Is Ajax Engineering Ltd (AJAXENGG) a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Ajax Engineering Ltd is a good quality company .

Is Ajax Engineering Ltd (AJAXENGG) undervalued or overvalued?

The key valuation ratios of Ajax Engineering Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone .

What is Ajax Engineering Ltd (AJAXENGG) share price return in the past 10 years?

Data is not available for this company

Is Ajax Engineering Ltd (AJAXENGG) a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Ajax Engineering Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

What is the share price of Ajax Engineering Ltd (AJAXENGG)?

Company share prices are keep on changing according to the market conditions. The current trading price of Ajax Engineering Ltd (AJAXENGG) on 17-Apr-2026 16:59:59 at 16:59 is 488.20.

What is the P/E ratio of Ajax Engineering?

The latest standalone P/E ratio of Ajax Engineering as of 17-Apr-2026 is 25.26.

What is the P/B ratio of Ajax Engineering Ltd (AJAXENGG)?

The latest standalone P/B ratio of Ajax Engineering Ltd (AJAXENGG) as of 17-Apr-2026 is 4.33.

What is the 52-week high and low of Ajax Engineering Ltd (AJAXENGG)?

The 52-week high of Ajax Engineering Ltd (AJAXENGG) is Rs. 756.75 and the 52-week low is Rs. 395.65.

Ajax Engineering Ltd (AJAXENGG) Share Analysis – Quality, Growth & Valuation Zone & DeciZen Rating

Name: Ajax Engineering Ltd (AJAXENGG)
Brand: Ajax Engineering

Key Metrics

Market Cap

₹5,585 Cr.

P/E Ratio

25.26

Price to Book (P/B)

4.33

Price to Sales (P/S)

2.66

EV/EBITDA

17.92

Return on Capital Employed (ROCE)

33.63%

Current Price

₹488.2

Return on Equity (ROE)

25.21%

Return on Assets (ROA)

19.13%

Operating Profit Margin

15.3%

Net Profit Margin

12.54%

Gross Profit Margin

17.5%

Book Value per Share

₹112.8

Sales Growth (YoY)

19.09%

Sales Growth (3 Years)

39.54%

Operating Profit Growth (1 Year)

15.46%

Operating Profit Growth (3 Years)

52.64%

Net Profit Growth (1 Year)

15.52%

52-Week Low / High

₹396 / 757

Net Profit Growth (3 Years)

57.79%

Dividend Yield

0.00%

Promoter Holding

80.00%

Pledged shares (%)
of Promoter's holding (%)

0.00%

Check Before You Invest

Q.1 Revenue growth of Ajax Engineering Ltd?

Ajax Engineering Ltd revenue growth is 19.1% for FY-2025 , which is above its 5 year CAGR of 0% , indicating faster growth.

Q.1 Promoter shareholding and pledge status of Ajax Engineering Ltd?

Promoters hold 80.00% of the Ajax Engineering Ltd, with 0.00% of their stake pledged, indicating no pledge risk.

Q.1 Revenue growth of Ajax Engineering Ltd vs industry peers?

Ajax Engineering Ltd revenue CAGR is 0.00% , compared to the industry median CAGR of 1.47% , indicating slower growth and losing its market share.

Q.1 Which industry/sub-sector does Ajax Engineering Ltd belong to?

Ajax Engineering Ltd belongs to the Capital Goods & Industrial Consumables sector, operating specifically within the Engineering - Industrial Equipments segment.

Q.1 Stock return of Ajax Engineering Ltd over the last decade?

Over the last 1 year(s), the stock has delivered a CAGR of -30.28% based on the current price.

DeciZen - make an informed investing decision on Ajax Engineering

Based on:

Data

Overall Rating ⓘ
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1. Quality

2. Valuation

3. Price Trend

Ajax Engineering stock performance

Key Ratios

Is Ajax Engineering Ltd an attractive stock to invest in?

