504731
Azad India financials
- Market cap
- ₹474 Cr
- Sector
- Capital Goods
What Azad India does
Azad India Mobility Ltd, formerly known as Indian Bright Steel Co. Limited, repositioned itself in FY 2024-25 toward the manufacturing, assembly and trading of electric buses. The company runs this business through two wholly-owned subsidiaries: Azad Coach Builders Pvt Ltd, which manufactures bus and coach bodies, and NAE Mobility Private Ltd, based in Bengaluru, Karnataka, which manufactures electric vehicles. The parent company itself is asset-light, with the operating scale sitting largely inside these subsidiaries.
Segments
- Electric bus/coach manufacturing
- Electric vehicle manufacturing
- Business focus
- Manufacturing, assembly & trading of electric buses
- Wholly-owned subsidiaries
- 2 (Azad Coach Builders Pvt Ltd — bus/coach bodies; NAE Mobility Pvt Ltd — electric vehicles, Bengaluru)
- Permanent employees (standalone company)
- 5, as on 31 March 2025
Quarterly results
Q1 FY27: revenue up 113.9%, net profit up 1014.3% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 9 | 8 | 20 | 29 | 9 −3% | 16 +114% |
| EBITDA | -0 | -0 | 0 | -0 | 0 +113% | 0 +156% | 2 +1636% | 0 +625% |
| Net profit | 0 | -0 | 0 | 0 | 0 +77% | 1 +387% | 1 +683% | 1 +1014% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −34.0% 1Y
1Y: ₹131.75 on 10 Sept 2025 → ₹87. High ₹173.9 (31 Oct 2025), low ₹77.84 (10 Mar 2026).
Financials, as filed
Revenue grew 619.2% a year over 1 year, FY25 to FY26. Operating margin widened to 3.3%.
| Year ending | FY25 | FY26 |
|---|---|---|
| Revenue | ₹9 Cr | ₹65 Cr |
| Operating profit | ₹-1 Cr | ₹2 Cr |
| Operating margin | -11.8% | 3.3% |
| Interest | ₹0 Cr | ₹0 Cr |
| Depreciation | ₹0 Cr | ₹0 Cr |
| Net profit | ₹-0 Cr | ₹2 Cr |
| Net margin | -1.0% | 3.6% |
| Cash from operations | ₹-51 Cr | ₹-42 Cr |
| Free cash flow | ₹-51 Cr | ₹-43 Cr |
| ROCE | -0.3% | 3.2% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Equity capital | ₹24 Cr | ₹54 Cr | ₹58 Cr |
| Reserves | ₹19 Cr | ₹74 Cr | ₹76 Cr |
| Borrowings | ₹0 Cr | ₹1 Cr | ₹1 Cr |
| Other liabilities | ₹0 Cr | ₹7 Cr | ₹17 Cr |
| Total liabilities | ₹43 Cr | ₹136 Cr | ₹151 Cr |
| Fixed assets | ₹0 Cr | ₹8 Cr | ₹8 Cr |
| Capital work in progress | ₹0 Cr | ₹3 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹15 Cr |
| Other assets | ₹43 Cr | ₹125 Cr | ₹128 Cr |
| Total assets | ₹43 Cr | ₹136 Cr | ₹151 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs trimmed −17.04 pp while promoters added +11.94 pp. The shareholder count grew 18% to 3,261.
- Promoters
- 15.5%
- FIIs
- 48.7%
- Public
- 35.8%
Since Jun 2025
- FIIs −17.04 pp
- Promoters +11.94 pp
- Public +5.11 pp
How it drifted, 12 quarters
Over this window FIIs went from 0.0% to 48.7% — +48.7 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 35.6%, DIIs 0.0%, Public 64.4%.Dec '23: Promoters 35.6%, DIIs 0.0%, Public 64.4%.Mar '24: Promoters 1.5%, FIIs 64.3%, Public 34.3%.Jun '24: Promoters 0.0%, FIIs 70.4%, Public 29.6%.Sep '24: Promoters 1.2%, FIIs 70.4%, Public 28.4%.Dec '24: Promoters 1.2%, FIIs 70.4%, Public 28.4%.Mar '25: Promoters 4.1%, FIIs 64.8%, Public 31.1%.Jun '25: Promoters 3.6%, FIIs 65.7%, Public 30.7%.Sep '25: Promoters 15.5%, FIIs 48.9%, Public 35.6%.Dec '25: Promoters 15.5%, FIIs 48.9%, Public 35.6%.Mar '26: Promoters 15.5%, FIIs 48.7%, Public 35.8%.Jun '26: Promoters 15.5%, FIIs 48.7%, Public 35.8%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Azad India above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| 3 Sigma Global Fund FPI fund | 13.78% | unchanged |
| Nexus Global Opportunities Fund FPI fund | 10.75% | unchanged |
| Rashmi Nimesh Joshi | 9.92% | unchanged |
| Bupinder Singh Chadha | 9.32% | unchanged |
| Charanjeet Singh Chadha | 6.21% | unchanged |
| Balaji Viswanathan Swaminathan | 6.11% | unchanged |
| Hermes Corporate Advisory Private Limited | 5.65% | unchanged |
| Norocos Opportunities Fund Pcc- Cell A FPI fund | 5.51% | unchanged |
| Altitude Investment Fund Pcc- Cell 1 FPI fund | 4.68% | unchanged |
| Dhruvil Nimesh Joshi | 4.41% | unchanged |
| Dovetail India Fund Class 12 FPI fund | 4.40% | unchanged |
| Zeal Global Opportunities Fund FPI fund | 3.77% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Learn to analyse Azad India
Guides on how to read this kind of business and the numbers that matter.