Ajax Engineering Ltd
₹ 440
0.96%
06 Apr
1:17 p.m.
About
Incorporated in July 1992, Ajax Engineering Limited manufactures a wide range of concrete equipment and services across the value chain.[1]
Key Points
- Market Cap ₹ 5,036 Cr.
- Current Price ₹ 440
- High / Low ₹ 757 / 395
- Stock P/E 22.6
- Book Value ₹ 109
- Dividend Yield 0.00 %
- ROCE 33.6 %
- ROE 25.1 %
- Face Value ₹ 1.00
Pros
- Company has reduced debt.
- Company is almost debt free.
- Company has delivered good profit growth of 21.2% CAGR over last 5 years
Cons
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
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Quarterly Results
Figures in Rs. Crores
Profit & Loss
Figures in Rs. Crores
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|
| 736 | 742 | 763 | 1,151 | 1,741 | 2,074 | 2,101 | |
| 603 | 613 | 673 | 980 | 1,465 | 1,756 | 1,839 | |
| Operating Profit | 133 | 129 | 91 | 171 | 276 | 318 | 262 |
| OPM % | 18% | 17% | 12% | 15% | 16% | 15% | 12% |
| 7 | 9 | 8 | 21 | 38 | 43 | 45 | |
| Interest | 1 | 1 | 0 | 1 | 2 | -1 | -2 |
| Depreciation | 8 | 8 | 8 | 9 | 10 | 11 | 11 |
| Profit before tax | 131 | 129 | 90 | 183 | 302 | 351 | 297 |
| Tax % | 24% | 25% | 27% | 26% | 25% | 26% | |
| 100 | 97 | 66 | 136 | 225 | 260 | 221 | |
| EPS in Rs | 19.68 | 22.73 | 19.33 | ||||
| Dividend Payout % | 0% | 0% | 0% | 0% | 11% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 23% |
| 3 Years: | 40% |
| TTM: | 6% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 21% |
| 3 Years: | 58% |
| TTM: | -13% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -28% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 22% |
| 3 Years: | 25% |
| Last Year: | 25% |
Balance Sheet
Figures in Rs. Crores
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 3 | 3 | 3 | 11 | 11 | 11 | 11 |
| Reserves | 412 | 509 | 575 | 702 | 907 | 1,146 | 1,241 |
| 15 | 1 | 7 | 12 | 8 | 2 | 1 | |
| 130 | 218 | 150 | 241 | 310 | 324 | 206 | |
| Total Liabilities | 560 | 731 | 735 | 967 | 1,236 | 1,482 | 1,459 |
| 0 | 112 | 157 | 167 | 167 | 176 | 175 | |
| CWIP | 1 | 1 | 7 | 6 | 17 | 21 | 35 |
| Investments | 201 | 81 | 296 | 495 | 625 | 656 | 710 |
| 358 | 537 | 274 | 299 | 426 | 630 | 540 | |
| Total Assets | 560 | 731 | 735 | 967 | 1,236 | 1,482 | 1,459 |
Cash Flows
Figures in Rs. Crores
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| 131 | 72 | 85 | 185 | 207 | 43 | |
| -109 | -7 | -129 | -193 | -116 | -35 | |
| -14 | 0 | -0 | -0 | -25 | -26 | |
| Net Cash Flow | 8 | 65 | -44 | -9 | 66 | -17 |
| Free Cash Flow | 117 | 36 | 71 | 168 | 185 | 20 |
| CFO/OP | 120% | 73% | 121% | 136% | 102% | 41% |
Ratios
Figures in Rs. Crores
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Debtor Days | 28 | 29 | 26 | 24 | 18 | 29 |
| Inventory Days | 108 | 186 | 115 | 76 | 65 | 62 |
| Days Payable | 62 | 101 | 39 | 71 | 60 | 54 |
| Cash Conversion Cycle | 74 | 115 | 102 | 29 | 24 | 37 |
| Working Capital Days | 38 | 56 | 44 | 10 | 6 | 40 |
| ROCE % | 27% | 17% | 28% | 37% | 34% |
Insights
In beta| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| Dealers in India Count |
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| Installed Capacity (Obadenahalli & Gowribidanur) Units |
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| SLCM Market Share (Domestic) % |
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| Non-SLCM Sales Volume Units |
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| SLCM Sales Volume Units |
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| Concrete Equipment Variants Count |
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| Customer Touchpoints Count |
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| International Distributors Count |
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| R&D Employees Count |
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| Total Concrete Equipment Sold (Last 10 Years) Units |
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Documents
Announcements
-
Announcement under Regulation 30 (LODR)-Resignation of Director
31 Mar - Raghavan Sadagopan resigns as Independent Director effective close of business March 31, 2026, upon turning 80.
- Closure of Trading Window 27 Mar
-
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
19 Mar - The Company executives will be participating in the Group Meeting, scheduled to be held on March 24, 2026 and March 25, 2026. It is expected …
-
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
22 Feb - Analyst/institutional investor meetings in Mumbai on 25 Feb 2026 with Kotak; no presentations; public information
-
Announcement under Regulation 30 (LODR)-Earnings Call Transcript
19 Feb - Transcript of Earnings Conference Call held on February 13, 2026 on unaudited financial results for the quarter and none months ended December 31, 2025
Concalls
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Feb 2026Transcript PPT REC
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Nov 2025Transcript PPT REC
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Aug 2025Transcript PPT REC
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Jun 2025Transcript PPT
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Mar 2025Transcript PPT REC
Leading Concrete Equipment Manufacturer[1]
Ajax Engineering is India’s leading concrete equipment manufacturer. It operates across the entire concrete application value chain production, transportation, placement, paving and advanced solutions like 3D concrete printing. It is the second-largest concrete equipment manufacturer in India by volume and has sold 32.9k+ units over the last 10 years.