AXISCADES
Micro CapAXISCADES Technologies Limited
IT
AXISCADES Technologies is undergoing a major strategic transformation, divesting non-core engineering services to focus on higher-value Aerospace & Space Manufacturing, Defence Systems & Solutions, and AI-Driven Deep Tech (XIDA Inc.). The company aims for a sharper, higher-margin, and globally scalable business model.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100PAT -99% YoY · margin compression · Rev +2% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹273 Cr | +1.9% | -20.4% |
| EBITDA | ₹33.5 Cr | -10.7% | -46.7% |
| Operating margin | 12.3% | -173 bps | -603 bps |
| PAT | ₹0.4 Cr | -98.7% | -98.5% |
| PAT margin | 0.1% | -1161 bps | -791 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
FY26 revenue grew 12.4% YoY to ₹1,159 Cr, with EBITDA up 24.6% to ₹178 Cr and margin expanding 150 bps to 15.3%. Reported PAT declined 4.3% to ₹72 Cr due to one-time restructuring costs and Q4 revenue deferrals, while normalized PAT rose 27.6% to ₹83 Cr.
The company is actively executing its "Power 930" transformation, divesting non-core assets, building capacity, and pursuing strategic acquisitions in high-growth areas like defence, aerospace, and AI. While FY26 reported PAT was impacted by one-time costs and Q4 revenue deferrals, management asserts these are non-recurring, and the underlying demand and order book remain strong, setting the stage for FY27.
Revenue by Domains (FY26)
Latest issuer-disclosed distribution across 6 reported categories.
Power 930 Strategy
Targeting ₹9,000 Cr revenue and ₹960 Cr PAT by FY2030 through strategic shifts.
Aerospace Manufacturing
Planned acquisition to jump-start activities in Q3 FY27, accelerating entry into higher-value manufacturing.
Deep-tech & AI (Xida Inc.)
US-headquartered platform with planned acquisition serving hyperscalers and tech-giants, folding existing ESAI business.
Defence Programs
L1 wins for Navigation System (ARV) and Gun Proof & Testing Platform, positioning as system integrator for Indian Army.
DAL (Devanahalli Aero Land)
Bengaluru campus is already operational.
DAC (Devanahalli Atmanirbhar Complex)
In progress, 11 hangars operational by Jan 1st 2027.
MAC (Missile Atmanirbhar Complex)
Hyderabad facility becoming operational through FY27.
Strategic Divestment
Divestment of Heavy Engineering, Energy, and Automotive businesses for US$30.63M provides liquidity and management focus.
Strong Order Book
₹142 Cr of Q4FY26 revenue deferred to Q1/Q2 FY27 is contracted and certain, providing strong visibility.
Supply Chain Resolution
External disruptions impacting Q4FY26 execution are substantially addressed, and execution is normalized.
Restructuring Costs
FY26 P&L impacted by ₹9.80 Cr transaction costs and ₹7.98 Cr exceptional charge from divestment.
Revenue Deferment
Q4FY26 revenue impacted by ₹142 Cr deferment due to supply chain issues in defence and strategic electronics programs.
Higher Tax Rate
FY26 tax charge of ₹42 Cr reflects a normalized position, unlike FY25 which included a one-time tax reversal.
Execution of Power 930
Transformation scale implies execution risk over multiple years.
Acquisition Integration
Risks associated with closing planned acquisitions and successful integration into the new structure.
Contract Formalization
L1 defence wins are awaiting contract awards, posing a risk of delays or changes.
Concentration Risk
Company aims to reduce concentration risk through customer diversification, implying current exposure.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Full-year YoY comparison reflects the impact of strategic restructuring and divestments. QoQ highlights the immediate operational challenges and revenue deferrals in Q4, which are expected to impact Q1/Q2 FY27.
Revenue from Operations
FY26: ₹1,159 Cr (+12.4% YoY); Q4FY26: ₹273 Cr (+2.0% YoY)
EBITDA
FY26: ₹178 Cr (+24.6% YoY); Q4FY26: ₹34 Cr (-10.3% YoY)
EBITDA Margin
FY26: 15.3% (+150 bps YoY); Q4FY26: 12.3% (-169 bps YoY)
Reported PAT
FY26: ₹72 Cr (-4.3% YoY); Q4FY26: ₹0.4 Cr (-98.7% YoY)
Strategic Transformation
FY26 was a "consequential year" of strategic restructuring, laying the foundation for Power 930.
FY27 Outlook
FY27 is positioned as the "takeoff" year, with a cleaner portfolio, reset cost base, and strong revenue visibility.
Value Chain Progression
Company aims to move up the value chain into higher-value, higher-margin manufacturing and development.
Future Focus
The goal is a transformed company, sharp in focus, global in reach, and scalable in design, operating in defence, aerospace, space, and Deep-tech-AI.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| FY27 Revenue Visibility | ₹1,377 Cr (Orders under execution ₹927 Cr, AFV ₹285 Cr, Acquisitions ₹165 Cr) | Conversion of pipeline into firm orders and execution against this visibility. |
| Strategic Acquisitions | NBO issued for aerospace manufacturing and Xida Inc.'s first acquisition. | Successful closure and integration of these acquisitions. |
| Capacity Ramp-up | DAL operational, DAC & MAC becoming operational through FY27. | Timely commissioning and utilization ramp-up of new facilities. |
| Remaining Divestments | Further restructuring of engineering services portfolio planned for H1 FY27. | Completion of planned divestments. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
55NeutralSMA20 +40.6% / mo
Technical chart
AXISCADESdaily · 3Y+36.0%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 53. Wait for confirmation.
- SMA20 falling (~2.5% over last month) — short-term momentum negative.
- RSI(14) at 53 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 12% off 52W high · 82% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Growth contributes 15/25 to the score.
- Balance sheet contributes 7/15 to the score.
- Cash flow contributes 3/10 to the score.
Main drags
- Fair-value margin of safety is negative at -217.8%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 3/20; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 90th percentile of the scored universe and 85th percentile within IT. Main check: financial discipline is weak at 58/100.
High Trust Lite: Promoter holding is 58.1%. Key concern: ROCE trend is -3.2%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · IT: 85th pctile, median 68 · Micro: 85th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 58.1%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.1%.
- ▸9 years of positive FCF.
Trust risks
- ▸ROCE trend is -3.2%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 99.30
- P/B
- 10.78
- EV/EBITDA
- 37.25
- Market Cap
- 7844.00Cr
Profitability
- ROE
- 11.50%
- ROCE
- 15.30%
- ROA
- 4.91%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 17.00%
- EPS 5Y
- 21.00%
- Revenue 3Y
- 12.00%
- EPS 3Y
- 64.00%
Balance Sheet
- Debt/Equity
- 0.53
- Interest Coverage
- 5.71×
- Altman Z
- 8.04
- Book Value
- 171.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 8/5
- OCF
- -1.00 Cr
- EPS TTM
- 16.92
Shareholding
- Promoter Hold
- 58.05%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 68%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in IT — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.