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Axtel Industries Ltd

AXTEL

NSE

₹419.75+0.23%19 Oct 2026

Reports

Infra Engineering General

Axtel Industries Ltd

AXTEL

NSE

₹419.75

+0.23%

19 Oct 2026

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Infra Engineering General

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Axtel Industries is an engineering firm that builds entire food-processing factories from scratch - not off-the-shelf machines, but custom plants designed to replace expensive European imports. It began in the mid-1980s when two engineers formed a partnership to make dairy equipment for Amul, and by 1992 they had incorporated Axtel around a single idea: develop all technology in-house, without foreign licences, so Indian food and pharmaceutical companies could buy world-class production lines at a lower cost. That same approach - in-house design, a single large factory, and deep relationships with multinational buyers - still defines the business three decades later.

Business segments

A single engine: custom-built process plants and equipment for the food, pharmaceutical and chemical industries, designed in-house and manufactured at one Gujarat factory.

1. Process engineering systems: the factory-builder for global food and pharma brands

Axtel does not sell standard machines - it designs and installs entire production lines to a client’s exact recipe, then earns revenue when the equipment is dispatched or shipped.

Built to the client’s specification, not from a catalogue - every plant and piece of equipment is custom-designed for a specific customer’s process, which is why the company reports 100% of its turnover under a single activity: manufacturing goods to order.
Import substitution is the core pitch - the technology is developed by the Whole-time Directors with no foreign collaboration, so Indian dairies and food processors can buy equipment that matches European quality without paying for European imports.
A single expanded factory does all the work - the manufacturing plant on the Vadodara-Halol Highway was enlarged in November 2023 from 150,000 to 200,000 square feet, making it one of India’s largest in-house facilities for premium food-processing equipment.
Revenue recognised on dispatch, not on installation - for domestic buyers, the sale is booked when goods leave the factory or are handed to the transporter; for exports, when they are loaded on board, with typical credit periods of up to 90 days.
Raw-material risk is shared with customers - steel, components and power are the main inputs, but the company’s close relationships with buyers allow mutual discussion and compensation when raw-material prices swing sharply in either direction.

2. The customer franchise: preferred supplier to multinationals across 23 states and 21 countries

Axtel’s client list reads like a who’s-who of global food and consumer goods, and repeat orders from these buyers provide the demand visibility.

Multinationals treat it as a preferred supplier - customers include Kraft Foods, Nestlé, Cadbury, GlaxoSmithKline, Heinz, ITC and Unilever, a roster built over decades that signals quality and reliability to any new prospect.
Exports are a meaningful side bet - the company ships food-processing plants and machinery to Europe, the Middle East, the Far East and neighbouring countries, with exports contributing roughly 14% of turnover in FY24 and reaching 21 countries.
Domestic reach is near-national - in FY23 the company served customers across 28 Indian states, meaning its equipment is installed in factories from Punjab to Tamil Nadu.

Group structure and partners

Axtel is a standalone, promoter-run company with no subsidiaries or joint ventures - the two founding directors still lead engineering and sales.

No holding company, no subsidiaries, no joint ventures - the business is a single listed entity on BSE, with the Promoter Group holding just under half the shares as of early 2020.
The founders divide the leadership - Mr Ajay Nalin Parikh oversees designing and engineering, while Mr Ajay Naishad Desai handles marketing and administration; both hold significant personal shareholdings.
One related-party advisory arrangement - the company has a professional-services contract with Morphis Business Advisory LLP, where a Non-Executive Director is a partner, approved by the Board on 18th May 2023 for a period of five years from 01.04.2023 to 31.03.2028.
Banking and credit are straightforward - Bank of Baroda is the company’s banker, and it carries a CARE A-; Stable / CARE A2+ credit rating, reflecting minimal reliance on debt.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹671Cr

