500 per cent return and DIIs increase stake: This multibagger engineering solutions company bags Rs 90 crore order from Bharat Electronics!

The company recently raised a QIP of Rs 220 crores and is set to diversify its operations by venturing into Middle Eastern Energy Markets.

AXISCADES Technologies Limited's subsidiary, Mistral Solutions, has scored a major contract worth Rs 90 crore from Bharat Electronics Limited (BEL). This deal involves designing, developing, and supplying eight Radar Processing Systems for BEL's Arudhra Medium Powered Radar (MPR). The MPR is an indigenously developed 4D radar system capable of detecting and tracking various aerial targets.

This four-year project strengthens Mistral's position in the defence sector and highlights its expertise in radar signal processing systems.  This win comes as a result of DRDO's long-standing efforts to create an indigenous radar system, with Mistral playing a key role in its development. The company is also set to expand its international presence in the energy markets of the Middle East. Middle East is currently the fastest-growing market for engineering services. In QFY24, AXISCADES Technologies raised Rs. 220 crores via its QIP launch from marquee investors.

AXISCADES Technologies Limited has posted strong Quarterly Results in Q4FY24. The revenue of the company stood at Rs 255.65 crore which grew by 14.52 per cent YoY. The operating profit of the company stood at Rs 37.96 crore which declined by 20.64 per cent on a YoY basis, while the PAT of the company stood at Rs 8.99 crore, which declined by 43.95 per cent on a YoY basis. DIIs increased their stake in the company in March 2024. The stock has also delivered multibagger returns of over 500 per cent in last three years.

The stock has shown impressive growth, and investors should keep a close eye on this stock. 

Disclaimer: The article is for informational purposes only and not investment advice.