India's leading self-loading concrete mixer maker, with ~73.5% share of the domestic SLCM market.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 475 | +1.7% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 12.0 | −1.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 56.0 | +5.7% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 18.05 | −7.2 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 16.64 | +15.6 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 1.93 | −17.7 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Guidance
1 of 6 judged targets kept · 8 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Implementation of Price Increases | Pricing increase from all the market participants should trickle in from Q2 onwards. | Q4 FY25 | Promise is complete. Final verdict remains 'achieved_diluted'. Management is now evaluating a separate, new price hike. | Achieved* |
| Operating EBITDA Margin | Expect our operating EBITDA to remain stable in the mid-teens range. | Q3 FY25 | Target period has passed. The final verdict remains 'missed'. | Missed |
| FY27 Revenue Growth | I would anticipate at this point in time a mid and early double-digit growth would be a good number to look at and as we progress forward, I think we would be in a better position to see how things progress. | Q4 FY26 | Q1 FY27 revenue growth was 1.7% YoY. This is significantly below the 'mid and early double-digit' target. While management points to H2 seasonality, such a low start puts the full-year target at risk. | At Risk |
5 of Ajax Engineering Limited's 14 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 11 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹616.3 on 24 Oct 2025 → ₹545.55. High ₹671.1 (17 Nov 2025), low ₹404.1 (30 Mar 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
Ajax Engineering designs, manufactures and sells concrete construction equipment - self-loading concrete mixers (SLCMs), batching plants, transit mixers, stationary and self-propelled boom pumps, slip-form pavers and 3D concrete printers - used across roadways, irrigation, urban infrastructure, railways, airports and real-estate projects. It earns revenue from equipment sales plus spares and after-sales services, distributed through a pan-India dealer network and international distributors. Manufacturing is carried out at lean-assembly facilities in and around Bengaluru, sourcing over 90% of components domestically.
Segments
close before → close after
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Guidance
1 of 6 judged targets kept · 8 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Implementation of Price Increases | Pricing increase from all the market participants should trickle in from Q2 onwards. | Q4 FY25 | Promise is complete. Final verdict remains 'achieved_diluted'. Management is now evaluating a separate, new price hike. | Achieved* |
| Operating EBITDA Margin | Expect our operating EBITDA to remain stable in the mid-teens range. | Q3 FY25 | Target period has passed. The final verdict remains 'missed'. | Missed |
| FY27 Revenue Growth | I would anticipate at this point in time a mid and early double-digit growth would be a good number to look at and as we progress forward, I think we would be in a better position to see how things progress. | Q4 FY26 | Q1 FY27 revenue growth was 1.7% YoY. This is significantly below the 'mid and early double-digit' target. While management points to H2 seasonality, such a low start puts the full-year target at risk. | At Risk |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 14 tracked commitments, with each call’s wording and source.
Call summaries
Ajax Engineering Limited Q1 FY27
Ajax Engineering Limited reported a resilient Q1 FY27 with a 1.7% YoY revenue growth to ₹475 crores and a 5% YoY PAT increase to ₹55.6 crores. The company significantly expanded its SLCM market share to 75.1% and maintained a strong cash position. However, EBITDA margins compressed to 12.5% due to lower volumes and rising input costs, with management anticipating a challenging Q2 and evaluating further price hikes.
Read the full callAjax Engineering Q4 FY26
Ajax Engineering reported a resilient Q4 and FY26, navigating industry headwinds like slower government capex and payment delays. While full-year EBITDA margins compressed to 12.6% from 15.3% due to CEV5 transition costs and lower volumes, Q4 saw margin recovery to 15.1% driven by price hikes and cost optimization. The company demonstrated strong cash flow generation, reducing working capital to a five-year low of 21 days, and recovered market share to 73.5% for FY26.
