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 ₹ 6,526 Cr.
- Current Price ₹ 570
- High / Low ₹ 678 / 395
- Stock P/E 28.4
- 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
* 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 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 736 | 742 | 763 | 1,151 | 1,741 | 2,074 | 2,103 | 2,111 | |
| 603 | 613 | 673 | 980 | 1,465 | 1,756 | 1,837 | 1,847 | |
| Operating Profit | 133 | 129 | 91 | 171 | 276 | 318 | 266 | 264 |
| OPM % | 18% | 17% | 12% | 15% | 16% | 15% | 13% | 12% |
| 7 | 9 | 8 | 21 | 38 | 43 | 46 | 52 | |
| Interest | 1 | 1 | 0 | 1 | 2 | -1 | 0 | 0 |
| Depreciation | 8 | 8 | 8 | 9 | 10 | 11 | 10 | 10 |
| Profit before tax | 131 | 129 | 90 | 183 | 302 | 351 | 301 | 305 |
| Tax % | 24% | 25% | 27% | 26% | 25% | 26% | 25% | |
| 100 | 97 | 66 | 136 | 225 | 260 | 225 | 228 | |
| EPS in Rs | 19.68 | 22.73 | 19.68 | 19.92 | ||||
| Dividend Payout % | -0% | -0% | -0% | -0% | 11% | -0% | -0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 23% |
| 3 Years: | 22% |
| TTM: | 2% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 19% |
| 3 Years: | 19% |
| TTM: | -6% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -11% |
| 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
| 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 | 8 |
| ROCE % | 27% | 17% | 28% | 37% | 34% | 24% |
Insights
In beta| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
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| Customer Base Thousands |
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| Dealers in India Number |
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| SLCM Capacity Utilization % |
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Extracted by Screener AI
Documents
Announcements
- Shareholder Meeting / Postal Ballot-Scrutinizer''s Report
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Shareholder Meeting / Postal Ballot-Outcome of AGM
- Ajax Engineering held its 34th AGM on September 28, 2026; audited FY26 statements adopted, Vijay reappointed.
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Closure of Trading Window
- Trading window closed from October 1, 2026 until 48 hours after Q2 FY2027 results board meeting.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
- The Company executives will be participating in the Group Meeting, scheduled to be held on September 29, 2026.
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Announcement under Regulation 30 (LODR)-Change in Management
- Ajax Engineering appoints Shishir Joshipura as additional independent director, subject to shareholder approval.
Concalls
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Aug 2026Transcript PPT REC
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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.