Ajax Engineering Limited (AJAXENGG)

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Ajax Engineering Limited (AJAXENGG) · mywealthgrid

About

Ajax Engineering manufactures agricultural, commercial, and construction vehicles with a market cap of ₹6,660 Cr and quarterly revenues around ₹440–750 Cr. Operating with zero debt and a return on equity of 17.66%, the company serves India's infrastructure and commercial transport sectors as a mid-sized vehicle manufacturer.

Founded: 1992
Face value: ₹1

Market cap

₹6,708 Cr

P/E

29.4×

P/B

4.8×

Dividend yield

ROE

17.7%

ROCE

23.6%

Debt / equity

OPM

12.6%

EPS (TTM)

₹19.9

Book value

₹121.7

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Revenue exhibits substantial volatility: quarterly revenues range from ₹433.55 Cr (Dec 2025) to ₹757.66 Cr (Mar 2026), suggesting lumpy order flow or demand cyclicality
Operating margins fluctuate significantly: OPM ranges from 10.18% (Sep 2025) to 16.06% (Dec 2024), creating earnings volatility
Valuation appears elevated at PE 29.23 relative to flat revenue growth: Jun 2026 (₹474.6 Cr) is virtually identical to Jun 2025 (₹466.52 Cr)
Cyclical sector exposure: construction vehicles are tied to infrastructure capex cycles and economic activity—verify if current demand environment is stable

Generated analysis · source review pending

Growth drivers

Margin expansion: Mar 2026 delivered 15.13% OPM vs overall average of 12.64%; consistent execution at higher-margin levels would expand quarterly profits 5–7%
Debt-free growth funding: zero D/E ratio enables quarterly profits of ₹55–95 Cr to support capex and working-capital expansion without financing costs or equity dilution
Sector demand growth: construction, commercial, and agricultural vehicle markets would need to expand from current flat revenue base; verify infrastructure capex momentum, commercial fleet modernization, and agricultural mechanization trends in India

Generated analysis · source review pending

397 historical price candles were omitted because the exchange source has not been verified.

₹586.4-0.9%1Y

Quick read

rule-based

Pros

+Strong return on equity of 22.4% (3-yr avg)
+High return on capital employed of 29.9%
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 1087.9×
+High promoter holding of 80% with no pledge

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

46/100

Business quality: 68
Growth: 26
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Standalone figures · ₹ crore

₹ Cr	Mar 2024	Mar 2025	Mar 2026
	1,741	2,074	2,103
COGS	1,276	1,512	1,571
Gross profit	465	562	531
	190	244	266
	276	318	266
OPM %	15.8%	15.3%	12.6%
Depreciation	10	11	10
Interest	2	-1	0
	39	43	46
Profit before tax	302	351	301
Tax	77	91	76
Tax %	25.4%	25.9%	25.3%
	225	260	225
PAT margin %	12.9%	12.5%	10.7%
EPS (₹)	19.7	22.7	19.7
EPS adjusted (₹)	19.7	22.7	19.7
Annual report	—	Annual report for Mar 2025	—

₹ Cr	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	0	11	11	11
Reserves	—	907	1,146	1,381
	—	6	0	0
	—	312	325	359
Total equity & liabilities	—	1,236	1,482	1,752
	117	118	127	133
CWIP	—	17	21	35
Investments	—	625	656	952
	—	476	678	632
Total assets	—	1,236	1,482	1,752

₹ Cr	Mar 2024	Mar 2025	Mar 2026
	207	43	377
	-116	-35	-257
	-25	-26	-0
Net cash flow	66	-17	120
Free cash flow	184	19	350
CFO / Operating profit %	75.3%	13.4%	141.9%

Compounded sales growth

7 years: —
5 years: —
3 years: —
1 year: 1%

Compounded profit growth

7 years: —
5 years: —
3 years: —
1 year: -13%

Return on equity

7 years: —
5 years: —
3 years: 21%
Last year: 16%

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Ratios

Annual operating, return, leverage and working-capital ratios.

Standalone figures

Ratio	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	26.7%	27.1%	25.3%
EBITDA margin %	15.8%	15.3%	12.6%
EBIT margin %	15.2%	14.8%	12.1%
PAT margin %	12.9%	12.5%	10.7%
Working capital
Receivable days	18	29	31
Inventory days	65	62	38
Payable days	60	54	57
NWC days	24	37	12
Leverage
Current ratio	3.16	3.94	4.19
Debt to EBITDA	0.02	0	0
Debt to equity	0.01	0	0
Interest coverage	149.7	-402.3	1,087.9
Asset turnover	1.41	1.4	1.2
Return ratios
Return on assets %	18.2%	17.5%	12.9%
Return on capital employed %	32.7%	33.4%	23.6%
Return on equity %	24.5%	22.5%	16.2%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	80%	80%	80%	80%	80%	80%	80%
	5.02%	5.95%	6.46%	6.51%	6.15%	5.65%	4.67%
	6.13%	7.92%	8.95%	9.42%	9.71%	10.15%	11.17%
Government	0%	0%	0%	0%	0%	0%	0%
	8.85%	6.13%	4.59%	4.07%	4.14%	4.2%	4.16%
No. of shareholders	—	—	—	77,176	72,724	72,001	69,540

Promoter holding up 0 percentage points since Dec 2024.

