AXISCADES Technologies Limited
NSE: AXISCADESAerospace & Defense
Share price
₹2,077.60
-7.48% close of 8 Oct 2026
Price-based ratios (P/B, dividend yield, EV/EBITDA) are as of 7 Oct 2026, the close above is 8 Oct 2026.
Business score
How strong the business is, in one number. The parts behind it are in Pro.
52
out of 100 · worked out 8 Oct 2026
Your ratios
The numbers you want to see first. Tap Edit to change them.
Market cap
₹8,726 Cr
P/E ratio
264.4
P/B ratio
12.1
ROCE
15.4%
ROE
11.5%
Dividend yield
0.0%
Price & valuation chart
How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.
Answers
Simple answers to the questions investors ask most, from the company's own numbers.
How fast it has been growing
Our sales figures for this company step up at Jun 2008 and we hold nothing that says why, so we cannot honestly quote a growth rate across it.
Whether it grew faster than its sector
Our sales figures for this company step up at Jun 2008 and we hold nothing that says why, so there is no honest growth rate of its own to set against its sector.
Room to re-rate, or risk of de-rating
At 264.4× earnings it costs 11.1× the market, which pays 23.9× across 2199 companies we can price. Its own industry sits at 43.7×, across 5 companies. It is against its own five-year median of 67.0×, the 95th percentile of its own range.
Whether growth justifies the valuation
Priced at 4.1 times its growth rate, on earnings growth of 64%.
| Profit growth | Price per ₹1 profit | Per 1% growth | |
|---|---|---|---|
| AXISCADES Technologies Limited — this one | 64%/yr | 264.4× | ₹4.1 |
| Hindustan Aeronautics | 16%/yr | 33.3× | ₹2.1 |
| Bharat Electronics | 27%/yr | 43.7× | ₹1.6 |
| Bharat Dynamics Limited | 6%/yr | 73.8× | ₹12.3 |
| Garden Reach Shipbuilders & Engineers Limited | 50%/yr | 28.9× | ₹0.58 |
| Data Patterns (India) Limited | 26%/yr | 84.4× | ₹3.2 |
Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
How it compares with its peers
Against companies the exchange files under the same label (Aerospace & Defense), it ranks 12 of 26 on returns, 5 of 24 on growth, 14 of 26 on margin. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
What makes it hard to beat — and is that still true?
A narrow advantage: it earns 15.4% on capital, ahead of 54% of companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
Whether its growth pays for itself
Yes — Over the last five years it made ₹268 crore of cash from the business and spent ₹215 crore on plant and equipment, with ₹53 crore to spare; it still raised ₹93 crore mostly borrowed — borrowings rose from ₹72 crore to ₹388 crore. And the profit is real: of every 100 rupees it reported over 12 years, about 206 arrived as cash — well above the profit; depreciation and interest are the reason, not a windfall. Its cash comes back more slowly than it used to: it went from being paid 73 days before it paid its own suppliers to waiting 75 days for its cash.
Profit reality check
Is the profit real cash? Simple checks on the accounts. Facts only, not advice.
8 of 9 checks clear · 89%
Latest result · Q1 FY27
What the last results showed. Whether management kept its word is in Pro.
Continuing revenue grew 94% year on year, but the reported quarter moved to a loss during the divestment transition.
Announced 13 Aug 2026 · Consolidated · Unaudited
Revenue
₹183 Cr
Revenue vs last year
-24.8%
Revenue vs last quarter
-32.8%
Net profit
-₹15 Cr
Profit vs last year
-170.8%
Profit vs last quarter
-3614.2%
Net margin
-8.0%
EPS
₹-3.49
Earnings call transcript · 20 Aug 2026
Checklist before you investPRO
Points for and against, in one list.
Key numbers & peers
The main numbers grouped by topic, and how the company compares with similar ones.
