A2Z Infra Engineering Ltd.

A2ZINFRANSEInfrastructureEngineering - ConstructionSmall Cap

₹14.36

▲ 0.7%

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Composite

The company has been engaged in providing services to the power transmission and distribution sector with a focus primarily on the distribution segment. The company is diversifying this business to provide EPC services to power generation companies and companies in other sectors, including road and telecommunications. In addition, it is significantly focused on and involved in other businesses that include generating power from renewable energy sources, providing municipal solid waste management services, providing facility management services and developing information technology (IT) solutions for power utilities.

www.a2zgroup.co.inSector: InfrastructureIndustry: Engineering - Construction

Q-DITS fundamental score

40Composite

Growth

Profitability

Valuation

Quality

Solvency

Earnings

Key metrics

MCap

₹254 Cr

TTM PE

106.6x

Industry PE

23.3x

TTM EPS

₹0.13

Book Value

₹2.28

Face Value

₹10

Div Yield

PEG

3.92x

5.9x

ROE

3.1%

ROCE

9.8%

EBITDA mgn

D/E

2.26

Int. Cover

2.3x

Curr. Ratio

0.77x

EPS

₹0.51

Growth — CAGR across horizons

Metric	1Y	3Y	5Y	10Y
Net Sales	12%	-1.6%	-13.6%	-5.5%
EBITDA	154.8%	27.2%	18.1%	7.7%
Net Profit	111%	27.2%	16.2%	7.4%

Score snapshot

Piotroski

7/9

Altman Z

0.49

Quality

13.4

Growth

63.5

Valuation

Earn. Qual

PEAD

SURGE

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Revenue, profitability & returns

Revenue & Net Profit (₹ Cr)

RevenueNet Profit

Margins (%)

EBITDA%PAT%

Return ratios (%)

ROEROCEROA

Annual financials — last 10 years

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Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
›RevenueCr	1,349	996	709	869	700	415	353	349	388	336
›EBITDACr	118	-0	154	390	-162	-4	-126	-88	41	25
›EBITDA margin	8.8%	9.9%	2.5%	8.9%	-0.1%	-1%	-37%	9.7%	-4.3%	9%
›Net profitCr	-132	-306	-87	287	-278	-81	-180	-126	-7	1
›PAT margin	-9.8%	-30.7%	-12.3%	33.1%	-39.7%	-19.5%	-50.9%	-36.1%	-1.9%	0.3%
›EPS₹	₹-9.19	₹-18.32	₹-6.28	₹17.32	₹-15.73	₹-4.61	₹-10.22	₹-6.98	₹-0.32	₹0.51
›Revenue growth	126.9%	-26.2%	-28.8%	22.6%	-19.4%	-40.7%	-14.8%	-1.1%	11.2%	-13.4%
›PAT growth	37.1%	-132%	71.4%	428.5%	-193.7%	70.8%	-121.7%	29.9%	94.2%	114%
›ROE	-22.7%	-73.7%	-24.3%	54.9%	-51.3%	-22.1%	-74.8%	-138.2%	-25.3%	3.1%
›ROCE	3.4%	-2.1%	6.7%	25.7%	-17.6%	-2%	-21.1%	-20.7%	0.6%	9.8%
›ROA	-4.5%	-9.7%	-2.9%	11.5%	-13.7%	-4.3%	-11.1%	-10.6%	-0.9%	0.2%
›P/E	0x	0x	0x	1x	0x	0x	0x	0x	0x	26.8x
›P/B	0.5x	1.8x	1.3x	0.4x	0.1x	0.2x	1.1x	3.7x	8.9x	5.9x
›D/E	3.3	4.7	3.4	0.6	1.2	1.6	2.6	10	7.4	2.3
›Current ratio	0.9x	0.8x	0.8x	1x	0.9x	0.9x	0.8x	0.8x	0.7x	0.8x
›Interest cover	0.4x	-0.2x	0.6x	5.9x	-2.9x	-0.3x	-5.3x	-7x	0.3x	2.3x

Quarterly results

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Metric	2023-09	2023-12	2024-03	2024-06	2024-09	2024-12	2025-03	2025-06	2025-09	2025-12
›RevenueCr	102	94	98	83	78	85	91	91	95	109
›Rev growth YoY	5.6%	13.1%	8%	-12.2%	-23.1%	-10.5%	-7.5%	9.5%	20.8%	28.9%
›EBITDACr	-2	-18	-38	4	-1	-3	9	7	6	-0
›EBITDA margin	-1.8%	-18.9%	-38.5%	4.5%	-1.7%	-3.4%	10%	7.5%	5.9%	-0.4%
›Net profitCr	16	0	10	1	1	-1	1	1	-1	-1
›PAT growth YoY	707.7%	100.1%	112.7%	15.4%	-91.6%	-1,355.4%	-86.9%	-58.1%	-200.2%	31.1%
›EPS₹	₹-0.12	₹-0.08	₹-0.07	₹0	₹0.31	₹-0.03	₹0.23	₹0.04	₹-0.1	₹-0.04

