Azad India Mobility Ltd (504731)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Azad India's revenue was ₹16.4 Cr (+113.9% year on year, +87.8% on the previous quarter), and net profit ₹0.8 Cr; the operating margin was 2.6%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹16.4 | +113.9% | +87.8% |
| Operating profit | ₹0.4 | from loss | -78.0% |
| Net profit | ₹0.8 | — | -44.7% |
| EPS (₹) | 0.14 | +600.0% | -46.2% |
| Operating margin | 2.6% | — | — |
📢 Recent Corporate Announcements
Azad India Mobility has scheduled Friday, October 23, 2026, as the record date for its 1:5 equity share split. Under this corporate action, each share with a face value of Rs 10 will be subdivided into 5 equity shares of Rs 2 face value each. The measure was previously approved by shareholders at the 65th AGM on September 28, 2026. This purely administrative adjustment increases liquidity without altering the company's financial fundamentals or market capitalization.
- Record date determined as Friday, October 23, 2026
- Share sub-division ratio of 1:5 (1 share into 5 shares)
- Face value reduced from Rs 10 to Rs 2 per share
- Sub-division approved by shareholders at 65th AGM on September 28, 2026
Azad India Mobility Limited's Board of Directors met on August 25, 2026, and approved the Board Report for the financial year ended March 31, 2026. The 65th Annual General Meeting (AGM) has been scheduled for Monday, September 28, 2026. The cut-off date for remote e-voting is fixed for September 21, 2026, with the register of members closed from September 22 to September 28, 2026. Additionally, the board re-appointed M/s Pratik Satyuga & Company as the Internal Auditor for FY 2026-27.
- 65th Annual General Meeting scheduled for September 28, 2026, at 12:30 PM
- Share transfer books and register of members closed from September 22, 2026, to September 28, 2026
- Cut-off date for remote e-voting eligibility set for September 21, 2026
- Re-appointment of M/s Pratik Satyuga & Company as Internal Auditor for FY 2026-2027 approved
Azad India Mobility reported a strong Q1 FY2027 with revenue growing 118% YoY to ₹16.77 crore and net profit surging over 1,000% to ₹0.78 crore. The company issued an ambitious FY2027 revenue guidance of over ₹150 crore, which is more than double its TTM revenue of ₹74 crore. Management highlighted a 24-month order book visibility and non-binding discussions for a 2,000-unit export order to Indonesia. Net profit margins improved significantly to 4.65% from 0.90% in the year-ago quarter, reflecting better fixed-cost absorption.
- Q1 FY2027 revenue increased 117.8% YoY to ₹16.77 crore from ₹7.70 crore
- Net profit for the quarter rose 1,014% to ₹0.78 crore with margins expanding to 4.65%
- Management guided for FY2027 total income to exceed ₹150 crore
- Confirmed order book provides 24 months of production visibility from private fleet operators
- Non-binding discussions underway for exporting 2,000 electric buses to Indonesia over three years
Azad India Mobility has approved a sub-division of its equity shares in a 1:5 ratio, reducing the face value from ‡10 to ‡2 to enhance retail liquidity. The company also reported strong Q1 FY27 results, with revenue growing 114% YoY to ‡16.45 Cr. Net profit surged to ‡0.78 Cr from ‡0.07 Cr in the year-ago period, driven by its focus on the EV luxury bus segment. While growth is robust, the stock continues to trade at a high P/E of 219.1.
- Approved stock split of 1 equity share of ‡10 into 5 equity shares of ‡2 each
- Q1 FY27 revenue increased 113.8% YoY to ‡16.45 Cr from ‡7.69 Cr
- Net profit for the quarter rose to ‡0.78 Cr compared to ‡0.07 Cr in Q1 FY26
- Authorized share capital stands at ‡83 Cr divided into 41.5 Cr shares of ‡2 each
- Company maintains a debt-free balance sheet with a D/E ratio of 0.00
Azad India Mobility reported a strong YoY performance for Q1 FY27, with consolidated revenue reaching ₹16.45 Cr, up 113.8% from ₹7.69 Cr in Q1 FY26. Net profit surged to ₹0.78 Cr from ₹0.07 Cr in the previous year's quarter, although it saw a sequential dip from ₹1.44 Cr in Q4 FY26. Alongside results, the board approved a 1:5 stock split (₹10 to ₹2) to enhance retail liquidity. The company remains focused on the EV luxury bus segment, with Q1 revenue already accounting for approximately 25% of the total FY26 revenue.
- Consolidated revenue grew 113.8% YoY to ₹16.45 Cr for the quarter ended June 30, 2026
- Net profit increased over 10x YoY to ₹0.78 Cr compared to ₹0.07 Cr in the same period last year
- Board approved a 1:5 stock split, reducing face value from ₹10 to ₹2 per share
- Cost of materials consumed stood at ₹16.77 Cr, partially offset by a ₹2.05 Cr increase in inventories
- Earnings per share (EPS) for the quarter improved to ₹0.14 from ₹0.02 YoY
Azad India Mobility has scheduled a board meeting on August 13, 2026, to approve un-audited financial results for the quarter ended June 30, 2026. Significantly, the board will also consider a proposal for a stock split (sub-division) of its equity shares, which currently have a face value of Rs 10. This follows a volatile FY26 where quarterly revenue fluctuated between Rs 7.69 Cr and Rs 28.68 Cr. Investors should monitor the split ratio and whether Q1 earnings show recovery from the sequential dip seen in March 2026.
