Azad Engineering shares have rallied nearly 51.4% in 2026 so far. Despite the 51% rally, experts see up to 28% upside in the defence stock supported by strong order book and expansion in the aerospace segment.
The defence stock closed marginally lower on Thursday after witnessing 4.49% decline over the last week.
The Hyderabad-headquartered company is expected to deliver its second engine to the Defence Research and Development Organisation (DRDO). Successful delivery would mean extra revenue stream for the company.
The next phase of capacity addition for the company is likely to be on the aerospace side, with focus on upgradation of the product mix.
ICICI Securities maintained its ‘Buy’ rating for the stock with a target price of ₹3,100 per share. Earlier the brokerage had fixed a target price of ₹3,200 for the defence stock.