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Ajax Engineering

Q4 FY26Agricultural, Commercial & Construction Vehicles

Ajax Engineering Q4 FY26 earnings call: Revenue & Margins

Q4 FY26 earnings call: what management said on revenue, margins and capex.

Price₹566
Market cap₹6.7K Cr
P/E28.9
Updated23 Aug 2026
Read3 min read

The short version

AJAX Engineering aims for mid to early double-digit volume growth (around 10-15%) in FY27, anticipating stronger second half performance. Management aims for medium-term mid-teens growth and 13%-15% margins.

From Ajax Engineering's Q4 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

  • AJAX Engineering aims for mid to early double-digit volume growth (around 10-15%) in FY27, anticipating stronger second half performance.
  • Non-SLCM segment targets at least 15% revenue growth driven by batching plants, pumps (4-series and 7-series), and expanded B2B channels.
  • Udaan volumes expected to triple from FY26 levels (~202 units), although current demand conditions are challenging.
  • Exports are projected to grow 20-25%, subject to geopolitical and currency challenges.
  • Market share in SLCM is expected to sustain between 70-75% despite price hikes.
  • Pricing strategy includes calibrated increases; intend to recover costs amidst inflation pressures.

2 more points from Ajax Engineering's call on revenue

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Profitability & Margins

See what Ajax Engineering said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

  • AJAX Engineering is actively examining opportunities to better utilize its cash reserves, with potential deployments expected in the latter half of the year.
  • The company holds around INR1,100 crores in cash, with expected generation of INR200-300 crores annually over the next couple of years, totaling approximately INR1,500 crores.
  • AJAX maintains a clear focus on growth, considering inorganic opportunities that align with its core business model—design, engineering, supply chain, and assembly—avoiding turnaround businesses or sectors with governance issues.
  • The company is cautious about making investments only in areas that promise quick market traction and fit its ethical and return criteria.

Top-ranked in Agricultural, Commercial & Construction Vehicles

Ranked on what management guided this quarter

Guidance-ranked
1TIL
Rev 2Mar 1
2BEML Ltd
Rev 2Mar 3
3
Rev 2Mar 3
4
Rev 2Mar 3
5
Rev 3Mar 3
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Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

See what Ajax Engineering said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

See what Ajax Engineering said on order book & pipeline — free account, 30 seconds.

Ajax Engineering — Quarterly revenue & net profit

Revenue Net profit
Dec 2024Q3 FY25
Mar 2025Q4 FY25
Jun 2025Q1 FY26
Sep 2025Q2 FY26
Dec 2025Q3 FY26
Mar 2026Q4 FY26

Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹758 Cr, net profit ₹95 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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What Ajax Engineering Ltd's management said in earlier quarters

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  • Jinkushal Industries Ltd (Q4 FY26)

    Approximately 30% of overseas inventory is allocated for customers with pending order confirmation based on indicative orders. Key concall takeaways from…

  • Escorts Kubota Ltd (Q4 FY26)

    Captive finance business expansion with up to INR700 crores capital infusion to support volume growth through financing availability (currently 70% of sales…

  • BEML Ltd (Q4 FY26)

    Current order book: ₹16,700 crores (Page 10). Key concall takeaways from BEML Ltd's Q4 FY26 earnings call — and how it ranks against sector peers.

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Frequently Asked Questions

What were Ajax Engineering Q4 FY26 results?

AJAX Engineering aims for mid to early double-digit volume growth (around 10-15%) in FY27, anticipating stronger second half performance. Management aims for medium-term mid-teens growth and 13%-15% margins.

What is Ajax Engineering share price analysis?

Ajax Engineering currently shows a neutral. The stock trades at a P/E of 28.9 with a market cap of ₹6,661 Cr. Investors should review the full earnings analysis for detailed insights.

Is Ajax Engineering planning capital expenditure?

AJAX Engineering is actively examining opportunities to better utilize its cash reserves, with potential deployments expected in the latter half of the year.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.