Price
- Market cap
- ₹8,726 Cr
- Prev close
- ₹2,077.60
- 52w High
- ₹2,360
- 52w Low
- ₹1,063
- Enterprise value
- ₹9,163 Cr
- Beta
- 1.0
- Price CAGR 1y
- 33.0%
- Price CAGR 3y
- 60.0%
- Price CAGR 5y
- 92.0%
- Price CAGR 10y
- 26.0%
Ratios
- Return on assets
- 4.9%
- PEG ratio
- 4.2
- P/E ratio
- 264.4
- P/B ratio
- 12.1
- EV / EBITDA
- 51.7
- Industry P/E
- 83.4
- ROCE
- 15.4%
- ROCE 5y average
- 16.0%
- ROE
- 11.5%
- Debt / Equity
- 0.5
- Interest coverage
- 4.6
- Dividend yield
- 0.0%
- ROE 3y average
- 11.0%
- ROE last year
- 11.0%
Annual P&L
- Annual revenue
- ₹1,159 Cr
- Annual profit
- ₹72 Cr
- Operating margin
- 15.0%
- Net profit margin
- 6.2%
- EBITDA margin
- 15.4%
- Sales growth 3y
- 12.1%
- Sales growth 5y
- 17.2%
- Profit growth 3y
- 64.0%
- Profit growth 5y
- 21.0%
- EPS
- ₹16.9
- Sales growth TTM
- 4.0%
- Profit growth TTM
- -47.0%
- Dividend payout
- 0.0%
Quarter P&L
- Sales latest quarter
- ₹183 Cr
- Profit latest quarter
- -₹15 Cr
- YoY quarterly sales growth
- 94.2%
- YoY quarterly profit growth
- -171.4%
- OPM latest quarter
- 4.7%
Balance Sheet
- Book Value
- ₹173
- Face Value
- ₹5.0
- Total debt
- ₹388 Cr
- Total cash
- ₹45 Cr
- Borrowings
- ₹388 Cr
- Reserves / Equity
- 33.6
Cash Flow
- Operating cash flow
- -₹1 Cr
- Free cash flow
- -₹135 Cr
- FCF yield
- -1.9%
- Net cash flow
- -₹35 Cr
Shareholding
- Promoter holding
- 58.0%
- FII holding
- 1.4%
- DII holding
- 2.0%
- Public holding
- 38.6%
Peer comparison
| Company | Price ₹ | P/E | Mkt cap ₹ Cr | Div yield % | Profit qtr ₹ Cr | Profit var % | Sales qtr ₹ Cr | Sales var % | ROCE % |
|---|---|---|---|---|---|---|---|---|---|
| Hind.Aeronautics | 4,746.30 | 34.0 | 3,17,289 | 0.95 | 1,589.7 | 14.9 | 5,515.2 | 14.4 | 32.0 |
| Bharat Electron | 378.30 | 45.0 | 2,76,529 | 0.66 | 1,054.5 | 8.7 | 5,547.0 | 24.9 | 36.4 |
| Bharat Dynamics | 1,085.00 | 76.4 | 39,801 | 0.45 | 118.8 | 547.4 | 572.2 | 130.8 | 13.9 |
| Garden Reach Sh. | 2,102.00 | 30.1 | 24,076 | 0.93 | 172.8 | 43.8 | 1,814.6 | 38.5 | 42.8 |
| Data Pattern | 4,233.40 | 87.7 | 23,693 | 0.24 | 22.1 | -13.5 | 116.0 | 16.8 | 21.9 |
| Sigma Advanced System | 1,091.60 | 124.7 | 20,733 | 0.00 | 35.4 | -81.9 | 374.3 | 7083.9 | 11.7 |
| Aequs | 288.15 | 19,369 | 0.00 | -53.2 | -1457.9 | 395.6 | 54.8 | 1.7 | |
| AXISCADES Tech. | 2,245.60 | 290.7 | 9,535 | 0.00 | -14.8 | -597.8 | 183.4 | 94.2 | 15.4 |
| Median | 1,068.60 | 78.5 | 6,096 | 0.06 | 12.0 | 14.9 | 111.8 | 34.5 | 14.5 |
Competes with: Aequs Limited, Apollo Micro Systems Limited, Astra Microwave Products Limited, Bharat Dynamics Limited, Bharat Electronics, Data Patterns (India) Limited, Garden Reach Shipbuilders & Engineers Limited, Hindustan Aeronautics, Mtar Technologies Limited, SIGMA ADVANCED SYSTEMS LIMITED, Zen Technologies Limited
Quarterly results
Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.