- Board meeting scheduled for August 13, 2026, to approve Q1 FY27 results
- Proposal for sub-division/split of equity shares with current face value of Rs 10
- Trading window for insiders has been closed since July 01, 2026
- Company reported a TTM PAT of only Rs 2 Cr against a Market Cap of Rs 527 Cr
- Promoter holding remains low at 15.53% as of June 2026
Financial Performance
Revenue Growth by Segment
Not disclosed in available documents. The company focuses on the Electric Vehicle (EV) and mobility segment, but specific segment-wise revenue growth percentages are not provided.
Geographic Revenue Split
Not disclosed in available documents. The company operates within the Indian economy, which saw an estimated GDP growth of 6.8% in FY 2024-25.
Profitability Margins
Not disclosed in available documents. The auditor's report confirms the company generated a profit for the year ended March 31, 2025, but specific margin percentages (Gross/Operating/Net) are not listed.
EBITDA Margin
Not disclosed in available documents. Core profitability metrics like EBITDA are not explicitly quantified in the provided snippets.
Capital Expenditure
The company plans to expand manufacturing footprints and drive economies of scale to capitalize on the EV transition, though specific historical or planned INR Cr values for CAPEX are not disclosed.
Credit Rating & Borrowing
The company passed a special resolution to authorize borrowing money in excess of limits under Section 180(1)(c) of the Companies Act, 2013. Specific credit ratings and interest rate percentages are not disclosed.
Operational Drivers
Raw Materials
Specific raw materials are not listed, but the business involves EV manufacturing which typically requires steel, lithium-ion cells, and electronic components. The exact percentage of total cost for each is not disclosed.
Key Suppliers
Azad Coach Builders Pvt Ltd is identified as a significant related party for material transactions. The company also has a strategic alliance with NAE Mobility Private Limited.
Capacity Expansion
The company is pursuing 'capacity augmentation' and expanding manufacturing footprints to drive economies of scale. Current installed capacity in units or MT is not disclosed.
Raw Material Costs
Not disclosed in available documents. The company notes that supply chain and operational bottlenecks are risks that could impact performance.
Manufacturing Efficiency
Not disclosed in available documents. Capacity utilization percentages are not provided.
Strategic Growth
Growth Strategy
The company plans to achieve growth through capacity augmentation, technology integration, and expanding manufacturing footprints. It is focusing on the EV segment by leveraging government schemes like FAME-II and PLI. Strategic alliances, such as the one with NAE Mobility Private Limited, and product innovation are central to its strategy to capture immediate and medium-term opportunities in the decarbonizing transport sector.
Products & Services
Electric Vehicles (EVs) and mobility solutions, including coach building services through related party transactions.
Brand Portfolio
Azad India Mobility (formerly Indian Bright Steel Co Limited).
New Products/Services
The company is investing in product innovation within the EV segment and after-sales support, though specific expected revenue contribution percentages are not disclosed.
Market Expansion
The company is targeting the Indian automotive sector, specifically the EV segment, which is at a major inflection point due to government decarbonization commitments.
Strategic Alliances
NAE Mobility Private Limited and Azad Coach Builders Pvt Ltd.
External Factors
Industry Trends
The industry is shifting toward moderate electrification and decarbonization. Current trends are driven by the FAME-II scheme and the National Electric Mobility Mission Plan, which aim to bridge the cost gap for EV adoption.
Competitive Landscape
The company operates in the competitive Indian automotive and EV sector, navigating global headwinds and domestic manufacturing shifts under the PLI scheme.
Competitive Moat
The company's moat is built on strategic alliances with ecosystem partners and early capacity augmentation in the EV manufacturing space. This is sustainable as long as they maintain technology integration and scale advantages.
Macro Economic Sensitivity
The company is highly sensitive to Indian GDP growth, which was approximately 6.8% in FY 2024-25, and government policy stability regarding green energy.
Consumer Behavior
There is a shift toward the adoption of electric vehicles driven by government incentives and a national commitment to green energy transition.
Geopolitical Risks
Global economic shocks are cited as a primary risk that could cause actual results to differ materially from forward-looking statements.
Regulatory & Governance
Industry Regulations
Operations are heavily influenced by the FAME-II (Faster Adoption and Manufacturing of Electric Vehicles) scheme, the Production-Linked Incentive (PLI) scheme, and potential Zero-Emission Vehicle (ZEV) mandates.
Environmental Compliance
The company is aligning with the National Electric Mobility Mission Plan and decarbonization goals, though specific ESG compliance costs in INR are not disclosed.
Legal Contingencies
The company states it does not have any pending litigations that would impact its financial position as of March 31, 2025.
Risk Analysis
Key Uncertainties
Policy instability (changes in FAME-II/PLI), technological advancements, and the ability to overcome supply chain bottlenecks are key risks that could impact performance by an unspecified percentage.
Geographic Concentration Risk
The company's operations and growth strategy are concentrated in India.
Third Party Dependencies
High dependency on ecosystem stakeholders and partners like NAE Mobility and Azad Coach Builders for manufacturing and supply chain infrastructure.
Technology Obsolescence Risk
The EV sector is subject to rapid technological shifts; the company mitigates this through 'technology integration' and 'product innovation' focus.
