| Metric | Value (₹ Cr) | Q2 FY26 | Q3 FY25 |
|---|---|---|---|
| Revenue | 433.55 | 2.5% | 20.9% |
| Total Income | 446.81 | 1.8% | 19.5% |
| Expenditure | 391.99 | 2.6% | 15.4% |
| PBT | 51.71 | 1.7% | 43.5% |
| Net Profit | 38.24 | 2.1% | 43.9% |
| OPM | 9.55% | 0.62pp | 5.28pp |
| NPM | 8.56% | 0.03pp | 3.71pp |
| EPS | 3.34 | 2.0% | 43.9% |
Ajax Engineering Reports 2% Y-o-Y Revenue Growth in 9M FY26; Non-SLCM, Services Gain Momentum
12 Feb 2026 · 12 Feb, 7:42 pm
Summary
Ajax Engineering, a leading concreting equipment manufacturer, reported a 2% year-on-year revenue growth in 9M FY26, with non-SLCM and Spares and Services revenue growing by 4.5% and 14% respectively. Q3 FY26 was impacted by monsoon, emission transition, slower project execution, and cash flow challenges, resulting in a 20.9% decrease in Q3 revenue from operations. Despite these headwinds, Ajax Engineering maintained its leadership and market share in SLCM and grew its non-SLCM and Spares and Services business. Adjusted EBITDA for Q3 FY26 stood at 48 crore, with an EBITDA margin of 11.0%. For 9M FY26, adjusted EBITDA stood at 154 crore, with an EBITDA margin of 11.5%. Profit after tax for Q3 FY26 stood at 38 crore, and for 9M FY26, it stood at 130 crore.
Key Highlights
- 1
2% Y-o-Y revenue growth in 9M FY26
- 2
4.5% growth in non-SLCM revenue in 9M FY26
- 3
14% growth in Spares and Services revenue in 9M FY26
- 4
20.9% decrease in Q3 revenue from operations
- 5
Maintained leadership and market share in SLCM
- 6
Adjusted EBITDA for Q3 FY26 stood at 48 crore
- 7
EBITDA margin of 11.0% for Q3 FY26
- 8
Adjusted EBITDA of 154 crore for 9M FY26
- 9
EBITDA margin of 11.5% for 9M FY26
- 10
Profit after tax for Q3 FY26 stood at 38 crore
- 11
Profit after tax for 9M FY26 stood at 130 crore
Management Comments
Mr. Shubhabrata Saha
Managing Director & Chief Executive Officer of Ajax Engineering
The last few quarters have been a period of transition for the industry, with extended monsoons, changes in emission norms and slower project execution impacting demand. Despite this, we continued to make progress in strengthening our portfolio, with steady growth in our non-SLCM and spares and services businesses. As we introduce our new CEV-5 machines, our approach has been to closely track performance, gather customer feedback and calibrate pricing in line with market response, with a clear focus on long-term sustainability. While higher production costs linked to the emission transition weighed on margins, we expect operating leverage, process efficiencies and calibrated pricing actions to support profitability in FY27. We remain confident in the long-term growth trajectory of our business and will continue to invest. The government’s continued focus on infrastructure and the ongoing shift towards mechanised construction are expected to support demand, and we remain committed to maintaining our leadership in SLCM while building scale in the non-SLCM segment.
Informational and educational content only. Not investment advice.