Azad Engineering Limited, a recently listed stock in 2023, saw a 14% intraday jump on November 4, reaching ₹1,670 per share on the NSE. The rise followed the announcement of a new long-term contract with Mitsubishi Heavy Industries (MHI) of Japan, marking significant progress in their strategic partnership.
The contract, valued at $82.89 million (₹700 crore), covers the supply of advanced rotating and stationary airfoils for gas and thermal power turbine engines, supporting MHI’s global power generation needs. Azad Engineering’s collaboration with MHI reflects a robust commitment to supplying complex, engineered components over the next five years.
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Azad Engineering has invested in a dedicated manufacturing facility for MHI, expected to be operational within the next two to three quarters. The company’s relationship with MHI dates back to 2012, establishing Azad as a trusted supplier and the only external provider for key turbine components outside Japan.
In addition to MHI, Azad Engineering recently received a business award from Honeywell Aerospace ISC in the USA for its supply of specialised components for the aviation industry. The initial phase of this award is valued at $16 million, underscoring Azad’s expanding portfolio of global clients.
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Azad Engineering went public in December 2023, with an IPO worth ₹740 crore and a listing price of ₹720 on the NSE, debuting at a 37% premium. Since then, the stock has surged by 127%, consistently outperforming market expectations and maintaining strong investor interest.
Year-to-date, Azad Engineering’s stock has delivered over 136% returns, with a 31% increase in the past six months and a 16% rise in the last month alone. By 9:45 am on November 4, shares were trading at ₹1,644 on the NSE, up 12.4%.
