Azad Engineering: Choice Institutional Equities Recommends 'BUY' with Rs 1900 Target

• Choice Institutional Equities upgrades Azad Engineering to 'BUY' from 'ADD', setting a target price of Rs 1900.
• The company reported a strong operational quarter with significant margin expansion and disciplined execution.
• Azad Engineering is expanding its global OEM relationships in high-precision aerospace and turbine supply chains.
• Strong order book of approximately INR 65 Bn (14.2x FY25 revenue) provides excellent visibility.
• Expected to benefit from global aerospace and energy capex cycles, with 85-95% export exposure.