Ajax Engineering Limited — Investor Meet, 20-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

AJAX Engineering reported strong Q2 FY26 revenue of INR 445 Cr (+48% YoY) and H1 revenue of INR 911 Cr (+18% YoY), mainly driven by SLCM sales, including a large quasi-government contract at aggressive pricing. Q2 EBITDA was INR 45 Cr, with margins at 10.2%, impacted by higher CEV5 production costs and no immediate price increases. H1 EBITDA stood at INR 107 Cr, with margins at 11.7%. Management anticipates demand to improve in H2 post-monsoon and expects price adjustments. Despite short-term industry headwinds and payment delays, AJAX is confident in its long-term growth trajectory and maintains a robust financial position.