Balance sheet — last 10 years (₹ Cr)

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Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025	2025
›Shareholders' equityCr	359	372	686	413	338	159	38	32	45	44
›ReservesCr	208	191	503	228	154	-25	-145	-149	-136	-132
›Total borrowingsCr	0	0	0	0	0	0	0	0	0	0
›InvestmentsCr	161	160	316	309	301	233	147	101	66	0
›Total assetsCr	810	747	740	462	388	241	98	80	72	484
›Current assetsCr	1,990	1,888	1,453	1,409	1,305	964	705	436	330	328
›Current liabilitiesCr	2,394	2,230	1,435	1,531	1,484	1,186	893	603	426	413
›Trade payablesCr	760	742	645	671	608	529	362	278	250	234
›Gross blockCr	537	559	298	338	332	332	323	330	329	36

Cash flow statement (₹ Cr)

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Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025	2025
›Operating CF (CFO)Cr	66	35	83	-26	-7	38	55	95	54	-4
›Investing CF (CFI)Cr	1	4	5	7	11	25	-7	-11	-12	-0
›Financing CF (CFF)Cr	-17	-82	-95	17	-1	-68	-47	-94	-39	4
›Net cash changeCr	51	-43	-6	-2	4	-5	2	-9	3	-1
›Closing cashCr	62	19	13	10	14	9	11	1	4	3

Cash flow components

CFO · CFI · CFF (₹ Cr)

CFOCFICFF

Q-DITS scorecard

Composite score

Quality (25%)13.4

Growth (25%)63.5

Valuation (20%)31

Piotroski (15%)78

Earnings Quality (10%)0

Momentum (5%)—

Weighted blend, rescaled to the components available for this stock.

Piotroski F-Score

7/9

✓ROA positiveROA 0.18%

✗CFO positiveCFO ₹-4.45 Cr

✓ROA improving-0.89% → 0.18%

✗CFO > PAT (low accruals)CFO -4.45 vs PAT 1.03

✓Leverage decreasedD/E 7.4 → 2.26

✓Liquidity improvedCR 0.72 → 0.77

✓No share dilutionEPS -0.32 → 0.51

✓Margin improvedEBITDA mgn -4.27% → 8.99%

✓Asset turnover upAsset TO 0.47 → 0.58

Altman Z-Scoredistress

0.49

-0.176

-0.273

0.037

0.091

0.695

>2.9 safe · 1.23–2.9 grey · <1.23 distress

Quality

13.4/100

ROE

3.1%

ROCE

9.8%

Margin

0.3%

Debt

2.3

Int. cover

2.3x

Growth

63.5/100

Revenue 3Y

-1.6%

Profit 3Y

27.2%

EPS

257.6%

Valuation

31/100

26.8x

5.9x

EV/EBITDA

14.3x

vs universe median: PE 25.6x · PB 2.81x · EV 13.41x

Earnings quality

0/100

CFO₹-4 Cr

PAT₹1 Cr

Accrual ratio0.011

CFO/PAT-4.32x

PEAD · SURGE

+1 / +1

Revenue SUE2.11

EPS SUE-0.4

Latest quarter2025-12

Rev growth YoY28.9%

Shareholding pattern

Promoter28.1%

FII/FPI0.9%

DII0%

Public71.9%

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Metric	2024-03	2024-06	2024-09	2024-12	2025-03	2025-06	2025-09	2025-12	2026-03
›Promoter	28.1%	28.1%	28.1%	28.1%	28.1%	28.1%	28.1%	28.1%	28.1%
›FII / FPI	1.6%	1.6%	1.6%	1.3%	1%	0.9%	0.8%	0.8%	0.9%
›DII	0%	0%	0%	0%	0%	0%	0%	0%	0%
›Public / Retail	71.9%	71.9%	71.9%	71.9%	71.9%	71.9%	71.9%	71.9%	71.9%
›Promoter pledge	99.7%	99.7%	99.7%	99.7%	99.7%	99.7%	99.7%	99.7%	99.7%

Documents & filings

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Peer comparison

Company	MCap (Cr)	Revenue	PAT	PE	PB	ROE%	ROCE%	D/E
Larsen & Toubro Ltd.	5,79,127	2,85,874	19,159	36x	5.3x	18.6	16	1.12
Rail Vikas Nigam Ltd.	50,895	20,412	777	58.2x	5.2x	14	14.7	0.56
IRB Infrastructure Developers Ltd.	25,907	7,648	850	30.5x	1.2x	38.6	24.8	0.96
Kalpataru Projects International Ltd.	23,874	27,143	1,031	23x	3.1x	9.7	16.2	0.64
Cemindia Projects Ltd.	21,528	10,007	591	36x	9x	28.2	33.5	0.4
KEC International Ltd.	14,419	23,506	606	23.8x	2.3x	12.1	18.5	0.69
Engineers India Ltd.	14,062	3,928	644	20.3x	4.5x	19.2	25.8	0