10 Year X-Ray : Login to view analysis.

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Value Creation ⓘ

Value Creation Index Colour Code Guide ⓘ

	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25	TTM
ROCE % ⓘ	25.4%	16.6%	28.1%	36.9%	33.6%	-
Value Creation Index ⓘ	0.9	0.2	1.1	1.7	1.5	-
Growth Parameters ⓘ Growth Parameters Colour Code Guide ⓘ
Sales ⓘ	742	763	1,151	1,741	2,074	2,101
Sales YoY Gr.	-	2.9%	50.8%	51.3%	19.1%	-
Adj EPS ⓘ	8.6	5.8	11.8	19.7	22.7	19.3
YoY Gr.	-	-33.1%	105.2%	67.1%	15%	-
BVPS (₹) ⓘ	44.8	50.6	62.4	79.9	100.4	112.8
Adj Net Profit ⓘ	98.3	65.8	135	226	259	221
Cash Flow from Ops. ⓘ	71.5	84.7	185	207	42.7	-
Debt/CF from Ops. ⓘ	0	0.1	0.1	0	0	-

CAGR ⓘ

CAGR Colour Code Guide ⓘ

	9 Years	5 Years	3 Years	1 Years
Sales ⓘ	NA	NA	39.5%	19.1%
Adj EPS ⓘ	NA	NA	58%	15%
BVPSⓘ	NA	NA	25.7%	25.7%
Share Price	-	-	-	-30.3%

Key Financial Parameters ⓘ

Performance Ratio Colour Code Guide ⓘ

	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25	TTM
Return on Equity % ⓘ	19.2	12.1	20.9	27.7	25	18.1
Op. Profit Mgn % ⓘ	17.4	11.7	14.8	15.9	15.3	12.5
Net Profit Mgn % ⓘ	13.3	8.6	11.7	13	12.5	10.5
Debt to Equity ⓘ	0	0	0	0	0	-
Working Cap Days ⓘ	0	164	94	68	81	95
Cash Conv. Cycle ⓘ	0	65	34	12	21	75

Recent Performance Summary

Latest Financials

	Standalone	Consolidated
TTM EPS (₹)	19.3	8.7
TTM Sales (₹ Cr.)	2,101	755
BVPS (₹) ⓘ	112.8	0
Reserves (₹ Cr.) ⓘ	1,279	412
P/BV ⓘ	4.33	0.00
PE ⓘ	25.26	55.95

From the Market
52 Week Low / High (₹)	395.65 / 756.75
All Time Low / High (₹)	395.65 / 756.75
Market Cap (₹ Cr.)	5,585
Equity (₹ Cr.)	11.4
Face Value (₹)	1
Industry PE ⓘ	55.2

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged ^*

0.00

* Pledged shares as % of Promoter's holding (%)

Valuation of Ajax Engineering - Standalone Basis

YTD 1Y 3Y 5Y 10Y Max

Analyst's Notes

No data found!

Key Ratios

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)

PARTICULARS	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Sales	742	763	1,151	1,741	2,074
Operating Expenses ⓘ +	614	674	980	1,466	1,756
Manufacturing Costs	13	13	17	23	29
Material Costs	497	548	828	1,276	1,512
Employee Cost	61	67	72	87	110
Other Costs ⓘ	43	46	64	79	106
Operating Profit ⓘ	128	89	171	276	318
Operating Profit Margin (%)	17.2%	11.7%	14.8%	15.8%	15.3%
Other Income ⓘ +	11	10	21	39	43
Exceptional Items ⓘ	0	0	0	0	0
Interest ⓘ	1	0	1	2	-1
Depreciation ⓘ	8	8	9	10	11
Profit Before Tax ⓘ	129	90	183	302	351
Tax ⓘ	32	24	47	77	91
Profit After Tax	97	66	136	225	260
PAT Margin (%)	13.1%	8.7%	11.8%	12.9%	12.5%
Adjusted EPS (₹)	8.5	5.8	11.9	19.7	22.7
Dividend Payout Ratio (%)	0%	0%	0%	22%	0%

Balance Sheet

(All Figures are in Crores.)

PARTICULARS	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Equity and Liabilities
Shareholders Fund +	512	578	714	914	1,149
Share Capital ⓘ	3	3	11	11	11
Reserves ⓘ	509	575	702	903	1,138
Debt +	1	7	10	6	0
Long Term Debt	0	0	0	0	0
Short Term Debt	1	7	10	6	0
Minority Interest	0	0	0	0	0
Trade Payables	138	58	160	209	223
Others Liabilities ⓘ	80	91	83	107	111
Total Liabilities ⓘ	731	735	967	1,236	1,482
Fixed Assets
Net Fixed Assets ⓘ +	112	109	167	167	176
Gross Block	135	139	205	208	227
Accumulated Depreciation	23	31	39	41	51
CWIP ⓘ	1	7	6	17	21
Investments ⓘ	81	296	495	625	656
Inventories	254	172	173	227	258
Trade Receivables	60	55	75	88	165
Cash Equivalents	153	23	9	71	67
Others Assets ⓘ	70	73	42	40	140
Total Assets ⓘ	731	735	967	1,236	1,482

Cash Flow

(All Figures are in Crores.)

