Ajax Engineering Limited (AJAXENGG) Q3 24/25 earnings summary

Executive summary

• Achieved strong growth in Q3FY25, with revenue up 37% year-over-year and EBITDA up 32% for the quarter.

• Unaudited financial results for the quarter and nine months ended December 31, 2024, were reviewed and approved by the Audit Committee and Board of Directors on March 9, 2025.

• SLCM and Non-SLCM verticals both contributed to growth, with significant demand recovery post-monsoon and government capex revival.

• Leadership position in SLCM market maintained, with ongoing expansion in Non-SLCM and export segments.

• Financial statements prepared in accordance with Ind AS 34 and SEBI LODR regulations.

Financial highlights

• Q3FY25 revenue: ₹5,482 Mn (+37% YoY); 9MFY25 revenue: ₹13,182 Mn (+22% YoY).

• Q3FY25 PAT: ₹681 Mn (+26% YoY); 9MFY25 PAT: ₹1,691 Mn (+24% YoY).

• Basic EPS for Q3FY25: ₹5.95; 9MFY25: ₹14.7.

• Q3FY25 EBITDA: ₹881 Mn (+32% YoY); 9MFY25 EBITDA: ₹2,073 Mn (+25% YoY).

• Gross margin for Q3FY25 at 26.7% (down 340 bps YoY); 9MFY25 gross margin at 28.9% (up 80 bps YoY).

Outlook and guidance

• The company completed its IPO in February 2025, listing on NSE and BSE, with total proceeds of Rs. 12,688.84 million from an offer for sale.

• New emission norms effective Q2FY26 expected to have limited operational impact due to supply chain efficiencies.

• Near-term demand may remain muted, with growth momentum anticipated to pick up from H2FY26.

• Confident in medium- to long-term growth prospects, driven by infrastructure development and mechanization trends.