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 – November 2025
Ajax Engineering Limited Investor Presentation – November 2025
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 Q2 and H1 FY26
Financial & Operational Highlights Q2 and H1 FY26
Slide 5: Management Commentary
Management Commentary Reflecting on the performance, Mr. Shubhabrata Saha, Managing Director & CEO of Ajax Engineering, said: “After a steady performance last year, the last couple of quarters has been a period of challenges and transition. Extended monsoon, change in the emission norms, slower pace
Slide 6: Financial Highlights – Q2 & H1 FY26
Financial Highlights – Q2 & H1 FY26 Revenue (` Mn) EBITDA (` Mn) PAT (` Mn) • Delivered revenue growth of 48% Y-o-Y for Q2FY26 on the +18% -11% -9% back of large sized contracts 9,113 1,192 1,010 delivery in Q2FY26. H1 1,066 919 revenue growth in line with 7,700 +48% the longer-term trajectory. +16%
Slide 7: Segmental and Operational Highlights – Q2 & H1 FY26
Segmental and Operational Highlights – Q2 & H1 FY26 Revenue 80.1% 84.0% 81.5% 83.2% 10.1% 7.6% 10.2% 8.6% 9.8% 8.4% 8.3% 8.1% Mix (%) SLCM (` Mn) Non-SLCM (` Mn) Spares & Others (` Mn) +21% 0% +16% Segment-wise Revenue 7,586 789 787 740 6,274 637 +55% +26% (` Mn) +12% 3,738 371 303 339 295 2,411 Q2F
Slide 8: Profit & Loss Statement – Q2 & H1 FY26
Profit & Loss Statement – Q2 & H1 FY26 Profit & Loss Statement (` Mn) Q2FY26 Q2FY25 Y-o-Y H1FY26 H1FY25 Y-o-Y Revenue from Operations - SLCM 3,738 2,411 55.0% 7,586 6,274 20.9% - Non-SLCM 339 303 11.7% 787 789 -0.2% - Spares & Services 371 295 25.9% 740 637 16.2% Total Revenue from Operations 4,448
Slide 9: Balance Sheet
Balance Sheet ASSETS (INR Mn) Sep-25 Mar-25 EQUITY AND LIABILITIES (INR Mn) Sep-25 Mar-25 Non-Current Assets Equity - Property, Plant and Equipment 1,261 1,258 - Equity Share Capital 114 114 - Capital Work-in-Progress 350 206 - Other Equity 12,412 11,457 - Intangible Assets 9 12 Total Equity 12,526
Slide 10: Abridged Cash Flow Statement
Abridged Cash Flow Statement Cash Flow Statement (INR Mn) H1FY26 H1FY25 Profit/(Loss) Before Tax 1,236 1,371 Adjustments for Non-Cash and Non-Operational Expenses / (Incomes) -18 -78 Operating Profit / (Loss) Before Working Capital Changes 1,218 1,293 Changes in Working Capital -661 -3,303 Cash gene
Slide 11: 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% 16.6% 29.4% FY23 FY24 FY25 FY23 FY24 FY25 Return on Equity (3) Return on Invested Capital 24.5% 97.9% 22.5% 19.0% 61.5% 60.3% 22.0% 73.2% FY23 FY24 FY25 FY23 FY24 FY25 3-year Ave
Slide 12: Overview of Ajax Engineering
Overview of Ajax Engineering
Slide 13: About Ajax Engineering
About Ajax Engineering 1 2 3 4 5 ~71% 12% 32.9k 195 20% Market Share in Concrete Production in India Concrete Equipment Concrete Equipment Share in concrete equipment Indian SLCM Market (1) through Ajax SLCMs (2) Sold in Last 10 Years (3) Variants (4) market vs. 14% in FY22 (2) Lean Assembly Market
Slide 14: Comprehensive Product Portfolio with wide range of applications
Comprehensive Product Portfolio with wide range of applications 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 Ir
Slide 15: 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 143 customer touchpoints ✓ 70 employees in Designing, Engineering and Development
Slide 16: Market Leadership in SLCM segment
Market Leadership in SLCM segment Market Leader in SLCM Increasing Share in Mechanised in India (by volume in FY25) Concrete Equipment Market Leadership Highlights 25.0% 86% 80% ✓ Pioneer of SLCMs in India in 1992 | Leader in Indian SLCM market (1) Market Share Highest SLCM resale value (2) driven b
