Appointment of Mr. Sachin Rajkumar Nandgaonkar (DIN: 03410739) as a Additional Director (Non-Executive and Nominee Director) of the Company.
AJAXENGG · price
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Ajax Engineering Limited reported audited FY2026 results showing revenue of Rs. 21,025 million (up 1.3% YoY) but profit after tax declined 13.4% to Rs. 2,251 million from Rs. 2,601 million in FY2025, impacted by labour code changes (Rs. 31 million exceptional charge). The Board appointed Mr. Sachin Nandgaonkar as Additional Director (Non-Executive Nominee Director) representing The Johns Loaves Trust and Jacob Hansen Family Trust, pending shareholder approval. Concurrently, Mr. Jacob Jiten John resigned as Whole-time Director effective May 18, 2026, citing personal reasons with no material disagreements. The company listed on exchanges in February 2025 via an IPO of Rs. 12,689 million (offer for sale). Cash and cash equivalents nearly quadrupled to Rs. 1,659 million as of March 2026.
The resignation of the Whole-time Director alongside appointment of a nominee from promoter family trusts suggests potential changes in leadership dynamics and family involvement in board governance. The profit decline and higher costs may create near-term pressure on sentiment despite strong cash generation.