CMP: ₹950 | EPS: ₹17.2 | Net Debt: ₹15 Cr | FY25 PAT Up 125% | Target: ₹9,000 Cr Revenue & 24% EBITDA by FY30
⚡ At a Glance
AXISCADES Technologies Ltd. wrapped up FY25 with ₹1,031 Cr revenue, ₹156 Cr adj. EBITDA, and ₹75 Cr PAT — a 125% YoY profit surge. With a freshly reunited leadership team, a new ₹20-acre defence-tech hub (DAC), and a “Power 930” moonshot goal of ₹9,000 Cr revenue by FY30, the company is gearing up to pivot from a services model to a products + manufacturing powerhouse.
✈️ About AXISCADES
| Field | Info |
|---|---|
| Sectors | Aerospace, Defence, ESAI (Electronics, Semiconductors & AI) |
| Subsidiaries | Mistral Solutions (chip-to-product), Add Solutions (Germany) |
| Non-core Areas | Heavy Engineering, Automotive, Energy |
| Market Cap | Not disclosed, smallcap/midcap range |
| Leadership Comeback | Founder Dr. Sampath returns to reclaim glory |
| Moonshot | ₹9,000 Cr revenue, 24% EBITDA by 2030 |
AXISCADES is no longer just building aerospace parts — it’s building ambitions.
🧠 Key People & Roles
| Name | Role |
|---|---|
| Dr. Sampath Ravinarayanan | Chairman & Chief Mentor |
| Alfonso Martinez | CEO & MD |
| Sharadhi Babu | President – Defence |
| Anurag Sharma | Chief Growth Officer (ESAI) |
| Ravi Joghee | Chief Strategy & Marketing Officer |
| Mohanakrishnan | Deputy CEO (Aerospace value chain) |
| Muralikrishnan | COO (Power 930 Initiative Lead) |
“Why not? ₹9,000 Cr by 2030. Let’s invert our model: from 80:20 services:products to 20:80.”
– Dr. Sampath, sounding like the Steve Jobs of Indian defence-tech
💸 FY25 Financial Highlights
| Metric | FY25 | FY24 | YoY Change |
|---|---|---|---|
| Revenue (Ops) | ₹1,031 Cr | ₹955 Cr | +7.9% |
| Reported EBITDA | ₹142 Cr | ₹133 Cr | +6.9% |
| Adjusted EBITDA | ₹156 Cr | ₹133 Cr | +17.1% |
| PAT | ₹75 Cr | ₹33 Cr | +125.3% |
| EPS (Diluted) | ₹17.2 | ₹7.7 | +122.5% |
| Adj. EBITDA Margin | 15.1% | 14.0% | +110 bps |
| Net Debt | ₹15 Cr | ₹39 Cr | -61% |
| Cash & Equivalents | ₹174 Cr | N/A | – |
🔍 Q4 FY25 Snapshot
| Metric | Q4 FY25 | Q4 FY24 | YoY % | Q3 FY25 | QoQ % |
|---|---|---|---|---|---|
| Revenue | ₹268 Cr | ₹256 Cr | +4.8% | ₹275 Cr | -2.4% |
| Reported EBITDA | ₹37 Cr | ₹32 Cr | +15.2% | ₹40 Cr | -7.3% |
| Adj. EBITDA | ₹45 Cr | ₹32 Cr | +38.3% | ₹43 Cr | +5.5% |
| PAT | ₹31 Cr | ₹9 Cr | +250% | ₹15 Cr | +113% |
| Adj. EBITDA Margin | 16.8% | 12.7% | +410 bps | 15.5% | +130 bps |
✈️ Core vs 🚗 Non-Core: The Shift Is Obvious
Core (Aerospace, Defence, ESAI)
| Metric | FY25 Growth |
|---|---|
| Revenue | +12% YoY |
| EBITDA | +15% YoY |
| Q4 ESAI Growth | +64% YoY |
| Q4 Defence | +7% YoY |
| Q4 Aerospace | Flat YoY |
- Aerospace EBITDA Margin: 22.4%
- Defence EBITDA Margin: 15.9%
- ESAI EBITDA Margin: 27.6%
Non-Core (Auto, Energy, Heavy Engg.)
| Metric | Q4 FY25 | Q4 FY24 |
|---|---|---|
| Revenue | ₹70 Cr | ₹79 Cr |
| EBITDA | ₹-4 Cr | ₹9 Cr |
| Commentary | Auto drag continues |
Company is actively recalibrating non-core to either fix it or fold it. ESAI is becoming the tech bridge between old and new.
🏭 Capex, Infrastructure & Moonshot Projects
- Devanahalli Atmanirbhar Complex (DAC) — 20-acre integrated defence-tech facility near Bengaluru
- Focus: MRO, radar systems, UAVs, aircraft components
- Commission: Phase 1 by H2 FY26
- Hyderabad: New missile integration plant
- Total Infra Investment: Spread over 3 years
🚀 The Power 930 Goal
| Goal | Target Year |
|---|---|
| Revenue | ₹9,000 Cr |
| EBITDA Margin | 24% |
| Business Mix | 80% Products/Solutions |
| Execution Focus | MRO, AI, Chips, UAVs, Missiles |
Think ISRO + HAL + Startup India, all rolled into a public midcap stock.
⚠️ Risks & Red Flags
- Non-core bleeding (₹4 Cr loss in Q4)
- Automotive & heavy engg drag overall margins
- Ambitious capex requires flawless execution
- Defence project delays can derail targets
- No FY26 guidance yet on actual order book size
🧠 EduInvesting Take
“From CAD files to combat drones — AXISCADES wants to become the Tata Elxsi of Defence.”
- Aerospace + Defence + ESAI = Winning verticals
- The ₹9,000 Cr revenue moonshot? Bold, but with defence tailwinds + ESAI margin juice, not impossible
- With ₹174 Cr cash, ₹15 Cr net debt, and 125% PAT jump — they’re starting from a strong base
- A proper tech-defence product pivot story in the making
📈 Forward Fair Value Estimate
| Metric | Value |
|---|---|
| FY25 EPS | ₹17.2 |
| CMP | ₹950 |
| Implied P/E | ~55x |
| Peer Range | 40x–60x (Defence/ESG/Tech) |
| Fair Value (Edu FV) | ₹1,200 (12M forward) |
Upside Potential: +26%, assuming execution on DAC & ESAI scale-up continues without drag from non-core.
🏷️ Tags:
AXISCADES Q4 Results, AXISCADES FY25 PAT, Aerospace defence stocks India, chip-to-product India, ESAI growth, Power 930, Devanahalli defence hub, UAV stocks India, EduInvesting
