India's Azad Engineering jumps on signing long-term contract

Azad Engineering

27/03/2026 04:27

** Shares of India's Azad Engineering AZAD.NS jump 3% to 1,515 rupees

** Co executed long-term contract with Mitsubishi Heavy Industries 7011.T

** Contract for 8 years to supply hot-section Nozzle Vanes Segments of gas turbine engines

** Brokerage Goldman Sachs ("buy", PT at 2200 rupees) says contract has far-reaching implications, opens a fresh growth vector for company

** Adds contract is a significant development as it establishes company's capability in hot-section part of turbine as well

** Says this could result in more orders for hot-section components from other energy customers

** More than 524,430 shares change hand by 9.50 am IST vs 30-day avg of 240,322 shares

** AZAD stock rated "buy" on avg by 5 analysts covering it; median PT at 1,900 rupees

** YTD, AZAD stock down ~8%

 (Reporting by Komal Salecha in Bengaluru)

 ((Komal@thomsonreuters.com))