Ajax Engineering Ltd(AJAXENGG)

NSE: AJAXENGGBSE: 544356

₹ 525.5-4.70%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 6,012 crWebsite: www.ajax-engg.comUpdated: 24 Oct 2026

About

Ajax Engineering Ltd is an Indian maker of concrete equipment, led by Self-Loading Concrete Mixers (SLCMs), alongside concrete pumps, batching plants, slip-form pavers and 3D concrete printers. It ended FY26 with a 73.5% share of the SLCM market and held a 45% share of the Indian concrete pump segment as of 2026. FY26 revenue was ₹2102.54 crore.^[1][2][3]

Business segments

SLCM segment: revenue was ₹17,575 mn in FY26, largely flat versus FY25 despite a ~4% volume decline, helped by product mix and a Q4 price increase.^[4][1]
Non-SLCM segment: revenue grew 6.6% YoY to ₹1,934 mn in FY26 on higher pump and batching plant volumes, and grew 6.4% YoY to ₹477 mn in Q1 FY27.^[4][1]
Spares and services segment revenue was ₹1,517 Million in FY26.^[1]

Products

The company offers over 141 equipment variants and has sold more than 33,000 units over the past decade, as of FY26.^[1]
The flagship SLCM is the Argo 1000 (1 cu m drum). UDAAN is a smaller 0.75 cu m entry-level model aimed at rural uses, Gram Panchayat CC roads and brick making.^[5]
The non-SLCM range covers concrete pumps (including boom pumps), batching plants, slip-form pavers and a 3D concrete printer.^[5]
The ARGO 4000 was planned for launch in Q2 FY27 to fill a gap in the SLCM range.^[3]
All machines sold are CEV-5 compliant. CEV-4 inventory was cleared before the 30 June 2025 deadline. The CEV-V transition raised blended direct material cost by over 400 basis points in FY26.^[6][1]

Operations

The Obadenahalli plant (2018), 39,660 sq m, has an installed SLCM capacity of 7,200 units on a single shift. Its utilisation was approximately 67% in 2025-26.^[1]
A new multi-product plant at Adinarayanahosahalli is expected to start operations in H1 2026-27. It can assemble a range of concrete equipment.^[1][4]
The company had 68 dealers as of Q1 FY27, and about 15 more dealerships are planned.^[3][1]

Key operating numbers

SLCM retail market share was 75.1% in Q1 FY27, against 69% in Q1 FY26 and 73.5% for full FY26. In FY26 the industry declined ~11%.^[3][1]
Around 12% of the concrete produced in India passes through an Ajax SLCM, as of FY26.^[1]
SLCM volumes were 1,184 units in Q1 FY27. In Q1 FY27 industry registrations fell 27% while Ajax volumes fell 21%.^[3]
UDAAN sold 121 units in Q1 FY27, against 202 units in all of FY26.^[3][1]
Non-SLCM volumes were 129 machines in Q1 FY27, against 153 in Q1 FY26.^[3]

Customers and distribution

Ajax serves approximately 23,000 end customers, from individual contractors to government agencies, with minimal concentration (FY26).^[1]
In FY26 the company completed an order of over 110 machines for a national authority.^[1]
In Q1 FY27 the B2B channel made new inroads with Ultratech, JSW, ACC and J. Kumar.^[3]
Export revenue was ₹1,031.43m in FY26, against ₹742.00 million in FY25. Exports made up 9% of revenue in Q1 FY27.^[1][7][3]
Algeria, Morocco and Nigeria account for about 38% of export shipments. The export mix is about 65% SLCM and 35% non-SLCM.^[3]

Expansion and capex

Adinarayanahosahalli plant: capital work in progress was ₹35 crores as of Q2 FY26, with commissioning moved from H2 FY26 to H1 FY27.^[6][7]
The company targets about 30% CAGR in export revenue over three years, with expansion in Africa and Southeast Asia.^[3]
The company targets UDAAN volumes of 2x-3x FY26 (approximately 400-600 units) in FY27. A combined UDAAN and pump unit is in testing.^[4]

Recent developments

In FY26 the company exported its indigenously developed slip-form paver to Saudi Arabia. It is also seeing interest in Russia, Gabon and Belarus.^[1][3]
As of June 2026, management was pursuing acquisitions, with cash exceeding ₹11,192 mn.^[3]
The company raised prices by ~2% in January 2026. A further increase was being evaluated for Q2 FY27.^[4]
In Q3 FY26 the Border Roads Organization and Ministry of Defence showed interest in the company's 3D concrete printer.^[5]
Steel and fuel costs rose late in Q1 FY27. The company built strategic inventory of imported components.^[3]

Market Cap

₹6,012 Cr

High / Low

₹677 / 396

Stock P/E

27.7

Price / Book

4.5

Book Value

₹122

EPS

₹19.7

No. of Shares

11.44 Cr

ROCE

23.9%

ROE

17.7%

OPM

14.2%

Debt / Equity

0.00

Sales

₹2,103 Cr

Net Profit

₹225 Cr

Promoter holding

80.0%

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