Azad Engineering makes the parts that go inside the world’s most demanding engines - the rotating blades and stationary vanes that spin inside gas turbines, jet engines and nuclear reactors, where a single failure can destroy a billion-dollar platform. Founded in 2008 by first-generation entrepreneur Rakesh Chopdar, who set out to do in India what only a handful of global players had done before, the company has spent nearly two decades qualifying roughly 1,700 parts across 45 manufacturing processes, supplying over 3.8 million units to customers who control the majority of the global turbine and aerospace markets. The recurring logic is that qualification comes first and price comes last: OEMs spend years validating a supplier’s ability to produce a part consistently before they ever discuss cost, and once that trust is earned, the relationship is sticky, multiyear and built on dedicated factory floors. # Business segments Two engines at different stages - a precision-components powerhouse serving the world’s turbine giants, and a younger aerospace and defence franchise built on the same qualification-first playbook. ## 1. Energy and Oil & Gas: the turbine supply chain’s trusted factory floor **Azad makes the hot- and cold-section airfoils and nozzle segments that spin inside the turbines of Siemens, GE, Mitsubishi and Baker Hughes - and it does so inside factories those customers helped build.** - **Qualification is the real product** - before Azad can ship a single blade, it must survive a 30- to 48-month gauntlet of process validation, metallurgical proof, dimensional verification, first article inspection and serial production audits; management estimates it would take a newcomer 15 to 20 years to reach the same position. - **Dedicated factories lock in the customer** - since listing, Azad has opened four lean manufacturing facilities, each purpose-built for a single OEM: Mitsubishi Heavy Industries (7,200 sq.m), GE Vernova Steam Power (7,600 sq.m), Siemens Energy (7,200 sq.m) and Baker Hughes (7,600 sq.m), representing the deepest possible form of integration. - **From cold-section to combustion** - in FY26, Mitsubishi Heavy Industries awarded Azad an 8-year single-source contract for hot-section nozzle vane segments that sit in the combustion section of a gas turbine, a leap from the compressor cold-section airfoils it had previously supplied and the strongest endorsement of its technical capability. - **The customer list is the market** - Azad supplies five turbine manufacturers that together control roughly 75% of global gas turbine orders, including Siemens Energy, General Electric, Mitsubishi Heavy Industries, MAN Energy Solutions and Honeywell. - **Contracts are long and locked** - the order book includes a USD 112 million agreement with GE Vernova for advanced gas turbine airfoils, a USD 90 million agreement with Siemens Energy for combustion commodities, cold blades, and machined parts, and a combined USD 156 million in long-term capacity purchase agreements with Mitsubishi Heavy Industries, all with margins agreed at intake. ## 2. Aerospace & Defence: the qualification moat applied to flight **Azad took the same playbook - spend years qualifying, then build for decades - and applied it to aero-engine components for Honeywell, GE, Eaton and Rolls-Royce, plus a complete turbo gas generator engine for India’s defence establishment.** - **Qualification is the barrier, again** - every aerospace component requires its own 30- to 48-month qualification cycle, and once a supplier is embedded in an engine program, the switching cost for the OEM is prohibitive because of the time and capital sunk into design, testing and certification. - **Parts fly on the world’s biggest platforms** - Azad’s airfoils, impellers, blisks, unison rings and hydraulic assemblies are specified on aircraft including the Airbus A320 and A350 XWB, the Boeing 737 Max and 777X, and the Gulfstream G550, as well as in advanced defence and missile systems. - **A nation-pride engine program** - the company holds a contract with GTRE, a DRDO laboratory under India’s Ministry of Defence, for the end-to-end manufacturing, assembly and integration of a complete Advanced Turbo Gas Generator Engine, moving Azad from component supplier to engine assembler. - **Built on the same factory floor** - the aerospace division, established in 2019, operates out of the same fungible Hyderabad facilities as the energy business, meaning capital expenditure serves both engines and the qualification infrastructure is shared. - **No domestic rivals** - Azad competes against established suppliers from the US, Europe, China, Japan and Korea, but has no direct Indian competitor in this precision tier, giving it a unique position for offset and indigenous-content requirements. # Group structure and partners **Azad Engineering is the listed parent, tightly held by its founder, with two small subsidiaries that extend its manufacturing capabilities into coatings and heavy engineering - and a partnership map that reads like a who’s-who of global turbine and aerospace OEMs.** - **Founder-controlled** - as of March 2025, the promoter and promoter group held 60.32% of the equity, with Rakesh Chopdar having been associated with the company since 2003. - **Two capability-extending subsidiaries** - Azad VTC (99.98% owned) was formed in 2024 to add thermal spray coating using plasma and high-velocity fuel systems, critical for components operating in extreme heat and corrosion; Azad Prime (99.99% owned) was formed the same month to manufacture large-size critical parts including control valves, rotors, casings and diaphragms for nuclear, gas and thermal applications, including small modular reactors. - **A Saudi bridge under exploration** - a non-binding MoU with Baker Hughes Saudi Arabia contemplates a manufacturing facility in the Kingdom for precision components and sub-assemblies, driven by the client’s need for localized oil-and-gas production; no definitive agreement or shareholding exists yet. - **The partner roster** - global OEM relationships span General Electric, Siemens Energy, Mitsubishi Heavy Industries, MAN Energy Solutions, Honeywell, Eaton Aerospace, Rolls-Royce, Pratt and Whitney Canada, Baker Hughes, BHEL and GTRE (DRDO), with several relationships crossing multiple segments.