Ajax Engineering Limited (AJAXENGG)
₹562.15 +2.24% last close, 22 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Ajax Engineering's revenue was ₹475 Cr (+1.6% year on year, -37.4% on the previous quarter), and net profit ₹55.6 Cr (+4.9% year on year); the operating margin was 12.5%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹475 | +1.6% | -37.4% |
| Operating profit | ₹59.1 | -3.0% | -48.6% |
| Net profit | ₹55.6 | +4.9% | -41.5% |
| EPS (₹) | 4.86 | +5.2% | -41.4% |
| Operating margin | 12.5% | — | — |
AJAXENGG delivery percentage and bulk deals
NSE end-of-day data for
On Thu, 22 Oct 2026, 46.72% of the AJAXENGG shares traded on NSE were taken to delivery, against the stock's own 20-session average of 50.8%. That is close to its usual level. 2 bulk or block deals were reported in AJAXENGG in the last 60 days: ₹62 Cr bought and ₹50 Cr sold.
Delivery in the last 5 sessions: 49.2% · 57.1% · 59.9% · 52.0% · 46.7%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 24 Sep | Buy | Sbi Mutual Fund | ₹62.04 Cr | ₹575.20 | 1,078,580 | Bulk |
| 24 Sep | Sell | Sbi Mutual Fund | ₹50.12 Cr | ₹575.20 | 871,308 | Bulk |
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Ajax Engineering Limited has appointed Mr. Shishir Joshipura as an Additional Director (Non-Executive and Independent Director) effective September 17, 2026, subject to shareholder approval. Mr. Joshipura brings over 42 years of leadership experience across engineering, manufacturing, and capital goods, having previously served as MD & CEO of Praj Industries and CEO of SKF India. The appointment adds proven capital goods execution and governance expertise to the board without any material financial impact.
- Appointment of Mr. Shishir Joshipura as Non-Executive Independent Director effective September 17, 2026
- Appointee brings over 42 years of experience across engineering, manufacturing, and process technology
- Previously served as CEO & MD of Praj Industries and CEO of SKF India
- Board meeting commenced at 15:31 PM and concluded at 16:01 PM on September 17, 2026
Ajax Engineering Limited has appointed Mr. Shishir Joshipura as an Additional Director (Non-executive, Independent Director) effective September 17, 2026, subject to shareholder approval. Mr. Joshipura brings over 42 years of leadership experience across engineering and capital goods, having previously served as CEO & MD of Praj Industries and CEO of SKF India. The board meeting approving this addition was held on September 17, 2026, lasting 30 minutes from 15:31 PM to 16:01 PM. This move enhances board independence and brings seasoned industrial governance expertise to the company.
- Appointment of Mr. Shishir Joshipura as Additional Director (Non-Executive, Independent) effective September 17, 2026
- Candidate brings 42+ years of engineering and manufacturing experience, including leadership at Praj Industries and SKF India
- Board meeting commenced at 15:31 PM and concluded at 16:01 PM on September 17, 2026
- Appointment is subject to final approval by company shareholders
Ajax Engineering Limited has informed the exchanges of the resignation of Mr. Ketan Pendse from his position as Chief Financial Officer (CFO) and Key Managerial Personnel (KMP). The resignation takes effect from the close of business hours on September 7, 2026, citing personal reasons. Mr. Pendse confirmed that there are no other material reasons behind his departure. The company has not yet named an interim or successor CFO in this filing.
- Resignation of Ketan Pendse as CFO and KMP effective close of business hours on September 7, 2026
- Reason cited for the departure is personal reasons, with confirmation of no other material reasons
- Filing submitted under Regulation 30 on September 7, 2026
- Successor or interim arrangement for the CFO role is not disclosed in the filing
Ajax Engineering Limited announced the resignation of its Chief Financial Officer (CFO) and Key Managerial Personnel, Mr. Ketan Pendse, effective from the close of business hours on September 7, 2026. The resignation was tendered citing personal reasons, with no other material reasons stated in the resignation letter. The company has not yet announced a successor for the CFO role. Investors will need to track the appointment of a new finance head during the ongoing CEV5 margin transition phase.
