Azad Engineering shares surge 7%; buy stock, says Goldman Sachs | Target price
Azad Engineering shares rose 7.07 per cent to hit a high of Rs 2,918.95 on BSE. The stock is up 76.73 per cent year-to-date.
- Sep 29, 2026,
- Updated Sep 29, 2026 10:05 AM IST
Shares of Azad Engineering Ltd, which manufactures rotating airfoil portions of turbine engines and other critical products for defense and civil aircrafts and thermal power, climbed 7 per cent after Goldman Sachs maintained 'Buy' on the stock following the inauguration of two exclusive lean manufacturing facilities for GE Vernova's Gas Power business at its Tunikibollaram Center of Excellence, with each facility spanning 7,600 square meters.
The facilities will manufacture highly engineered rotating and stationary airfoils and specialised machined parts, further strengthening Azad's exposure to the ongoing gas turbine upcycle.
Azad Engineering rose 7.07 per cent to hit a high of Rs 2,918.95 on BSE. The stock is up 76.73 per cent year-to-date.
Goldman Sachs said the facilities are particularly relevant given gas-turbine expansion remained one of Azad's key medium-term growth drivers. The global investment bank said the company continued to move up the value chain from a component supplier toward a broader platform partner and its sizable order book provides multi-year revenue visibility.
The product qualifications offer incremental optionality beyond the existing base, Goldman Sachs said as it suggested a 12-month target of Rs 3,315 per share on Azad Engineering .
"We see this development as supportive of our thesis around a multi year ramp up in Azad's energy business, led by strong gas turbine demand. The two facilities take Azad's dedicated facility count to six since listing, following the commissioning of its fourth dedicated facility for Baker Hughes in Apr-26," Goldman Sachs noted.
The foreign brokerage said the development further deepened Azad's relationship with GE Vernova and adds customer-specific capacity to support the expected ramp-up in gas turbine component demand.
The facilities form part of Azad's broader 94,900 square metre Phase-1 expansion at Tunikibollaram, compared with 20,000 square metre of legacy facilities.
"Phase 2 envisages a further 67,300 square metre of capacity, with the management earlier indicating that construction would commence after completion of Phase 1. We also see the development as supportive of Azad's broader move up the value chain from a component supplier to a platform integrator," Goldman Sachs said.
Shares of Azad Engineering Ltd, which manufactures rotating airfoil portions of turbine engines and other critical products for defense and civil aircrafts and thermal power, climbed 7 per cent after Goldman Sachs maintained 'Buy' on the stock following the inauguration of two exclusive lean manufacturing facilities for GE Vernova's Gas Power business at its Tunikibollaram Center of Excellence, with each facility spanning 7,600 square meters.
The facilities will manufacture highly engineered rotating and stationary airfoils and specialised machined parts, further strengthening Azad's exposure to the ongoing gas turbine upcycle.
Azad Engineering rose 7.07 per cent to hit a high of Rs 2,918.95 on BSE. The stock is up 76.73 per cent year-to-date.
Goldman Sachs said the facilities are particularly relevant given gas-turbine expansion remained one of Azad's key medium-term growth drivers. The global investment bank said the company continued to move up the value chain from a component supplier toward a broader platform partner and its sizable order book provides multi-year revenue visibility.
The product qualifications offer incremental optionality beyond the existing base, Goldman Sachs said as it suggested a 12-month target of Rs 3,315 per share on Azad Engineering .
"We see this development as supportive of our thesis around a multi year ramp up in Azad's energy business, led by strong gas turbine demand. The two facilities take Azad's dedicated facility count to six since listing, following the commissioning of its fourth dedicated facility for Baker Hughes in Apr-26," Goldman Sachs noted.
The foreign brokerage said the development further deepened Azad's relationship with GE Vernova and adds customer-specific capacity to support the expected ramp-up in gas turbine component demand.
The facilities form part of Azad's broader 94,900 square metre Phase-1 expansion at Tunikibollaram, compared with 20,000 square metre of legacy facilities.
"Phase 2 envisages a further 67,300 square metre of capacity, with the management earlier indicating that construction would commence after completion of Phase 1. We also see the development as supportive of Azad's broader move up the value chain from a component supplier to a platform integrator," Goldman Sachs said.