Ajax Engineering Ltd. (IN:AJAXENGG)
:AJAXENGG
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Ajax Engineering Ltd.
(AJAXENGG)
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Rating:62Neutral
Price Target:
₹451.00
▼(-27.09% Downside)
Action:ReiteratedDate:03/28/26
The score is supported by strong financial performance (growth, profitability, and a very low-leverage balance sheet), but is pulled down by weak technicals (price below key moving averages with negative MACD) and a high valuation (P/E 44.41) with no dividend yield data.
Positive Factors
Revenue Growth
A 19.1% top-line increase demonstrates durable demand expansion in the company’s markets. Sustained revenue growth supports scale economies, funds reinvestment into product or distribution, and underpins longer-term earnings visibility independent of short-term market moves.
Negative Factors
Weak Operating Cash Conversion
Operating cash flow converting at just 16% of net income and a declining OCF trend signal that reported profits are not being realized as cash. This reduces financial flexibility, constrains internal funding for capex or working capital, and raises sustainability concerns if persistent.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
A 19.1% top-line increase demonstrates durable demand expansion in the company’s markets. Sustained revenue growth supports scale economies, funds reinvestment into product or distribution, and underpins longer-term earnings visibility independent of short-term market moves.
Read all positive factors
Ajax Engineering Ltd. (AJAXENGG) vs. iShares MSCI India ETF (INDA)
Market Cap
₹49.34B
Dividend YieldN/A
Average Volume (3M)11.69K
Price to Earnings (P/E)44.4
Beta (1Y)0.77
Revenue GrowthN/A
EPS GrowthN/A
CountryIN
Employees443
SectorIndustrials
Sector Strength72
IndustryAgricultural - Machinery
Share Statistics
EPS (TTM)3.60
Shares Outstanding114,406,800
10 Day Avg. Volume12,281
30 Day Avg. Volume11,692
Financial Highlights & Ratios
PEG Ratio1.75
Price to Book (P/B)6.09
Price to Sales (P/S)3.40
P/FCF Ratio365.65
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)27.08
Revenue Forecast (FY)₹25.71B
Ajax Engineering Ltd. Business Overview & Revenue Model
Company Description
Ajax Engineering Limited manufactures and sells self-loading concrete mixers, concrete batching plants, and concrete pumps in India and internationally. The company also offers transit mixers, stationary pumps, boom pumps, self-propelled boom pump...
How the Company Makes Money
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Ajax Engineering Ltd. Financial Statement Overview
Summary
Income Statement
85
Very Positive
Balance Sheet
80
Positive
Cash Flow
75
Positive
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 22.15B | 20.74B | 17.41B | 11.50B | 7.62B | 7.42B |
| Gross Profit | 5.55B | 5.62B | 4.65B | 3.22B | 2.14B | 2.39B |
| EBITDA | 3.28B | 3.18B | 3.14B | 1.92B | 990.43M | 1.27B |
| Net Income | 2.51B | 2.60B | 2.25B | 1.36B | 662.08M | 973.91M |
Balance Sheet | ||||||
| Total Assets | 14.59B | 14.82B | 12.36B | 9.67B | 7.35B | 7.31B |
| Cash, Cash Equivalents and Short-Term Investments | 6.77B | 6.95B | 6.33B | 4.81B | 3.14B | 2.34B |
| Total Debt | 5.43M | 17.68M | 82.30M | 115.72M | 71.61M | 8.07M |
| Total Liabilities | 2.07B | 3.25B | 3.18B | 2.53B | 1.57B | 2.19B |
| Stockholders Equity | 12.53B | 11.57B | 9.18B | 7.14B | 5.78B | 5.12B |
Cash Flow | ||||||
| Free Cash Flow | -15.60M | 192.68M | 1.84B | 1.68B | 701.59M | 350.44M |
| Operating Cash Flow | 172.90M | 427.20M | 2.07B | 1.85B | 847.24M | 715.43M |
| Investing Cash Flow | -298.02M | -346.62M | -1.16B | -1.93B | -1.29B | -106.23M |
| Financing Cash Flow | -1.97M | -255.06M | -254.56M | -3.37M | -4.01M | -1.16M |
Ajax Engineering Ltd. Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | ₹311.18B | 28.55 | ― | 0.75% | 15.71% | 101.96% | |
70 Outperform | ₹20.68B | 16.41 | ― | 3.06% | -3.81% | 14.23% | |
65 Neutral | ₹96.63B | 24.20 | ― | 0.21% | 4.95% | 14.36% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
62 Neutral | ₹49.34B | 44.41 | ― | ― | ― | ― | |
58 Neutral | ₹42.78B | 44.47 | ― | 0.35% | 21.88% | -20.20% | |
40 Underperform | ₹14.56B | -65.93 | ― | ― | 80.70% | -100.87% |
* Industrials Sector Average
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Ajax Engineering Ltd. Corporate Events
Ajax Engineering Schedules Mumbai Investor and Analyst Meetings for March 24–25
Mar 19, 2026
Ajax Engineering Limited has announced that its officials will meet analysts and institutional investors in a series of one-on-one and group meetings in Mumbai on March 24 and 25, 2026, organized by Avendus Spark. The interactions will be limited ...
Ajax Engineering Schedules Investor Meetings with Kotak Institutional Equities
Feb 22, 2026
Ajax Engineering Limited has informed the stock exchanges that its officials will participate in an investor conference hosted by Kotak Institutional Equities in Mumbai on February 25, 2026. The interactions, comprising group and one-on-one in-per...
Ajax Engineering Closes Trading Window Ahead of Q3 FY2026 Results
Dec 29, 2025
Ajax Engineering Limited has notified the stock exchanges that its trading window for dealings in the company’s securities will remain closed for designated persons, their immediate relatives and connected persons from 1 January 2026 until 4...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.