Ajax Engineering Ltd logo

Ajax Engineering Ltd

AJAXENGG NSE

Key Fundamentals

MicrocapCommercial VehiclesAutomobiles
Market Cap
₹6,392 Cr
Volatility
Moderate
P/E Ratio
28.03
EBITDA
₹263 Cr
Return on Equity
22.48%
Debt to Equity
0
Book Value
₹121.69
52W High
₹728.5
52W Low
₹394.8

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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43 extracted metrics + investor summaries across FY20–FY26.

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Tapetide Score

Data-driven rating, 0–100. How it works →

Technical Indicators

Key Insights

Strengths

2
  • Company is almost debt free.
  • Company has delivered good profit growth of 18.9% CAGR over last 5 years

Weaknesses

2
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Working capital days have increased from 69.1 days to 161 days

Growth Rate

Revenue Growth
-0.67% ↗
Net Income Growth
-11.78% ↗
Cash Flow Change
-79.41% ↘
ROE
-8.36% ↘
ROCE
-8.41% ↘
EBITDA Margin (Avg.)
-28.39% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 42d ago
AI opinion · based on fundamentals
Risk medium

Ajax Engineering Ltd is a nearly debt-free industrial company with a market cap of ₹6,166 Cr trading at a PE of 27.5x. While it delivered 22% sales CAGR over 3 years, recent TTM revenue growth has slowed to 1% and profits have declined 13% TTM, alongside a significant deterioration in working capital days from 69 to 161 days.

Bull Case 7
  • Company is almost debt-free, providing significant financial flexibility and resilience during economic downturns
  • Delivered compounded sales growth of 22% CAGR over 3 years, indicating strong medium-term demand for its products
  • Compounded profit growth of 19% CAGR over both 3-year and 5-year periods demonstrates consistent earnings expansion
  • ROE averaged 23% over 3 years and 21% over 5 years, reflecting efficient capital allocation and strong return generation
  • 5-year compounded sales CAGR of 23% shows the company has scaled revenue meaningfully over a longer horizon
  • Price-to-book ratio of 4.44x is supported by historically high ROE of 21-23%, suggesting value creation above cost of equity
  • Profit CAGR of 18.9% over 5 years indicates the business model has been able to sustain earnings growth through various cycles
Bear Case 8
  • Working capital days have surged from 69.1 days to 161 days, indicating potential cash conversion issues or stretched receivables
  • TTM profit growth has turned negative at -13%, signaling a sharp deceleration from the 19% 3-year and 5-year CAGR
  • TTM revenue growth of just 1% marks a dramatic slowdown from the 22-23% CAGR achieved over 3 and 5 years
  • Zero dividend yield despite repeated profitability raises concerns about capital allocation priorities and shareholder returns
  • Stock has declined 18% over the past 1 year, underperforming broader market indices and reflecting weakening sentiment
  • ROE has declined from a 3-year average of 23% to 18% in the last year, suggesting diminishing return efficiency
  • PE of 27.5x may be stretched given the current TTM earnings decline of -13% and revenue stagnation at 1% growth
  • Market cap of ₹6,166 Cr for a company with decelerating growth metrics implies the valuation is pricing in a recovery that is yet to materialize

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 42d ago
Neutral 3
  • New internal auditor for FY27 Jul 6

    Ajax Engineering appointed PKF Sridhar & Santhanam LLP as internal auditor for FY 2026-27 effective June 2, 2026, replacing PwC whose tenure ended March 31, 2026. Approved by the Board on July 5, 2026.

  • Independent Director resigns Jun 19

    Rajan Wadhwa resigned as Independent Director on June 18, 2026, citing personal reasons. He ceased membership of all key board committees effective immediately.

  • No encumbrance on promoter shares Jun 20

    Promoters confirmed zero encumbrance on shares for FY26, disclosed to BSE and NSE on April 9, 2026.

TL;DR: A quiet period for Ajax Engineering with only routine corporate governance updates and no material business developments. No encumbrance on promoter shares is a mild positive signal on promoter confidence. The resignation of an independent director bears monitoring but was attributed to personal reasons. With no operational or financial news flow, the near-term outlook remains driven by broader sector trends rather than company-specific catalysts.