| Line item | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 215 | 252 | 232 | 256 | 224 | 265 | 275 | 268 | 94 | 299 | 343 | 109 | 183 |
| Expenses | 181 | 216 | 202 | 223 | 192 | 231 | 234 | 231 | 88 | 252 | 280 | 109 | 175 |
| Material Cost | 46 | 32 | 68 | 76 | 78 | 63 | |||||||
| Change in Inventories | 0.30 | -0.35 | -0.11 | 4.02 | -33 | 29 | |||||||
| Purchases of Stock-in-Trade | 8.47 | 6.25 | 3.64 | 2.15 | 1.65 | 4.30 | |||||||
| Employee Cost | 129 | 129 | 138 | 150 | 137 | 48 | |||||||
| Other Expenses | 46 | 43 | 43 | 49 | 55 | 30 | |||||||
| Operating Profit | 34 | 37 | 30 | 32 | 31 | 33 | 40 | 37 | 7 | 47 | 63 | 0 | 9 |
| OPM % | 16 | 15 | 13 | 13 | 14 | 13 | 15 | 14 | 7.19 | 16 | 18 | 0.28 | 4.72 |
| Other Income | 2 | 1 | 2 | 5 | 10 | 4 | 1 | 2 | 27 | 6 | -6 | 20 | -5 |
| Exceptional items (within Other Income) | -1.99 | 0 | 0 | -7.82 | -3.35 | 0 | |||||||
| Interest | 20 | 12 | 12 | 13 | 8 | 9 | 7 | 8 | 6 | 7 | 7 | 9 | 9 |
| Depreciation | 7 | 9 | 8 | 10 | 9 | 10 | 11 | 10 | 5 | 10 | 11 | 10 | 9 |
| Profit before tax | 8 | 18 | 11 | 16 | 24 | 19 | 23 | 21 | 23 | 36 | 39 | 1 | -14 |
| Tax % | 33 | 36 | 32 | 44 | 31 | 35 | 36 | -47 | 7 | 36 | 29 | 44 | 4 |
| Net Profit | 6 | 11 | 8 | 9 | 17 | 12 | 15 | 32 | 21 | 23 | 28 | 0 | -15 |
| EPS in Rs | 1.47 | 2.88 | 1.93 | 2.08 | 4.07 | 2.91 | 3.49 | 7.24 | 4.88 | 5.42 | 6.52 | 0.10 | -3.49 |
| Diluted EPS in Rs | 7.16 | 4.85 | 5.36 | 6.49 | 0.10 | -3.49 |
Profit & loss
Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.
| Line item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 318 | 375 | 487 | 519 | 608 | 673 | 524 | 610 | 822 | 955 | 1,031 | 1,159 | 934 |
| Expenses | 276 | 322 | 448 | 501 | 595 | 580 | 459 | 539 | 675 | 826 | 886 | 981 | 816 |
| Material Cost | 188 | 253 | |||||||||||
| Change in Inventories | 8.17 | -29 | |||||||||||
| Purchases of Stock-in-Trade | 17 | 14 | |||||||||||
| Employee Cost | 516 | 554 | |||||||||||
| Other Expenses | 158 | 189 | |||||||||||
| Operating Profit | 42 | 54 | 39 | 18 | 13 | 93 | 65 | 72 | 146 | 129 | 144 | 178 | 119 |
| OPM % | 13 | 14 | 8 | 3.50 | 2.20 | 14 | 12 | 12 | 18 | 14 | 14 | 15 | 13 |
| Other Income | -1 | 3 | 15 | 12 | 24 | 8 | -26 | 7 | -62 | 16 | 16 | 12 | 15 |
| Exceptional items (within Other Income) | -3.86 | -11 | |||||||||||
| Interest | 3 | 2 | 13 | 14 | 25 | 30 | 24 | 17 | 37 | 58 | 34 | 32 | 32 |
| Depreciation | 9 | 10 | 12 | 19 | 20 | 33 | 26 | 25 | 27 | 34 | 40 | 44 | 40 |
| Profit before tax | 29 | 45 | 29 | -3 | -8 | 38 | -10 | 37 | 21 | 53 | 88 | 114 | 62 |
| Tax % | 31 | 35 | 50 | 181 | -9 | 21 | 104 | 38 | 123 | 37 | 14 | 37 | |
| Net Profit | 20 | 29 | 15 | -8 | -8 | 30 | -21 | 23 | -5 | 33 | 75 | 72 | 36 |
| EPS in Rs | 7.14 | 11 | 3.74 | -2.18 | -2.15 | 7.88 | -5.74 | 5.86 | -1.37 | 7.82 | 18 | 17 | 8.55 |
| Diluted EPS in Rs | 17 | 17 | |||||||||||
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Compounded growth
Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.
