Ajax Engineering reported FY26 revenue of ₹21,025mn, achieving 1.4% growth despite industry headwinds and emission norm transition challenges.
The company regained market leadership with 73.5% share and maintained strong cash position of ₹11,208mn with no debt and improved working capital to 21 days.
Q4 FY26 showed margin recovery with EBITDA margin at 15.1% (up 40bps YoY) supported by 2% price hike and cost optimization measures.
Management highlighted near-term challenges including slower government capex and customer payment delays but remains confident in long-term infrastructure growth prospects.