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AXISCADES Technologies gained nearly 5% after the company approved the acquisition of a 90% stake in Bengaluru-based Cloud Wave Technologies for around ₹234 crore.
This is part of AXISCADES’ bigger plan to move from mainly designing and engineering products to actually manufacturing more of them itself.
Cloud Wave is a Bengaluru-based precision manufacturing company founded in 2014. It operates seven manufacturing units and makes specialised components used by aerospace, defence and semiconductor companies in India and overseas. It is also AS9100D-certified, an important quality certification used in the aerospace industry.
The deets: the company can buy the remaining 10% later, and the first leg of the transaction is expected to close by September 30.
Cloud Wave’s has been growing quickly. The audited revenue increased from ₹36.98 crore in FY24 to ₹68.25 crore in FY25 and ₹107.78 crore in FY26. That means revenue nearly tripled in two years and grew around 58% in FY26 alone.
The company now expects revenue of around ₹180 crore in FY27, with an EBITDA margin of about 22%.
At an enterprise valuation of ₹260 crore, AXISCADES is therefore valuing Cloud Wave at roughly 2.4 times its FY26 revenue.
The why: this is where the deal gets interesting.
AXISCADES has traditionally been an engineering and technology company. It works with large companies across areas such as aerospace, defence and electronics, helping them design, develop and engineer products.
But its strategy is changing.
Under its “Power 930” plan, AXISCADES wants to become a much larger products, solutions and manufacturing company rather than remain heavily dependent on engineering services. Its longer-term ambition is to reach around ₹9,000 crore in revenue by FY30.
There's more, AXISCADES is separately developing a Centre for Advanced Manufacturing at Devanahalli Aerospace Park near Bengaluru. The planned facility will span roughly 2.4 lakh sq ft on a 20-acre campus and is being designed to serve global aerospace manufacturers.
Cloud Wave gives AXISCADES an operating manufacturing base today, while Devanahalli gives it room to scale that business tomorrow.
That combination could become particularly useful when pitching for bigger contracts from global aerospace OEMs and their Tier-1 suppliers.
Why aerospace manufacturing: there is also a broader industry story behind the deal.
Global aerospace and defence companies are trying to diversify their supply chains, while India is pushing to manufacture more high-value defence and aerospace equipment locally.
For Indian suppliers, the opportunity is therefore moving beyond simply providing engineers or making basic parts.
The bigger prize is becoming a company that can design, manufacture and deliver complex components and systems for global customers.
AXISCADES has been unusually explicit about wanting this shift. Management recently said its Power 930 strategy involves moving away from an engineering-services-focused model towards products, integrated solutions and manufacturing, particularly across aerospace, defence and electronics.