Compounded sales growth
- 10 years
- 12%
- 5 years
- 17%
- 3 years
- 12%
- TTM
- 4%
Compounded profit growth
- 10 years
- 11%
- 5 years
- 21%
- 3 years
- 64%
- TTM
- -47%
Stock price CAGR
- 10 years
- 26%
- 5 years
- 92%
- 3 years
- 60%
- 1 year
- 33%
Return on equity
- 10 years
- 6%
- 5 years
- 7%
- 3 years
- 11%
- Last year
- 11%
Balance sheet
What the company owns and what it owes, at the end of each year. ₹ crore.
| Line item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 14 | 14 | 19 | 19 | 19 | 19 | 19 | 19 | 19 | 21 | 21 | 21 |
| Reserves | 112 | 144 | 283 | 273 | 266 | 296 | 280 | 312 | 319 | 564 | 628 | 706 |
| Borrowings | 26 | 27 | 81 | 138 | 152 | 172 | 104 | 72 | 346 | 319 | 258 | 388 |
| Other Liabilities | 36 | 58 | 77 | 328 | 337 | 375 | 340 | 392 | 222 | 231 | 216 | 348 |
| Minority Interest | 6.73 | 6.89 | ||||||||||
| Total Liabilities | 188 | 243 | 459 | 758 | 774 | 862 | 742 | 796 | 906 | 1,135 | 1,123 | 1,463 |
| Fixed Assets | 49 | 48 | 159 | 344 | 339 | 355 | 288 | 286 | 312 | 414 | 398 | 459 |
| CWIP | 0 | 1 | 6 | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 8 | 53 |
| Investments | 0 | 0 | 0 | 6 | 30 | 34 | 50 | 19 | 33 | 37 | 60 | 17 |
| Other Assets | 139 | 195 | 294 | 407 | 404 | 473 | 404 | 491 | 560 | 685 | 658 | 934 |
| Total Assets | 188 | 243 | 459 | 758 | 774 | 862 | 742 | 796 | 906 | 1,139 | 1,127 | 1,463 |
Cash flows
Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.
| Line item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 31 | 31 | 9 | -38 | 37 | 65 | 122 | 31 | 71 | 79 | 88 | -1 |
| Cash from Investing Activity | -9 | -20 | 1 | -32 | -13 | -2 | -21 | 30 | -199 | -162 | 8 | -71 |
| Cash from Financing Activity | -9 | -1 | 2 | 47 | -7 | -48 | -93 | -42 | 133 | 64 | -100 | 38 |
| Net Cash Flow | 13 | 10 | 12 | -23 | 17 | 14 | 8 | 18 | 4 | -19 | -3 | -35 |
| Free Cash Flow | 26 | 22 | -20 | -51 | 30 | 59 | 117 | 18 | 60 | 59 | 51 | -135 |
Ratios
How fast customers pay, how long stock sits, and how well capital earns — year by year.
| Line item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 70 | 82 | 63 | 117 | 92 | 90 | 89 | 87 | 80 | 89 | 107 | 130 |
| Inventory Days | 11 | 200 | 88 | 84 | 86 | 165 | 137 | 136 | 104 | 121 | ||
| Days Payable | 150 | 333 | 137 | 177 | 188 | 218 | 153 | 125 | 100 | 220 | ||
| Cash Conversion Cycle | 70 | 82 | -76 | -16 | 44 | -3 | -12 | 34 | 63 | 100 | 111 | 31 |
| Working Capital Days | 47 | 51 | 32 | 1 | -39 | -55 | -71 | -73 | 24 | 49 | 75 | 75 |
| ROCE % | 24 | 28 | 14 | 4 | 1 | 15 | 12 | 14 | 23 | 14 | 14 | 15 |
Price trend
The price as a Renko brick chart: small moves drop out so the bigger path stands out.
Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.
Open interestPRO
Where option traders are positioned on this stock.
Industry numbers
The numbers that matter most in this industry, from the company's own filings.
1 when an audit qualification is filed as repetitive
0.00flag
2026-03-31
the company's own unlisted debt securities in default at period end
0.00cr
2026-06-30
the company's own loans / revolving facilities in default at period end (standalone filing)
0.00cr
2026-06-30
order book, Rs crore
4,557inr_cr
2026-06-30
guarantees / comfort given for promoter, promoter group, directors and KMP
0.00cr
2026-03-31
loans outstanding to promoter, promoter group, directors and KMP (governance filing)
0.00cr
2026-03-31
security given for the borrowing of promoter, promoter group, directors and KMP
0.00cr
2026-03-31
FY revenue / permanent employees + workers, same basis (calc)
27,37,038inr
2026-03-31
News
News and filings about AXISCADES Technologies Limited. Open one to see why it matters.
No recent news for this company.
Supply chain
Who it buys from, sells to and competes with — as recorded in our map of company links.
Competes with
Uses as raw material
- electronic components & raw materials (aerospace & defence electronics / ESDM)
- semiconductor platforms / SoCs (Qualcomm, Texas Instruments, NVIDIA, Intel, NXP)
Sells to
- Airbus · engineering design, product development & plant engineering across all Airbus aircraft pro…
- Bharat Electronics · defence electronics, radar/sonar/EW systems integration & program support
- Bombardier · aerospace engineering services (Diamond Supplier)
- Defence Research and Development Organisation · engineering & electronics design for radar/UAV/sonar/missile defence R&D programs
- Hindustan Aeronautics · avionics, Mission Computer & Smart Multifunction Display for LCA Tejas Mk1A; avionics for…
- Indian Air Force · avionics & defence electronics via DRDO/HAL programs
- Indian Army · vehicle electronics, C4ISR & counter-drone systems
- Indian Navy · naval/shipboard electronics, sonar & EW systems
- MBDA · missile launcher / guidance & control electronics, automated test benches
- Thales · aerospace/defence engineering & strategic electronics collaboration
About
What the company is, from our own records: where it sits, where it makes things, and what it is made of.
- Sector
- Capital Goods
- Industry
- Aerospace & Defense
- Classification
- Capital Goods › Aerospace & Defense
- ISIN
- INE555B01013
Business segments
- (a) Technology Services and Solutions · 67%
- (b) Strategic Technology Solutions · 33%
Plants
- Aero Land Facility / Global Capability Centre for ESAI · Bengaluru, Karnataka
- Devanahalli Atmanirbhar Complex / Cluster · Devanahalli / Bengaluru Aerospace Park, Karnataka
- Electronic City Facility · Bengaluru, Karnataka
- Missile Atmanirbhar Cluster · Hyderabad, Telangana
News impact
Big market events that reach AXISCADES Technologies Limited, and how the effect spreads.
1 Oct, 21:38 IST · Market event · medium impact
After Armenia, India exports Akash Air Defence System to Tajikistan and Turkmenistan: Defence secretary
India's Akash missile exports to two new countries bring direct orders to builders Bharat Dynamics and Bharat Electronics plus their parts vendors, while unrelated machinery makers feel nothing.
Who it hits first
- India will export Akash air-defence missile systems to Tajikistan and Turkmenistan, its second export after Armenia.
- The Defence Secretary signalled more countries may order the multi-target tracking system next.
- Missile-maker Bharat Dynamics and electronics-supplier Bharat Electronics gain order-book growth, plus work for their vendors.
Who may gain
- Bharat Dynamics — builds the Akash missile; direct export orders
- Bharat Electronics — supplies Akash radars and electronics; follow-on work
- Paras Defence, Apollo, Avantel, Axiscades — parts and services vendors to BEL and BDL
Along the supply chain
Downstream
Downstream, finished Akash batteries ship to Tajikistan and Turkmenistan, with spares and training revenue trailing for years.
Upstream
Upstream, BEL and BDL pull parts from vendors such as Paras Defence, Apollo and Avantel plus engineering support from Axiscades; each export battery multiplies into component orders.
