Ajax Engineering Ltd.

•

₹ 565.65-0.13%

2026-08-21

ajax-engg.comBSE: 544356NSE: AJAXENGG

Market Cap₹ 6,473 Cr.

Current Price₹ 566

High / Low₹ 728 / 395

Stock P/E64.8

Book Value—

Price to Book—

Dividend Yield0.00 %

ROCE33.8 %

ROE27.4 %

Face Value₹ 1

Add ratio to table

ABOUT

KEY POINTS

PROS

Company is almost debt free
Company has a healthy return on capital (ROCE) of 60.4%
Company has a good return on equity (ROE) track record: 3 Years ROE 43.9%
Company comfortably covers its interest (209.4x coverage)
Company generates healthy free cash flow

CONS

Promoter holding has decreased over last 2 years: -13.5pp
Working capital days have increased from 59 to 129 days
Inventory has been piling up - inventory days up from 38 to 72
Though reporting repeated profits, the company pays out little dividend (0.0%)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

EDIT COLUMNS

Capital GoodsCapital GoodsEngineering - Industrial Equipments

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name	CMP Rs.	P/E	Mar Cap Rs.Cr.	Div Yld %	NP Qtr Rs.Cr.	Qtr Profit Var %	Sales Qtr Rs.Cr.	Qtr Sales Var %	ROCE %	OPM %
1.	BHEL	418.50	59.91	145724.35	0.33	376.71	182.70	7697.72	40.29	9.24	6.69
2.	THERMAX	4024.55	80.82	47955.05	0.50	21.79	-85.61	2302.73	7.09	15.85	2.98
3.	INDOMIM	966.60	89.58	47796.52	0.61	2401.22	—	12187.42	—	24.48	33.36
4.	KIRLOSENG	2081.95	55.47	30296.51	0.34	111.06	-20.05	1999.53	13.36	14.46	15.02
5.	JYOTICNC	951.90	67.29	21648.40	0.00	57.14	-19.99	508.47	23.97	23.88	21.40
6.	AZAD	2827.20	131.38	18258.55	0.00	35.16	19.46	172.60	25.90	12.28	37.29
7.	TRITURBINE	569.95	53.88	18118.62	0.75	51.10	-20.65	442.70	19.23	35.95	11.59
8.	INOXINDIA	1932.55	68.83	17540.50	0.10	58.07	-4.98	370.79	9.18	33.54	20.46
9.	LLOYDSENGG	92.99	64.48	14423.11	0.27	68.23	-77.28	527.15	142.92	17.99	15.04
10.	TEGA	1724.35	613.12	12954.64	0.12	-108.25	-406.36	1723.44	383.99	18.56	3.27
11.	KRN	1502.65	101.46	9836.12	0.00	32.90	164.84	252.32	118.87	21.21	19.44
12.	AJAXENGG	565.80	64.84	6473.14	0.00	55.60	5.15	474.60	1.73	33.76	12.46

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

No quarterly results found

We don't have this information yet. Please check back later.

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2018	Mar 2019	Mar 2020
	979	1,154	755
	713	894	620
Operating Profit	274	276	141
OPM %	28	24	19
Other Income	7	16	7
Interest	1	17	1
Depreciation	4	6	8
	269	240	133
Tax %	35	35	25
Net Profit	174	156	100
EPS	5,334	5,453	3,490
Dividend Payout %	0	0	0
Minority Interest	0	0	0
Share of Associates	0	0	0
Adjusted EPS	13	14	9
Minority Interest	0	0	0
Share of Associates	0	0	0
Adjusted EPS	13	14	9

Mar 2018

: 979
: 713
Operating Profit: 274
OPM %: 28
Other Income: 7
Interest: 1
Depreciation: 4
: 269
Tax %: 35
Net Profit: 174
EPS: 5,334
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 13
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 13

Mar 2019

: 1,154
: 894
Operating Profit: 276
OPM %: 24
Other Income: 16
Interest: 17
Depreciation: 6
: 240
Tax %: 35
Net Profit: 156
EPS: 5,453
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 14
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 14

Mar 2020

: 755
: 620
Operating Profit: 141
OPM %: 19
Other Income: 7
Interest: 1
Depreciation: 8
: 133
Tax %: 25
Net Profit: 100
EPS: 3,490
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 9
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 9