- CFO Ketan Pendse resigned effective close of business hours on September 7, 2026
- Resignation cited strictly due to personal reasons, with no other material reasons reported
- Successor appointment date and candidate details were not disclosed in the filing
Ajax Engineering Limited has dispatched communications to shareholders whose email addresses are not registered, providing web-links to access the Annual Report and Notice for the 34th Annual General Meeting (AGM) for FY 2025-26. The 34th AGM is scheduled to take place on Monday, September 28, 2026, at 09:30 a.m. IST via Video Conferencing. The cut-off date for remote e-voting eligibility is set for Monday, September 21, 2026, with the e-voting period open from September 25 to September 27, 2026.
- 34th Annual General Meeting scheduled for Monday, September 28, 2026, at 09:30 a.m. IST via Video Conferencing
- Remote e-voting cut-off date fixed as Monday, September 21, 2026
- e-Voting window runs from September 25, 2026 (09:00 a.m. IST) to September 27, 2026 (05:00 p.m. IST)
- Filing made pursuant to SEBI LODR Regulation 30 read with Regulation 36(1)(b)
Ajax Engineering Limited has issued the notice for its 34th Annual General Meeting (AGM) scheduled for September 28, 2026, via Video Conferencing. The cut-off date for determining shareholder voting rights is set for September 21, 2026, with remote e-voting active from September 25 to September 27, 2026. Ordinary and special business include the adoption of FY26 financial statements, the re-appointment of Executive Chairman Mr. Krishnaswamy Vijay (retiring by rotation), and the ratification of cost auditor remuneration of up to ₹5,00,000.
- 34th Annual General Meeting scheduled for September 28, 2026, at 09:30 AM IST via VC/OAVM
- Cut-off date for remote e-voting eligibility set as September 21, 2026
- Remote e-voting window runs from September 25, 2026 (9:00 AM IST) to September 27, 2026 (5:00 PM IST)
- Proposal to ratify cost auditor remuneration not exceeding ₹5,00,000 plus taxes for FY 2026-27
Ajax Engineering Limited has issued the notice for its 34th Annual General Meeting (AGM) scheduled to take place on September 28, 2026, via Video Conferencing. Key agenda items include the adoption of FY26 audited financial statements, the reappointment of Executive Chairman Mr. Krishnaswamy Vijay who retires by rotation, and ratification of cost auditor remuneration of up to ₹5,00,000. The remote e-voting window is open from September 25 to September 27, 2026, with the cut-off date set as September 21, 2026.
- 34th Annual General Meeting scheduled for Monday, September 28, 2026, at 09:30 AM IST via VC/OAVM
- Cut-off date for remote e-voting eligibility established as Monday, September 21, 2026
- Remote e-voting window opens September 25, 2026 (9:00 AM IST) and ends September 27, 2026 (5:00 PM IST)
- Special business includes ratification of cost auditor remuneration up to ₹5,00,000 plus taxes for FY 2026-27
Ajax Engineering Limited has approved the allotment of 4,516 equity shares of face value ₹1 each to an eligible employee under its Employee Stock Option Scheme 2024. Following this allotment, the paid-up share capital increased marginally from ₹11,44,06,800 to ₹11,44,11,316. The new shares rank pari passu with existing shares in all respects. The dilution is negligible at less than 0.001% of the total share capital.
- Allotment of 4,516 equity shares of face value ₹1 each under ESOP 2024
- Paid-up share capital expanded to ₹11,44,11,316 from ₹11,44,06,800
- Total share count rises from 11,44,06,800 to 11,44,11,316 shares
- Allotted shares rank pari passu with existing equity shares
Ajax Engineering reported a marginal 1.7% YoY revenue growth to ₹475 crore for Q1 FY27, navigating a challenging environment marked by slower government infrastructure spending. Despite these headwinds, the company expanded its dominant market share in the Self-Loading Concrete Mixer (SLCM) segment to 75.1%, up from 69% in the previous year. EBITDA margins contracted by 70 bps to 12.5% due to adverse operating leverage and rising input costs, though PAT grew 5% YoY to ₹55.6 crore. The company maintains a robust balance sheet with over ₹1,100 crore in cash, positioning it for potential inorganic growth.
