4]

Long-range targets

FY27 continuing-operations revenue guidance ₹1,377 Cr (proforma annualised); EBITDA guidance ₹270 Cr; PAT ~₹135 Cr, contingent on acquisitions closing on schedule (Q1 FY27).^[3]
Defence business targeted to grow 75% YoY in FY27.^[3]
Aerospace manufacturing platform targeting annualised revenue run-rate of ₹375+ Cr and EBITDA of ₹84 Cr by Q4 FY27, building toward ₹1,000 Cr by FY29.^[3]
Power 930 long-range vision: ₹9,000 Cr revenue and ₹960 Cr PAT by FY30.^[3]

Market Cap

₹8,145 Cr

High / Low

₹2,360 / 1,061

Stock P/E

224.0

Price / Book

11.2

Book Value

₹171

EPS

₹16.9

No. of Shares

4.25 Cr

ROCE

15.5%

ROE

10.4%

OPM

13.2%

Debt / Equity

0.38

Sales

₹1,159 Cr

Net Profit

₹72 Cr

Promoter holding

44.8%

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