Close Price

₹415.50

Industry

Infra Engineering General

Price To Earnings

21.51

Price To Sales

2.93

Revenue

₹229Cr

Rev Gr TTM

Revenue Growth TTM

42.07%

PAT Gr TTM

PAT Growth TTM

97.35%

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	69	54	52	45	56	40	38	27	67	59	71	32
Growth YoY Revenue Growth YoY%	65.4	33.2	-22.5	-6.7	-19.6	-24.9	-27.9	-39.1	20.6	45.1	87.6	18.7
Expenses ExpensesCr	53	41	44	39	47	35	33	26	54	48	55	30
Operating Profit Operating ProfitCr	17	13	8	5	9	5	5	2	13	11	15	3
OPM OPM%	23.9	23.6	14.8	12.3	15.9	12.3	12.0	5.5	19.6	18.5	21.5	7.8
Other Income Other IncomeCr	1	1	1	1	1	1	1	2	2	1	1	1
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	1	1	1	1	1	1	1	1	1	1	1	1
PBT PBTCr	17	12	7	5	9	5	4	2	14	11	15	3
Tax TaxCr	5	3	2	1	3	2	0	0	4	3	4	1
PAT PATCr	12	10	5	4	6	3	5	2	10	8	11	2
Growth YoY PAT Growth YoY%	155.3	333.5	-52.1	-22.7	-50.5	-66.0	-10.4	-53.8	71.5	144.8	134.4	3.2
NPM NPM%	17.2	17.8	10.2	9.2	10.6	8.1	12.7	7.0	15.0	13.6	15.8	6.1
EPS EPS₹	7.4	5.9	3.3	2.5	3.6	2.0	3.0	1.2	6.3	4.9	6.9	1.2

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	69	54	52	45	56	40	38	27	67	59	71	32
Growth YoY Revenue Growth YoY%	65.4	33.2	-22.5	-6.7	-19.6	-24.9	-27.9	-39.1	20.6	45.1	87.6	18.7
Expenses ExpensesCr	53	41	44	39	47	35	33	26	54	48	55	30
Operating Profit Operating ProfitCr	17	13	8	5	9	5	5	2	13	11	15	3
OPM OPM%	23.9	23.6	14.8	12.3	15.9	12.3	12.0	5.5	19.6	18.5	21.5	7.8
Other Income Other IncomeCr	1	1	1	1	1	1	1	2	2	1	1	1
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	1	1	1	1	1	1	1	1	1	1	1	1
PBT PBTCr	17	12	7	5	9	5	4	2	14	11	15	3
Tax TaxCr	5	3	2	1	3	2	0	0	4	3	4	1
PAT PATCr	12	10	5	4	6	3	5	2	10	8	11	2
Growth YoY PAT Growth YoY%	155.3	333.5	-52.1	-22.7	-50.5	-66.0	-10.4	-53.8	71.5	144.8	134.4	3.2
NPM NPM%	17.2	17.8	10.2	9.2	10.6	8.1	12.7	7.0	15.0	13.6	15.8	6.1
EPS EPS₹	7.4	5.9	3.3	2.5	3.6	2.0	3.0	1.2	6.3	4.9	6.9	1.2

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	67	76	82	111	100	153	144	180	223	179	224	229
Growth Revenue Growth%	68.1	13.4	7.1	35.9	-10.0	53.9	-6.1	25.1	24.0	-20.1	25.3	42.1
Expenses ExpensesCr	57	65	71	91	85	125	127	157	179	155	183	187
Operating Profit Operating ProfitCr	10	11	10	20	14	29	17	23	44	24	41	42
OPM OPM%	15.4	14.0	12.4	17.9	14.4	18.7	11.8	12.7	19.7	13.3	18.2	18.2
Other Income Other IncomeCr	0	1	1	2	4	3	5	4	3	5	6	5
Interest Expense Interest ExpenseCr	1	1	1	0	1	1	0	1	2	1	0	0
Depreciation DepreciationCr	3	3	2	3	3	3	3	2	3	4	5	5
PBT PBTCr	6	8	8	18	15	29	19	23	43	24	41	42
Tax TaxCr	1	1	2	5	4	8	5	6	11	6	10	11
PAT PATCr	5	7	6	13	11	21	14	17	32	18	31	31
Growth PAT Growth%	163.7	42.4	-13.3	118.5	-16.0	95.5	-35.0	25.1	85.7	-43.9	72.9	97.3
NPM NPM%	7.2	9.0	7.3	11.7	10.9	13.9	9.6	9.6	14.4	10.1	13.9	13.6
EPS EPS₹	3.0	4.2	3.7	8.0	6.7	13.2	8.6	10.7	19.9	11.2	19.3	19.3