PARTICULARS	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Cash Flow From Operating Activity ⓘ +	72	85	185	207	43
PBT ⓘ	129	90	183	302	351
Adjustment ⓘ	5	-6	3	-8	-7
Changes in Working Capital ⓘ	-41	25	46	-11	-213
Tax Paid ⓘ	-23	-25	-47	-75	-88
Cash Flow From Investing Activity ⓘ +	-7	-129	-193	-116	-35
Capex	-36	-14	-16	-22	-23
Net Investments	25	-116	-178	-99	-18
Others ⓘ	4	1	1	6	5
Cash Flow From Financing Activity ⓘ +	0	-0	-0	-25	-26
Net Proceeds from Shares ⓘ	0	0	0	0	0
Net Proceeds from Borrowing ⓘ	0	0	0	0	0
Interest Paid ⓘ	-0	-0	-0	-0	-0
Dividend Paid ⓘ	0	0	0	-25	-25
Others ⓘ	1	-0	-0	-0	-0
Net Cash Flow ⓘ	65	-44	-9	66	-17

Finance Ratio

PARTICULARS	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Ratios
ROE (%)	19.03	12.15	21.04	27.66	25.21
ROCE (%)	25.4	16.55	28.05	36.88	33.63
Asset Turnover Ratio	1.01	1.04	1.35	1.58	1.53
PAT to CFO Conversion(x)	0.74	1.29	1.36	0.92	0.17
Working Capital Days
Receivable Days	29	27	21	17	22
Inventory Days	125	102	55	42	43
Payable Days	101	65	48	53	52

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Announcements

Ajax Engineering Ltd FAQs

The current trading price of Ajax Engineering on 17-Apr-2026 16:59 is ₹488.2.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 16-Apr-2026 the market cap of Ajax Engineering stood at ₹5,585.3 Cr

The latest P/E ratio of Ajax Engineering as of 16-Apr-2026 is 25.26.

The latest P/B ratio of Ajax Engineering as of 16-Apr-2026 is 4.33.

The 52-week high of Ajax Engineering is ₹756.8 and the 52-week low is ₹395.6.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Ajax Engineering is ₹2,101 ( Cr.) .

About Ajax Engineering Ltd

Ajax Engineering Limited was incorporated as ‘Ajax Fiori Engineering (India) Private Limited’ on July 3, 1992, at Bengaluru, Karnataka, India as a private limited company under the Companies Act, 1956 pursuant to certificate of incorporation issued by the Registrar of Companies, Karnataka at Bengaluru (RoC). Separately, an entity named ‘Ajax Engineering Private Limited’ (Pre-merger AEPL) was incorporated as private limited company under the Companies Act, 1956 pursuant to certificate of incorporation dated December 30, 1983 issued by the RoC. Pre-merger AEPL and Ajax Construtech Private Limited was later merged into the company pursuant to the scheme of arrangement approved by the National Company Law Tribunal, Bengaluru, vide its order dated March 6, 2019 with the appointed date of April 1, 2018 (Scheme of Arrangement).

Pursuant to the Scheme of Arrangement, the name of the company was changed from ‘Ajax Fiori Engineering (India) Private Limited’ to ‘Ajax Engineering Private Limited’ and a fresh certificate of incorporation was issued on March 15, 2019 by the RoC. Subsequently, the company was converted to a public limited company and the name of the company changed to ‘Ajax Engineering Limited’ pursuant to a Shareholders’ resolution dated August 9, 2024 and a fresh certificate of incorporation dated September 23, 2024 was issued by the Registrar of Companies, Central Processing Centre.

