Ajax Engineering Ltd.
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ABOUT
AI Sector View
AI GENERATEDCapital Goods
Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.
PROS
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 32.9%
- Company has a good return on equity (ROE) track record: 3 Years ROE 24.6%
- Company generates healthy free cash flow
- Attractively priced for its growth - PEG of 0.5
CONS
- Receivables are growing faster than sales - a possible quality concern
- Promoter holding has decreased over last 2 years: -13.5pp
- Recent results are weak - TTM profit is down 14.0% versus prior year
- Equity base is being diluted - shares outstanding up 300.0%
- Stock is trading at 5.9x its book value
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BHEL | 430.60 | 61.64 | 149937.65 | 0.33 | 376.71 | 182.70 | 7697.72 | 40.29 | 9.24 | 6.69 |
| INDOMIM | 1018.90 | 94.43 | 50382.66 | 0.58 | 2401.22 | — | 12187.42 | — | 24.48 | 33.36 |
| THERMAX | 3680.25 | 73.91 | 43852.50 | 0.54 | 21.79 | -85.61 | 2302.73 | 7.09 | 15.85 | 2.98 |
| HONAUT | 34514.05 | 55.37 | 30515.68 | 0.32 | 150.70 | 20.95 | 1204.40 | 1.80 | 17.04 | 14.32 |
| JYOTICNC | 987.95 | 69.84 | 22468.26 | 0.00 | 57.14 | -19.99 | 508.47 | 23.97 | 21.34 | 21.40 |
| INOXINDIA | 2245.75 | 80.12 | 20418.91 | 0.09 | 58.07 | -4.98 | 370.79 | 9.18 | 33.54 | 20.46 |
| AZAD | 2846.00 | 132.25 | 18379.96 | 0.00 | 35.16 | 19.46 | 172.60 | 25.90 | 12.04 | 37.29 |
| TRITURBINE | 569.10 | 53.80 | 18091.60 | 0.75 | 51.10 | -20.65 | 442.70 | 19.23 | 35.95 | 11.59 |
| TEGA | 1731.10 | 615.52 | 13005.36 | 0.12 | -108.25 | -406.36 | 1723.44 | 383.99 | 8.37 | 3.27 |
| LLOYDSENGG | 82.72 | 57.36 | 12830.19 | 0.30 | 68.23 | -77.28 | 527.15 | 142.92 | 17.99 | 15.04 |
| KRN | 1595.75 | 107.75 | 10445.54 | 0.00 | 32.90 | 164.84 | 252.32 | 118.87 | 16.06 | 19.44 |
| AJAXENGG | 590.25 | 67.65 | 6753.13 | 0.00 | 55.60 | 5.15 | 474.60 | 1.73 | 33.76 | 12.46 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 399 | 657 | 469 | 301 | 548 | 756 | 467 | 445 | 434 | 758 | 475 | |
| 333 | 548 | 389 | 262 | 460 | 645 | 405 | 400 | 389 | 643 | 418 | |
| Operating Profit | 67 | 109 | 80 | 39 | 88 | 111 | 61 | 45 | 45 | 115 | 56 |
| OPM % | 16.73% | 16.62% | 17.09% | 12.98% | 16.06% | 14.67% | 13.16% | 10.18% | 10.27% | 15.13% | 11.82% |
| 9 | 13 | 13 | 11 | 7 | 12 | 13 | 10 | 10 | 13 | 18 | |
| Interest | 0 | 1 | 0 | 1 | 1 | -2 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 2 | 3 |
| Profit before Tax | 72 | 119 | 90 | 47 | 92 | 122 | 71 | 53 | 52 | 126 | 74 |
| Tax % | 25.51% | 25.68% | 25.43% | 28.03% | 25.61% | 25.56% | 25.47% | 25.75% | 26.05% | 24.60% | 25.17% |
| Net Profit | 54 | 88 | 67 | 34 | 68 | 91 | 53 | 39 | 38 | 95 | 56 |
| 4.71 | 7.72 | 5.86 | 2.97 | 5.95 | 7.95 | 4.62 | 3.41 | 3.34 | 8.30 | 4.86 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|
| 742 | 763 | 1,151 | 1,741 | 2,074 | 2,111 | |
| 614 | 674 | 980 | 1,466 | 1,756 | 1,850 | |
| Operating Profit | 128 | 89 | 171 | 276 | 318 | 261 |
| OPM % | 17.20% | 11.72% | 14.83% | 15.82% | 15.34% | 12.34% |
| 11 | 10 | 21 | 39 | 44 | 52 | |
| Interest | 1 | 0 | 1 | 2 | 0 | 0 |
| Depreciation | 8 | 8 | 9 | 10 | 11 | 10 |
| Profit before Tax | 129 | 90 | 183 | 302 | 351 | 305 |
| Tax % | 24.70% | 26.78% | 25.71% | 25.43% | 25.87% | 25.19% |
| Net Profit | 97 | 66 | 136 | 225 | 260 | 228 |
| EPS | 3405.08 | 1157.42 | 11.88 | 19.68 | 22.73 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 22.06% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 40%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 58%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- -13%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- 21%
- 3 Years:
- 25%
- Last Year:
- 25%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| Equity Capital | 3 | 3 | 11 | 11 | 11 |
| 509 | 575 | 702 | 903 | 1,138 | |
| 1 | 7 | 11 | 8 | 2 | |
| Trade Payables | 138 | 58 | 160 | 209 | 223 |
| 80 | 91 | 81 | 105 | 109 | |
| Total Liabilities | 731 | 735 | 967 | 1,236 | 1,482 |
| 112 | 109 | 167 | 167 | 176 | |
| Capital Work in Progress | 0 | 7 | 6 | 17 | 21 |
| 81 | 296 | 495 | 625 | 656 | |
| 254 | 172 | 173 | 227 | 258 | |
| 0 | 0 | 0 | 88 | 165 | |
| Cash & Bank | 153 | 23 | 9 | 71 | 67 |
| 131 | 128 | 118 | 40 | 140 | |
| Total Assets | 731 | 735 | 967 | 1,236 | 1,482 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| 94 | 110 | 232 | 207 | 43 | |
| Cash from Investing | -7 | -129 | -193 | -116 | -35 |
| Cash from Financing | 0 | -0 | -0 | -25 | -26 |
| 65 | -44 | -9 | 66 | -17 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-07 - Ajax Engineering Limited has informed the Exchange about Resignation of Director/KMP/SMP
2026-09-07 - Ajax Engineering Limited has informed the Exchange regarding Resignation of Mr Ketan Pendse as Chief Financial Officer of the company w.e.f. September 07, 2026.
2026-09-05 - Ajax Engineering Limited has informed the Exchange about Copy of Newspaper Publication
2026-09-05 - Ajax Engineering Limited has informed the Exchange regarding 'Pursuant to Regulation 30 read with Regulation 36(1)(b) of the SEBI (LODR) regulation, 2015 the company has dispatched a letter providing web-link and all the necessary details for accessing the Annual report of the company to the all shareholders whose email ID is not registered with company/depository participants'.
2026-09-04 - Ajax Engineering Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 28, 2026
2026-09-04 - Ajax Engineering Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 28, 2026
2026-09-03 - Ajax Engineering Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-26 - Ajax Engineering Limited has informed the Exchange regarding Allotment of 4516 Shares.
2026-08-13 - Ajax Engineering Limited has informed the Exchange about Transcript
News
Recent coverage and analyst commentary for AJAXENGG
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