Ajax Engineering Limited has reported a resilient performance for FY26, achieving a total revenue of ₹21,025 million, marking its 4th consecutive year of growth. Despite industry headwinds including lower government capex spending, the company maintained its leadership position with a 73.5% market share in the SLCM segment. Profitability remained robust with a 15.1% EBITDA margin in Q4, supported by cost optimization and selective price increases.
FY26 Financial Performance
Ajax Engineering demonstrated significant operational resilience during FY26, recording total revenue of ₹21,025 million. This growth was achieved against a challenging macroeconomic backdrop, characterized by slower-than-budgeted government capex and industry-wide slowdowns. The company’s focus on financial discipline resulted in a Net Working Capital cycle of 21 days, the lowest in the past five years, and a strong cash position of ₹11,208 million as of March 2026.
Strategic Milestones and Operational Success
The company successfully navigated the transition to CEV-V emission norms, having cleared its CEV-IV inventory by the end of the year. A key achievement was the 39% growth in export revenue, underscoring the company’s success in diversifying its geographical footprint. Furthermore, the company maintained its competitive edge in the SLCM market, reporting a 73.5% market share, and outperformed the broader construction equipment industry, which saw a 11% decline in volumes compared to Ajax’s 4% drop.
Q4 Profitability Rebound
During Q4 FY26, the company experienced a strong rebound in profitability. Revenue for the quarter stood at ₹7,577 million, largely in line with the previous year’s performance. The EBITDA margin for Q4 improved to 15.1%, a 40 bps year-on-year increase. This improvement was driven by a ~2% price hike implemented in the final quarter and effective cost optimization strategies, allowing the company to sustain its margins despite inflationary pressures and higher production costs associated with new emission standards.
Outlook and Future Growth
Management remains optimistic about long-term growth, supported by India’s sustained infrastructure development needs. The company continues to invest in its R&D-driven product portfolio, including the expansion of its Non-SLCM segment, which has shown a 16% CAGR for concrete pumps and a 45% CAGR for boom pumps over the FY22-26 period. With a robust dealer network of 68 dealers across 26 states, Ajax Engineering is well-positioned to drive future demand for mechanized construction equipment.
Source: BSE
