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Ajax Engineering Ltd (AJAXENGG)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544356 NSE: AJAXENGG Engineering - Industrial Equipments | Small Cap | Ajax Engineering Share Price

₹562.05 15.20 (2.78%)

As on 12-Jun'26 09:45

Ajax Engineering Ltd (AJAXENGG)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544356 NSE: AJAXENGG Engineering - Industrial Equipments | Small Cap | Ajax Engineering Share Price

₹562.05 15.20 (2.78%)

As on 12-Jun'26 09:45

Key Metrics
Valuation Multiples
Market Cap
₹6,256 Cr.
Current Price
₹562.1
52-Week Low / High
₹396 / 730
TTM EPS
₹19.7
TTM Sales
₹2,103 Cr.
Book Value per Share
₹121.7
P/E Ratio
27.79
In line with its 5-year historical median
Industry PE
54
Price to Book (P/B)
4.49
Lower than its 5-year historical median
Price to Sales (P/S)
2.98
Lower than its 5-year historical median
EV/EBITDA
19.33
In line with its 5-year historical median
Dividend Yield
0.00%
Profitability Efficiency
Return on Equity (ROE)
25.21%
Outperforms industry median
Return on Capital Employed (ROCE)
33.76%
Outperforms industry median
Return on Assets (ROA)
19.13%
Operating Profit Margin
15.3%
Net Profit Margin
12.54%
Gross Profit Margin
17.4%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
19.09%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
15.46%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
15.52%
Asset Quality
Promoter Holding
80.00%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹1,381 Cr.
Equity
₹11.4 Cr.
Face Value
₹1
All Time Low / High
₹395.65 / 756.75

Ajax Engineering stock performance

Key Ratios
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Quality

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Valuation

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Price Trend

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Q.1 Is Ajax Engineering Ltd a good quality company?
Ajax Engineering Ltd is a good quality company, based on a consistently good multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Ajax Engineering Ltd performance compare with that of its Peers?
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 3.04%, indicating slower growth and losing its market share.
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 Stock return of Ajax Engineering Ltd over the last decade?
Over the last 1 year(s), the stock has delivered a CAGR of -15.3% based on the current price.

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)

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

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

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Ajax Engineering Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 25.4%16.6%28.1%36.9%33.8%-
Value Creation
Index
0.90.21.11.71.5-

Growth Parameters

Sales 7427631,1511,7412,0742,103
Sales YoY Gr.-2.9%50.8%51.3%19.1%-
Adj EPS 8.65.811.819.722.719.7
YoY Gr.--33.1%105.2%67.1%15%-
BVPS (₹) 44.850.662.479.9100.4121.7
Adj Net
Profit
98.365.8135226259225
Cash Flow from Ops. 71.584.718520742.7-
Debt/CF from Ops. 00.10.100-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales NANA39.5%19.1%
Adj EPS NANA58%15%
BVPSNANA25.7%25.7%
Share Price - - - -8%

Key Financial Parameters

Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
19.212.120.927.72517.7
Op. Profit
Mgn %
17.411.714.815.915.312.6
Net Profit
Mgn %
13.38.611.71312.510.7
Debt to
Equity
000000
Working Cap
Days
0164946780101
Cash Conv.
Cycle
06534122081

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'21Mar'22Mar'23Mar'24Mar'25
Sales7427631,1511,7412,074
Operating Expenses + 6146749801,4661,756
Manufacturing Costs1313172329
Material Costs4975488281,2761,512
Employee Cost 61677287110
Other Costs 43466479106
Operating Profit 12889171276318
Operating Profit Margin (%) 17.2%11.7%14.8%15.8%15.3%
Other Income + 1110213944
Exceptional Items 00000
Interest 10120
Depreciation 8891011
Profit Before Tax 12990183302351
Tax 3224477791
Profit After Tax 9766136225260
PAT Margin (%) 13.1%8.7%11.8%12.9%12.5%
Adjusted EPS (₹)8.55.811.919.722.7
Dividend Payout Ratio (%)0%0%0%22.10%0%

Valuation of Ajax Engineering - Standalone

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

mw4me loader

Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 5125787149141,149
Share Capital 33111111
Reserves 5095757029031,138
Debt +171060
Long Term Debt00000
Short Term Debt171060
Minority Interest00000
Trade Payables13858160209223
Others Liabilities 809183107111
Total Liabilities 7317359671,2361,482

Fixed Assets

Net Fixed Assets +112109167167176
Gross Block135139205208227
Accumulated Depreciation2331394151
CWIP 1761721
Investments 81296495625656
Inventories254172173227258
Trade Receivables60557588165
Cash Equivalents 1532397167
Others Assets 70734240140
Total Assets 7317359671,2361,482

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + 728518520743
PBT 12990183302351
Adjustment 5-63-8-7
Changes in Working Capital -412546-11-213
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 41165
Cash Flow From Financing Activity + 0-0-0-25-26
Net Proceeds from Shares 00000
Net Proceeds from Borrowing 00000
Interest Paid -0-0-0-0-0
Dividend Paid 000-25-25
Others 1-0-0-0-0
Net Cash Flow 65-44-966-17

Financial Ratio

PARTICULARSMar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)19.0312.1521.0427.6625.21
ROCE (%)25.416.5528.0536.8833.76
Asset Turnover Ratio1.011.041.351.591.53
PAT to CFO Conversion(x)0.741.291.360.920.17
Working Capital Days
Receivable Days29.5027.4020.601722.20
Inventory Days12510254.8041.7042.40
Payable Days101.3065.4048.2052.7052.10

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Ajax Engineering Ltd FAQs

The current trading price of Ajax Engineering on 12-Jun-2026 09:45 is ₹562.0.

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 11-Jun-2026 the market cap of Ajax Engineering stood at ₹6,256.3 Cr

The latest P/E ratio of Ajax Engineering as of 11-Jun-2026 is 27.79.

The latest P/B ratio of Ajax Engineering as of 11-Jun-2026 is 4.49.

The 52-week high of Ajax Engineering is ₹730.0 and the 52-week low is ₹395.6.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Ajax Engineering is ₹2,103 ( Cr.) .

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

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

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.

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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