- SLCM market share increased to 75.1% in Q1 FY27, up from 69% in Q1 FY26 and 73.5% for full-year FY26.
- Total revenue for Q1 FY27 stood at ₹475 crore, representing a 1.7% growth over the same period last year.
- Cash balance as of June 2026 exceeds ₹1,100 crore, providing significant flexibility for future growth or acquisitions.
- Non-SLCM revenue, including concrete pumps, grew by 6.4% YoY to reach ₹48 crore.
- Management expects H2 FY27 to be stronger, as typically 60% of annual revenue is generated in the second half of the year.
Ajax Engineering Limited shareholders have approved the appointment of Mr. Sachin Rajkumar Nandgaonkar as a Non-Executive Nominee Director through a postal ballot process. The resolution was passed with an overwhelming majority, with 99.85% of the total votes polled in favor. A total of 6.54 crore votes were cast, representing approximately 57.18% of the company's total outstanding shares. The promoter group, which holds 80% of the company, supported the resolution with 100% of their polled votes.
- 99.8496% of the total 65,420,329 votes polled were in favor of the appointment
- Total votes polled represented 57.18% of the 114,406,800 total outstanding shares
- Promoter group cast 52,014,996 votes, all of which were in favor of the resolution
- Institutional investors cast 13,387,451 votes, with 99.27% in favor and 0.73% against
- The resolution is deemed passed as of August 7, 2026, the final date for e-voting
Ajax Engineering has uploaded the audio recording of its conference call held on August 6, 2026, following its recent financial updates. The company previously reported a quarterly revenue of ₹548.18 cr and a PAT of ₹68.13 cr for the period ending December 2024. This call likely covers management's strategy to achieve an 18% growth rate and mitigate the 5-6% cost increase caused by the transition to CEV5 emission norms. Investors can access the recording on the company's website to evaluate the progress of international expansion into Russia and Gabon.
- Conference call conducted on August 6, 2026, at 11:00 A.M. IST.
- Company reported a net profit of ₹68.13 cr in the December 2024 quarter.
- Management is targeting an 18% growth rate through non-SLCM product expansion.
- CEV5 emission norm transition has increased production costs by approximately 5-6%.
- Price adjustments are planned for H2 FY26 to recover margins lost during the transition.
Ajax Engineering reported a marginal 1.7% YoY revenue growth to ₹474.6 cr in Q1 FY27, supported by a ~2% price hike and improved product mix despite sluggish infrastructure spending. While EBITDA fell 3.7% to ₹59.1 cr due to lower volumes and adverse operating leverage, PAT rose 5.2% to ₹55.6 cr, aided by higher other income. The company significantly expanded its dominant SLCM market share to 75.1% from 69% a year ago. A strong cash position of ₹1,119.2 cr provides a buffer against seasonal softness expected in Q2 FY27.
- SLCM retail market share increased to 75.1% in Q1 FY27 from 69% in Q1 FY26
- Revenue from operations grew 1.7% YoY to ₹4,746 mn, supported by a ~2% price hike implemented in Q4 FY26
- Cash and cash equivalents remained robust at ₹11,192 mn as of June 2026
- Non-SLCM revenue, including pumps and pavers, grew 6.4% YoY to ₹477 mn
- EBITDA margins contracted by 70 bps to 12.5% due to adverse operating leverage from lower volumes
Ajax Engineering reported a steady first quarter for FY27, with revenue from operations growing 1.7% YoY to Rs 474.60 crore. Net profit for the period increased by 5.2% YoY to Rs 55.60 crore, reflecting resilient margins despite the industry-wide transition to CEV5 emission norms. The company maintained a stable Basic EPS of Rs 4.86, up from Rs 4.62 in the previous year. Additionally, the board formalized the appointment of Mr. A. N. Sriram as the Cost Auditor for the 2026-27 fiscal year.
- Revenue from operations reached Rs 474.60 crore in Q1 FY27, a marginal increase from Rs 466.52 crore in Q1 FY26.
- Net profit for the quarter stood at Rs 55.60 crore, up 5.2% compared to Rs 52.88 crore in the same quarter last year.
