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Ajax Engineering Results: Latest Quarterly Results & Analysis

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Ajax Engineering Ltd. 19 May 2026 13:06 PM
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Q4FY26 & FY26 Result Announced for Ajax Engineering Ltd.

Commercial Vehicles company Ajax Engineering announced Q4FY26 & FY26 results

Financial Highlights:

  • Total Income: For Q4FY26, the total income stood at Rs 7,708.87 million, representing a YoY increase of 0.44% compared to Rs 7,674.85 million in Q4FY25 and a significant QoQ growth of 72.53% from Rs 4,468.09 million in Q3FY26. For the full year FY26, total income reached Rs 21,517.12 million, up 1.65% from Rs 21,167.20 million in FY25.
  • Revenue from Operations: Revenue for Q4FY26 was Rs 7,576.64 million, showing a marginal YoY growth of 0.25% from Rs 7,557.52 million and a QoQ growth of 74.76% from Rs 4,335.48 million in Q3FY26. On an annual basis, revenue grew by 1.38% to Rs 21,025.37 million in FY26 from Rs 20,739.15 million in FY25.
  • Profit Before Tax (PBT): PBT for Q4FY26 stood at Rs 1,259.55 million, a YoY increase of 3.09% from Rs 1,221.81 million and a QoQ growth of 143.57% from Rs 517.11 million (post-exceptional item) in Q3FY26. For the full year FY26, PBT was Rs 3,012.28 million, reflecting a decline of 14.15% compared to Rs 3,508.82 million in FY25.
  • Net Profit (Profit for the period/year): The company reported a net profit of Rs 949.63 million in Q4FY26, a YoY growth of 4.41% from Rs 909.48 million and a QoQ growth of 148.33% from Rs 382.41 million in Q3FY26. For FY26, net profit reached Rs 2,251.45 million, a decrease of 13.44% compared to Rs 2,600.96 million in FY25.
  • Total Comprehensive Income: For Q4FY26, it stood at Rs 949.45 million, compared to Rs 904.14 million in Q4FY25. For the full year FY26, it was Rs 2,255.70 million versus Rs 2,596.86 million in FY25.
  • Earnings Per Share (EPS): Basic EPS for Q4FY26 was Rs 8.30, compared to Rs 7.95 in Q4FY25. For the full year FY26, basic EPS stood at Rs 19.68.

Business Highlights

  • Segment Performance: The Company operates as a single business segment based on its products and has one reportable segment, namely "manufacturer of concrete equipment".
  • Exceptional Item: During FY26, the company recorded an exceptional item of Rs 31.04 million due to the impact of the "New Labour Codes", which resulted in an increase in gratuity liability.
  • Seasonality of Business: The company noted that its financial results vary from quarter to quarter due to the seasonal nature of its business.
  • Corporate Actions: The Board of Directors took note of the resignation of Mr Jacob Jiten John as Whole-time Director and appointed Mr Sachin Rajkumar Nandgaonkar as an Additional Director (Non-executive and Nominee Director) with effect from May 18, 2026.
  • Subsidiary Status: As of March 31, 2026, the company has no subsidiary, associate, or joint venture companies.
  • IPO Update: The company completed its Initial Public Offering (IPO) in the previous year ended March 31, 2025, with total proceeds on account of offer for sale amounting to Rs 12,688.84 million.

Shubhabrata Saha, Managing Director & Chief Executive Officer of Ajax Engineering, said: “It has been a challenging and transitionary phase over the last few quarters, with only 55% of the Central capex on infrastructure being utilised till Dec 2025 and the CEV-IV to CEV-V emission norms leading to an increase in the cost of production. Despite an industry slowdown, we were able to effectively navigate these challenges and maintain market share. With the complete phase-out of older emission-standard machines during the year, we steadily regained momentum across markets, and our CEV-V portfolio is seeing strong acceptance from customers.

“Importantly, this recovery was achieved while maintaining our premium positioning in the market, reflecting the strength of our brand, product quality and customer trust. We remain fully confident in the long-term growth prospects of our business. The government’s continued focus on infrastructure development and the ongoing transition towards mechanised construction and concreting equipment are expected to support steady demand and position Ajax well for sustained growth.”

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Commercial Vehicles company Ajax Engineering announced Q3FY26 results

  • Revenue from operations stood at Rs 434 crore, compared to Rs 548 crore in Q3FY25.
  • EBITDA for Q3FY26 stood at Rs 48 crore, compared to Rs 88 crore in Q3FY25.
  • EBITDA margin for the quarter stood at 11.0% in Q3FY26, compared to 16.1% in Q3FY25.
  • Profit after tax for Q3FY26 stood at Rs 38 crore, compared to Rs 68 crore in Q3FY25.

Shubhabrata Saha, Managing Director & Chief Executive Officer, Ajax Engineering, said: “The last few quarters have been a period of transition for the industry, with extended monsoons, changes in emission norms and slower project execution impacting demand. Despite this, we continued to make progress in strengthening our  portfolio, with steady growth in our non-SLCM and spares and services businesses. As we introduce our new CEV-5 machines, our approach has been to closely track performance, gather customer feedback and calibrate pricing in line with market response, with a clear focus on long-term sustainability.

