Ajax Engineering Limited has informed the Exchange regarding Cessation of Mr Jacob Jiten John as Executive Director of the company w.e.f. May 18, 2026.
AJAXENGG · price
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Ajax Engineering's Board meeting on May 18, 2026 resulted in two key personnel changes: (1) Mr. Jacob Jiten John resigned as Whole-time Director (not Executive Director as per the headline) effective close of business on May 18, 2026, citing personal reasons with no other material reasons disclosed. (2) Mr. Sachin Rajkumar Nandgaonkar, a veteran with over 30 years of experience including roles at Accenture, Boston Consulting Group, and RPG Group, was appointed as an Additional Director (Non-executive, Nominee Director) representing The Johns Loaves Trust and Jacob Hansen Family Trust, subject to shareholder approval. Simultaneously, the Board approved audited FY2026 results: total income of Rs. 21,507.12 million (vs Rs. 21,167.20 million in FY2025), and profit after tax of Rs. 2,251.45 million, down approximately 13.4% from Rs. 2,600.96 million in the prior year. EPS for FY2026 stood at Rs. 19.68 (basic) and Rs. 19.55 (diluted), compared to Rs. 22.13 and Rs. 22.61 respectively in FY2025. Cash and cash equivalents nearly tripled to Rs. 1,659.04 million from Rs. 459.46 million.
The resignation of a Whole-time Director (a KMP) combined with a new nominee director appointment suggests potential governance changes, possibly linked to promoter/shareholder restructuring. The profit decline of ~13.4% YoY with strong cash generation may signal cost pressures or investment phase, warranting monitoring.