Ajax Engineering Limited — Investor Meet, 03-06-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Ajax Engineering reported FY25 revenue growth of 19% to Rs. 2,074 Cr, driven by a 19% rise in SLCM sales (Rs. 1,753 Cr, 5,506 units) and strong gains in non-SLCM (+18%) and spares & services (+33%). EBITDA grew 15.5% to Rs. 318 Cr (15.3% margin), with PAT up 15.5% to Rs. 260 Cr. Q4 revenue rose 15% to Rs. 756 Cr, supported by non-SLCM and spares traction; EBITDA edged up 1.5%.

Management noted a smooth shift to BS-V machines, confident despite cost pressures, with growth led by volumes and expanding non-SLCM via a new B2B channel targeting institutional clients. A new facility to boost capacity is expected by H2 FY26. The company remains debt-free with Rs. 690 Cr net cash and normalized working capital. Near-term demand may soften but long-term prospects are strong, supported by after-sales strength and sustained market leadership sentiment.