Where demand moves
Business
Export contracts flow from the two buyer countries to prime contractors BEL and BDL, then outward as vendor orders to parts makers (Paras, Apollo, Avantel) and engineering services (Axiscades).
Capital
Investors are likely to bid up defence primes and their listed vendors on the export pipeline, while unrelated capital-goods names see only sympathy moves.
How it spreads across sectors
Capital Goods
Defence primes and their vendors gain export-led order growth; non-defence machinery sees no change.
Construction
No effect — Akash Infra-Projects shares only the missile's first name and builds roads.
When it plays out
Immediate
In the first week, defence primes and their vendors rally on the export headline.
Medium term
Over six months, vendor orders and fresh country inquiries convert hope into booked revenue.
Short term
Over the next month, contract values and delivery timelines decide how much of the rally survives.
30 Sept, 16:07 IST · Market event · high impact
Kotak MF, Abakkus lead ₹830-cr buying in Axiscades stake sale; stock jumps over 7%
Big funds bought Rs 830 crore of Axiscades shares at Rs 1,824, lifting the stock over 7% and helping Axiscades holders, with no real gain or pain for rival defence firms.
Who it hits first
- Axiscades Technologies Limited, a Capital Goods engineering company that supplies parts to Bharat Electronics and Hindustan Aeronautics, saw large funds buy about Rs 830 crore of its shares at Rs 1,824 each.
- Its stock jumped over 7% as the market read buying by Kotak Mutual Fund and Abakkus as a strong vote of confidence.
- The trade moves existing shares between sellers and new fund owners, so the company gets no new cash or orders, only a higher price and stronger holders.
Who may gain
- Existing Axiscades shareholders, whose holdings rose over 7% on the fund buying.
- The sellers in the stake sale, who could sell a large Rs 830 crore block at Rs 1,824 without crashing the price.
- Kotak Mutual Fund and Abakkus, who built a large position in one go at a fixed price.
Along the supply chain
Downstream
No downstream impact — customers Bharat Electronics and Hindustan Aeronautics keep buying as before, since the share sale does not change what Axiscades makes or delivers.
Upstream
No upstream impact — suppliers of parts and materials see no new orders because this was a trade in existing Axiscades shares, not new production.
Where demand moves
Business
No new business demand — no fresh orders or contracts for Axiscades or its rivals; factories and order books are unchanged, only share ownership changed.
Capital
Strong capital demand for Axiscades shares — about Rs 830 crore of fund money flowed into the stock at Rs 1,824, lifting the price over 7% and tightening shares available for sale.
How it spreads across sectors
Capital Goods
Light positive mood for small defence engineering peers like Data Patterns and Apollo, but no new orders, so any lift fades fast.
Information Technology
No real readthrough — Axiscades is a Capital Goods supplier despite the tag, so software and IT services firms see no change.
When it plays out
Immediate
Axiscades stays firm near Rs 1,824 with heavy trading as the market digests the Rs 830 crore block and the over 7% jump; peers stay flat.
Medium term
Price follows earnings and order wins, not the block deal; the stake sale matters only as proof that big funds back the story.
Short term
Axiscades drifts on overall market mood and results, with the fund holding acting as a floor; no follow-on orders expected for rivals.
25 Sept, 16:26 IST · Market event · medium impact
Govt disburses Rs 36,754 cr under PLI schemes
The government paid Rs 36,754 crore to factories under production incentive schemes, helping capital-goods makers invest, with no direct loser.
Who it hits first
- The government has paid out Rs 36,754 crore to factories under its production-linked incentive (PLI) schemes as of June 30.
- The cash lands directly with manufacturing firms that met production targets, cutting their need to borrow for expansion.
- Capital-goods makers that sell machines and equipment to these factories should see steadier order inquiries over coming months.
Who may gain
- PLI-winning factories across electronics, autos and other manufacturing lines that receive the payout
- Capital-goods firms such as ABB India, Siemens India, CG Power and Hitachi Energy India that sell factory equipment
- Banks and lenders financing factory growth, as borrower cash flow improves
Along the supply chain
Downstream
PLI-winning factories add capacity and output with the cash, supplying more finished goods to home buyers and export customers.