Quarterly Results

  Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
399
657
469
301
548
756
467
445
434
758
475
Expenses
333
548
389
262
460
645
405
400
389
643
415
Operating Profit
67
109
80
39
88
111
61
45
44
115
59
OPM %
17%
17%
17%
13%
16%
15%
13%
10%
10%
15%
12%
Other Income
9
13
13
11
7
12
13
10
10
13
18
Interest
0
1
0
1
1
-2
0
0
0
0
0
Depreciation
3
3
3
3
3
3
3
3
3
2
3
PBT
72
119
90
47
92
122
71
53
52
126
74
Tax %
26%
26%
25%
28%
26%
26%
25%
26%
26%
25%
25%
Net Profit
54
88
67
34
68
91
53
39
38
95
56
EPS in Rs
4.71
7.72
5.86
2.97
5.96
7.95
4.62
3.42
3.34
8.3
4.86
Figures in ₹ Crores

Profit & Loss

  Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
736
742
763
1,151
1,741
2,074
2,103
2,111
Expenses
603
613
673
980
1,465
1,756
1,837
1,847
Operating Profit
133
129
91
171
276
318
266
264
OPM %
18%
17%
12%
15%
16%
15%
13%
12%
Other Income
7
9
8
21
38
43
46
52
Interest
1
1
0
1
2
-1
0
0
Depreciation
8
8
8
9
10
11
10
10
PBT
131
129
90
183
302
351
301
305
Tax %
24%
25%
27%
26%
25%
26%
25%
—
Net Profit
100
97
66
136
225
260
225
228
EPS in Rs
—
—
—
—
19.68
22.73
19.68
19.92
Div. Payout %
0%
0%
0%
0%
11%
0%
0%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
3
3
3
11
11
11
11
Reserves
412
509
575
702
907
1,146
1,381
Borrowings
15
1
7
12
8
2
2
Other Liabilities
130
218
150
241
310
324
358
Total Liabilities
560
731
735
967
1,236
1,482
1,752
Fixed Assets
0
112
157
167
167
176
182
CWIP
1
1
7
6
17
21
35
Investments
201
81
296
495
625
656
952
Other Assets
358
537
274
299
426
630
583
Total Assets
560
731
735
967
1,236
1,482
1,752
Figures in ₹ Crores

Cash Flow

  Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
131
72
85
185
207
43
377
Investing
-109
-7
-129
-193
-116
-35
-257
Financing
-14
0
0
0
-25
-26
0
Net Cash Flow
8
65
-44
-9
66
-17
120
Free Cash Flow
117
36
71
168
185
20
350
CFO/OP
120
73
121
136
102
41
171
Figures in ₹ Crores

Ratios

  Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
28
29
26
24
18
29
31
Inventory Days
108
186
115
76
65
62
38
Days Payable
62
101
39
71
60
54
57
Cash Conversion Cycle
74
115
102
29
24
37
12
Working Capital Days
38
56
44
10
6
40
161
ROCE %
—
27%
17%
28%
37%
34%
24%

Shareholding Pattern

As of Jun 2026
Promoters 80.00%
DIIs 11.17%
FIIs 4.67%
Public 3.70%
Others 0.47%
Total 100.01%
  Sep 2024Dec 2024Feb 2025Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
93.50%
80.00%
80.00%
80.00%
80.00%
80.00%
80.00%
80.00%
80.00%
FIIs
0.00%
5.02%
0.00%
5.95%
6.46%
6.51%
6.15%
5.65%
4.67%
DIIs
0.00%
6.13%
5.48%
7.92%
8.95%
9.42%
9.71%
10.15%
11.17%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
0.00%
8.81%
8.81%
4.90%
4.10%
3.50%
3.63%
3.67%
3.70%
Others
6.50%
0.04%
5.72%
1.24%
0.49%
0.57%
0.51%
0.53%
0.47%
No. of Shareholders
9
2,72,678
9
1,52,056
94,515
77,176
72,724
72,001
69,540

Documents

Frequently Asked Questions about Ajax Engineering Ltd

What does Ajax Engineering Ltd do?
Incorporated in July 1992, Ajax Engineering Limited manufactures a wide range of concrete equipment and services across the value chain.[1]
Where is Ajax Engineering Ltd (AJAXENGG) listed?
Ajax Engineering Ltd is listed on the Indian stock exchanges. It is listed on NSE: AJAXENGG and BSE: 544356. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Ajax Engineering Ltd belong to?
Ajax Engineering Ltd operates in the Automobiles sector within the Commercial Vehicles industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Ajax Engineering Ltd?
Ajax Engineering Ltd has a market capitalisation of approximately ₹6392.48 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Ajax Engineering Ltd?
The Price-to-Earnings (PE) ratio of Ajax Engineering Ltd is 28.03. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Ajax Engineering Ltd?
Over the past 52 weeks, Ajax Engineering Ltd has traded between a low of ₹394.8 and a high of ₹728.5. This range helps investors understand the stock's price volatility and recent trading levels.
What is the Return on Equity (ROE) of Ajax Engineering Ltd?
Ajax Engineering Ltd has a Return on Equity (ROE) of 22.48%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Ajax Engineering Ltd on Tapetide?
On Tapetide, you can view Ajax Engineering Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Incorporated in July 1992, Ajax Engineering Limited manufactures a wide range of concrete equipment and services across the value chain.[1]

Website ajax-engg.com
CEO Mr. Krishnaswamy Vijay
Employees 487
Listed 2025-02-17
Face Value ₹ 1
Issued Size 11,44,06,800

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