Shares of Azad Engineering Ltd. gained on Tuesday, September 29, as brokerage firm Goldman Sachs reiterated its positive stance on the stock. The bullish call comes after Azad Engineering inaugurated two units for GE Vernova. Goldman Sachs maintained its "buy" rating on Azad Engineering with a price target of ₹3,315 per share, indicating an upside potential of 22% from its previous closing price.
The brokerage said that the facilities inaugurated by Azad Engineering for GE Vernova are particularly relevant given the: Gas turbine expansion remains one of the key medium-term growth drivers for the company. Company continues to move up the value chain from a component supplier.
Sizeable order book provides multi-year revenue visibility. Azad Engineering informed the exchanges on Monday that it inaugurated two exclusive lean manufacturing facilities for GE Vernova's Gas Power business at its Centre of Excellence & Innovation Centre in Hyderabad, expanding its footprint to three dedicated facilities for GE Vernova.
The two facilities, each worth 7,600 square meters are dedicated to manufacturing highly engineered rotating and stationary airfoils and specialized machined parts, in order to meet GE Vernova's global demand in the power generation and essential industries segment.
Azad Engineering reported its first quarter earnings last month. Its net profit was up 20.2% at ₹35.7 crore from ₹29.7 crore last year. The company's revenue of ₹172.5 crore in the first quarter was up 26% from the previous year's ₹137 croreIts earnings before interest, taxes, depreciation and amortization increased 31% to ₹64.3 crore from ₹49.1 crore but its margin contracted to 37.28% from 35.84% in the year-ago period.
Of the nine analysts who have coverage on the Azad Engineering stock, eight have a "buy" recommendation and one has a "sell" rating. Shares of Azad Engineering are now at the highest point of the day, now trading 8.9% higher at ₹2,955. The stock has risen 82% so far in 2026.