Commercial Vehicles company Ajax Engineering announced Q2FY26 results Revenue from Ops: Rs 445 crore against Rs 301 crore during Q2FY25, change 48%. EBITDA: Rs 45 crore against Rs 39 crore during Q2FY25, change 16%. EBITDA Margin: 10.2% for Q2FY26. PAT: Rs 39 crore against Rs 34 crore during Q2FY25, change 15%. PAT Margin: 8.8% for Q2FY26. Shubhabrata Saha, Managing Director & CEO, Ajax Engineering, said: “After a steady performance last year, the last couple of quarters have been a period of transition. Unseasonal rains, change in emission norms, and slower project execution affected demand temporarily. However, Ajax delivered 48% YoY revenue growth in Q2 and 18% in H1 and volume growth remains robust across both SLCM and non-SLCM categories. While increased cost of production and changes in revenue mix impacted margins, operating leverage and efficiency measures are expected to aid profitability in the second half of FY26. We remain confident in the long-term growth trajectory and our leadership position in the concrete equipment industry.” Result PDF
Commercial Vehicles company Ajax Engineering announced Q1FY26 results Revenue from Operations: Rs 466 crore compared to Rs 469 crore during Q1FY25. change -0.60%. EBITDA: Rs 61 crore compared to Rs 80 crore during Q1FY25. change -23%. EBITDA Margin: 17.10% for Q1FY26. PAT: Rs 53 crore compared to Rs 67 crore during Q1FY25. change -22%. PAT Margin: 14.30% for Q1FY26. Shubhabrata Saha, Managing Director & CEO, Ajax Engineering, said: “Following a strong FY25, where we crossed Rs 2,000 crore in revenue and expanded our market leadership, Q1FY26 marks a phase of transition. The full switch to CEV-5 compliant products, coupled with external factors like rains and delayed infra execution, temporarily moderated demand. However, we have remained focused on capability building and execution excellence. Our SLCM business remained stable, and our non-SLCM volumes grew 25% YoY.” “We continue to build capability in our B2B go-to-market channel, especially in the top metro cities, which will support long-term growth in the non-SLCM segment and we plan to commission our Adinarayanahosahalli plant in H2FY26, which will lay the foundation for the next stage of scalable, diversified growth.” Tuhin Basu, Chief Financial Officer, Ajax Engineering Limited, said: “Our Q1 revenue remained stable YoY, while margins were impacted due to product mix and by cost increases experienced due to transition to CEV-5 norms. However, we remain fundamentally strong—debt-free with a healthy cash balance.” “We expect business momentum to improve from H2FY26, as is typical for our industry. Our longterm strategy remains on track with continued investments in leadership, product innovation, and capacity expansion.” Result PDF
Commercial Vehicles company Ajax Engineering announced Q4FY25 & FY25 results Q4FY25 Financial Highlights: Revenue from Operations up by 15%, from Rs 657 crore to Rs 756 crore. Reported EBITDA up by 1.5%, from Rs 109 crore to Rs 111 crore. EBITDA Margin declined by 190 bps, from 16.6% to 14.7%. Reported PAT up by 3%, from Rs 88 crore to Rs 91 crore. PAT Margin declined by 140 bps, from 13.4% to 12.0%. FY25 Financial Highlights: Revenue from Operations up by 19%, from Rs 1,741 crore to Rs 2,074 crore. Reported EBITDA up by 15.5%, from Rs 276 crore to Rs 318 crore. EBITDA Margin declined by 50 bps, from 15.8% to 15.3%. Reported PAT up by 15.5%, from Rs 225 crore to Rs 260 crore. PAT Margin declined by 40 bps, from 12.9% to 12.5%. Shubhabrata Saha, Managing Director & CEO, Ajax Engineering said, “FY25 has been a year of resilience and strategic progress. Despite external challenges, including the regulatory shift from CEV-4 to CEV-5 emission norms and slower infrastructure execution, we delivered robust growth, crossed the Rs 2,000 crore revenue milestone, and maintained profitability. Our leadership in the Self-Loading Concrete Mixer (SLCM) segment remains strong, with a 75% market share, while our non-SLCM and Spares businesses continue to gain momentum. Our strategic investments, such as a dedicated B2B channel for non-SLCM sales and leadership enhancement initiatives, are laying the foundation for the next phase of growth. We’re also excited about the upcoming launch of our Adinarayanahosahalli plant in H2 FY26, which will add further capacity and product flexibility.” Tuhin Basu, Chief Financial Officer, Ajax Engineering added, “We have delivered a healthy performance in Q4 and FY25 with revenue growth across several key business areas – our SLCM and non-SLCM segments grew at 18% YoY; the Spare Parts and Service revenue rose 33% YoY and revenue from exports increased 29% YoY. Our EBITDA has grown by 15% YoY. We remain committed to balancing growth with financial prudence. Our strong cash position and lean working capital ensure we are well positioned to invest in capacity, innovation, and expansion. Despite margin pressures this year due to capability building, we expect profitability to normalize as our investments start delivering results.” Result PDF
Conference Call with Ajax Engineering Management and Analysts on Q3FY25 Performance and Outlook. Listen to the full earnings transcript.