Ajax Engineering announced its financial results for the nine months ending December 31, 2025 (9M FY26), reporting a total revenue of ₹1,345 crore, marking a modest 2% year-on-year growth. Performance in Q3 was impacted by extended monsoons and emission norm transitions. Key growth drivers were the non-SLCM segment (up 4.5%) and Spares and Services (up 14%), signaling a successful move toward a balanced revenue mix. Management remains confident in long-term infrastructure demand.
Ajax Engineering Releases Q3 and 9M FY26 Financial Performance
Ajax Engineering Limited announced its financial results for the third quarter (Q3) and the nine-month period ending December 31, 2025. For the 9M FY26 period, the company reported total revenue from operations of ₹1,345 crore, reflecting a modest year-on-year growth of 2% compared to ₹1,318 crore in 9M FY25.
The announcement highlighted that the company is successfully building a more resilient revenue mix. Non-SLCM revenue grew by 4.5% year-on-year during the nine months, while the Spares and Services segment achieved robust growth of 14%.
Quarterly Performance Headwinds
For the quarter ending December 31, 2025 (Q3 FY26), revenue stood at ₹434 crore, a decrease of 20.9% compared to ₹548 crore in Q3 FY25. Management attributed this contraction to industry-wide challenges, including extended monsoon conditions, the transition to new emission norms, and slower project execution.
Despite these headwinds, the company saw strong quarterly growth in its ancillary segments: non-SLCM grew by 13% y-o-y, and Spares and Services grew by 11% y-o-y in Q3.
Profitability and Margin Analysis
Adjusted EBITDA for 9M FY26 was ₹154 crore (a decrease of 25.5%), resulting in an EBITDA margin of 11.5%, down from 15.7% in 9M FY25. The margin compression was primarily linked to higher production costs associated with the shift to new emission standards and one-time marketing expenses.
In Q3 FY26, Adjusted EBITDA stood at ₹48 crore (down 45.8%), with the margin contracting by 510 basis points to 11.0%, compared to 16.1% in Q3 FY25.
Key Financial Metrics (In ₹ Crores)
| Particulars | 9M FY26 | 9M FY25 | YoY Change (%) | Q3 FY26 | Q3 FY25 | YoY Change (%) |
| Revenue from Operations | 1,345 | 1,318 | 2% | 434 | 548 | -20.9% |
| Adjusted EBITDA | 154 | 207 | -25.5% | 48 | 88 | -45.8% |
| Adjusted EBITDA Margin (%) | 11.5% | 15.7% | -420 bps | 11% | 16.1% | -510 bps |
Management Commentary and Future Outlook
Mr. Shubhabrata Saha, Managing Director & CEO, acknowledged the challenging transition period for the industry but stressed continued progress in strengthening the company’s portfolio. He noted that the introduction of the new CEV-5 machines is underway, with a focus on tracking performance and customer feedback to calibrate pricing for long-term sustainability.
Looking ahead to FY27, management anticipates that operating leverage, process efficiencies, and calibrated pricing actions will support margin recovery. The outlook remains positive, supported by the government’s ongoing focus on infrastructure and the increasing adoption of mechanized construction methods.
Strategic Outlook Summary
- Continued focus on strengthening leadership in the SLCM portfolio through emission-compliant products.
- Scaling up the non-SLCM business via a stronger B2B go-to-market approach in key metro markets.
- Emphasis on operating discipline, process efficiencies, and calibrated pricing actions to support margin recovery.
- Long-term growth drivers remain intact, supported by increasing adoption of mechanised concreting and infrastructure demand.
Source: BSE