While higher production costs linked to the emission transition weighed on margins, we expect operating leverage, process efficiencies and calibrated pricing actions to support profitability in FY27. We remain confident in the long-term growth trajectory of our business and will continue to invest. The government’s continued focus on infrastructure and the ongoing shift towards mechanised construction are expected to support demand, and we remain committed to maintaining our leadership in SLCM while building scale in the non-SLCM segment.”

Result PDF

Commercial Vehicles company Ajax Engineering announced Q2FY26 results

  • Revenue from Ops: Rs 445 crore against Rs 301 crore during Q2FY25, change 48%.
  • EBITDA: Rs 45 crore against Rs 39 crore during Q2FY25, change 16%.
  • EBITDA Margin: 10.2% for Q2FY26.
  • PAT: Rs 39 crore against Rs 34 crore during Q2FY25, change 15%.
  • PAT Margin: 8.8% for Q2FY26.

Shubhabrata Saha, Managing Director & CEO, Ajax Engineering, said: “After a steady performance last year, the last couple of quarters have been a period of transition. Unseasonal rains, change in emission norms, and slower project execution affected demand temporarily. However, Ajax delivered 48% YoY revenue growth in Q2 and 18% in H1 and volume growth remains robust across both SLCM and non-SLCM categories. While increased cost of production and changes in revenue mix impacted margins, operating leverage and efficiency measures are expected to aid profitability in the second half of FY26. We remain confident in the long-term growth trajectory and our leadership position in the concrete equipment industry.”

Result PDF

Commercial Vehicles company Ajax Engineering announced Q1FY26 results

  • Revenue from Operations: Rs 466 crore compared to Rs 469 crore during Q1FY25. change -0.60%.
  • EBITDA: Rs 61 crore compared to Rs 80 crore during Q1FY25. change -23%.
  • EBITDA Margin: 17.10% for Q1FY26.
  • PAT: Rs 53 crore compared to Rs 67 crore during Q1FY25. change -22%.
  • PAT Margin: 14.30% for Q1FY26.

Shubhabrata Saha, Managing Director & CEO, Ajax Engineering, said: “Following a strong FY25, where we crossed Rs 2,000 crore in revenue and expanded our market leadership, Q1FY26 marks a phase of transition. The full switch to CEV-5 compliant products, coupled with external factors like rains and delayed infra execution, temporarily moderated demand. However, we have remained focused on capability building and execution excellence. Our SLCM business remained stable, and our non-SLCM volumes grew 25% YoY.”

“We continue to build capability in our B2B go-to-market channel, especially in the top metro cities, which will support long-term growth in the non-SLCM segment and we plan to commission our Adinarayanahosahalli plant in H2FY26, which will lay the foundation for the next stage of scalable, diversified growth.”

Tuhin Basu, Chief Financial Officer, Ajax Engineering Limited, said: “Our Q1 revenue remained stable YoY, while margins were impacted due to product mix and by cost increases experienced due to transition to CEV-5 norms. However, we remain fundamentally strong—debt-free with a healthy cash balance.”

“We expect business momentum to improve from H2FY26, as is typical for our industry. Our longterm strategy remains on track with continued investments in leadership, product innovation, and capacity expansion.”

Result PDF

Commercial Vehicles company Ajax Engineering announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Revenue from Operations up by 15%, from Rs 657 crore to Rs 756 crore.
  • Reported EBITDA up by 1.5%, from Rs 109 crore to Rs 111 crore.
  • EBITDA Margin declined by 190 bps, from 16.6% to 14.7%.
  • Reported PAT up by 3%, from Rs 88 crore to Rs 91 crore.
  • PAT Margin declined by 140 bps, from 13.4% to 12.0%.

FY25 Financial Highlights:

  • Revenue from Operations up by 19%, from Rs 1,741 crore to Rs 2,074 crore.
  • Reported EBITDA up by 15.5%, from Rs 276 crore to Rs 318 crore.
  • EBITDA Margin declined by 50 bps, from 15.8% to 15.3%.
  • Reported PAT up by 15.5%, from Rs 225 crore to Rs 260 crore.
  • PAT Margin declined by 40 bps, from 12.9% to 12.5%.

Shubhabrata Saha, Managing Director & CEO, Ajax Engineering said, “FY25 has been a year of resilience and strategic progress. Despite external challenges, including the regulatory shift from CEV-4 to CEV-5 emission norms and slower infrastructure execution, we delivered robust growth, crossed the Rs 2,000 crore revenue milestone, and maintained profitability. Our leadership in the Self-Loading Concrete Mixer (SLCM) segment remains strong, with a 75% market share, while our non-SLCM and Spares businesses continue to gain momentum.

Our strategic investments, such as a dedicated B2B channel for non-SLCM sales and leadership enhancement initiatives, are laying the foundation for the next phase of growth. We’re also excited about the upcoming launch of our Adinarayanahosahalli plant in H2 FY26, which will add further capacity and product flexibility.”

Tuhin Basu, Chief Financial Officer, Ajax Engineering added, “We have delivered a healthy performance in Q4 and FY25 with revenue growth across several key business areas – our SLCM and non-SLCM segments grew at 18% YoY; the Spare Parts and Service revenue rose 33% YoY and revenue from exports increased 29% YoY. Our EBITDA has grown by 15% YoY.

We remain committed to balancing growth with financial prudence. Our strong cash position and lean working capital ensure we are well positioned to invest in capacity, innovation, and expansion. Despite margin pressures this year due to capability building, we expect profitability to normalize as our investments start delivering results.”

Result PDF

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