Ajax Engineering Limited, incorporated in July 1992, is a prominent manufacturer of a wide array of concrete equipment and provides comprehensive services across the entire value chain. The company was initially established as Ajax Fiori Engineering (India) Private Limited on July 3, 1992, in Bengaluru, Karnataka. Through a Scheme of Arrangement, its name was changed to Ajax Engineering Private Limited on March 15, 2019. Subsequently, it transitioned to a Public Limited company, and its name was updated to Ajax Engineering Limited on September 23, 2024.
The company specializes in the manufacturing of self-loading concrete mixers (SLCMs), concrete batching plants, and concrete pumps, which find extensive application across various infrastructure and construction sectors. As of September 30, 2024, Ajax Engineering has developed an impressive portfolio of 141 concrete equipment variants for the value chain and has sold over 29,800 units in India over the past decade. The company's concrete equipment is utilized in critical infrastructure projects, including transportation networks like roads, railway lines, underground tunnels, elevated tracks, flyovers, and bridges, as well as in irrigation projects such as canals, dams, and water treatment plants, and diverse construction sectors.
With an extensive range of over 110 equipment variants, Ajax Engineering has successfully sold more than 27,800 units in India during the last 10 years. The company offers a holistic suite of concrete equipment, services, and solutions that cater to every stage of the concrete application value chain. As of September 30, 2024, its dedicated design, engineering, and development team comprises 79 full-time employees, representing approximately 15.96% of its total workforce.
Ajax Engineering operates four manufacturing facilities in Karnataka, situated in Obadenahalli, Gowribidanur, and Bashettihalli. Each facility is specialized for different product lines, with the Obadenahalli facility being particularly significant. The company boasts a widespread network of 51 dealerships across 23 states in India, totaling 114 touchpoints, which include 51 headquarters and 63 branches, with 34 of these locations also functioning as service centers. Furthermore, Ajax Engineering has established a strong international presence with 25 dealers and distributors spread across South and Southeast Asia, the Middle East, and Africa.
Ajax Engineering shares were listed on the BSE and NSE on February 17, 2025. The initial public offer (IPO) price band for Ajax Engineering was set at ₹629 per share. The company's shares debuted on both exchanges at a discount. On the NSE, the stock opened at ₹576, representing an 8.42% discount, while on the BSE, the shares were listed at a discounted price of ₹593, reflecting a 5.72% discount from the issue price of ₹629.
The IPO of Ajax Engineering was subscribed 6.45 times. The bidding period for the issue ran from February 10, 2025, to February 12, 2025. The price band for the IPO was fixed between ₹599 to ₹629 per share. Ajax Engineering successfully raised ₹379.32 crore from anchor investors.
As of May 20, 2025, the share price of Ajax Engineering Ltd (AJAXENGG) on the NSE stands at ₹673.55. The current market capitalization of Ajax Engineering Ltd (AJAXENGG) is ₹7,983.31 crores. The current Price-to-Earnings (PE) ratio for Ajax Engineering Ltd (AJAXENGG) is 31.03, and the Price-to-Book (PB) ratio is 8.02.
FY2025 Financial Results:
The company reported a net profit of ₹90.95 crore for the quarter ended March 2025, marking a 3.04% increase from ₹88.27 crore in the previous quarter ended March 2024. Sales for the quarter ended March 2025 rose by 15.00% to ₹755.75 crore, compared to ₹657.20 crore in the corresponding period of the previous year. For the full fiscal year, net profit grew by 15.52% to ₹260.10 crore for the year ended March 2025, up from ₹225.15 crore in the previous year ended March 2024. Sales increased by 19.09% to ₹2073.92 crore for the year ended March 2025, compared to ₹1741.40 crore in the previous year.
Ajax Engineering posted a revenue of ₹20,739 million in FY25, an increase of 19.1% year-on-year. Profit grew by 15.5% despite facing regulatory challenges. Significant growth was observed across the SLCM, non-SLCM, and spares segments.
Key Financial Highlights for FY2025:
- Revenue: ₹2,074 crores (19% YoY growth)
- Net Profit: ₹260 crores (15.5% YoY growth)
- Market Cap: ₹7,221 crores
- Promoter Holding: 80.0%
The company has demonstrated robust financial performance, with a 19% revenue growth in FY25, primarily driven by strong demand for its self-loading concrete mixers and a notable increase in its spares and service business. Despite encountering challenges such as escalating material costs and a competitive market environment, Ajax Engineering remains optimistic about its long-term growth prospects. This optimism is fueled by strategic market expansions and a continuous focus on enhancing product reliability. The establishment of a dedicated Business-to-Business (B2B) team is aimed at strengthening relationships with institutional buyers. Moreover, proactive inventory management strategies position the company to effectively capitalize on emerging market opportunities.
The company has successfully reduced its debt and is now virtually debt-free. Ajax Engineering has delivered consistent and good profit growth, with a Compound Annual Growth Rate (CAGR) of 21.2% over the last five years.
Krishnaswamy Vijay serves as the Whole-time Director and Executive Chairman of the company. He holds a bachelor's degree in technology (mechanical engineering) from the Indian Institute of Technology, Madras, and has been associated with the company since its incorporation, bringing 41 years of extensive experience in the manufacturing sector.
Shubhabrata Saha is the Managing Director and Chief Executive Officer of the company. He possesses a bachelor's degree in science (engineering) from Aligarh Muslim University and a master's degree in management studies from Bombay University. He brings 23 years of valuable experience in the manufacturing sector.
Ajax Engineering stands as a prominent player in India's concrete equipment manufacturing sector, characterized by a strong track record of growth, a robust operational infrastructure, and strategic positioning to capitalize on the nation's infrastructure development initiatives. The company's recent IPO listing and its strong financial performance underscore its significant potential within the expanding construction equipment market.
