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AXISCADES Technologies Results: Latest Quarterly Results & Analysis

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AXISCADES Technologies Ltd. 13 Nov 2025 12:34 PM
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Q2FY26 Quarterly Result Announced for AXISCADES Technologies Ltd.

BPO/KPO company AXISCADES Technologies announced Q2FY26 results

  • Consolidated revenues for Q2FY26 was at Rs 299 crore, reflecting a growth of 13% YoY.
  • EBITDA for the quarter was at Rs 47 crore, representing an increase of 41.5% over Rs 33 crore reported in Q2FY25.
  • EBITDA margin is at 15.7% for Q2FY26 and better by 310 bps when compared to EBITDA of 12.6% in Q2FY25.
  • Profit after Tax (PAT) of Rs 23 crore grew by 88.9%, with a margin of 7.6% for the quarter, compared to Rs 12 crore / 4.6% in Q2FY25.

Sampath Ravinarayanan, Founder Chairman & Managing Director, said: "It has been three quarters since I resumed my role as Chairman of your esteemed Company. During this time, we launched the Power 930 initiative, setting an ambitious revenue target of Rs 9,000 crore (1 billion USD) by FY30. To achieve this, we have outlined the following plans:

We are targeting over 40% year-on-year growth in our core business areas for FY26 and FY27, with acceleration to over 70% projected for FY28 through FY30. Based on current forecasts, we expect to meet the 40% growth target for FY26 and FY27 in our core domains of Aerospace, Defense and ESAI. With new facilities becoming operational by 2027, we are optimistic about surpassing the 70% mark in subsequent years.

To drive growth in per capita revenue and improve OPM, we are shifting from a service-centric model to one focused on products and solutions. Annualized EBITDA per employee increased from INR 4.31 lakh/employee in H1FY25 to INR 6.36 lakh/employee in H1FY26 marking a 47% increase YoY.

We are investing heavily in infrastructure to support product and solution development. A large portion of our 165,000 sq. ft. Aero-land facility is complete, and construction has begun on the 3 million sq. ft. Devanahalli Atmanirbar Complex. Once finished, it will be among India’s largest centers for Radars, Strategic Electronics, and the Aerospace Supply Chain.

Our focus continues to be forming strategic partnerships with global leaders in our core areas. We’ve collaborated with MBDA and Indra, and forged alliances with CILAS, EBC, Aldoria, and EEA to enhance our capabilities and revenues.

We are reviewing our business portfolio to identify areas of stagnation, negative growth, or limited strategic value. To stay focused and agile, we’ve engaged a strategic advisor to guide this process.

We have a robust pipeline, giving us strong and clear visibility to achieve our mission (Power930) by FY30. We are focused on converting maximum possible of this pipeline into confirmed orders and continuously replenishing it.

In closing, I would like to thank you for your continued trust and support. Together, I am confident we will build a future marked by enduring growth, operational excellence, and lasting success."

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BPO/KPO company AXISCADES Technologies announced Q1FY26 results

  • Consolidated revenues for Q1FY26 was at Rs 244 crore, reflecting a growth of 9% YoY. Typically, H1 represents around 35% of full year revenue, with 65% recorded in H2, in view of the majority of defence revenues executed in H2. In dollar terms, revenue for the quarter amounted to USD 28.5 million, growing 6% YoY.
  • Reported EBITDA for the quarter was at Rs 34 crore, representing an increase of 9% over Rs 31 crore reported in Q1FY25. However, normalizing Q1FY25 EBITDA to Rs 18 crore for one time write backs, Q1FY26 EBITDA grew by 86%.
  • EBITDA margin is at 14% for Q1FY26, same as PY, and better by 582bps when compared to normalized EBITDA of 8.2% in Q1FY25.
  • Profit After Tax (PAT) of Rs 21 crore grew by 25%, with a margin of 8.2% for the quarter, compared to Rs 17 crore / 7.2% in Q1FY25.

Sampath Ravinarayanan, Chairman, said: “It has now been nearly six months since I resumed the role of Chairman of your esteemed company. During this period, we have embarked upon a series of strategic initiatives designed to accelerate sustainable growth and position our organization for long-term success. I would like to highlight a few:

  • We have set an ambitious target of achieving over 40% YoY growth across our core business domains.
  • To drive non-linear growth, we are executing a strategic transition from a services-centric model to one focused on products and solutions, targeting a shift in our revenue mix to 20:80 services to product.
  • We are investing in world-class infrastructure to support the development and delivery of these enhanced offerings.
  • We have initiated the formation of mutually beneficial global partnerships in critical areas aligned with our strategic direction.
  • We are rigorously reassessing activities that demonstrate stagnation or negative growth, or that no longer provide strategic value to the company.
  • Our Power 930 Plan, aimed at achieving Rs. 9,000 Crore (1 Billion USD) in revenue by Fiscal 2030, is now underway.

