AJAXENGG

Ajax Engineering share price & financials

Price
₹594.7
Market cap
₹6.5k Cr
Sector
Capital Goods
Calls analysed
7
Latest concall · Q1 FY27 · call held 06 Aug 2026

Ajax Engineering Limited Q1 FY27

Total Revenue ₹475 cr +2%EBITDA ₹59 cr −3%EBITDA Margin 12.5% −1%PAT ₹55.6 cr +5%

What went well

  • Total revenue grew by 1.7% YoY to ₹475 crores, demonstrating resilience in a challenging environment.
  • Profit after tax (PAT) increased by 5% YoY to ₹55.6 crores, indicating efficient cost management.
  • SLCM and retail market share expanded significantly to 75.1% in Q1 FY27, up from 69% in Q1 FY26, despite a price premium.

What to watch

  • EBITDA margin dropped by 70 basis points to 12.5% in Q1 FY27, primarily due to lower volumes and adverse operating leverage.
  • The infrastructure sector continues to face near-term challenges, including slower-than-expected project execution and payment delays from state governments.
Read the full call →

What Ajax Engineering Limited does

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

  • SLCM
  • Non-SLCM
  • Spares & Services
Market share in Indian SLCM market
~73.5% (leadership position)
Concrete equipment sold in last 10 years
33,000+ units
Concrete equipment variants offered
140+
Assembling & manufacturing facilities
4 operational + 1 upcoming
Dealer customer touchpoints
132
International distributors
28 across 56 countries
Founded 1992Headquarters Bengaluru, Karnataka, India Company website

Guidance record · Q1 FY27

what the last two calls moved 14 tracked 1 delivered 5 missed 8 open
  • Implementation of Price Increases delivered, diluted said Q4 FY25 Promised: Pricing increase from all the market participants should trickle in from Q2 onwards. Q1 FY27: Promise is complete. Final verdict remains 'achieved_diluted'. Management is now evaluating a separate, new price hike.
  • Operating EBITDA Margin missed said Q3 FY25 Promised: Expect our operating EBITDA to remain stable in the mid-teens range. Q1 FY27: Target period has passed. The final verdict remains 'missed'.
  • FY27 Revenue Growth at risk said Q4 FY26 Promised: 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. Q1 FY27: 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.

All 14 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 1.7%, net profit up 5.7% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue301 548 756 467 445 +48%434 −21%758 +0%475 +2%
EBITDA39 88 111 61 45 +15%44 −50%115 +4%59 −3%
Net profit34 68 91 53 39 +15%38 −44%95 +4%56 +6%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −13.3% 1Y

₹400₹500₹600₹700Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 14 Nov 2025Q3 FY26 — 13 Feb 2026Q4 FY26 — 19 May 2026Q1 FY27 — 6 Aug 2026

1Y: ₹681.3 on 10 Sept 2025 → ₹590.6. High ₹682.5 (29 Sept 2025), low ₹404.1 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
−6.5%
6 Aug
Q4 FY26
+8.2%
19 May
Q3 FY26
−4.4%
13 Feb
Q2 FY26
+8.9%
14 Nov

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.

Financials, as filed

Revenue grew 1.4% a year over 1 year, FY25 to FY26. Operating margin narrowed to 12.6%.

Year endingFY25FY26
Revenue₹2.1k Cr₹2.1k Cr
Operating profit₹318 Cr₹265 Cr
Operating margin15.3%12.6%
Interest₹0 Cr₹0 Cr
Depreciation₹12 Cr₹11 Cr
Net profit₹260 Cr₹225 Cr
Net margin12.5%10.7%
Cash from operations₹43 Cr₹377 Cr
Free cash flow₹20 Cr₹350 Cr
ROCE34.0%24.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹3 Cr₹3 Cr₹11 Cr₹11 Cr₹11 Cr₹11 Cr
Reserves₹509 Cr₹575 Cr₹702 Cr₹907 Cr₹1.2k Cr₹1.4k Cr
Borrowings₹1 Cr₹7 Cr₹12 Cr₹8 Cr₹1 Cr₹2 Cr
Other liabilities₹218 Cr₹150 Cr₹241 Cr₹310 Cr₹206 Cr₹358 Cr
Total liabilities₹731 Cr₹735 Cr₹967 Cr₹1.2k Cr₹1.5k Cr₹1.8k Cr
Fixed assets₹112 Cr₹157 Cr₹167 Cr₹167 Cr₹175 Cr₹182 Cr
Capital work in progress₹1 Cr₹7 Cr₹6 Cr₹17 Cr₹35 Cr₹35 Cr
Investments₹81 Cr₹296 Cr₹495 Cr₹625 Cr₹710 Cr₹952 Cr
Other assets₹537 Cr₹274 Cr₹299 Cr₹426 Cr₹540 Cr₹583 Cr
Total assets₹731 Cr₹735 Cr₹967 Cr₹1.2k Cr₹1.5k Cr₹1.8k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs added +2.23 pp while FIIs trimmed −1.80 pp. The shareholder count shrank 26% to 69,540.

