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/E0.0
Book Value₹ 127
Price to Book5.91
Dividend Yield0.00 %
ROCE33.8 %
ROE25.2 %
Face Value₹ 1

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ABOUT

KEY POINTS

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

EDIT COLUMNS
S.No.NameCMP Rs.P/EMar Cap Rs.Cr.Div Yld %NP Qtr Rs.Cr.Qtr Profit Var %Sales Qtr Rs.Cr.Qtr Sales Var %ROCE %OPM %
1.BHEL418.5059.91145724.350.33376.71182.707697.7240.299.246.69
2.THERMAX4024.5580.8247955.050.5021.79-85.612302.737.0915.852.98
3.INDOMIM966.6089.5847796.520.612401.2212187.4224.4833.36
4.KIRLOSENG2081.9555.4730296.510.34111.06-20.051999.5313.3614.4615.02
5.JYOTICNC951.9067.2921648.400.0057.14-19.99508.4723.9723.8821.40
6.AZAD2827.20131.3818258.550.0035.1619.46172.6025.9012.2837.29
7.TRITURBINE569.9553.8818118.620.7551.10-20.65442.7019.2335.9511.59
8.INOXINDIA1932.5568.8317540.500.1058.07-4.98370.799.1833.5420.46
9.LLOYDSENGG92.9964.4814423.110.2768.23-77.28527.15142.9217.9915.04
10.TEGA1724.35613.1212954.640.12-108.25-406.361723.44383.9918.563.27
11.KRN1502.65101.469836.120.0032.90164.84252.32118.8721.2119.44
12.AJAXENGG565.8064.846473.140.0055.605.15474.601.7333.7612.46
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2023
399
333
Operating Profit
OPM %
Other Income
9
Interest
0
Depreciation
3
72
Tax %
25.51%
Net Profit
54
5
Equity Capital
11
Reserves
0
Promoter Pledge %
0.00%
Equity Capital
11
Reserves
0
Promoter Pledge %
0.00%
Mar 2024
657
548
Operating Profit
OPM %
Other Income
13
Interest
1
Depreciation
3
119
Tax %
25.68%
Net Profit
88
8
Equity Capital
11
Reserves
0
Promoter Pledge %
0.00%
Equity Capital
11
Reserves
0
Promoter Pledge %
0.00%
Jun 2024
469
389
Operating Profit
OPM %
Other Income
13
Interest
0
Depreciation
3
90
Tax %
25.43%
Net Profit
67
6
Equity Capital
11
Reserves
0
Promoter Pledge %
0.00%
Equity Capital
11
Reserves
0
Promoter Pledge %
0.00%
Sep 2024
301
262
Operating Profit
OPM %
Other Income
11
Interest
1
Depreciation
3
47
Tax %
28.03%
Net Profit
34
3
Equity Capital
11
Reserves
0
Promoter Pledge %
0.00%
Equity Capital
11
Reserves
0
Promoter Pledge %
0.00%
Dec 2024
548
460
Operating Profit
OPM %
Other Income
7
Interest
1
Depreciation
3
92
Tax %
25.61%
Net Profit
68
6
Equity Capital
11
Reserves
0
Promoter Pledge %
0.00%
Equity Capital
11
Reserves
0
Promoter Pledge %
0.00%
Mar 2025
756
645
Operating Profit
OPM %
Other Income
12
Interest
-2
Depreciation
3
122
Tax %
25.56%
Net Profit
91
8
Equity Capital
11
Reserves
0
Promoter Pledge %
0.00%
Equity Capital
11
Reserves
0
Promoter Pledge %
0.00%
Jun 2025
467
405
Operating Profit
OPM %
Other Income
13
Interest
0
Depreciation
3
71
Tax %
25.47%
Net Profit
53
5
Equity Capital
11
Reserves
0
Promoter Pledge %
0.00%
Equity Capital
11
Reserves
0
Promoter Pledge %
0.00%
Sep 2025
445
400
Operating Profit
OPM %
Other Income
10
Interest
0
Depreciation
3
53
Tax %
25.75%
Net Profit
39
3
Equity Capital
11
Reserves
0
Promoter Pledge %
0.00%
Equity Capital
11
Reserves
0
Promoter Pledge %
0.00%
Dec 2025
434
389
Operating Profit
OPM %
Other Income
13
Interest
0
Depreciation
3
52
Tax %
26.05%
Net Profit
38
3
Equity Capital
11
Reserves
0
Promoter Pledge %
0.00%
Equity Capital
11
Reserves
0
Promoter Pledge %
0.00%
Mar 2026
758
643
Operating Profit
OPM %
Other Income
13
Interest
0
Depreciation
2
126
Tax %
24.60%
Net Profit
95
8
Equity Capital
11
Reserves
0
Promoter Pledge %
0.00%
Equity Capital
11
Reserves
0
Promoter Pledge %
0.00%
Jun 2026
475
418
Operating Profit
OPM %
Other Income
18
Interest
0
Depreciation
3
74
Tax %
25.17%
Net Profit
56
0
Equity Capital
11
Reserves
0
Promoter Pledge %
0.00%
Equity Capital
11
Reserves
0
Promoter Pledge %
0.00%

