Ajax Engineering Limited — Investor Meet, 19-02-2026: Analysts/Institutional Investor Meet/Con. Call Updates

AJAX Engineering reported Q3 FY26 revenue of INR 434 Cr (down YoY) and EBITDA of INR 48 Cr (down YoY), impacted by a strong base and one-time marketing expenses. For the nine-month period, revenue grew 2% to INR 1,345 Cr, but EBITDA declined to INR 154 Cr from INR 207 Cr, attributed to gross margin pressure and product mix changes. Management acknowledges headwinds from monsoon, emission norms, project delays, and customer cash flow issues in some states. They express confidence in long-term growth, driven by the government's 11% increase in FY27 infrastructure budget to INR 12.2 lakh Cr, anticipating price adjustments and volume growth from FY27. The company maintains a strong cash balance of INR 810 Cr, with a new manufacturing facility expected in Q1 FY27.