3 deals · 17 Feb 2025 – 24 Sept 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
24 Sept 2026	SBI MUTUAL FUND	Bulk	NSE	Buy	10,78,580	₹575.20	₹62.04 Cr
24 Sept 2026	SBI MUTUAL FUND	Bulk	NSE	Sell	8,71,308	₹575.20	₹50.12 Cr
17 Feb 2025	MORGAN STANLEY IFSC FUND	Bulk	NSE	Sell	7,58,091	₹588.74	₹44.63 Cr

1–3 of 3

1 / 1

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. Krishnaswamy VijayExecutive Director-Chairperson
Mr. Shubhabrata SahaExecutive Director-CEO-MD
Mr. Doddaballapur Prasanna AchutaraoNon-Executive - Independent Director
Mrs. Jayashree SatagopanNon-Executive - Independent Director
Mr. Sachin Rajkumar NandgoankarNon-Executive - Nominee Director
Mr. Ketan PendseChief Financial Officer
Ms. Shruti Vishwanath ShettyCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 3 fund houses

Held by these funds

5.39%

of the company's equity

All mutual funds

7.44%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

6 schemes · 3 fund houses

		Shares
Children's Fund - Investment Plan (Erstwhile known as SBI Magnum Children's Benefit Fund- IP)	SBI Mutual Fund	22.26 L	127.87	1.65%	1.946%	-0
Franklin India Small Cap Fund (Formerly known as Franklin India Smaller Companies Fund) ^	Franklin Templeton Mutual Fund	14.07 L	80.81	0.55%	1.23%	+2 L
Smallcap Fund	SBI Mutual Fund	12.04 L	69.14	0.16%	1.052%	-0
Infrastructure Fund	SBI Mutual Fund	10.23 L	58.74	1.22%	0.894%	-2.77 L
Quality Fund	SBI Mutual Fund	3.09 L	17.73	0.67%	0.27%	-1.56 L
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	68	0	0.01%	0%	-0

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Annual Report FY2025from bse Summary

Investor Presentation and earnings call

May 2026Transcript AI Summary PPT REC
Feb 2026Transcript AI Summary PPT

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

1

Board meeting to consider results5 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

75 announcementsExport CSV

28 Sept 2026, 10:28 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

28 Sept 2026, 7:33 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

28 Sept 2026, 6:53 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

17 Sept 2026, 5:06 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Management

Change in Management PDF

17 Sept 2026, 5:02 pmOthers

Board Meeting Outcome for The Board Meeting Held On September 17, 2026

Outcome without intimation PDF

7 Sept 2026, 11:00 pmCompany Update

Announcement under Regulation 30 (LODR)-Resignation of Chief Financial Officer (CFO)

Resignation of Chief Financial Officer (CFO) PDF

5 Sept 2026, 7:29 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

5 Sept 2026, 1:09 amCompany Update

Letter To The Shareholder Containing Weblink Of 34Th Annual General Meeting And Annual Report For The FY 2025-26

General PDF

Date	Category	Subject	Filing
28 Sept 2026, 10:28 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
28 Sept 2026, 7:33 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM

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Ratio	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	26.7%	27.1%	25.3%
EBITDA margin %	15.8%	15.3%	12.6%
EBIT margin %	15.2%	14.8%	12.1%
PAT margin %	12.9%	12.5%	10.7%
Working capital
Receivable days	18	29	31
Inventory days	65	62	38
Payable days	60	54	57
NWC days	24	37	12
Leverage
Current ratio	3.16	3.94	4.19
Debt to EBITDA	0.02	0	0
Debt to equity	0.01	0	0
Interest coverage	149.7	-402.3	1,087.9
Asset turnover	1.41	1.4	1.2
Return ratios
Return on assets %	18.2%	17.5%	12.9%
Return on capital employed %	32.7%	33.4%	23.6%
Return on equity %	24.5%	22.5%	16.2%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Beml LimitedBEMLBEML	₹16,346 Cr	₹16,653 Cr	₹4,536 Cr	₹350 Cr	6.9%	₹82 Cr	3.3%	6%	4.9%	401
Action Construction Equipment LimitedACEACE	₹14,438 Cr	₹14,439 Cr	₹3,414 Cr	₹529 Cr	15.4%	₹437 Cr	12.7%	31.6%	22.9%	-20
Ajax Engineering LimitedAJAXENGGAJAXENGG	₹6,708 Cr	₹6,708 Cr	₹2,111 Cr	₹264 Cr	12.6%	₹228 Cr	10.7%	23.6%	17.7%	12
Til LimitedTILTIL	₹2,060 Cr	₹2,427 Cr	₹377 Cr	₹18 Cr	1.4%	₹-30 Cr	-9.5%	4.4%	-31.8%	372
Indo Farm Equipment LimitedINDOFARMINDOFARM	₹634 Cr	₹782 Cr	₹454 Cr	₹59 Cr	13.2%	₹25 Cr	5.6%	8.6%	4.5%	307
Brady & Morris Engineering Company LtdBRADYMBRADYM	₹148 Cr	₹153 Cr	₹38 Cr	₹3 Cr	9%	₹3 Cr	7.6%	15.8%	11.1%	192

Ajax Engineering Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Investor Presentation and earnings call

Events

Board meetings1

Announcements

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Not in the F&O segment

Board meetings1

Announcements

Annual reports

Investor Presentation and earnings call

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

1

1