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2021
742
614
Operating Profit
138
OPM %
19
Other Income
11
Interest
1
Depreciation
8
129
Tax %
25
Net Profit
97
EPS
3,405
Dividend Payout %
0
Minority Interest
0
Share of Associates
0
Adjusted EPS
9
Minority Interest
0
Share of Associates
0
Adjusted EPS
9
Mar 2022
763
674
Operating Profit
99
OPM %
13
Other Income
10
Interest
0
Depreciation
8
90
Tax %
27
Net Profit
66
EPS
1,157
Dividend Payout %
0
Minority Interest
0
Share of Associates
0
Adjusted EPS
6
Minority Interest
0
Share of Associates
0
Adjusted EPS
6
Mar 2023
1,151
980
Operating Profit
192
OPM %
17
Other Income
21
Interest
1
Depreciation
9
183
Tax %
26
Net Profit
136
EPS
12
Dividend Payout %
0
Minority Interest
0
Share of Associates
0
Adjusted EPS
12
Minority Interest
0
Share of Associates
0
Adjusted EPS
12
Mar 2024
1,741
1,466
Operating Profit
314
OPM %
18
Other Income
39
Interest
2
Depreciation
10
302
Tax %
25
Net Profit
225
EPS
20
Dividend Payout %
22
Minority Interest
0
Share of Associates
0
Adjusted EPS
20
Minority Interest
0
Share of Associates
0
Adjusted EPS
20
Mar 2025
2,074
1,756
Operating Profit
362
OPM %
17
Other Income
44
Interest
0
Depreciation
11
351
Tax %
26
Net Profit
260
EPS
23
Dividend Payout %
0
Minority Interest
0
Share of Associates
0
Adjusted EPS
23
Minority Interest
0
Share of Associates
0
Adjusted EPS
23
TTM
2,111
1,850
Operating Profit
OPM %
Other Income
55
Interest
0
Depreciation
10
305
Tax %
25
Net Profit
228
EPS
Dividend Payout %
Minority Interest
0
Share of Associates
0
Adjusted EPS
Minority Interest
0
Share of Associates
0
Adjusted EPS

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:
-18%

RETURN ON EQUITY

10 Years:
5 Years:
21%
3 Years:
25%
Last Year:
25%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Corporate actions

No bonus data found

Mar 2021
Equity Capital
3
509
1
Trade Payables
138
80
Total Liabilities
731
112
Capital Work in Progress
0
81
254
0
Cash & Bank
153
131
Total Assets
731
Total Debt
1
Net Working Capital
349
Contingent Liabilities
11
Book Value per Share
17898.53
Face Value
100.00
Total Debt
1
Net Working Capital
349
Contingent Liabilities
11
Book Value per Share
17898.53
Face Value
100.00
Mar 2022
Equity Capital
3
575
7
Trade Payables
58
91
Total Liabilities
735
109
Capital Work in Progress
7
296
172
0
Cash & Bank
23
128
Total Assets
735
Total Debt
7
Net Working Capital
405
Contingent Liabilities
13
Book Value per Share
20219.37
Face Value
100.00
Total Debt
7
Net Working Capital
405
Contingent Liabilities
13
Book Value per Share
20219.37
Face Value
100.00
Mar 2023
Equity Capital
11
702
10
Trade Payables
160
83
Total Liabilities
967
167
Capital Work in Progress
6
495
173
0
Cash & Bank
9
118
Total Assets
967
Total Debt
10
Net Working Capital
511
Contingent Liabilities
16
Book Value per Share
6238.97
Face Value
100.00
Total Debt
10
Net Working Capital
511
Contingent Liabilities
16
Book Value per Share
6238.97
Face Value
100.00
Mar 2024
Equity Capital
11
903
6
Trade Payables
209
107
Total Liabilities
1,236
167
Capital Work in Progress
17
625
227
88
Cash & Bank
71
40
Total Assets
1,236
Total Debt
6
Net Working Capital
662
Contingent Liabilities
24
Book Value per Share
79.91
Face Value
1.00
Total Debt
6
Net Working Capital
662
Contingent Liabilities
24
Book Value per Share
79.91
Face Value
1.00
Mar 2025
Equity Capital
11
1,138
0
Trade Payables
223
111
Total Liabilities
1,482
176
Capital Work in Progress
21
656
258
165
Cash & Bank
67
140
Total Assets
1,482
Total Debt
0
Net Working Capital
923
Contingent Liabilities
31
Book Value per Share
100.44
Face Value
1.00
Total Debt
0
Net Working Capital
923
Contingent Liabilities
31
Book Value per Share
100.44
Face Value
1.00

