Ajax Engineering Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹6,123 Cr
- P/E
- 26.59
- ROE
- 17.85%
- PEG
- 1.41
- Price to sales
- 2.89
- Debt to equity
- 0.00
- 52W high / low
- ₹671 / ₹404
- Sales growth (5Y)
- 23.17%
- EBITDA margin
- 12.49%
- Net profit margin
- 10.82%
- Promoter holding
- 80.00%
- Sales (last year)
- ₹2,111 Cr
Incorporated in July 1992, Ajax Engineering Limited manufactures a wide range of concrete equipment and services across the value chain.[1]
Guidance scorecard · Q1 FY27 call
What Ajax Engineering Ltd's management guided
and where it ranks in Agricultural, Commercial & Construction Vehicles
Agricultural, Commercial & Construction Vehicles
RevenueQ1 FY27 call
0–10%- AJAX Engineering expects a long-term revenue CAGR of about 16%-17% based on past decade performance.
- The company anticipates growth driven by distribution expansion, product availability, and strategic market focus, targeting around 30% CAGR over next three years.
- Non-SLCM segment aims for 10%-15% growth to diversify portfolio, complementing core SLCM business.
- Export revenue, currently about 9% of Q1 FY27 sales, is expected to grow, with key markets like Algeria, Morocco, and Nigeria showing repeat orders.
- UDAAN product line shows traction with increasing quarterly unit sales.
- State-wise growth to be supported by strong markets like Gujarat, Odisha, Karnataka, and potential stimulus from UP elections.
2 more points from Ajax Engineering Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Ajax Engineering Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- AJAX Engineering has cash on the books and is prepared to utilize it for strategic asset acquisitions.
- The management is currently pursuing certain opportunities and will act when the timing is right.
- Focus remains on operational agility, efficiency, and strengthening manufacturing under a single leadership for better execution.
- Investment initiatives continue in design, engineering, supply chain, and product portfolio expansion (e.g., launching ARGO 4000 in Q2 FY27).
2 more points from Ajax Engineering Ltd's call on capex
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FundraisingQ1 FY27 call
See what Ajax Engineering Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Ask what Ajax Engineering Ltd said on the order book →
Full Q1 FY27 analysisRanges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Agricultural, Commercial & Construction Vehicles
on management's own guidance
- BEML LtdGood growth2
- TILGood growth1
- Indo Farm Equip.Good growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Agricultural, Commercial & Construction Vehicles companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | TIL | 20–40% | Up 2%+ | ₹1,894 Cr | — |
| 2 | BEML Ltd | 20–40% | Flat | ₹16,396 Cr | 91.9 |
| 3 | Indo Farm Equip. | 20–40% | Flat | ₹630 Cr | 25.3 |
| 4 | 20–40% | Flat | ₹38 Cr | 6.2 | |
| 5 | 10–20% | Flat | ₹1.55L Cr | 20.9 | |
| 6 | 10–20% | Flat | ₹87,468 Cr | 23.5 |
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Pro shows every company guiding 40%+ revenue growth →Full Agricultural, Commercial & Construction Vehicles rankingFinancials of Ajax Engineering Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Ajax Engineering Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 399 | 657 | 469 | 301 | 548 | 756 | 467 | 445 | 434 | 758 |
| Expenses + | 333 | 548 | 389 | 262 | 460 | 645 | 405 | 400 | 389 | 643 |
| Operating Profit | 67 | 109 | 80 | 39 | 88 | 111 | 61 | 45 | 44 | 115 |
| OPM % | 17% | 17% | 17% | 13% | 16% | 15% | 13% | 10% | 10% | 15% |
| Other Income + | 9 | 13 | 13 | 11 | 7 | 12 | 13 | 10 | 10 | 13 |
| Interest | 0 | 1 | 0 | 1 | 1 | -2 | 0 | 0 | 0 | 0 |
| Depreciation | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 2 |
| Profit before tax | 72 | 119 | 90 | 47 | 92 | 122 | 71 | 53 | 52 | 126 |
| Tax % | 26% | 26% | 25% | 28% | 26% | 26% | 25% | 26% | 26% | 25% |
| Net Profit + | 54 | 88 | 67 | 34 | 68 | 91 | 53 | 39 | 38 | 95 |
| EPS in Rs | 4.71 | 7.72 | 5.86 | 2.97 | 5.96 | 7.95 | 4.62 | 3.42 | 3.34 | 8.30 |
Financials of Ajax Engineering Ltd
Profit & Loss
Annual income statement trend
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Sales + | 736 | 742 | 763 | 1,151 | 1,741 | 2,074 | 2,103 |
| Expenses + | 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% |
| Other Income + | 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% |
| Net Profit + | 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% |
Financials of Ajax Engineering Ltd
Balance Sheet
Capital structure and asset base
| 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 |
| Borrowings + | 15 | 1 | 7 | 12 | 8 | 2 | 2 |
| Other Liabilities + | 130 | 218 | 150 | 241 | 310 | 324 | 358 |
| Total Liabilities | 560 | 731 | 735 | 967 | 1,236 | 1,482 | 1,752 |
| Fixed Assets + | 0 | 112 | 157 | 167 | 167 | 176 | 182 |
| CWIP | 1 | 1 | 7 | 6 | 17 | 21 | 35 |
| Investments | 201 | 81 | 296 | 495 | 625 | 656 | 952 |
| Other Assets + | 358 | 537 | 274 | 299 | 426 | 630 | 583 |
| Total Assets | 560 | 731 | 735 | 967 | 1,236 | 1,482 | 1,752 |
Financials of Ajax Engineering Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 131 | 72 | 85 | 185 | 207 | 43 | 377 |
| Cash from Investing Activity + | -109 | -7 | -129 | -193 | -116 | -35 | -257 |
| Cash from Financing Activity + | -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% |
Financials of Ajax Engineering Ltd
Ratios
Working capital efficiency and return 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 | 161 |
| ROCE % | 27% | 17% | 28% | 37% | 34% | 24% |
Guidance history
How Ajax Engineering Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 0–10% | Flat | Planned | — | — |
| Q4 FY26 call → | 10–20% | Flat | Planned | — | — |
| Q3 FY26 call → | 10–20% | Flat | Planned | — | — |
| Q2 FY26 call → | 10–20% | Down 0–2% | Planned | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
26 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −13.1% | 47% |
| Last 6 months | +2.2% | 59% |
| Last 3 months | −7.7% | 51% |
The price is 25.6% below its all-time high of ₹719.3 (29 Aug 2025). Stocks more than 20% below their peak have their score halved, so 52 became 26.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Ajax Engineering Ltd: 0.4 × 47 + 0.4 × 59 + 0.2 × 51 = 52, halved to 26 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Ajax Engineering Ltd's management said in earlier quarters
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