Ajax Engineering Limited has informed the Exchange regarding a press release dated May 18, 2026, titled "Ajax Engg reports stable FY26 revenue; Q4 margins improve on operational efficiencies andpricing actions".
AJAXENGG · price
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Ajax Engineering reported FY26 revenue of ₹2,103 crore, up 1% YoY, showing stable but flat growth in a challenging operating environment. Q4 FY26 revenue was ₹758 crore, nearly flat versus Q4 FY25. However, FY26 EBITDA declined 16% to ₹266 crore with margin compressing to 12.6% from 15.3% in FY25 (a 270 bps drop), impacted by higher production costs from the CEV-IV to CEV-V emission norm transition and unfavorable product mix. Q4 FY26 showed improvement with EBITDA margin at 15.1%, up 40 bps YoY, driven by operational efficiencies, execution discipline and pricing actions. FY26 PAT fell to ₹225 crore from ₹260 crore in FY25. The company reclaimed market share in the SLCM segment to 73.5% by end of FY26, and non-SLCM and spares revenue grew 7% and 9% respectively.
FY26 full-year margins contracted significantly due to transition costs, though Q4 shows recovery momentum with improving margins. PAT also declined YoY, indicating the transition headwinds impacted profitability despite stable revenue. The stock may face near-term pressure given the FY26 earnings decline.