Ajax Engineering Limited (AJAXENGG) Q4 24/25 earnings summary

Executive summary

• Achieved 19% year-on-year revenue growth in FY 2025, surpassing INR 2,000 crore, with PAT up 16% despite regulatory and market challenges, driven by volume growth and strong performance in core SLCM and expanding non-SLCM segments.

• Maintained leadership in the SLCM segment, while non-SLCM and spares businesses gained momentum, supported by innovation, operational efficiency, and a customer-centric approach.

• Spares and services business grew 33% year-on-year, and export revenue increased by 29% to INR 74 crore.

• Successfully navigated regulatory transition to CEV-5 emission norms, with 1/3 of Q4 FY 2025 sales from CEV-5 machines.

• Audited financial results for the quarter and year ended March 31, 2025, were reviewed and approved by the Board on May 27, 2025.

Financial highlights

• FY 2025 revenue from operations: INR 2,744 crore (Rs. 20,739.15 million), up 19% year-on-year; Q4 FY25 revenue: INR 756 crore (Rs. 7,557.52 million), up 15% year-on-year.

• FY 2025 EBITDA: INR 318 crore (Rs. 3,181 Mn), up 15.5% year-on-year; EBITDA margin: 15.3%.

• Profit after tax: INR 260 crore (Rs. 2,600.96 million), up 15.5% year-on-year; Q4 FY25 PAT: Rs. 909.48 million.

• Basic EPS for FY25 was Rs. 22.73, up from Rs. 19.68 in FY24.

• Export revenue: INR 74 crore (+29% year-on-year); spares and services: INR 140 crore (+33%).

Outlook and guidance

• Expect softer business in the next couple of quarters due to early monsoon, emission norm transition, and slower project execution; momentum anticipated to pick up in H2 FY 2026.

• Long-term growth and profitability outlook remains strong, supported by India's infrastructure needs and mechanization trends.

• Strategic priorities include maintaining SLCM leadership, expanding non-SLCM portfolio, and increasing export presence.

• No specific revenue growth guidance for FY 2026 provided.