Ajax Engineering Posts Stable FY26 Revenue With Improved Q4 Margins

21 May 2026 CW Team

Ajax Engineering Limited reported audited results for the quarter and year ended March 31, 2026, with FY26 consolidated revenue of Rs 21.03 billion (bn). Annual revenue rose slightly from Rs 20.74 billion, reflecting resilience in core markets.

In the fourth quarter, the company recorded revenue of seven point five eight bn, compared with seven point five six bn a year earlier, supported by calibrated pricing and healthy secondary sales. Gross margin improved to 25.8 per cent on a favourable product mix and operational efficiencies, while reported EBITDA rose to one point one five bn and the EBITDA margin increased to 15.1 per cent. Profit after tax for the quarter was 950 mn, up from 910 mn, and the CEV-V product range saw strong demand.

On a full-year basis, non-SLCM revenue grew by seven per cent, and Spares and Services revenue rose by nine per cent, supporting a more balanced revenue mix. The company reclaimed SLCM market share to 73.5 per cent by year end after the phase-out of older emission-standard machines and improving demand in the closing quarter. For FY26, reported EBITDA was two point six six bn, with an EBITDA margin of 12.6 per cent, and profit after tax was two point two five bn compared with two point six bn in the prior year.

Management characterised the year as challenging and transitionary owing to lower utilisation of central capital expenditure and higher production costs from emission norm changes, while remaining confident in long-term prospects backed by infrastructure investment and mechanisation of construction. The company will focus on strengthening SLCM leadership with emission-compliant products, scaling up non-SLCM capabilities, and pursuing operational discipline, process efficiencies and calibrated pricing to support profitability. These priorities are expected to position the business for sustained growth as market momentum stabilises.

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