NSE: AJAXENGG · BSE: 544356
AJAX ENGINEERING LIMITED
Manufactures self-loading concrete mixers (SLCM), concrete pumps, batching plants and a smaller entry-level product line called Udaan. The SLCM business drives the bulk of revenue — ₹1,758 crores in FY26 — and competes in a market where the company held 73.5% share in FY26, recovering from a ~70% trough in Q1 after a CEV4-to-CEV5 emission norm transition; share rose to 76% in April 2026 after a 2% price hike taken in Q4 FY26. Non-SLCM revenue (pumps, batching plants) grew about 7% in FY26, and the Udaan line shipped 202 units in FY26 with management targeting 2-3x growth in FY27. Raw materials account for 69.1% of revenue, reflecting the steel and component inputs needed to build construction equipment. EBITDA margin compressed to 12.6% in FY26 from 15.3% in FY25 on CEV5 transition costs, though Q4 FY26 recovered to 15.1%; medium-term margin band guided at 13-15%. Demand is exposed to India's infrastructure capex cycle, with the company flagging government capex underutilization of 55% till December 2025 and state-level contractor payment delays as near-term headwinds. Exports are being targeted for 20-25% growth in FY27. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Self-Loading Concrete Mixers (SLCM), Non-SLCM (pumps, batching plants, Udaan). Cyclical construction equipment manufacturer tied to India's infrastructure capex cycle.
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY25 | FY26 |
|---|---|---|
| Revenue | 2,074 | 2,103 |
| EBITDA (ex other income) | 318 | 263 |
| margin % | 15.3 | 12.5 |
| Owners' profit | 260 | 225 |
| EPS, as reported (₹) | 22.73 | 19.68 |
| ROE % · ROCE % | 22.5 · 29.9 | 16.2 · 21.4 |
| Debt / equity (x) | 0.00 | 0.00 |
| Cash from operations | 43 | 377 |
| Capex | (23) | (28) |
Exhibit 2: Quarterly performance, last 7 quarters
| ₹ crore | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|
| Revenue | 548 | 756 | 467 | 445 | 434 | 758 | 475 |
| Profit before tax | 92 | 122 | 71 | 53 | 52 | 126 | 74 |
| Net profit | 68 | 91 | 53 | 39 | 38 | 95 | 56 |
| EPS (₹) | 5.95 | 7.95 | 4.62 | 3.41 | 3.34 | 8.30 | 4.86 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BEML LIMITED | 16,575 | 73.2 | 5.65 | 51.4 | 4.8 | 4.8 | 4.1 | 0.4 |
| ACTION CONST EQUIP LTD | 12,324 | 28.2 | 6.13 | 20.0 | 20.6 | 27.4 | 21.7 | 22.0 |
| AJAX ENGINEERING LIMITED ◆ | 6,241 | 27.4 | 4.48 | — | 16.2 | 21.4 | — | 16.3 |
| TIL LTD | 1,612 | — | 14.52 | 152.2 | (27.7) | (16.4) | 0.6 | 5.9 |
| INDO FARM EQUIPMENT LTD | 568 | 22.8 | 1.02 | 10.0 | 4.4 | 5.6 | — | 14.1 |
| BRADY & MORRIS ENGINEERING CO. | 124 | 25.8 | 2.34 | — | 10.5 | 13.4 | — | 8.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 27.4 | 27.4 | 6 of 11 | 50% |
| P/B | 4.5 | 4.5 | 5 of 11 | 60% |
| ROCE | 21.4 | 12.3 | 3 of 11 | 80% |
| ROE | 16.2 | 16.2 | 6 of 11 | 50% |
| Debt / Equity | 0.0 | 0.3 | 1 of 11 | 90% |
| EBITDA margin | 16.3 | 15.2 | 6 of 12 | 55% |
| Revenue growth | 1.7 | 20.1 | 11 of 11 | 0% |
| Profit growth | 5.2 | 7.3 | 6 of 10 | 44% |
| Market cap | 6241 | 6563 | 7 of 12 | 46% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · Routine Filing: RTA Certificate Under SEBI Depositories Regulation for Q2 FY27 | compliance | minimal | — | — |
| 28 Sept 2026 · AGM voting results: All 3 resolutions passed with over 99% approval | board shareholder meetings | medium | — | — |
| 28 Sept 2026 · Ajax Engineering 34th AGM concludes, 3 resolutions passed | board shareholder meetings | medium | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 till 48 hours after Q2 FY26 results | compliance | minimal | — | — |
| 24 Sept 2026 · Ajax Engineering schedules analyst and investor meeting on Sep 29 | board shareholder meetings | low | — | — |
| 17 Sept 2026 · Ajax Engineering appoints Shishir Joshipura as Independent Director | management changes | medium | — | — |
| 17 Sept 2026 · Board appoints Shishir Joshipura as Independent Director | board shareholder meetings | medium | — | — |
| 7 Sept 2026 · Ajax Engineering CFO Ketan Pendse resigns citing personal reasons | management changes | high | — | — |
| 5 Sept 2026 · Newspaper ad published for 34th AGM notice and e-voting details | compliance | minimal | — | — |
| 5 Sept 2026 · Ajax Engineering informs 34th AGM on Sept 28, 2026 via video conferencing | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.