Event Type: Q4 and FY26 earnings conference call with analysts/investors

Date and Time: The conference call was held on Tuesday, May 19, 2026 at 11:30 a.m. IST

Purpose: Discussion of financial results for the quarter and year ended March 31, 2026 and business outlook

Management Participants:

  • Mr. Shubhabrata Saha - Managing Director and Chief Executive Officer
  • Mr. B J Ganesh - Interim Chief Financial Officer

Availability of Materials: The audio recording and transcript of the presentation are available on the company's website at https://www.ajax-engg.com/investor-relations under corporate announcements. Financial results and investor presentation were uploaded on stock exchanges and the company website.

Financial Period Discussed: Q4 FY26 and Full Year FY26 (year ended March 31, 2026)

Key Financial Highlights:

  • FY26 total revenue: INR 2,103 crores (vs. INR 2,074 crores in FY25)
  • FY26 EBITDA: INR 266 crores (vs. INR 318 crores in FY25)
  • FY26 EBITDA margin: 12.6% (vs. 15.3% in FY25)
  • Q4 FY26 revenue: INR 758 crores (vs. INR 756 crores in Q4 FY25)
  • Q4 FY26 EBITDA: INR 115 crores (4% YoY growth)
  • Q4 FY26 EBITDA margin: 15.1% (vs. 14.7% in Q4 FY25)
  • Cash balance: INR 1,121 crores as of March 2026
  • Working capital: 21 days (lowest in last five years)
  • ROCE and ROE: averaging upwards of 25% and 18% respectively for last five-year period

Business Segment Performance:

  • SLCM revenue for FY26: INR 1,758 crores (largely flat vs FY25)
  • Non-SLCM revenue grew by about 7% driven by volume growth
  • Spares and service revenue grew by about 9% year-on-year in FY26
  • Export revenue: ~INR 103 crores (40% growth in FY26)

Strategic Themes Discussed:

  • Market share recovery from ~70% in Q1 to 73.5% in FY26
  • Successful 2% price increase taken in Q4 (competitors haven't taken any price increase)
  • Transition from CEV4 to CEV5 emission norms completed
  • Udaan volumes: 202 units in FY26, targeting 2-3x growth in FY27
  • Focus on expanding non-SLCM business (pumps and batching plants)
  • Strong cash position enabling evaluation of growth opportunities

Forward-looking Statements:

  • Management expressed confidence in long-term infrastructure growth drivers
  • Expecting stronger second half in FY27
  • Targeting mid to early double-digit growth
  • Medium-term goal to return to 13-15% EBITDA margin range
  • Export growth target of 20-25% for FY27

Additional Notes Section

Attachments: The filing includes the complete transcript of the conference call held on May 19, 2026.

Financial Data Disclosure: The announcement contains extensive financial data and performance metrics from the earnings call.

Compliance Language: The document contains standard forward-looking statement disclaimer noting that statements are based on beliefs, opinions and expectations as of the call date and are not guarantees of future performance.