I am pleased to inform you that dedicated leadership teams are now in place to oversee the implementation of these initiatives. This proven leadership group shares a unified vision and is deeply committed to realizing our collective objectives.

While we remain steadfast in our pursuit of delivering 40% growth in our core domains in the near term, we are simultaneously advancing the groundwork required for our broader transformation. As with any profound change, this process will take several quarters to mature, given the new pathways and teams involved.

Alfonso Martinez; CEO & MD said: “In furtherance to robust performance in Q1 - our Orderbook and Forecast Visibility for FY26 and following years positions us for sustained and strong revenue growth of over 40%, with a targeted EBITDA margin of 19.5%. We are committed to topline growth of more than 25% and 300bps improvement in EBITDA for the current year.

To further strengthen our business, we are actively reassessing and refocusing activities that are currently loss-making or operating at lower margins.

We remain committed to delivering sustainable growth and long-term value for our shareholders and other stakeholders. Your continued trust and support are the foundation for our success, and I am confident that, together, we will achieve our ambitious goals in the years ahead.”

Result PDF

BPO/KPO company AXISCADES Technologies announced Q3FY25 results

  • Revenue Rs 274 crores; up 18.4% YoY and 3.7% QoQ.
  • EBITDA at Rs 40 crores; up 36.9% YoY and 21.7% QoQ.
  • EBITDA Margins at 14.6%; expanded 200bps YoY; and 220 bps QoQ.
  • EBIT Margins at 10.7% ; expanded 170bps YoY; and 210 bps QoQ.
  • The Finance cost stands reduced at Rs 7.3 crores from 12.1 crore in Q3FY24, a 40% decline on YoY basis and 15% decline on QoQ.
  • PAT at Rs 14.8 crores; up 95.9% YoY, and 20.7% QoQ.
  • Net Debt at Rs 35.5 crores as on 31st December 2024.
  • The Earnings Per share (EPS) has almost doubled; up by 96.1% YoY from Rs 1.75 in Q3FY24 to Rs 3.44 in Q3FY25.

Sampath Ravinarayanan, Chairman,, said: I am happy to share the company’s resilient performance in Q3’25, with EBITDA of Rs 40.02 crore, marking a 22% increase sequentially and a 37% rise year on year. Our profit after tax (PAT) stands at Rs 14.76 crore, maintaining the growth trajectory we aimed for. The fact that 99% of EBIDTA came from our core activities, Aerospace, Defence, and Electronic, Semiconductor & AI (ESAI), shows that we need to continue to focus on these areas, while recalibrating the rest. This performance is just a teaser for our capabilities to quickly adapt and reinvent to position ourselves as: ‘Product Driven, Non-linear, Technology Company in Aerospace, Defence and ESAI’.

Our primary mission is to create the best value for all our stakeholders. This can be achieved only through phenomenal and sustainable growth. To achieve this, we are putting in place a formidable, world class leadership team and matching infrastructure.

Our first objective is to re-calibrate our non-core activities and invest in core domains, including facilities. Our Second objective is to build enduring partnership with Global A&D companies. This will enable us to become a force multiplier in Aerospace and Defence Industry. Our third objective is to achieve an accelerated growth in ESAI through inorganic strategy. We will elaborate on these strategies in the coming months.

We will work both diligently and strategically to provide the best growth and value for all our stakeholders.

Alfonso Martinez; CEO & MD said: “I am excited to contribute to AXISCADES’ remarkable growth trajectory. Leveraging my industry knowledge and robust connections within our core domains, I am dedicated to facilitating substantial transformation as we transition from a service-oriented, linear growth approach to a product-focused, non-linear growth strategy. This strategic realignment will promote sustainable growth and profitability, while enhancing value for our stakeholders”

Result PDF

BPO/KPO company AXISCADES Technologies announced Q2FY25 results

  • Revenue Rs 264 crore; up 18.4% QoQ.
  • Total order book at USD 89 Mn up 17% QoQ.
  • EBITDA at Rs 33 crore; up 74% QoQ on adjusted EBITDA.
  • EBITDA Margins at 12.4%; expanded 400bps QoQ on adjusted EBITDA.
  • PAT at Rs 12 crore; up 20% QoQ on adjusted PAT.
  • Q2 Defence order intake Rs 121 crore.
  • Net Debt at Rs 55 crore.
  • Cash, bank and liquid investments at Rs 125 crore.