Upstream
Machine-tool makers, electrical parts suppliers and engineering service firms get more inquiries as PLI winners expand their plants.
Where demand moves
Business
Factories receiving PLI cash place more orders for machines, electrical gear and plant services, passing demand to Capital Goods makers.
Capital
Investors rotate toward manufacturing and Capital Goods shares on stronger factory-spending hopes, lifting trading interest without any direct cash transfer.
How it spreads across sectors
Banking
Better borrower cash flow and fresh capex loans support lenders.
Capital Goods
Direct lift as factory expansion orders flow to machine and equipment makers.
Cement
New factory sheds and plants modestly support cement demand.
Infrastructure
Factory-linked building and logistics work picks up gradually.
Steel
More plant building and machinery demand supports steel orders.
A pattern seen before
Cascade chain
- PLI payout Rs 36,754 cr → manufacturer cash balances up
- Manufacturers order machines → Capital Goods revenue up
- New plants need steel and cement → Steel, Cement demand up
- Capex loans rise → Banking credit growth
Pattern name
Govt Capex Cascade
Patterns
- Govt Capex Cascade
Sectors queried
- Banking
- Cement
- Infrastructure
- Steel
When it plays out
Immediate
Manufacturing and Capital Goods shares firm on sentiment over 1-7 days; no instant change in orders.
Medium term
Capex orders and machine dispatches gradually reflect the payout over 1-6 months; lenders see stronger loan demand.
Short term
Beneficiary spending plans get confirmed over 1-4 weeks; equipment makers comment on inquiries in calls.
Dividends, splits & big trades
Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.
Splits, bonuses & buybacks
- daily-prices repair: 9 rows from NSE's archive (replace 1, delete 1, insert 7), 2016-10-30..2026-02-01 (docs/flat_day_repair.md)1× · 30 Oct 2016
Bulk & block deals
| Date | Who | Bought / sold | Shares | Price |
|---|---|---|---|---|
| 29 Sep 2026 | JUPITER CAPITAL PRIVATE LIMITED | SELL | 45,48,905 | ₹1,824.00 |
| 29 Sep 2026 | KOTAK MAHINDRA MUTUAL FUND | BUY | 9,10,088 | ₹1,824.00 |
| 29 Sep 2026 | SVADHA INDIA EMERGING OPPORTUNITIES SCHEME 1 | BUY | 8,77,192 | ₹1,824.00 |
| 29 Sep 2026 | ABAKKUS INVESTMENT MANAGERS PRIVATE LIMITED | BUY | 6,04,253 | ₹1,824.00 |
| 29 Sep 2026 | KOTAK MAHINDRA MUTUAL FUND | BUY | 3,39,912 | ₹1,824.00 |
| 29 Sep 2026 | VANAJA SUNDAR | BUY | 3,00,000 | ₹1,824.00 |
| 29 Sep 2026 | ABAKKUS INVESTMENT MANAGERS PRIVATE LIMITED | BUY | 2,55,320 | ₹1,824.00 |
| 29 Sep 2026 | ABAKKUS DIVERSIFIED ALPHA FUND | BUY | 2,41,000 | ₹1,824.00 |
| 29 Sep 2026 | KOTAK MAHINDRA MUTUAL FUND | BUY | 2,24,781 | ₹1,824.00 |
| 29 Sep 2026 | KOTAK MAHINDRA MUTUAL FUND. | BUY | 2,24,781 | ₹1,824.00 |
Insider trades
| Disclosed | Who | Type | Shares | Value ₹ Cr |
|---|---|---|---|---|
| 29 Sep 2026 | Jupiter Capital Private Limited · Promoter | SELL | 45,48,905 | 829.72 |
| 29 Sep 2026 | Jupiter Capital Private Limited · Promoter | SELL | 71,325 | 13.39 |
| 17 Sep 2026 | Jupiter Capital Private Limited · Promoter | UNKNOWN | 1,00,000 | 16.90 |
Documents
Annual reports, results presentations and earnings calls, straight from the source.
- Earnings call · Q1FY2720 Aug 2026
- Results presentation30 Jun 2026
- Earnings call10 Feb 2026
- Annual report · 2024-252 Sep 2025
Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.