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	67	76	82	111	100	153	144	180	223	179	224	229
Growth Revenue Growth%	68.1	13.4	7.1	35.9	-10.0	53.9	-6.1	25.1	24.0	-20.1	25.3	42.1
Expenses ExpensesCr	57	65	71	91	85	125	127	157	179	155	183	187
Operating Profit Operating ProfitCr	10	11	10	20	14	29	17	23	44	24	41	42
OPM OPM%	15.4	14.0	12.4	17.9	14.4	18.7	11.8	12.7	19.7	13.3	18.2	18.2
Other Income Other IncomeCr	0	1	1	2	4	3	5	4	3	5	6	5
Interest Expense Interest ExpenseCr	1	1	1	0	1	1	0	1	2	1	0	0
Depreciation DepreciationCr	3	3	2	3	3	3	3	2	3	4	5	5
PBT PBTCr	6	8	8	18	15	29	19	23	43	24	41	42
Tax TaxCr	1	1	2	5	4	8	5	6	11	6	10	11
PAT PATCr	5	7	6	13	11	21	14	17	32	18	31	31
Growth PAT Growth%	163.7	42.4	-13.3	118.5	-16.0	95.5	-35.0	25.1	85.7	-43.9	72.9	97.3
NPM NPM%	7.2	9.0	7.3	11.7	10.9	13.9	9.6	9.6	14.4	10.1	13.9	13.6
EPS EPS₹	3.0	4.2	3.7	8.0	6.7	13.2	8.6	10.7	19.9	11.2	19.3	19.3

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	16	16	16	16	16	16	16	16	16	16	16
Reserves ReservesCr	14	21	27	36	39	55	65	80	97	106	109
Current Liabilities Current LiabilitiesCr	26	24	36	27	43	32	46	80	80	62	85
Non Current Liabilities Non Current LiabilitiesCr	6	4	5	5	5	5	4	3	3	4	6
Total Liabilities Total LiabilitiesCr	61	64	83	84	103	108	131	179	196	189	216
Current Assets Current AssetsCr	39	40	47	48	79	88	111	157	164	154	179
Non Current Assets Non Current AssetsCr	22	25	36	36	24	21	20	22	32	35	37
Total Assets Total AssetsCr	61	64	83	84	103	108	131	179	196	189	216

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	16	16	16	16	16	16	16	16	16	16	16
Reserves ReservesCr	14	21	27	36	39	55	65	80	97	106	109
Current Liabilities Current LiabilitiesCr	26	24	36	27	43	32	46	80	80	62	85
Non Current Liabilities Non Current LiabilitiesCr	6	4	5	5	5	5	4	3	3	4	6
Total Liabilities Total LiabilitiesCr	61	64	83	84	103	108	131	179	196	189	216
Current Assets Current AssetsCr	39	40	47	48	79	88	111	157	164	154	179
Non Current Assets Non Current AssetsCr	22	25	36	36	24	21	20	22	32	35	37
Total Assets Total AssetsCr	61	64	83	84	103	108	131	179	196	189	216

Standalone

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	9	12	25	-11	30	39	31	71
Investing Cash Flow Investing Cash FlowCr	-2	-11	-8	14	-20	-9	-25	-28
Financing Cash Flow Financing Cash FlowCr	-7	-2	-13	-5	-5	-16	-9	-29
Net Cash Flow Net Cash FlowCr	1	-1	4	-2	5	13	-3	14
Free Cash Flow Free Cash FlowCr	7	9	23	-13	25	28	24	63
CFO To PAT CFO To PAT%	70.5	110.5	115.2	-80.5	174.2	120.4	173.2	226.3
CFO To EBITDA CFO To EBITDA%	46.0	83.9	85.5	-65.4	132.3	87.8	131.1	173.3

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	9	12	25	-11	30	39	31	71
Investing Cash Flow Investing Cash FlowCr	-2	-11	-8	14	-20	-9	-25	-28
Financing Cash Flow Financing Cash FlowCr	-7	-2	-13	-5	-5	-16	-9	-29
Net Cash Flow Net Cash FlowCr	1	-1	4	-2	5	13	-3	14
Free Cash Flow Free Cash FlowCr	7	9	23	-13	25	28	24	63
CFO To PAT CFO To PAT%	70.5	110.5	115.2	-80.5	174.2	120.4	173.2	226.3
CFO To EBITDA CFO To EBITDA%	46.0	83.9	85.5	-65.4	132.3	87.8	131.1	173.3