Slide 17: 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 23% CAGR (in ‘000s) ✓ No customer concentration risk 21 +23% 16 ✓ Lo
Slide 18: 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 19: 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 20: Our Innovations Track Record
Our Innovations Track Record Recent innovations 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. ✓
Slide 21: 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 Headquarters Srinagar Jammu Headquarters & Mandi Branches with Service Center ✓ Dealer Support | Training, financing assistance, sales incentives Dehradun Br
Slide 22: 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 23: Experienced Board of Directors
Experienced Board of Directors Krishnaswamy Vijay Jacob Jiten John Executive Chairman & Whole Time Director Whole Time Director University of Rhode Island | University of Tractors Engineer | Larsen & Toubro Houston | Oracle | OxyLink D. P. Achutarao Independent Director Jayashree Satagopan Raghavan
Slide 24: Professional Management Team
Professional Management Team Shubhabrata Saha Managing Director & Chief Executive Director Anshul Joshi Mahindra & Mahindra | Mangalore Chemicals & Fertilizers Chief Planning & Strategy Officer Mahindra & Mahindra Joseph Peeris Chief People Officer Shruti Vishwanath Shetty Sterlite Industries | ELGI
Slide 25: 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 26: Industry Overview
Industry Overview
Slide 27: 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 28: 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 29: Historical Financial Highlights
Historical Financial Highlights
Slide 30: Historical Financial Highlights
Historical Financial Highlights Revenue from Operations (` Mn) EBITDA (` Mn) PAT (` Mn) +40% +52% +58% 20,739 3,181 2,601 17,414 2,755 2,251 11,511 1,707 1,359 7,633 905 662 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 Gross Margin (%) EBITDA Margin (%) PAT Margin (%) 28.2% 28.1% 26.7
Slide 31: Historical Profit & Loss Statement
Historical Profit & Loss Statement Profit & Loss Statement (` Mn) FY25 FY24 FY23 FY22 CAGR (FY 22-25) Revenue from Operations - SLCM 17,532 14,825 9,562 5,911 44% - Non-SLCM 1,813 1,541 1,079 995 22% - Spares & Services 1,395 1,048 871 727 24% Total Revenue from Operations 20,739 17,414 11,511 7,633
Slide 32: Historical Balance Sheet
Historical Balance Sheet ASSETS (` Mn) Mar-25 Mar-24 Mar-23 Mar-22 EQUITY AND LIABILITIES (` Mn) Mar-25 Mar-24 Mar-23 Mar-22 Non-Current Assets Equity - Property, Plant and Equipment 1,258 1,157 1,142 1,050 - Equity Share Capital 114 114 114 29 - Capital Work-in-Progress 206 173 56 73 - Other Equity
Slide 33: Historical Abridged Cash Flow Statement
Historical Abridged Cash Flow Statement Cash Flow Statement (` Mn) FY25 FY24 FY23 FY22 Profit/(Loss) Before Tax 3,509 3,019 1,829 904 Adjustments for Non-Cash and Non-Operational Expenses / (Incomes) (68) (85) 30 96 Operating Profit / (Loss) Before Working Capital Changes 3,441 2,935 1,859 1,000 Cha
Slide 34: Historical Return Ratios
Historical Return Ratios Return on Assets (1) Return on Capital Employed (2) 18.2% 17.5% 32.8% 30.2% 14.1% 25.3% 9.0% 15.5% FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 Return on Equity (3) Return on Invested Capital (4) 24.5% 97.9% 22.5% 19.0% 61.5% 60.3% 11.5% 24.7% FY22 FY23 FY24 FY25 FY22 FY23 FY24 F
Slide 35: 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