Arun Krishnamurthi, CEO & MD of AXISCADES, said: “For Q2FY25, the company achieved resilient performance, with sales revenue of Rs 264 crore, recording 18% sequential growth. This was complemented by an EBITDA of Rs 33 crore and a PAT of Rs 12 crore, reflecting strong operational efficiency, despite macroeconomic challenges in certain verticals. This performance underscores our ability to navigate a dynamic market environment, while delivering value to our stakeholders.

The revenue growth was driven both by Digital Engineering Services and Defence. In engineering services, Aerospace segment demonstrated a robust 19% YoY growth. Defence revenues grew by a healthy 73% QoQ, with Defence production revenues surging by 84% QoQ, bolstered by a significant order backlog set for execution in fiscal years 2025 & 2026. With a healthy pipeline and focused approach, over the next 12-18 months, we aim the defence revenue to reach around 60% of the overall company’s revenue.

However, automotive vertical continues to face macro challenges, which adversely impacted revenue and margins in the second quarter. With second largest outsourced ER&D spend in automotive, we are bullish on this vertical returning to growth in early FY26.

We remain committed and confident of addressing these challenges and will continue to focus on strengthening the business to achieve sustainable growth & profitability”.

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BPO/KPO company AXISCADES Technologies announced Q1FY25 results:

Financial Highlights: 

  • Revenue from Operations of Rs 223 crore for the quarter; grew by 4.5% YoY
  • Revenue in USD terms for the quarter stood at USD 26.9 million; growing 2.5% YoY
  • Total order book for the company stood at USD 83.2 million
  • EBITDA for the quarter at Rs 31 crore; as compared to Q1’24 at Rs 33 crore
  • EBITDA Margins higher at 13.9%; as against 12.6% in Q4 FY24
  • PAT stood at Rs 17 crore with PAT margin of 7.2% for the quarter, as against Rs 6 crore / 2.6% in Q1 FY24

Business Highlights:

  • Mistral Solutions received order of Rs 90 crore from BEL for supplying Radar Processing Systems
  • Ramp up in aerospace with European OEM focused on production and plant migration efforts
  • Ramp up in high end cybersecurity solutioning with UK automotive manufacturer.
  • All our digital investments from FY24 are starting to realise into higher revenue & profitability this year
  • Onboarded an EPC major from Middle East as our customer with long term contract
  • Completed second tranche of delivery of Man Portable Counter Drone System (MPCDS) to the Indian Army

Commenting on the results and outlook, Arun Krishnamurthi, CEO & MD of AXISCADES said, “We are pleased to report a strong start to FY25, highlighted by noteworthy business performance in Q1FY25, in the face of macro challenges in certain verticals and lumpiness in Defence. The Company’s YOY revenue grew by 4.5% to Rs 223 crore with EBITDA of Rs 31 crore and PAT of Rs 17 crore. The revenue growth was driven by a 15% YoY increase in Engineering Services, led by Aerospace, Automotive, and Energy Verticals. Defence production revenues grew 73% YOY, with a strong order book for execution in FY25. Overall, the company performed well in Q1, across most verticals, with the exception of Heavy Engineering and PES, where macroeconomic challenges persist.

We are focused on overcoming the challenges in certain verticals and are confident of delivering to our company’s plan for the full year FY25 and will continue to strengthen the business for sustainable growth and profitability.”

Result PDF

BPO/KPO company AXISCADES Technologies announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  • Revenue from Operations of Rs 256 crore for the quarter; grew by 14% YoY
  • Revenue in USD terms for the quarter stood at USD 31 million; growth of 11% YoY
  • EBITDA for the quarter at Rs 32 crore; grew by 3% YoY, grew by 11% QoQ
  • EBIDTA Margins stood at 12.7%; as against 12.6% in Q3FY24 and 13.9% in Q4FY23
  • PAT stood at Rs 9 crore with PAT margin of 3.4% in the quarter, as against Rs 8 crore in Q3FY24 (3.2%) and Rs 16.04 crore in Q4FY23 (7.1%) 

FY24 Financial Highlights:

  • Revenue from Operations of Rs 952 crore for the year; grew by 17% YoY
  • Revenue in USD terms for the year stood at USD 116 million; growth of 14% YoY
  • EBITDA for the year at Rs 130 crore as against normalized EBITDA of Rs 124 crore in FY23 ; grew by 5% YoY.
  • EBITDA Margins stood at 13.7%; as against normalized EBITDA margin of 15.3% in FY23
  • Profit after Tax at Rs 33 crore, as against PAT Loss of Rs 4.8 crore in FY23
  • PAT Margins for the year stood at 3% as compared to -0.6% in FY23

