Financial Performance Summary (₹ million)

Revenue Breakdown:

  • SLCM Revenue: ₹3,877 (Q1 FY27) vs ₹3,848 (Q1 FY26) - 0.8% YoY growth
  • Non-SLCM Revenue: ₹477 (Q1 FY27) vs ₹448 (Q1 FY26) - 6.4% YoY growth
  • Spares & Services Revenue: ₹392 (Q1 FY27) vs ₹369 (Q1 FY26) - 6.2% YoY growth
  • Total Revenue from Operations: ₹4,746 (Q1 FY27) vs ₹4,665 (Q1 FY26) - 1.7% YoY growth

Profitability Metrics:

  • EBITDA: ₹591 (Q1 FY27) vs ₹614 (Q1 FY26) - -3.7% YoY change
  • EBITDA Margin: 12.5% (Q1 FY27) vs 13.2% (Q1 FY26) - -70 bps change
  • Profit After Tax: ₹556 (Q1 FY27) vs ₹529 (Q1 FY26) - 5.2% YoY growth
  • PAT Margin: 11.7% (Q1 FY27) vs 11.3% (Q1 FY26) - +40 bps change

Operational Highlights

Market Position:

  • Increased retail market share in SLCM segment to 75.1% in Q1 FY27 from 69% in Q1 FY26
  • Company attributes market share growth to strength of Ajax brand, depth and reach of distribution network, and strong customer trust
  • Revenue growth supported by price hikes implemented in Q4 FY26 and favorable product mix change

Financial Discipline:

  • Company maintains strong focus on cash flow generation and disciplined working capital management
  • Healthy return ratios maintained
  • Cash balance exceeding ₹11,000 million as of June 2026 provides flexibility for future growth opportunities

Management Commentary

Mr. Shubhabrata Saha, Managing Director & Chief Executive Officer, commented:

  • India's infrastructure sector remains structurally attractive long-term despite near-term headwinds
  • Q1 FY27 challenges included lower-than-expected government capex, slow project execution, and delayed contractor payments
  • Ajax was the only player to raise prices (approximately 2% increase in Q4 FY26) while still expanding market share
  • Demand momentum anticipated to improve in second half of the year
  • Business should be evaluated on annualized and multi-year perspective
  • Company navigating current environment with agility, discipline and financial prudence

Business Overview

Ajax Engineering is one of India's leading concrete equipment manufacturers and pioneer/market leader in Self-Loading Concrete Mixer (SLCM) market with over 70% market share. Product portfolio includes:

  • Self-Loading Concrete Mixers (SLCMs)
  • Batching Plants
  • Transit Mixers
  • Concrete Pumps
  • Boom Pumps
  • Slip-Form Paver (first Indian company to develop)
  • 3D Concrete Printer (first Indian company to develop)

Distribution Model:

  • Lean and asset-light distributor-led model
  • Operates across 26 states in India
  • Widest dealer network in industry with 68 Dealers and 132 customer touch points

Customer Base:

  • Small contractors
  • Mid-size contractors
  • Rental companies
  • Diverse end use cases including rural real estate, rural roads, railways, renewable energy, irrigation