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Bengaluru, India – August 2, 2025 – Ajax Engineering Limited, India’s leading concreting equipment manufacturer, today announced its financial results Q1 FY26, continuing its focus on long-term growth after a strong FY25 performance. Despite regulatory transitions and muted industry demand, Ajax reported steady revenues at ₹466 crores and Profit After Taxes of ₹53 crores.
Q1 FY26 Financial Highlights (All numbers are in Indian rupees in Crores except margins)
| Particulars | Q1 FY25 | Q1 FY26 | YoY Change (%) |
| Revenue from Operations | 469 | 466 | -0.60% |
| Reported EBITDA | 80 | 61 | -23% |
| EBITDA Margin (%) | 17.10% | 13.20% | -390 bps |
| Reported PAT | 67 | 53 | -21% |
| PAT Margin (%) | 14.30% | 11.30% | -300 bps |
Shubhabrata Saha, Managing Director & CEO, Ajax Engineering Limited, said, “Following a strong FY25, where we crossed ₹2,000 crore in revenue and expanded our market leadership, Q1 FY26 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 H2 FY26, which will lay the foundation for the next stage of scalable, diversified growth.”
Tuhin Basu, Chief Financial Officer, Ajax Engineering Limited, added “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 H2 FY26, as is typical for our industry. Our long-term strategy remains on track with continued investments in leadership, product innovation, and capacity expansion.”
Key Business Highlights
- CEV-5 Transition Completed: CEV-4 inventory was fully sold by Q1 FY26; CEV-5-only portfolio from Q2 FY26 onwards.
- SLCM Revenue: ₹385 Cr in Q1 FY26, flat YoY
- Non-SLCM Volumes: Up 25% YoY
- Spares & Services: Up 8% YoY to ₹37 Cr
- Exports: Accounted for 5% of revenue
Strategic Outlook
- Adinarayanahosahalli Plant: Commissioning planned for H2 FY26
- Maintaining dominance in the SLCM portfolio by way of new CEV V machines with enhanced value proposition
- B2B Channel Expansion: Active in top 8 metros to grow institutional and non-SLCM sales
- Long-Term Growth Drivers: Increasing demand for mechanized concreting, government infrastructure push, and higher adoption of emission-compliant equipment