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2021
72
Cash from Investing
-7
Cash from Financing
0
65
Free Cash Flow
72
OCF / Net Profit
0.73
Cumulative 5-Year FCF
0
OCF / Net Profit
0.73
Cumulative 5-Year FCF
0
Mar 2022
85
Cash from Investing
-129
Cash from Financing
-0
-44
Free Cash Flow
74
OCF / Net Profit
1.28
Cumulative 5-Year FCF
0
OCF / Net Profit
1.28
Cumulative 5-Year FCF
0
Mar 2023
185
Cash from Investing
-193
Cash from Financing
-0
-9
Free Cash Flow
120
OCF / Net Profit
1.36
Cumulative 5-Year FCF
0
OCF / Net Profit
1.36
Cumulative 5-Year FCF
0
Mar 2024
207
Cash from Investing
-116
Cash from Financing
-25
66
Free Cash Flow
193
OCF / Net Profit
0.92
Cumulative 5-Year FCF
0
OCF / Net Profit
0.92
Cumulative 5-Year FCF
0
Mar 2025
43
Cash from Investing
-35
Cash from Financing
-26
-17
Free Cash Flow
21
OCF / Net Profit
0.16
Cumulative 5-Year FCF
0
OCF / Net Profit
0.16
Cumulative 5-Year FCF
0

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2021
EPS (₹)
3405.31
Book Value (₹)
17898.53
Dividend per Share (₹)
0.00
Cash EPS (₹)
9.21
Operating Margin %
18.63%
Net Margin %
13.13%
ROE %
19.03%
ROCE %
25.40%
13.33%
Debtor Days
29
Inventory Days
125
Payable Days
101
53
Debt to Equity (x)
0.00x
Interest Coverage (x)
146.83x
2.62x
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 2022
EPS (₹)
2314.97
Book Value (₹)
20219.37
Dividend per Share (₹)
0.00
Cash EPS (₹)
6.50
Operating Margin %
12.98%
Net Margin %
8.67%
ROE %
12.15%
ROCE %
16.55%
9.03%
Debtor Days
27
Inventory Days
102
Payable Days
65
64
Debt to Equity (x)
0.01x
Interest Coverage (x)
215.79x
3.68x
Revenue Growth %
2.91%
Operating Profit Growth %
-28.33%
Net Profit Growth %
-32.02%
0.00%
P/E (x)
0.00x
P/B (x)
0.00x
Dividend Yield %
0.00%
0.00x
Mar 2023
EPS (₹)
1187.87
Book Value (₹)
6238.97
Dividend per Share (₹)
0.00
Cash EPS (₹)
12.63
Operating Margin %
16.70%
Net Margin %
11.81%
ROE %
21.04%
ROCE %
28.05%
15.97%
Debtor Days
21
Inventory Days
55
Payable Days
48
27
Debt to Equity (x)
0.01x
Interest Coverage (x)
272.04x
3.10x
Revenue Growth %
50.81%
Operating Profit Growth %
94.04%
Net Profit Growth %
105.27%
0.00%
P/E (x)
0.00x
P/B (x)
0.00x
Dividend Yield %
0.00%
0.00x
Mar 2024
EPS (₹)
19.68
Book Value (₹)
79.91
Dividend per Share (₹)
4.34
Cash EPS (₹)
20.58
Operating Margin %
15.74%
Net Margin %
12.86%
ROE %
27.66%
ROCE %
36.88%
20.44%
Debtor Days
17
Inventory Days
42
Payable Days
53
6
Debt to Equity (x)
0.01x
Interest Coverage (x)
149.95x
3.16x
Revenue Growth %
51.28%
Operating Profit Growth %
63.50%
Net Profit Growth %
65.67%
-98.34%
P/E (x)
0.00x
P/B (x)
0.00x
Dividend Yield %
0.00%
-0.17x
Mar 2025
EPS (₹)
22.73
Book Value (₹)
100.44
Dividend per Share (₹)
0.00
Cash EPS (₹)
23.69
Operating Margin %
15.27%
Net Margin %
12.48%
ROE %
25.21%
ROCE %
33.76%
19.13%
Debtor Days
22
Inventory Days
42
Payable Days
52
13
Debt to Equity (x)
0.00x
Interest Coverage (x)
818.91x
3.94x
Revenue Growth %
19.09%
Operating Profit Growth %
15.28%
Net Profit Growth %
15.52%
15.52%
P/E (x)
26.09x
P/B (x)
5.91x
Dividend Yield %
0.00%
18.55x

Shareholding Pattern

Numbers in percentages

TRADES
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

Annual Reports

Credit Ratings

Nothing filed yet.

Concalls