Azad Engineering began operations in 2008 with a single Computer Numerical Control (CNC) machine, machining turbine components for a Europe-based energy company.

Seventeen years later, it now boasts hundreds of CNC machines and has a market capitalisation of Rs 10,000 crore.

The company’s stock trades at a P/E ratio exceeding 100x, reflecting the market’s confidence in its capabilities.

So what does Azad Engineering do differently, and are the valuations justified?

Azad Engineering: A dual-engine growth model

The company’s business model is strategically built around two high-entry-barrier segments: Energy and Oil & Gas (launched in 2008) and Aerospace and Defence (launched in 2017).

Both require mission-critical precision where there is no margin for error, creating a deep “zero-def

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