Commenting on the performance, Abidali Neemuchwala, Chairman of AXISCADES said, “FY2024 was another landmark year for the Company, in its journey to be at the forefront of best-in-class engineering and technology solutions, and at the same time, deliver a sustainable and profitable business performance to all its stakeholders. I am pleased to report that, at the end of FY2024, the Company stands much stronger, with its foray into new verticals, new acquisitions, new competencies, and a much stronger customer base. Our defense business is gaining strength, and our production revenues from defense reached record run in FY24 and will continue to accelerate in the coming years. The equity base stands enhanced, borrowings significantly reduced and the robust balance sheet and cash reserves, allows us much head-room to invest in people, technology, competencies, R&D labs and business growth.

While we are conscious of the global macroeconomic challenges and uncertainties, we are entering the new financial year, with renewed vigor, confidence and commitment for growth, and are well positioned to navigate the exciting pipeline of opportunities, ahead of us.”

Result PDF

BPO/KPO firm AXISCADES Technologies announced Q1FY24 results:

  • Revenue of Rs 2,136 million in Q1FY24 compared to Rs 1,833 million in Q1FY23, up 17% YoY
  • EBITDA of Rs 330 million in Q1FY24 compared ot Rs 227 million in Q1FY23, up 45% YoY
  • EBITDA Margin of 15.4% in Q1FY24 compared to 12.4% in Q1FY23, up 300 bps YoY
  • PAT of Rs 57 million in Q1FY24 comapred to Rs (317) crore in Q1FY23

Commenting on the performance, David Bradley, Chairman, AXISCADES said, “We have started the fiscal year 2024 on firm footing, recording revenue growth of 17% and EBITDA growth by 45% Year on Year. The recent acquisition of add solution GmbH will give us access to global OEMs and help us expand our product offerings to the automotive industry. Over the past few years, we have acquired businesses that have helped us to expand into new segments and grow our market share. These acquisitions have been accretive to our earnings and have helped us to achieve our long-term growth goals. A strategic refinancing of our long-term debt will allow us to invest more in our growth initiatives and further expand our bottom line. We have a strong, growing team in place that is focused on executing our growth strategy to generate value for all stakeholders.”

Commenting on the results and outlook, Arun Krishnamurthi, CEO & MD, AXISCADES said, “We are building upon the strong momentum generated in FY23. Fiscal 2024 has started with two key achievements, a cross-border acquisition of add solution GmbH and the refinancing of our debt. We believe that the acquisition will be a significant driver of growth for our automotive business. The refinancing will lower our interest costs, and optimize our capital structure, resulting in a robust balance sheet. During the quarter, we saw remarkably higher contributions from the Aerospace vertical and we continued to gain wallet share from our clients in the defense sector, adding significantly to our topline. Our new businesses win continue to show positive momentum. We are excited about the opportunities that lie ahead of us and aim to execute our objectives further aided by increased financial flexibility and create value for all stakeholders.”

 

 

Result PDF

BPO/KPO company AXISCADES Technologies announced Q2FY23 results:

  • Q2FY23:
    • Revenue up 43% to Rs 1,937 million
    • EBITDA up 238% to Rs 374 million
    • PAT up 660% to Rs 211 million
  • H1 FY23:
    • Revenue up 53% to Rs 3,769 million
    • EBITDA up 180% to Rs 601 million
    • Adjusted PAT up 723% to Rs 338 million

David Bradley, Chairman of AXISCADES, said: “We are happy to consistently raise the bar with our performance in FY23. Our focus remains on generating growth while also driving profitability. I am proud of the team’s consistent efforts to execute at the highest level. This is well appreciated by our clients, and we are looking to exploiting cross selling opportunities to increase wallet share. I am convinced about the capability of India to be the leading provider of engineering solutions to global industries. AXISCADES is in a prime position to capture the opportunities and aims to generate value over the long term for all stakeholders.”

Arun Krishnamurthi, CEO & MD of AXISCADES, said “We are proud to have delivered a stellar performance registering a strong growth in revenue while generating substantially high profit. The future of automotive technologies is fascinating as vehicles get increasingly feature-rich. We are positioning ourselves to become a preferred partner in the space and are happy to announce the signing of a long-term deal with another Tier-1 global automotive major. Despite global headwinds across multiple sectors, our relentless efforts are paying off with robust growth across all our verticals. Strategic initiatives are in place to integrate and unlock the tremendous potential of Mistral Solutions in the field of defence and embedded technologies. We are focused in our approach to be a reliable, leading-edge technology solutions provider helping our clients to optimise their processes.”

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