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