Ajax Engg reports stable FY26 revenue; Q4 margins improve on operational efficiencies and pricing actions

Bengaluru : Ajax Engineering Limited, India’s leading concreting equipment manufacturer, today announced its financial results for Q4 and FY26, with revenue growing to ₹2,103 crore in a challenging operating environment during the year.

In Q4 FY26, revenue stood at ₹758 crore, compared to ₹756 crore in Q4 FY25, aided by calibrated pricing actions undertaken during the quarter and healthy secondary sales momentum. The quarter witnessed strong demand for the Company’s CEV-V product portfolio from customers.

Gross margin for Q4 FY26 improved by 170 basis points year-on-year to 25.8%, supported by favourable product mix and operational efficiencies. EBITDA for Q4 FY26 stood at ₹115 crore, growing by ~4% on a Y-o-Y basis, while EBITDA margin improved by 40 basis points to 15.1%, supported by execution discipline, operating leverage and cost optimisation initiatives. Proćt after tax for Q4 FY26 stood at ₹95 crore, up from ₹91 crore in Q4 FY25.

During FY26, non-SLCM revenue grew by 7% year-on-year, while Spares and Services revenue increased by 9%, showcasing the company’s continued progress in building a more balanced and resilient revenue mix. The company reclaimed its market share in the SLCM segment to 73.5% by the end of FY26, reflecting continued customer preference for its products. This recovery followed the complete phase-out of older emission-standard machines during the year and gradual improvement in demand momentum during Q4 FY26.

For FY26, EBITDA stood at ₹266 crore, with EBITDA margin at 12.6%, impacted by higher production costs linked to the transition to new emission norms and product mix changes. For FY26, profit after tax stood at ₹225 crore, compared to ₹260 crore in the previous year.

Particulars	FY26	FY25	YoY Change (%)	Q4 FY26	Q4 FY25	YoY Change (%)
Revenue from Operations	2,103	2,074	1%	758	756	0%
Reported EBITDA	266	318	-16%	115	111	4%
EBITDA Margin (%)	12.6%	15.3%	-270 bps	15.1%	14.7%	+40 bps

Reflecting on the Q4 and FY26 performance, Mr. Shubhabrata Saha, Managing Director & Chief Executive Officer of Ajax Engineering, said: “It has been a challenging and transitionary phase over the last few quarters, with only 55% of the Central capex on infrastructure being utilised till Dec 2025 and the CEV-IV to CEV-V emission norms leading to an increase in the cost of production. Despite an industry slowdown, we were able to effectively navigate these challenges and maintain market share. With the complete phase-out of older emission-standard machines during the year, we steadily regained momentum across markets, and our CEV-V portfolio is seeing strong acceptance from customers.

“Importantly, this recovery was achieved while maintaining our premium positioning in the market, reflecting the strength of our brand, product quality and customer trust. We remain fully confident in the long-term growth prospects of our business. The government’s continued focus on infrastructure development and the ongoing transition towards mechanised construction and concreting equipment are expected to support steady demand and position Ajax well for sustained growth.”