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: —
3 Years:: —

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: —

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: -18%

RETURN ON EQUITY

10 Years:: —
5 Years:: —
3 Years:: 44%
Last Year:: 27%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2018	Mar 2019	Mar 2020
LIABILITIES	-	-	-
Equity Capital	3	3	3
	313	312	412
	4	15	15
Trade Payables	119	109	82
	70	70	43
Total Liabilities	510	508	554
ASSETS	-	-	-
	70	113	113
Capital Work in Progress	22	12	1
	247	98	201
	89	154	143
	0	0	0
Cash & Bank	13	9	3
	70	122	93
Total Assets	510	508	554
Total Debt	41	43	15
Net Working Capital	248	186	266
Contingent Liabilities	15	15	13
Book Value per Share	9733.89	11009.13	14490.91
Face Value	100.00	100.00	100.00
Total Debt	41	43	15
Net Working Capital	248	186	266
Contingent Liabilities	15	15	13
Book Value per Share	9733.89	11009.13	14490.91
Face Value	100.00	100.00	100.00

Mar 2018

Equity Capital: 3
: 313
: 4
Trade Payables: 119
: 70
Total Liabilities: 510
: 70
Capital Work in Progress: 22
: 247
: 89
: 0
Cash & Bank: 13
: 70
Total Assets: 510
Total Debt: 41
Net Working Capital: 248
Contingent Liabilities: 15
Book Value per Share: 9733.89
Face Value: 100.00
Total Debt: 41
Net Working Capital: 248
Contingent Liabilities: 15
Book Value per Share: 9733.89
Face Value: 100.00

Mar 2019

Equity Capital: 3
: 312
: 15
Trade Payables: 109
: 70
Total Liabilities: 508
: 113
Capital Work in Progress: 12
: 98
: 154
: 0
Cash & Bank: 9
: 122
Total Assets: 508
Total Debt: 43
Net Working Capital: 186
Contingent Liabilities: 15
Book Value per Share: 11009.13
Face Value: 100.00
Total Debt: 43
Net Working Capital: 186
Contingent Liabilities: 15
Book Value per Share: 11009.13
Face Value: 100.00

Mar 2020

Equity Capital: 3
: 412
: 15
Trade Payables: 82
: 43
Total Liabilities: 554
: 113
Capital Work in Progress: 1
: 201
: 143
: 0
Cash & Bank: 3
: 93
Total Assets: 554
Total Debt: 15
Net Working Capital: 266
Contingent Liabilities: 13
Book Value per Share: 14490.91
Face Value: 100.00
Total Debt: 15
Net Working Capital: 266
Contingent Liabilities: 13
Book Value per Share: 14490.91
Face Value: 100.00

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2018	Mar 2019	Mar 2020
	181	41	131
Cash from Investing	-195	131	-109
Cash from Financing	28	-172	-28
	14	1	-7
Free Cash Flow	181	4	131
OCF / Net Profit	1.04	0.26	1.31
Cumulative 5-Year FCF	0	0	0
OCF / Net Profit	1.04	0.26	1.31
Cumulative 5-Year FCF	0	0	0

Mar 2018

: 181
Cash from Investing: -195
Cash from Financing: 28
: 14
Free Cash Flow: 181
OCF / Net Profit: 1.04
Cumulative 5-Year FCF: 0
OCF / Net Profit: 1.04
Cumulative 5-Year FCF: 0

Mar 2019

: 41
Cash from Investing: 131
Cash from Financing: -172
: 1
Free Cash Flow: 4
OCF / Net Profit: 0.26
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.26
Cumulative 5-Year FCF: 0

Mar 2020

: 131
Cash from Investing: -109
Cash from Financing: -28
: -7
Free Cash Flow: 131
OCF / Net Profit: 1.31
Cumulative 5-Year FCF: 0
OCF / Net Profit: 1.31
Cumulative 5-Year FCF: 0

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2018	Mar 2019	Mar 2020
PER SHARE	-	-	-
EPS (₹)	5351.01	5453.71	3490.42
Book Value (₹)	9733.89	11009.13	14490.91
Dividend per Share (₹)	0.00	0.00	0.00
Cash EPS (₹)	13.69	14.12	9.42
PROFITABILITY	-	-	-
Operating Margin %	27.97%	23.88%	18.71%
Net Margin %	17.76%	13.51%	13.23%
ROE %	54.97%	49.42%	27.38%
ROCE %	75.50%	71.86%	33.82%
	34.12%	30.66%	18.81%
EFFICIENCY	-	-	-
Debtor Days	17	22	34
Inventory Days	33	38	72
Payable Days	72	55	70
	-21	5	36
FINANCIAL HEALTH	-	-	-
Debt to Equity (x)	0.13x	0.14x	0.04x
Interest Coverage (x)	408.52x	15.29x	209.40x
	2.53x	2.08x	2.94x
GROWTH	-	-	-
Revenue Growth %	0.00%	17.87%	-34.63%
Operating Profit Growth %	0.00%	0.65%	-48.80%
Net Profit Growth %	0.00%	-10.31%	-36.00%
	0.00%	0.00%	0.00%
VALUATION	-	-	-
P/E (x)	0.00x	0.00x	0.00x
P/B (x)	0.00x	0.00x	0.00x
Dividend Yield %	0.00%	0.00%	0.00%
	0.00x	0.00x	0.00x