Promoters
80.0%
FIIs
4.7%
DIIs
11.2%
Public
4.2%

Since Jun 2025

  • DIIs +2.23 pp
  • FIIs −1.80 pp
  • Public −0.41 pp

How it drifted, 6 quarters

Over this window DIIs went from 7.9% to 11.2% — +3.3 pp.

Mar '25Sep '25Jun '26

Ownership split by quarter, oldest first. Mar '25: Promoters 80.0%, FIIs 6.0%, DIIs 7.9%, Public 6.1%.Jun '25: Promoters 80.0%, FIIs 6.5%, DIIs 8.9%, Public 4.6%.Sep '25: Promoters 80.0%, FIIs 6.5%, DIIs 9.4%, Public 4.1%.Dec '25: Promoters 80.0%, FIIs 6.2%, DIIs 9.7%, Public 4.1%.Mar '26: Promoters 80.0%, FIIs 5.7%, DIIs 10.2%, Public 4.2%.Jun '26: Promoters 80.0%, FIIs 4.7%, DIIs 11.2%, Public 4.2%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Ajax Engineering Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Jacob Jiten John (The Johns Loaves Trust) 19.31%unchanged
Krishnaswamy Vijay (Green Haven Trust) 18.00%unchanged
Kalyani Vijay (Ohana Trust) 18.00%unchanged
Jacob Jiten John (Jacob Hansen Family Trust) 10.23%unchanged
Kalyani Vijay 4.98%unchanged
SBI Children'S Fund - Investment Plan Mutual fund4.54%unchanged
Krishnaswamy Vijay 4.50%unchanged
Susie John 4.37%unchanged
Pi Opportunities AIF V Llp AIF2.93%unchanged
Whiteoak Capital Flexi Cap Fund Mutual fund1.83%+0.26 pp
Ashoka Whiteoak Icav - Ashoka Whiteoak India Opportunities Fund FPI fund1.26%−0.35 pp
Franklin India Small Cap Fund Mutual fund1.02%newly disclosed

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.

Mutual funds in AJAXENGG

Filings to Aug 2026

0 new, 0 added, 2 trimmed, 0 sold out — net −4.33 L shares (−8.3%).

Held by funds
₹273 Cr
4 schemes
Biggest holder
SBI Children's Fund - Investment Plan (Erstwhile known as SBI Magnum Children's Benefit Fund- IP)
₹128 Cr · 1.6% of that fund
SchemeHoldingLast month
SBI Children's Fund - Investment Plan (Erstwhile known as SBI Magnum Children's Benefit Fund- IP) SBI Mutual Fund₹128 Crheld
SBI Smallcap Fund SBI Mutual Fund₹69 Crheld
SBI Infrastructure Fund SBI Mutual Fund₹59 Cr−2.77 L
SBI Quality Fund SBI Mutual Fund₹18 Cr−1.56 L

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 Aug 2026

0 added, 2 trimmed — net −4.33 L shares (−8.3%)

Funds are sitting on
+3%
vs est. average cost
Held by funds
₹273 Cr
4 schemes · ≈ 4.4% of the company
Biggest holder
SBI Children's Fund - Investment Plan (Erstwhile known as SBI Magnum Children's Benefit Fund- IP)
₹128 Cr · 1.6% of that fund

Shares held by these funds +20%

Feb '25 51.94 L shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹591, this stock must grow earnings at 21% every year for 7 years. Our analysis caps realistic growth at ~-13%. At that growth it is worth ₹92 — downside of 84%.

Growth the price implies
21.1% a year
for 7 years, fading to 4%
It has actually compounded at
-13.5% a year
net profit, FY25–FY26 · EPS -13.5%
The gap
0.3 pp
-84% downside if it only repeats history
Price today ₹590.6 Value at the reference growth ₹91.65

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Ajax Engineering Limited

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