Ajax Engineering Ltd. · NSE:AJAXENGG
Ajax Engineering — Q4 FY26 Earnings Presentation
38 slides from Ajax Engineering's earnings presentation, May 18, 2026
Slide 1: Exchange filing cover letter: Analysts/Investors' Presentation
REGISTERED OFFICE: AJAX ENGINEERING LIMITED (formerly known as Ajax Engineering Private Limited) CIN: L28245KA1992PLC013306 #253/1, 11 Main, Phase III, Peenya Industrial Area, Bengaluru – 560 058, Karnataka, India. T: +91 80 67200082/83 Toll Free No.: 1-800-419-0628 E: customercare@ajax-engg.com www
Slide 2: Ajax Engineering Limited Investor Presentation – May 2026
Ajax Engineering Limited Investor Presentation – May 2026
Slide 3: Safe Harbour
Safe Harbour This presentation and the accompanying slides (the “Presentation”), which have been prepared by Ajax Engineering Limited (the “Company” / “Ajax”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe fo
Slide 4: Financial & Operational Highlights Q4 and FY26
Financial & Operational Highlights Q4 and FY26
Slide 5: Industry and Macroeconomic Factors in FY26
Industry and Macroeconomic Factors in FY26 • Budgeted Central capex of ₹ 11.21 crs was revised down to ₹ 10.96 crs • Actual spending considerably lower than budgeted - Only 55% spent till December Lower Government 2025 (9 Months) Capex Spending • Lower capex execution in key states like Maharashtra,
Slide 6: FY26 Key Highlights
FY26 Key Highlights ₹ 21,025 mn -4% Ajax v/s 73.5% ~2% Revenue FY26 -11% Industry Leadership Position Price Hike in Q4FY26 4th consecutive year of growth. Outperformed Industry Revenue growth in FY26 despite Regained Market Leadership Price Hike taken in Q4 FY26 despite multiple external challenges
Slide 7: Performance Summary and Outlook
Performance Summary and Outlook Reflecting on the Q4 and FY26 performance, Mr. Shubhabrata Saha, Managing Director & Chief Executive Officer of Ajax Engineering, said: “While India’s infrastructure sector remains positive over the longer term, the industry continues to face near-term challenges. Dur
Slide 8: Financial Highlights – Q4 & FY26
Financial Highlights – Q4 & FY26 Revenue (₹ Mn) EBITDA (₹ Mn) PAT (₹ Mn) +1% -16% -13% • Revenue in Q4 FY26 stood at ₹ 7,577 20,739 21,025 3,181 2,601 Mn, remaining broadly in line with Q4 2,658 2,251 FY25 despite slightly lower volumes compared to the previous year, 0% +3% +4% supported by selectiv
Slide 9: Segmental and Operational Highlights – Q4 & FY26
Segmental and Operational Highlights – Q4 & FY26 Revenue 84% 84% 87% 86% 9% 9% 8% 9% 7% 7% 5% 5% Mix (%) SLCM (₹ Mn) Non-SLCM (₹ Mn) Spares & Services (₹ Mn) 1,934 1,517 1,813 1,395 Segment-wise Revenue 17,532 17,575 (₹ Mn) 6,552 6,525 588 654 417 398 FY25 FY26 Q4 FY25 Q4 FY26 FY25 FY26 Q4 FY25 Q4 F
Slide 10: Q-o-Q Evolution
Q-o-Q Evolution Revenue (₹ Mn) EBITDA (₹ Mn) 7,558 7,577 1,108 1,147 • Resilience of our business 4,665 4,448 4,335 614 model ensured strong revenue, 453 445 gross margin, and EBITDA in Q4 FY26. Q4 Q1 Q2 Q3 Q4 Q4 Q1 Q2 Q3 Q4 • Achieved revenue performance FY25 FY26 FY26 FY26 FY26 FY25 FY26 FY26 FY26
Slide 11: Prudent Capital Allocation and Strong Cash Position
Prudent Capital Allocation and Strong Cash Position OCF to EBITDA (1) FCFF to EBITDA (2) 141.9% 131.6% 108.2% 98.4% 93.6% 77.9% 75.3% 67.4% 86.5% 79.2% 20.6% 13.4% FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 Net Working Capital Days (3) Cash Position (₹ Mn) (4) 93 11,208 6,947 7,224 49 5,020 3
Slide 12: Strong Return Ratios Track Record
Strong Return Ratios Track Record Return on Assets (1) Return on Capital Employed (2) 18.2% 17.5% 32.8% 30.2% 14.1% 25.3% 12.9% 21.6% 9.0% 15.5% 14.3% 25.1% FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 Return on Equity (3) Return on Invested Capital (4) 24.5% 82.0% 22.5% 19.0% 64.4% 16.2% 52.0%
Slide 13: Profit & Loss Statement – Q4 & FY26
