51% rally in 2026 so far! ICICI Direct sees 28% upside potential in this defence stock - Do you own? Check target price

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.

Azad Engineering share price outlook

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.

Azad Engineering share price target

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.

“The company also expects to deliver its second engine to DRDO. If successful, this would be an added revenue stream (not factored in). The next phase of capacity additions is likely to be on the aerospace side, upgrading the product mix. We maintain BUY with a revised TP of INR 3,100 (based on 60x FY29E EPS),” read the ICICI Securities report.

Azad Engineering share price trend

The stock closed 0.26% lower at ₹2466 per share on BSE with a market capitalisation of ₹15,925.86 crore on Thursday, November 12. The defence stock touched an intraday high of ₹2,521.20 per share and an intraday low of ₹2,455.35 apiece.

Azad Engineering stock returns

Azad Engineering share price value has declined 4.49% over the last one week, 16.97% in one month. Its share price value has surged around 15.97% in six months, 51.74% in 2026 so far. The defence stock has surged 51.49% over the last two years.