The deal values Cloud Wave at an enterprise value of around ₹260 crore. The final consideration is subject to adjustments under the definitive agreements and finalisation of accounts.
AXISCADES also has the option to acquire the remaining 10% of Cloud Wave subsequently, subject to the terms of the agreements. The 90% acquisition is expected to be completed by September 30, 2026 and will be funded in cash.
What AXISCADES is buying
Founded in 2014, Cloud Wave is an AS9100D-certified precision manufacturing company with seven manufacturing units in Bengaluru.
It makes precision components through machining, sheet-metal fabrication, tooling, plastic injection moulding, 3D printing, surface treatment and power-press operations.
The company supplies customers in the aerospace and defence and semiconductor industries across domestic and export markets.
Cloud Wave has also been growing rapidly. Its audited turnover climbed to ₹107.78 crore in FY26 from ₹68.25 crore in FY25 and ₹36.98 crore in FY24.
That means revenue has nearly tripled in two years, with FY26 turnover up about 58% from the previous year.
At an enterprise valuation of ₹260 crore, the deal values Cloud Wave at roughly 2.4 times its FY26 revenue.
Why AXISCADES is buying a manufacturer
The acquisition is about more than adding another business to AXISCADES’ portfolio.
AXISCADES has historically been led by engineering services. It now wants to own more of the physical manufacturing capabilities that turn engineering designs into components and products.
Buying Cloud Wave gives it an existing manufacturing footprint rather than requiring it to build those capabilities entirely from scratch.
The company plans to combine Cloud Wave’s factories with its existing aerospace, defence and electronics and semiconductor capabilities, allowing it to offer customers both engineering and manufacturing.
That could also help AXISCADES pursue larger contracts from global aerospace original equipment manufacturers (OEMs) and Tier-1 suppliers, where having qualified manufacturing capabilities can be important.
AXISCADES said it eventually wants to scale the acquired facilities into a larger aerospace manufacturing centre.
A broader shift from services to manufacturing
The deal therefore signals a shift in where AXISCADES wants future growth to come from.
Rather than remaining primarily an engineering-services provider, the company is seeking a bigger role in actually manufacturing the components and systems its customers require.
Cloud Wave gives it seven operating manufacturing facilities, an existing customer base and exposure to aerospace, defence and semiconductor manufacturing—all areas that overlap with AXISCADES’ existing engineering businesses.
The company expects the transaction to add to earnings over the medium term, subject to its completion on the agreed terms, and said the acquisition isn’t expected to adversely affect its existing operations.
AXISCADES shares were down 0.68% at ₹1,602 on the NSE on Friday, August 28.