- Total expenses for the quarter were Rs 418.49 crore, with raw material costs accounting for Rs 335.93 crore.
- Basic Earnings Per Share (EPS) improved to Rs 4.86 from Rs 4.62 on a year-on-year basis.
- Appointment of Mr. A. N. Sriram as Cost Auditor for FY 2026-27 to oversee cost accounting systems and records.
Ajax Engineering reported a modest 1.7% YoY increase in revenue from operations to ₹474.60 cr for the quarter ended June 30, 2026. Net profit rose 5.1% YoY to ₹55.60 cr, with EPS improving to ₹4.86 from ₹4.62. The company experienced a significant sequential decline from Q4 FY26 revenue of ₹757.66 cr, which management attributes to the seasonal nature of the construction equipment business. Profitability remained stable with a PBT margin of approximately 15.6%.
- Revenue from operations reached ₹474.60 cr, a slight increase from ₹466.52 cr in Q1 FY26.
- Net profit for the quarter stood at ₹55.60 cr compared to ₹52.88 cr in the same period last year.
- Total expenses for the quarter were ₹418.49 cr, with raw material costs at ₹335.93 cr.
- Earnings Per Share (EPS) increased to ₹4.86 from ₹4.62 YoY.
- Appointed Mr. A. N. Sriram as Cost Auditor for the financial year 2026-27.
Ajax Engineering Limited has scheduled its earnings conference call for the quarter ended June 30, 2026 (Q1 FY27) on Thursday, August 6, 2026, at 11:00 AM IST. The call will feature the MD & CEO, Mr. Shubhabrata Saha, and CFO, Mr. Ketan Pendse, to discuss operational and financial performance. This follows a period where the company has been navigating a 5-6% cost increase due to CEV5 emission norm transitions. Investors will be looking for updates on the company's 18% growth target and the status of its upcoming manufacturing facility.
- Earnings conference call scheduled for August 6, 2026, at 11:00 AM IST
- Focus on operational and financial performance for the quarter ended June 30, 2026
- Management representation includes the MD & CEO and the Chief Financial Officer
- Call organized by Strategic Growth Advisors Private Limited
- Company maintains a high promoter holding of 80.0% as of June 2026
Financial Performance
Revenue Growth by Segment
In H1 FY26, SLCM revenue grew 21% YoY and Non-SLCM volume grew 18% YoY. Spares and services revenue grew 16% YoY in H1 FY26, following a 28.9% increase in FY25 to INR 126.91 Cr from INR 98.43 Cr.
Geographic Revenue Split
Domestic India accounts for ~96.4% of revenue. Exports contributed 3.6% of total product revenue in FY25, amounting to INR 74.2 Cr, which represents a 29% YoY growth from FY24.
Profitability Margins
PAT margin for FY25 was 12.29%, a slight decrease from 12.65% in FY24. H1 FY26 PAT margin contracted to 10.1% (down 300 bps YoY) due to higher production costs for CEV5 compliant machines.
EBITDA Margin
EBITDA margin for FY25 was 15.34%. H1 FY26 EBITDA margin dropped to 11.7%, a contraction of 380 bps YoY, driven by a 550-650 bps hit at the gross margin level due to the CEV5 transition and lack of high-margin paver sales.
Capital Expenditure
The company is currently investing in a new manufacturing facility (adding to 4 existing ones) to support non-SLCM growth; specific INR Cr value for the current cycle is not disclosed, but return on invested capital remains resilient at 40% or higher.
Credit Rating & Borrowing
Finance costs for FY25 were negative INR 0.87 Cr (income/reversal) compared to INR 2.03 Cr in FY24, indicating a strong net-cash position and minimal reliance on external debt.
Operational Drivers
Raw Materials
Steel, engine components, and hydraulic systems (implied by CEV5 emission norm transition costs); specific percentage of total cost per material is not disclosed.
Import Sources
Highly localized sourcing strategy with less than 10% of materials imported; primary sourcing is from a localized supplier ecosystem in India, particularly near Karnataka manufacturing hubs.
Key Suppliers
Not disclosed in available documents; company emphasizes a 'robust and localized supplier ecosystem' to ensure production efficiency.