Mar 2018

EPS (₹): 5351.01
Book Value (₹): 9733.89
Dividend per Share (₹): 0.00
Cash EPS (₹): 13.69
Operating Margin %: 27.97%
Net Margin %: 17.76%
ROE %: 54.97%
ROCE %: 75.50%
: 34.12%
Debtor Days: 17
Inventory Days: 33
Payable Days: 72
: -21
Debt to Equity (x): 0.13x
Interest Coverage (x): 408.52x
: 2.53x
Revenue Growth %: 0.00%
Operating Profit Growth %: 0.00%
Net Profit Growth %: 0.00%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2019

EPS (₹): 5453.71
Book Value (₹): 11009.13
Dividend per Share (₹): 0.00
Cash EPS (₹): 14.12
Operating Margin %: 23.88%
Net Margin %: 13.51%
ROE %: 49.42%
ROCE %: 71.86%
: 30.66%
Debtor Days: 22
Inventory Days: 38
Payable Days: 55
: 5
Debt to Equity (x): 0.14x
Interest Coverage (x): 15.29x
: 2.08x
Revenue Growth %: 17.87%
Operating Profit Growth %: 0.65%
Net Profit Growth %: -10.31%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2020

EPS (₹): 3490.42
Book Value (₹): 14490.91
Dividend per Share (₹): 0.00
Cash EPS (₹): 9.42
Operating Margin %: 18.71%
Net Margin %: 13.23%
ROE %: 27.38%
ROCE %: 33.82%
: 18.81%
Debtor Days: 34
Inventory Days: 72
Payable Days: 70
: 36
Debt to Equity (x): 0.04x
Interest Coverage (x): 209.40x
: 2.94x
Revenue Growth %: -34.63%
Operating Profit Growth %: -48.80%
Net Profit Growth %: -36.00%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Shareholding Pattern

Numbers in percentages

TRADES

	Mar 2022	Mar 2023	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	93.50	93.50	80.00	80.00	80.00	80.00	80.00	80.00	80.00
	0.00	0.00	5.02	5.95	6.47	6.51	6.15	5.65	4.67
	0.00	0.00	5.92	7.92	8.94	9.42	9.71	10.15	11.17
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	6.50	6.50	9.06	6.13	4.59	4.07	4.14	4.19	4.17

Mar 2022

: 93.50
: 0.00
: 0.00
Government: 0.00
: 6.50

Mar 2023

: 93.50
: 0.00
: 0.00
Government: 0.00
: 6.50

Dec 2024

: 80.00
: 5.02
: 5.92
Government: 0.00
: 9.06

Mar 2025

: 80.00
: 5.95
: 7.92
Government: 0.00
: 6.13

Jun 2025

: 80.00
: 6.47
: 8.94
Government: 0.00
: 4.59

Sep 2025

: 80.00
: 6.51
: 9.42
Government: 0.00
: 4.07

Dec 2025

: 80.00
: 6.15
: 9.71
Government: 0.00
: 4.14

Mar 2026

: 80.00
: 5.65
: 10.15
Government: 0.00
: 4.19

Jun 2026

: 80.00
: 4.67
: 11.17
Government: 0.00
: 4.17

Documents

Announcements

Analysts/Institutional Investor Meet/Con. Call Updates
2026-08-13 - Ajax Engineering Limited has informed the Exchange about Transcript
Shareholders meeting
2026-08-10 - Ajax Engineering Limited has submitted the Exchange a copy Srutinizers report of Postal Ballot. Further, the company has informed the Exchange regarding voting results.

Annual Reports

Annual Report FY2025
2025

Credit Ratings

Nothing filed yet.

Concalls

Aug 2026
Transcript PPTREC
May 2026
Transcript PPTREC
Feb 2026
Transcript PPTREC