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	24	133	151	205	152	507	432	388	1,028	751	594	671
Price To Earnings Price To Earnings	5.0	19.5	25.5	15.8	14.0	23.8	31.3	22.4	32.0	41.7	19.1	21.5
Price To Sales Price To Sales	0.3	1.8	1.9	1.9	1.5	3.3	3.0	2.1	4.6	4.2	2.7	2.9
Price To Book Price To Book	0.8	3.6	3.5	3.9	2.8	7.1	5.3	4.0	9.1	6.1	4.8	5.4
EV To EBITDA EV To EBITDA	3.2	12.3	14.9	10.1	10.8	17.4	25.0	16.5	22.8	30.6	14.2	15.8
Profitability Ratios Profitability Ratios
GPM GPM%	42.4	40.8	40.3	42.2	43.3	39.7	37.6	35.6	41.2	41.6	48.4	48.4
OPM OPM%	15.4	14.0	12.4	17.9	14.4	18.7	11.8	12.7	19.7	13.3	18.2	18.2
NPM NPM%	7.2	9.0	7.3	11.7	10.9	13.9	9.6	9.6	14.4	10.1	13.9	13.6
ROCE ROCE%	17.5	21.7	17.8	35.1	24.8	41.1	23.8	25.0	39.4	20.1	33.4	33.4
ROE ROE%	15.8	18.6	13.8	24.9	19.8	29.8	17.1	18.0	28.4	14.7	25.0	25.0
ROA ROA%	7.8	10.6	7.1	15.4	10.6	19.6	10.6	9.7	16.4	9.6	14.4	14.4
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	24	133	151	205	152	507	432	388	1,028	751	594	671
Price To Earnings Price To Earnings	5.0	19.5	25.5	15.8	14.0	23.8	31.3	22.4	32.0	41.7	19.1	21.5
Price To Sales Price To Sales	0.3	1.8	1.9	1.9	1.5	3.3	3.0	2.1	4.6	4.2	2.7	2.9
Price To Book Price To Book	0.8	3.6	3.5	3.9	2.8	7.1	5.3	4.0	9.1	6.1	4.8	5.4
EV To EBITDA EV To EBITDA	3.2	12.3	14.9	10.1	10.8	17.4	25.0	16.5	22.8	30.6	14.2	15.8
Profitability Ratios Profitability Ratios
GPM GPM%	42.4	40.8	40.3	42.2	43.3	39.7	37.6	35.6	41.2	41.6	48.4	48.4
OPM OPM%	15.4	14.0	12.4	17.9	14.4	18.7	11.8	12.7	19.7	13.3	18.2	18.2
NPM NPM%	7.2	9.0	7.3	11.7	10.9	13.9	9.6	9.6	14.4	10.1	13.9	13.6
ROCE ROCE%	17.5	21.7	17.8	35.1	24.8	41.1	23.8	25.0	39.4	20.1	33.4	33.4
ROE ROE%	15.8	18.6	13.8	24.9	19.8	29.8	17.1	18.0	28.4	14.7	25.0	25.0
ROA ROA%	7.8	10.6	7.1	15.4	10.6	19.6	10.6	9.7	16.4	9.6	14.4	14.4
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	ISGEC	BONDADA	BGRENERGY	EMSLIMITED	AXTEL	ARTSON	KRRAIL
Market CapitalizationMkt CapCr	6,635	3,243	2,295	1,732	671	561	61
Close PriceClose₹	902.40	290.40	318.10	311.95	415.50	152.00	15.95
IndustryIndustry	Infra Engineering General	Infra Engineering General	Infra Engineering General	Infra Engineering General	Infra Engineering General	Infra Engineering General	Infra Engineering General
Price To EarningsPE	33.86	14.85		25.42	21.51
Price To SalesPS	0.89	1.09	10.12	2.66	2.93	4.14	0.97
RevenueRevenueCr	7,458	2,977	227	652	229	136	63
Revenue Growth TTMRev Gr TTM%	19.5%		-38.2%	-34.0%	42.1%	-16.3%	-90.3%
PAT Growth TTMPAT Gr TTM%	5.7%		-10.8%	-63.0%	97.3%	-246.4%	-661.8%

	ISGEC	BONDADA	BGRENERGY	EMSLIMITED	AXTEL	ARTSON	KRRAIL
Market CapitalizationMkt CapCr	6,635	3,243	2,295	1,732	671	561	61
Close PriceClose₹	902.40	290.40	318.10	311.95	415.50	152.00	15.95
IndustryIndustry	Infra Engineering General	Infra Engineering General	Infra Engineering General	Infra Engineering General	Infra Engineering General	Infra Engineering General	Infra Engineering General
Price To EarningsPE	33.86	14.85		25.42	21.51
Price To SalesPS	0.89	1.09	10.12	2.66	2.93	4.14	0.97
RevenueRevenueCr	7,458	2,977	227	652	229	136	63
Revenue Growth TTMRev Gr TTM%	19.5%		-38.2%	-34.0%	42.1%	-16.3%	-90.3%
PAT Growth TTMPAT Gr TTM%	5.7%		-10.8%	-63.0%	97.3%	-246.4%	-661.8%

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Jun 26