Azad India - Azad India

📊 BSE: 504731 🏢 Iron & Steel Products 📅 Last Updated: 11/13/2025 15:25

💰 Financial Performance

Revenue Growth by Segment

Not disclosed in available documents. The company focuses on the Electric Vehicle (EV) and mobility segment, but specific segment-wise revenue growth percentages are not provided.

Geographic Revenue Split

Not disclosed in available documents. The company operates within the Indian economy, which saw an estimated GDP growth of 6.8% in FY 2024-25.

Profitability Margins

Not disclosed in available documents. The auditor's report confirms the company generated a profit for the year ended March 31, 2025, but specific margin percentages (Gross/Operating/Net) are not listed.

EBITDA Margin

Not disclosed in available documents. Core profitability metrics like EBITDA are not explicitly quantified in the provided snippets.

Capital Expenditure

The company plans to expand manufacturing footprints and drive economies of scale to capitalize on the EV transition, though specific historical or planned INR Cr values for CAPEX are not disclosed.

Credit Rating & Borrowing

The company passed a special resolution to authorize borrowing money in excess of limits under Section 180(1)(c) of the Companies Act, 2013. Specific credit ratings and interest rate percentages are not disclosed.

⚙️ Operational Drivers

Raw Materials

Specific raw materials are not listed, but the business involves EV manufacturing which typically requires steel, lithium-ion cells, and electronic components. The exact percentage of total cost for each is not disclosed.

Key Suppliers

Azad Coach Builders Pvt Ltd is identified as a significant related party for material transactions. The company also has a strategic alliance with NAE Mobility Private Limited.

Capacity Expansion

The company is pursuing 'capacity augmentation' and expanding manufacturing footprints to drive economies of scale. Current installed capacity in units or MT is not disclosed.

Raw Material Costs

Not disclosed in available documents. The company notes that supply chain and operational bottlenecks are risks that could impact performance.

Manufacturing Efficiency

Not disclosed in available documents. Capacity utilization percentages are not provided.

📈 Strategic Growth

Expected Growth Rate

Not disclosed

Growth Strategy

The company plans to achieve growth through capacity augmentation, technology integration, and expanding manufacturing footprints. It is focusing on the EV segment by leveraging government schemes like FAME-II and PLI. Strategic alliances, such as the one with NAE Mobility Private Limited, and product innovation are central to its strategy to capture immediate and medium-term opportunities in the decarbonizing transport sector.

Products & Services

Electric Vehicles (EVs) and mobility solutions, including coach building services through related party transactions.

Brand Portfolio

Azad India Mobility (formerly Indian Bright Steel Co Limited).

New Products/Services

The company is investing in product innovation within the EV segment and after-sales support, though specific expected revenue contribution percentages are not disclosed.

Market Expansion

The company is targeting the Indian automotive sector, specifically the EV segment, which is at a major inflection point due to government decarbonization commitments.

Strategic Alliances

NAE Mobility Private Limited and Azad Coach Builders Pvt Ltd.

🌍 External Factors

Industry Trends

The industry is shifting toward moderate electrification and decarbonization. Current trends are driven by the FAME-II scheme and the National Electric Mobility Mission Plan, which aim to bridge the cost gap for EV adoption.

Competitive Landscape

The company operates in the competitive Indian automotive and EV sector, navigating global headwinds and domestic manufacturing shifts under the PLI scheme.

Competitive Moat

The company's moat is built on strategic alliances with ecosystem partners and early capacity augmentation in the EV manufacturing space. This is sustainable as long as they maintain technology integration and scale advantages.

Macro Economic Sensitivity

The company is highly sensitive to Indian GDP growth, which was approximately 6.8% in FY 2024-25, and government policy stability regarding green energy.

Consumer Behavior

There is a shift toward the adoption of electric vehicles driven by government incentives and a national commitment to green energy transition.

Geopolitical Risks

Global economic shocks are cited as a primary risk that could cause actual results to differ materially from forward-looking statements.

⚖️ Regulatory & Governance

Industry Regulations

Operations are heavily influenced by the FAME-II (Faster Adoption and Manufacturing of Electric Vehicles) scheme, the Production-Linked Incentive (PLI) scheme, and potential Zero-Emission Vehicle (ZEV) mandates.

Environmental Compliance

The company is aligning with the National Electric Mobility Mission Plan and decarbonization goals, though specific ESG compliance costs in INR are not disclosed.

Legal Contingencies

The company states it does not have any pending litigations that would impact its financial position as of March 31, 2025.

⚠️ Risk Analysis

Key Uncertainties

Policy instability (changes in FAME-II/PLI), technological advancements, and the ability to overcome supply chain bottlenecks are key risks that could impact performance by an unspecified percentage.