Heavy buying: Back-to-back upper circuit in this multibagger aerospace and defence stock; gains over 100 per cent!

The company competes with manufacturers from China, Europe, USA, and Japan.

Shares of Azad Engineering Limited were locked in the upper circuit on Friday, gaining 5.00 per cent. The stock has witnessed heavy buying activity from investors in the last few days. Hence, the stock is locked in the upper circuit. In the last six months, the stock has gained about 100 per cent.

Azad Engineering Limited is one of the key manufacturers of its qualified product lines supplying global original equipment manufacturers (OEMs) in the energy, aerospace, and defence, and oil and gas industries, manufacturing highly engineered, complex, and mission and life-critical components.

It manufactures complex and highly engineered precision forged and machined components that are mission and life-critical and hence, some of its products have a “zero parts per million” defects requirement. It competes with manufacturers from China, Europe, USA, and Japan.

The company posted robust Quarterly Results. The revenue of the company for Q3FY24 stood at Rs 89.23 crore which increased by 49.21 per cent YoY. The operating profit of the company stood at Rs 51.18 crore, while the PAT of the company stood at Rs 16.81 crore, from a profit of Rs 3.85 crore last year same quarter.

The shares of Azad Engineering Limited have also delivered multibagger returns to its shareholders with an increase of about 110 per cent. An investment of Rs 1 lakh in this company's shares would have grown to Rs 2.10 lakh today.

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

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