Ajax Engineering Limited (AJAXENGG) Q4 25/26 earnings summary

Executive summary

• FY26 revenue rose 1.38% to 21,025.37 Million, the fourth consecutive year of growth, despite an estimated 11% contraction in construction equipment; SLCM volumes fell ~4%.

• Market leadership recovered to 73.5% in SLCMs by year-end; operating cash flow conversion reached 142% of EBITDA, with net working capital at a five-year low of 21 days.

Financial highlights

• Revenue from operations was 21,025.37 Million vs 20,739.15 Million; PAT was 2,251.45 Million vs 2,600.96 Million.

• EBITDA was 2,658 Million, with a 12.6% margin vs 3,181 Million and 15.3%; gross margin was 25.3% vs 26.7%.

• PBT before exceptional items was 3,043.32 Million vs 3,508.82 Million; FY26 PAT included a 31.04 Million exceptional charge for new Labour Codes.

• Basic EPS was 19.68 vs 22.73; diluted EPS was 19.55 vs 22.61.

Outlook and guidance

• Priorities include growing SLCMs ahead of the market, scaling non-SLCM products, expanding dealer and B2B reach, accelerating exports, and increasing UDAAN volumes.

• The Adinarayanahosahalli facility, with fungible assembly lines, is expected to begin operations in H1 FY27; it is intended to expand capacity and production flexibility.

• Medium- and long-term demand is expected to benefit from infrastructure investment, urbanization and construction mechanization; near-term demand remains sensitive to public spending and project execution.