Ajax Engineering Navigates Headwinds, Eyes Long-Term Growth
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Ajax Engineering Limited, a prominent player in India's concrete equipment manufacturing sector, recently shared its performance for Q3 and the nine months ended December 31, 2025 (9M FY26). The period, as described by Managing Director & CEO Mr. Shubhabrata Saha, has been one of
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For 9M FY26, total revenue from operations was ₹1344.9 crore, a 2% YoY growth. Adjusted EBITDA stood at ₹154.4 crore, with an 11.5% margin. Q3 FY26 revenue was ₹433.5 crore, a 20.9% decline YoY, and adjusted EBITDA was ₹47.7 crore, with an 11.0% margin.
Profitability was impacted by increased cost of production for new CEV-5 machines, changes in product mix, and one-time marketing & promotion expenses. External factors like prolonged monsoon, slower project execution, and customer cash flow constraints also played a role.
The company's approach is to introduce the new CEV-5 machines to the market, closely monitor real-time performance, gather customer feedback, and assess overall acceptance. The pricing strategy will be carefully calibrated based on market response and industry dynamics.
Management expects continued infrastructure push to stimulate demand and support steady volume growth. Along with operating leverage, they anticipate price adjustments from FY27 to further aid profitability. They remain confident in long-term growth prospects.
The company is steadily expanding its dealer network, aiming to add approximately 15 more dealerships to its existing 60+ base. This initiative is focused on deepening market penetration and availability, ensuring long-term sustainability.
The company's fifth manufacturing facility at Adinarayanahosahalli is expected to be commissioned in Q1 FY27. This facility will provide fungible capabilities to assemble a variety of concrete equipment.
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