Profit & Loss Statement – Q4 & FY26 Profit & Loss Statement (₹ Mn) FY26 FY25 Y-o-Y Q4 FY26 Q4 FY25 Y-o-Y - SLCM Revenue 17,575 17,532 0.2% 6,525 6,552 -0.4% - Non-SLCM Revenue 1,934 1,813 6.6% 654 588 11.1% - Spares & Services Revenue 1,517 1,395 8.7% 398 417 -4.5% Total Revenue from Operations 21,0
Slide 14: Balance Sheet
Balance Sheet ASSETS (INR Mn) Mar-26 Mar-25 EQUITY AND LIABILITIES (INR Mn) Mar-26 Mar-25 Non-Current Assets Equity - Property, Plant and Equipment 1,324 1,258 - Equity Share Capital 114 114 - Capital Work-in-Progress 350 206 - Other Equity 13,808 11,457 - Intangible Assets 10 12 Total Equity 13,922
Slide 15: Abridged Cash Flow Statement
Abridged Cash Flow Statement Cash Flow Statement (INR Mn) FY26 FY25 Profit/(Loss) Before Tax 3,012 3,509 Adjustments for Non-Cash and Non-Operational Expenses / (Incomes) -46 -68 Operating Profit / (Loss) Before Working Capital Changes 2,966 3,441 Changes in Working Capital 1,586 -2,133 Cash generat
Slide 16: Overview of Ajax Engineering
Overview of Ajax Engineering
Slide 17: About Ajax Engineering
About Ajax Engineering 1 2 3 4 ~73.5% 33k+ 140+ 4+1 Market Share in Concrete Equipment Concrete Equipment Operational + Upcoming Indian SLCM Market (1) Sold in Last 10 Years (2) Variants (2) Assembling & Manufacturing Facilities (2) Lean Assembly Market & Manufacturing, Leadership With Large Dealer
Slide 18: Comprehensive Product Portfolio
Comprehensive Product Portfolio Production Transportation Placement Paving Printing SLCM | Batching Plant Transit Mixer Self-Propelled Boom Pump Concrete Slip-Form Paver 3D Concrete Printer Application across Infrastructure & Real Estate Projects Roadways Waterways Irrigation Renewable Energy Airpor
Slide 19: Integrated Platform across the Value Chain
Integrated Platform across the Value Chain Core Ethos Design, Develop and Engineer Innovative and High-quality Concrete Equipment Distribution and After-Sales Support Design and Engineering ✓ Large dealer network with 132 customer touchpoints ✓ 66 employees in Designing, Engineering and Development
Slide 20: Market Leadership in SLCM segment
Market Leadership in SLCM segment Highlights ✓ Pioneer of SLCMs in India in 1992 | Leader in Indian SLCM market (1) ✓ Highest SLCM resale value (2) driven by high quality and reliability of products and strong after-sales service ✓ First-mover advantage in India – 33 years since inception ✓ Second l
Slide 21: Long Standing Diverse Customer Base
Long Standing Diverse Customer Base Serving Diverse Range of End Customers Individual Small and Mid-sized Rental Large Construction Govt. Construction Contractors Contracting Firms Companies Companies Agencies Customer Base grew at 20% CAGR (in ‘000s) ✓ No customer concentration risk 23 +20% 21 ✓ Lo
Slide 22: Tech-led Assembly and Manufacturing Facilities
Tech-led Assembly and Manufacturing Facilities Existing Upcoming Location Bashettihalli Gowribidanur Obadenahalli Adinarayanahosahalli Among the largest SLCM Facilities Globally Year Established 1992 2014 2018 SLCM | Concrete Pump | Batching Plants | Fungible capabilities to Products Manufactured SL
Slide 23: R&D-driven Products Address Diverse Customer Requirements
R&D-driven Products Address Diverse Customer Requirements Key Features Across Select Product Categories SLCMs Batching Plants Boom Pumps Slip Form Pavers SCADA-based Load Cell Weighing System Hoppers and S-valves Oscillation Correction Beams Control Panel Planetary Reversible Pre-Programmed Steering
Slide 24: Our Innovations Track Record
Our Innovations Track Record Only Indian company to have developed a Slip-Form Paver entirely in house in 2019. Self-Loading Concrete Machine with Load Cell ✓ Ensures quality assurance in concrete production. ✓ Recognized by Legal Metrology Department of the Government of India. ✓ Used across Govern
Slide 25: Strong Market Reach with a Large Dealer Network
Strong Market Reach with a Large Dealer Network Pan-India Dealer Network… ✓ All dealers are exclusive to Ajax in the concrete equipment market Srinagar Headquarters Jammu Headquarters & Branches with Service Mandi Dehradun Center Branches ✓ Dealer Support | Training, financing assistance, sales ince