The company is a leading concrete equipment manufacturer with a comprehensive range of concrete equipment, services and solutions across the concrete application value chain. It has developed a comprehensive product portfolio that includes equipment such as self-loading concrete mixers (SLCMs) and batching plants for the production of concrete, transit mixers for the transportation of concrete, boom pumps, concrete pumps and self-propelled boom pumps for the placement of concrete, slip-form pavers for the paving of concrete and 3D concrete printers for depositing concrete. SLCMs are versatile self-loading machines capable of mixing and transporting concrete ingredients, enabling on-site production of concrete. These machines are equipped with, among others, (i) self-loading arms with a hatch bucket to ensure smooth flow of concrete ingredients into the drum in order to minimise spillage, and (ii) concrete batch controllers to accurately measure all the ingredients in order to produce high quality concrete.

In addition to its SLCM portfolio, it has a large and diverse range of non-SLCM equipment that cater to various aspects of the concrete production, transportation, placement and paving processes. Its non-SLCM product portfolio includes batching plants for concrete production, transit mixers for concrete transportation, boom pumps, concrete pumps, self-propelled boom pumps for concrete placement, and slip-form pavers. It has been steadily gaining market share in non-SLCMs, driven by its commitment to innovation and quality.

Business area of the company

The company is in the business of manufacturing self-loading concrete mixers, concrete batching plants and concrete pumps, being used across various sectors.

Products of the company

Self-loading concrete mixers
Batching plants
Transit mixers
Boom pumps
Concrete pumps
Self-propelled boom pumps
Slipform pavers
3D concrete printers

Awards and accreditations

2015: The company was accredited with a certificate of registration in ‘Environmental Management System - ISO 14001:2015’ by the British Standards Institution.
2015: The company was accredited with a certificate of registration in ‘Quality Management System - ISO 9001:2015’ by the British Standards Institution.
2016: The company was awarded ‘Best Concrete Equipment Company of the Year (SME Category)’ at the Construction Times Award 2016 by ARK Events & Media.
2017: The company was awarded ‘Outstanding Contribution to Concrete Equipment Sector Award of the Year’ at the Yellow Awards, 2017 by ARK Events & Media.
2018: The company was awarded ‘World’s Greatest Brands 2017-2018’ by AsiaOne.
2021: The company was awarded ‘Excellence in Engineering Design, 2021’ at the Equipment and Infra Conference & Awards 2021 by Construction Week India.
2022: The company was awarded ‘Best Design Innovation Award of the Year’ at the Yellow Awards, 2022 by ARK Events & Media.
2022: The company was awarded ‘Outstanding Company in Concrete Equipment’ at the EPC World Awards by EPC World media group.
2022: The company was recognized as one of ‘Most Admired Construction Brands’ by Construction World.
2023: The Chairman of the company received a ‘Lifetime Achievement Award’ from the EPC World Media Group.
2023: The company was awarded ‘Green Factory of the Year’ at the 11th Annual Equipment India Awards 2023.
2024: The company has been recognized as one of the ‘Top 75 Innovative Companies’ at the prestigious CII Innovation Awards 2024.
2024: The company was recognized as ‘Best Seller’ in the Self-Loading Concrete Mixers category at the 12th Annual Equipment India Awards 2024.
2024: The company was recognized as the ‘Most Preferred Workplace 2023-2024’ at the 2nd Edition of Most Preferred Workplace in Manufacturing 2023-2024 event by Team Marksmen Network Private Limited.

History and milestones

1992: The company entered into agreement to develop the ‘Self-Loading Concrete Mixer’ (SLCM) in India.
1998: The company and Officine Riunite - Udine S.p.A collaborated to launch the Radius Lift Arm and bin batching plant.
2006: The company collaborated with Eurostar S.p.A to manufacture and distribute planetary mixers.
2012: The company inaugurated second facility at Doddaballapur, Karnataka to manufacture SLCMs.
2013: The company collaborated with another construction equipment manufacturer to introduce the JSP concrete pump.
2014: The company inaugurated third facility in Gowribidanur, Karnataka, for assembly of concrete batching plants.
2017: The company completed 25 years.
2018: The company established dealership mode Pan India.
2018: The company inaugurated fourth facility in Doddaballapur, Karnataka for manufacturing SLCMs.
2019: Kedaara Capital Fund II LLP purchased 18,592 equity shares of the company for an amount of Rs 2,405.11 million.
2019: The company launched slip-form paver, the first indigenous paver designed and manufactured in India.
2019: The company launched ‘Self Propelled Boom Pump’ (SPBP).
2023: The Company launched 3D Concrete Printing Machine.

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Ajax Engineering Ltd (AJAXENGG) Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating

Ajax Engineering Share Price