Read the full callAjax Engineering Q3 FY26
Ajax Engineering reported a challenging Q3 FY26 with revenue and EBITDA margin decline, primarily due to external headwinds, customer cash flow constraints, and product mix changes. Despite this, the company maintained strong financial discipline and saw positive demand momentum in January. Strategic initiatives like the launch of CEV-5 machines and expansion of the dealer network are underway, with a new manufacturing facility expected by Q1 FY27.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: +6% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 301 | 548 | 756 | 467 | 445 | 434 | 758 | 475 |
| Expenses | 262 | 460 | 645 | 405 | 400 | 389 | 643 | 415 |
| Operating profit | 39 | 88 | 111 | 61 | 45 | 44 | 115 | 59 |
| Operating margin | 13.0% | 16.0% | 15.0% | 13.0% | 10.0% | 10.0% | 15.0% | 12.0% |
| Other income | 11 | 7 | 12 | 13 | 10 | 10 | 13 | 18 |
| Interest | 1 | 1 | -2 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 3 | 3 | 3 | 3 | 3 | 3 | 2 | 3 |
| Profit before tax | 47 | 92 | 122 | 71 | 53 | 52 | 126 | 74 |
| Tax rate | 28.0% | 26.0% | 26.0% | 25.0% | 26.0% | 26.0% | 25.0% | 25.0% |
| Net profit | 34 | 68 | 91 | 53 | 39 | 38 | 95 | 56 |
| EPS (₹ per share) | 2.97 | 5.96 | 7.95 | 4.62 | 3.42 | 3.34 | 8.30 | 4.86 |
| Line item | Mar 2025 | Mar 2026 |
|---|---|---|
| Sales | 2,074 | 2,104 |
| Expenses | 1,756 | 1,837 |
| Operating profit | 318 | 265 |
| Other income | 43 | 46 |
| Interest | 0 | 0 |
| Depreciation | 12 | 11 |
| Profit before tax | 351 | 302 |
| Net profit | 260 | 225 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 3 | 11 | 11 | 11 | 11 | 11 |
| Reserves | 575 | 702 | 907 | 1,146 | 1,241 | 1,381 |
| Borrowings | 7 | 12 | 8 | 2 | 1 | 2 |
| Other liabilities | 150 | 241 | 310 | 324 | 206 | 358 |
| Total liabilities | 735 | 967 | 1,236 | 1,482 | 1,459 | 1,752 |
| Fixed assets | 157 | 167 | 167 | 176 | 175 | 182 |
| Capital work in progress | 7 | 6 | 17 | 21 | 35 | 35 |
| Investments | 296 | 495 | 625 | 656 | 710 | 952 |
| Other assets | 274 | 299 | 426 | 630 | 540 | 583 |
| Total assets | 735 | 967 | 1,236 | 1,482 | 1,459 | 1,752 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 72 | 85 | 185 | 207 | 43 | 377 |
| Cash from investing | -7 | -129 | -193 | -116 | -35 | -257 |
| Cash from financing | 0 | 0 | 0 | -25 | -26 | 0 |
| Net cash flow | 65 | -44 | -9 | 66 | -17 | 120 |
| Free cash flow | 36 | 71 | 168 | 185 | 20 | 350 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 29 | 26 | 24 | 18 | 29 | 31 |
| Inventory days | 186 | 115 | 76 | 65 | 62 | 38 |
| Days payable | 101 | 39 | 71 | 60 | 54 | 57 |
| Cash conversion cycle | 115 | 102 | 29 | 24 | 37 | 12 |
| Working capital days | 56 | 44 | 10 | 6 | 40 | 8 |
| Return on capital employed | 27.0% | 17.0% | 28.0% | 37.0% | 34.0% | 24.0% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 11.0% | 0.0% | 0.0% |
To justify its price of ₹546, this stock must grow earnings at 20% every year for 7 years. Our analysis caps realistic growth at ~-13%. At that growth it is worth ₹92 — downside of 83%.
Ownership
Promoters hold 80.00% as of Sept 2026; institutions cut 0.57 pts since Jun 2026.
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 2 holders trimming and 0 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of Ajax Engineering Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 19.31% | unchanged | |
| 18.00% | unchanged | |
| 17.99% | unchanged | |
| 10.23% | unchanged | |
| 4.98% | unchanged | |
| 4.50% | unchanged | |
| 4.37% | unchanged | |
| Mutual fund | 4.35% | −0.19 pp |
| AIF | 2.93% | unchanged |
| Mutual fund | 1.83% | unchanged |
| Mutual fund | 1.23% | +0.21 pp |
| FPI fund | 1.07% | −0.19 pp |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Filings to Sep 2026
0 new, 1 added, 0 trimmed, 2 sold out — net +2.15 L shares (+4.5%).
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Children's Fund - Investment Plan (Erstwhile known as SBI Magnum Children's Benefit Fund- IP) SBI Mutual Fund | ₹221 Cr | +15.46 L | Feb '25 |
| SBI Smallcap Fund SBI Mutual Fund | ₹71 Cr | held | Feb '25 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Sep 2026
1 added, 0 trimmed — net +2.15 L shares (+4.5%)
Shares held by these funds +15%
Feb '25 49.75 L shares Sep '26
Your own record
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