Slide 26: Driving Growth through Strategies
Driving Growth through Strategies Maintain leadership position and grow market Improving operational Explore opportunities for share of SLCM portfolio efficiencies inorganic growth Strengthen capabilities and Increase presence in increase market share of overseas markets through non-SLCM portfolio e
Slide 27: Experienced Board of Directors
Experienced Board of Directors Krishnaswamy Vijay Executive Chairman & Whole Time Director Tractors Engineer | Larsen & Toubro D. A. Prasanna Rajan Wadhera Independent Director Jayashree Sadagopan Sachin Nandgaonkar Tata Services | Wipro GE Medical Independent Director Nominee Director Independent D
Slide 28: Professional Management Team
Professional Management Team Ganesh B. J. Shubhabrata Saha Interim Chief Financial Officer Managing Director & Chief Executive Officer Ernst & Young | Coffee Day Global | Medlife | Unacademy | Mahindra & Mahindra | Mangalore Chemicals & Fertilizers Phone Pe Anshul Joshi Joseph Peeris Shruti Vishwana
Slide 29: Ajax in a nutshell…
Ajax in a nutshell… ✓ Market leadership in a large and fast-growing SLCM market Market ✓ Concrete equipment, services and solutions across concrete application value chain Leadership 01 02 ✓ Large dealer network with widespread distribution model ✓ Diversified customer base with longstanding relatio
Slide 30: Industry Overview
Industry Overview
Slide 31: Cement and Concrete critical to India's development
Cement and Concrete critical to India’s development Cement Consumption in India (mn tons p.a.) Per Capita Cement Consumption in CY23 (kg) +8% 595 470-520 405 325 260 India’s Mechanised Concrete Equipment Industry expected to grow at 24% over FY24-29E FY19 FY24 FY29E India Global Average (₹ Bn) From
Slide 32: Mechanized Concrete Equipment expected to outperform Manual Mixers
Mechanized Concrete Equipment expected to outperform Manual Mixers Mechanized Concrete Equipment is projected to outperform Manual Mixers with penetration increasing to ~41% of domestic concrete consumption and ~28% of concrete equipment sales volume by FY29. 1,083 1,351 1,985 CAGR CAGR 1,07,613 1,4
Slide 33: Historical Financial Highlights
Historical Financial Highlights
Slide 34: Historical Financial Highlights
Historical Financial Highlights Revenue from Operations (₹ Mn) EBITDA (₹ Mn) PAT (₹ Mn) +29% +31% +36% 20,739 21,025 3,181 2,601 17,414 2,755 2,658 2,251 2,251 11,511 1,707 1,359 7,633 905 662 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 Gross Margin (%) EBITDA Margin (
Slide 35: Historical Profit & Loss Statement
Historical Profit & Loss Statement Profit & Loss Statement (₹ Mn) FY26 FY25 FY24 FY23 FY22 CAGR (FY22-26) Revenue from Operations - SLCM 17,575 17,532 14,825 9,562 5,911 31% - Non-SLCM 1,934 1,813 1,541 1,079 995 18% - Spares & Services 1,517 1,395 1,048 871 727 20% Total Revenue from Operations 21,
Slide 36: Historical Balance Sheet
Historical Balance Sheet ASSETS (₹ Mn) Mar-26 Mar-25 Mar-24 Mar-23 Mar-22 EQUITY AND LIABILITIES (₹ Mn) Mar-26 Mar-25 Mar-24 Mar-23 Mar-22 Non-Current Assets Equity - Property, Plant and Equipment 1,324 1,258 1,157 1,142 1,050 - Equity Share Capital 114 114 114 114 29 - Capital Work-in-Progress 350
Slide 37: Historical Abridged Cash Flow Statement
Historical Abridged Cash Flow Statement Cash Flow Statement (₹ Mn) FY26 FY25 FY24 FY23 FY22 Profit/(Loss) Before Tax 3,012 3,509 3,019 1,829 904 Adjustments for Non-Cash and Non-Operational Expenses / (Incomes) -46 (68) (85) 30 96 Operating Profit / (Loss) Before Working Capital Changes 2,966 3,441
Slide 38: Thank You
Thank You Company: Ajax Engineering Limited Investor Relations: Strategic Growth Advisors Pvt. Ltd. www.sgapl.net CIN: L28245KA1992PLC013306 www.sgapl.net CIN: U74140MH2010PTC204285 Ms. Shruti Shetty – Company Secretary & Compliance Officer Email: complianceofficer@ajax-engg.com Mr. Sagar Shroff / M