Ajax Engineering Limited — Investor Meet, 12-08-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Ajax Engineering's Q1 FY26 revenue was flat at Rs. 467 Cr. Gross margins compressed to 25.8% due to product mix changes and a 400bps direct material cost increase from new CEV-5 machines. EBITDA dropped 23% to Rs. 61 Cr.

Management highlighted Q1 challenges from infra slowdown, rains, and CEV-4 transition leading to "unsustainable business practices" in the industry, which Ajax avoided. They expect SLCM market share to recover as only CEV-5 machines are now permitted, noting strong July performance. Pricing adjustments are anticipated post-monsoon. Long-term growth drivers and a robust Rs. 680 Cr cash position provide confidence despite short-term headwinds.