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    Ajax Engineering Limited

    India's leading self-loading concrete mixer maker, with ~73.5% share of the domestic SLCM market.

    Capital Goods
    Industrials
    View AJAXENGG earnings calls
    ₹594.7
    +6.23% from avg

    Overview

    Price

    ₹594.7

    Market Cap

    ₹6.5k Cr

    Sector

    Capital Goods

    Industrials

    Rank

    2

    Performance

    Financials

    Income Statement

    Financial Trajectories

    11
    Quarterly

    Balance Sheet

    Balance Sheet

    ₹ Cr · Annual
    Line itemFY20FY21FY22FY23FY24FY25FY26FY26
    LiabilitiesEquity Capital3331111111111
    Reserves4125095757029071.1k1.2k1.4k
    Borrowings1517128212
    Other Liabilities130218150241310324206358
    Total Liabilities5607317359671.2k1.5k1.5k1.8k
    AssetsFixed Assets0112157167167176175182
    CWIP117617213535
    Investments20181296495625656710952
    Other Assets358537274299426630540583
    Total Assets5607317359671.2k1.5k1.5k1.8k

    Cash Flow

    Cash Flow

    ₹ Cr · Annual
    Line itemFY20FY21FY22FY23FY24FY25FY26
    ActivitiesCash from Operating131728518520743377
    Cash from Investing-109-7-129-193-116-35-257
    Cash from Financing-14000-25-260
    SummaryCapital Expenditure
    Free Cash Flow117367116818520350
    FCF Margin

    Valuation

    Assumptions

    Current — AJAXENGG
    Price
    ₹595
    EPS (TTM)
    ₹19.68
    PE (TTM)
    30.2
    Profit growth
    -13.5%

    The Earnings Per Share over the last 12 months.

    %

    Your assumption of the company's expected yearly EPS growth (e.g., 6 for 6%).

    Pre-filled with the lower of median (29.4×) and current (30.2×) PE — the conservative anchor.

    %

    The annualized return you aim to achieve. We solve for the price that delivers it, then compare to today's price.

    Valuation

    Current price
    ₹595
    vs
    Fair value · 15% return
    ₹106
    82%Overvalued

    At -13.5% growth and a 29× exit, ₹595 only delivers your return if you pay ₹106. The price is currently baking in 18% growth.

    EPS grows -13.5%/yr for 5 years, then fades to 6% over 2, exits at 29×.

    YearGrowthEPS (₹)
    FY27-13.5%17.02
    FY28-13.5%14.73
    FY29-13.5%12.74
    FY30-13.5%11.02
    FY31-13.5%9.53
    FY32-3.8% ·fade9.17
    FY336.0% ·fade9.72

    Methodology: we discount normalized net profit as a proxy for owner earnings (an earnings-power approximation — not full free cash flow). Terminal growth is capped at 6% (≈ nominal GDP) regardless of the required return. This is an analytical tool, not investment advice.

    Learn to analyse Ajax Engineering Limited

    Guides on how to read this kind of business and the numbers that matter.