Ajax Engineering Ltd
Incorporated in July 1992, Ajax Engineering Limited manufactures a wide range of concrete equipment and services across the value chain.[1]
- Market Cap ₹ 6,884 Cr.
- Current Price ₹ 602
- High / Low ₹ 730 / 395
- Stock P/E 30.3
- Book Value ₹ 122
- Dividend Yield 0.00 %
- ROCE 23.9 %
- ROE 17.8 %
- Face Value ₹ 1.00
Pros
- Company is almost debt free.
- Company has delivered good profit growth of 18.9% CAGR over last 5 years
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- Working capital days have increased from 69.1 days to 161 days
* 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.
Peer comparison
Industrials Capital Goods Agricultural, Commercial & Construction Vehicles Construction Vehicles
Part of BSE Industrials BSE 1000
Quarterly Results
Figures in Rs. Crores
Profit & Loss
Figures in Rs. Crores
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| 736 | 742 | 763 | 1,151 | 1,741 | 2,074 | 2,103 | |
| 603 | 613 | 673 | 980 | 1,465 | 1,756 | 1,837 | |
| Operating Profit | 133 | 129 | 91 | 171 | 276 | 318 | 266 |
| OPM % | 18% | 17% | 12% | 15% | 16% | 15% | 13% |
| 7 | 9 | 8 | 21 | 38 | 43 | 46 | |
| Interest | 1 | 1 | 0 | 1 | 2 | -1 | 0 |
| Depreciation | 8 | 8 | 8 | 9 | 10 | 11 | 10 |
| Profit before tax | 131 | 129 | 90 | 183 | 302 | 351 | 301 |
| Tax % | 24% | 25% | 27% | 26% | 25% | 26% | 25% |
| 100 | 97 | 66 | 136 | 225 | 260 | 225 | |
| EPS in Rs | 19.68 | 22.73 | 19.68 | ||||
| Dividend Payout % | 0% | 0% | 0% | 0% | 11% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 23% |
| 3 Years: | 22% |
| TTM: | 1% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 19% |
| 3 Years: | 19% |
| TTM: | -13% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -3% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 21% |
| 3 Years: | 23% |
| Last Year: | 18% |
Balance Sheet
Figures in Rs. Crores
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 3 | 3 | 3 | 11 | 11 | 11 | 11 |
| Reserves | 412 | 509 | 575 | 702 | 907 | 1,146 | 1,381 |
| 15 | 1 | 7 | 12 | 8 | 2 | 2 | |
| 130 | 218 | 150 | 241 | 310 | 324 | 358 | |
| Total Liabilities | 560 | 731 | 735 | 967 | 1,236 | 1,482 | 1,752 |
| 0 | 112 | 157 | 167 | 167 | 176 | 182 | |
| CWIP | 1 | 1 | 7 | 6 | 17 | 21 | 35 |
| Investments | 201 | 81 | 296 | 495 | 625 | 656 | 952 |
| 358 | 537 | 274 | 299 | 426 | 630 | 583 | |
| Total Assets | 560 | 731 | 735 | 967 | 1,236 | 1,482 | 1,752 |
Cash Flows
Figures in Rs. Crores
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| 131 | 72 | 85 | 185 | 207 | 43 | 377 | |
| -109 | -7 | -129 | -193 | -116 | -35 | -257 | |
| -14 | 0 | -0 | -0 | -25 | -26 | -0 | |
| Net Cash Flow | 8 | 65 | -44 | -9 | 66 | -17 | 120 |
| Free Cash Flow | 117 | 36 | 71 | 168 | 185 | 20 | 350 |
| CFO/OP | 120% | 73% | 121% | 136% | 102% | 41% | 171% |
Ratios
Figures in Rs. Crores
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 28 | 29 | 26 | 24 | 18 | 29 | 31 |
| Inventory Days | 108 | 186 | 115 | 76 | 65 | 62 | 38 |
| Days Payable | 62 | 101 | 39 | 71 | 60 | 54 | 57 |
| Cash Conversion Cycle | 74 | 115 | 102 | 29 | 24 | 37 | 12 |
| Working Capital Days | 38 | 56 | 44 | 10 | 6 | 40 | 161 |
| ROCE % | 27% | 17% | 28% | 37% | 34% | 24% |
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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Extracted by Screener AI
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Change in Management
2 Jun - Board accepted Interim CFO Ganesh B J’s resignation and appointed Ketan Pendse CFO effective June 2, 2026.
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Announcement under Regulation 30 (LODR)-Resignation of Chief Financial Officer (CFO)
2 Jun - Mr. Ganesh B J steps down; Mr. Ketan Pendse appointed CFO effective June 2, 2026.
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Board Meeting Outcome for Change In Management Held On Tuesday, June 2, 2026.
2 Jun - Board noted Interim CFO Ganesh B J resigned; Ketan Pendse appointed CFO effective June 2, 2026.
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Compliances-Reg.24(A)-Annual Secretarial Compliance
30 May - Submitted Annual Secretarial Compliance Report for FY ended March 31, 2026.
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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
27 May - Transcript of Earnings conference call held on May 19, 2026 on audited financial results for the quarter and year ended March 31, 2026.
Concalls
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May 2026Transcript PPT
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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.