Capacity Expansion
Currently operates 4 assembling and manufacturing facilities with 1 additional facility upcoming to expand non-SLCM and export production capacity.
Raw Material Costs
Raw material costs increased significantly in H1 FY26 due to the transition to CEV5 emission norms; gross margins fell from 30.4% to 24.9% (a 550 bps drop) as production costs for new engine standards rose.
Manufacturing Efficiency
Company utilizes a 'Lean Assembly & Manufacturing' model; efficiency is currently impacted by the learning curve and higher costs associated with the new CEV5 machine production.
Logistics & Distribution
Distribution is handled via 51 dealers and 111 customer touchpoints across 22 states; costs include dealer commissions and promotional activities reflected in operating expenses.
Strategic Growth
Expected Growth Rate
18%
Growth Strategy
Growth will be achieved by expanding the non-SLCM product portfolio, increasing export penetration in markets like Russia and Gabon, and implementing price adjustments in H2 FY26 to recover margins lost during the CEV5 transition.
Products & Services
Self-Loading Concrete Mixers (SLCM), Batching Plants, Slip-form Concrete Pavers, Concrete Pumps, and spare parts/after-sales services.
Brand Portfolio
AJAX
New Products/Services
Launched new CEV5 compliant machines and in-house developed slip-form concrete pavers; pavers are high-ticket, high-margin products expected to aid H2 FY26 recovery.
Market Expansion
Targeting international markets including Gabon and Russia; domestic expansion focused on Tier 2 and rural markets through upskilling contractors and technicians.
Market Share & Ranking
Market leader in the SLCM (Self-Loading Concrete Mixer) segment in India.
Strategic Alliances
Collaborations with Infrastructure Equipment Skill Council and NCVET for certified operator training to build a future-ready workforce.
External Factors
Industry Trends
The industry is shifting toward mechanization and decentralized concrete solutions to reduce labor reliance. The transition to CEV5 emission norms (July 2025) is the primary regulatory driver currently disrupting cost structures.
Competitive Landscape
Competitors engaged in aggressive pricing to liquidate old CEV4 stock, which AJAX avoided to protect long-term brand value, despite short-term margin pressure.
Competitive Moat
Moat is built on market leadership in the SLCM niche, a localized supply chain that insulates against global shocks, and a deep service network of 111 touchpoints that creates high switching costs for customers.
Macro Economic Sensitivity
Highly sensitive to public infrastructure budgets and government policies; volatility in election years or delays in project fund disbursements directly impacts equipment demand.
Consumer Behavior
Growing preference among contractors for equipment that enhances on-site quality and reduces the need for skilled manual labor.
Geopolitical Risks
Exposure to international markets like Russia and Gabon; domestic manufacturing is concentrated in Karnataka, exposing it to state-specific labor and environmental policy risks.
Regulatory & Governance
Industry Regulations
Operations are governed by the Companies Act 2013, SEBI LODR, and emission standards set by the Ministry of Road Transport and Highways (CEV norms).
Environmental Compliance
Company must comply with CEV5 emission norms for all equipment manufactured from July 2025; ESG risks are embedded into strategic risk management reviews.
Taxation Policy Impact
Effective tax rate is approximately 25.8% based on FY25 Profit Before Tax of INR 350.88 Cr and PAT of INR 260.10 Cr.
Legal Contingencies
Not disclosed in available documents; company states it has a 'proper and adequate system of internal control' and complies with Secretarial Standards.
Risk Analysis
Key Uncertainties
Slowdown in on-ground infrastructure execution and extended monsoons (impacted Q2 FY26); transition to new emission norms causing temporary margin contraction of 380 bps.
Geographic Concentration Risk
Manufacturing is concentrated in Peenya Industrial Area, Bangalore, Karnataka, creating regional risk.
Third Party Dependencies
Low dependency on international suppliers (<10% imports); high reliance on a localized network of Indian suppliers for specialized components.
Technology Obsolescence Risk
Risk of falling behind in emission technology; mitigated by early launch of CEV5 machines and load-cell technology in SLCMs.
Credit & Counterparty Risk
Credit risk from dealers is mitigated through credit insurance and a structured onboarding process with defined performance KPIs.
