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Ajax Engineering Ltd.
(AJAXENGG)
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Rating:72Outperform
Price Target:
₹665.00
â–²(16.06% Upside)
Action:Reiterated
Date:07/14/26
The score is driven primarily by strong financial quality (low leverage and healthy margins) but moderated by uneven cash-flow conversion and a recent slowdown in revenue/profit momentum. Technicals remain generally supportive with price above major moving averages, while valuation looks demanding at a ~30.5 P/E with no dividend yield data to offset it.
Positive Factors
Conservative Balance Sheet
Extremely low leverage materially reduces financial risk and preserves optionality. With debt well under 2% of equity, the company can fund downturns, access capital markets from a position of strength, and prioritize reinvestment or capex without heavy interest burdens.
Negative Factors
Volatile Cash Flow Conversion
Inconsistent operating cash conversion undermines earnings reliability and raises financing risk for working capital and capex. Periodic drops in free cash flow mean the firm may need to time investments conservatively or resort to external funding during weak cash years, increasing long-term cost.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative Balance Sheet
Extremely low leverage materially reduces financial risk and preserves optionality. With debt well under 2% of equity, the company can fund downturns, access capital markets from a position of strength, and prioritize reinvestment or capex without heavy interest burdens.
Read all positive factors
Ajax Engineering Ltd. (AJAXENGG) vs. iShares MSCI India ETF (INDA)
Market Cap
₹66.99B
Dividend YieldN/A
Average Volume (3M)19.44K
Price to Earnings (P/E)29.8
Beta (1Y)0.73
Revenue GrowthN/A
EPS GrowthN/A
CountryIN
Employees487
SectorGeneral
Sector StrengthN/A
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)19.91
Shares Outstanding114,406,800
10 Day Avg. Volume49,689
30 Day Avg. Volume19,438
Financial Highlights & Ratios
PEG Ratio-1.53
Price to Book (P/B)3.32
Price to Sales (P/S)2.20
P/FCF Ratio12.88
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)23.06
Revenue Forecast (FY)₹23.79B
Ajax Engineering Ltd. Business Overview & Revenue Model
Company Description
Ajax Engineering, operating both domestically within India and across global markets, specializes in the production and sale of construction machinery. Its primary offerings include self-loading concrete mixers, concrete batching plants, and vario...
How the Company Makes Money
null...
Ajax Engineering Ltd. Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
92
Very Positive
Cash Flow
66
Positive
| Breakdown | TTM | Mar 2025 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 21.11B | 21.03B | 20.74B | 17.41B | 11.50B | 7.62B |
| Gross Profit | 4.40B | 4.06B | 5.62B | 4.65B | 3.22B | 2.14B |
| EBITDA | 2.74B | 3.12B | 3.18B | 3.14B | 1.92B | 990.43M |
| Net Income | 2.28B | 2.25B | 2.60B | 2.25B | 1.36B | 662.08M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 17.52B | 14.82B | 12.36B | 9.67B | 7.35B |
| Cash, Cash Equivalents and Short-Term Investments | 10.51B | 10.51B | 6.95B | 6.33B | 4.81B | 3.14B |
| Total Debt | 0.00 | 18.33M | 17.68M | 82.30M | 115.72M | 71.61M |
| Total Liabilities | -13.92B | 3.59B | 3.25B | 3.18B | 2.53B | 1.57B |
| Stockholders Equity | 13.92B | 13.92B | 11.57B | 9.18B | 7.14B | 5.78B |
Cash Flow | ||||||
| Free Cash Flow | -15.60M | 3.59B | 192.68M | 1.84B | 1.68B | 701.59M |
| Operating Cash Flow | 172.90M | 3.87B | 427.20M | 2.07B | 1.85B | 847.24M |
| Investing Cash Flow | -298.02M | -2.66B | -346.62M | -1.16B | -1.93B | -1.29B |
| Financing Cash Flow | -1.97M | -3.40M | -255.06M | -254.56M | -3.37M | -4.01M |
Ajax Engineering Ltd. Technical Analysis
Positive
573.00
Price Trends
576.81
Positive
570.42
Positive
544.72
Positive
Market Momentum
3.92
Negative
56.82
Neutral
51.41
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:AJAXENGG, the sentiment is Positive. The current price of 573 is below the 20-day moving average (MA) of 581.44, below the 50-day MA of 576.81, and above the 200-day MA of 544.72, indicating a bullish trend. The MACD of 3.92 indicates Negative momentum. The RSI at 56.82 is Neutral, neither overbought nor oversold. The STOCH value of 51.41 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:AJAXENGG.
Ajax Engineering Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | ₹66.99B | 29.85 | ― | ― | ― | ― | |
71 Outperform | ₹140.30B | 37.11 | ― | 0.40% | 5.04% | -10.39% | |
68 Neutral | ₹326.20B | 59.72 | ― | 0.40% | 22.66% | 15.61% | |
60 Neutral | ₹56.05B | 25.76 | ― | 0.22% | 14.10% | -49.84% | |
58 Neutral | ₹64.90B | 83.63 | ― | 0.14% | 13.91% | 73.54% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | ₹140.38B | 1.59 | ― | 0.55% | 4.63% | -4.40% |
* General Sector Average
IN:AJAXENGG
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-7.48%
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Ajax Engineering Ltd. Corporate Events
Ajax Engineering Seeks Shareholder Nod for New Nominee Director via E‑Voting Postal Ballot
Jul 7, 2026
Ajax Engineering Limited has circulated a postal ballot notice to its shareholders, seeking approval for the appointment of Mr. Sachin Rajkumar Nandgaonkar as a non‑executive nominee director. The move reflects the listed company’s adh...
Ajax Engineering appoints new internal auditor after PwC term ends
Jul 5, 2026
Ajax Engineering Ltd. said its board, acting on the audit committee’s recommendation, met on July 5, 2026, to review internal audit arrangements following the completion of its prior auditor’s term. The company notified stock exchanges...
Ajax Engineering rotates internal auditor, appoints PKF Sridhar & Santhanam
Jul 5, 2026
Ajax Engineering Ltd. has announced a change in its internal auditors following the completion of the tenure of its previous audit firm, PricewaterhouseCoopers Pvt. Ltd., on March 31, 2026. The move reflects routine governance renewal under SEBI&#...
Ajax Engineering names new chief financial officer as interim CFO steps down
Jun 2, 2026
Ajax Engineering’s board has approved a change in its finance leadership, formally recording the resignation of interim chief financial officer Ganesh B J, who had been overseeing the function during a transitional period. The move marks the...
Ajax Engineering names new Chief Financial Officer as interim finance head steps down
Jun 2, 2026
Ajax Engineering Ltd. has announced that interim Chief Financial Officer Ganesh B. J. has resigned from his role with immediate effect as of June 2, 2026, following the completion of his transition mandate. His interim tenure was focused on provid...
Ajax Engineering names Ketan Pendse as new Chief Financial Officer
Jun 2, 2026
Ajax Engineering Ltd. has announced a leadership change in its finance function, with the board approving the appointment of Ketan Pendse as Chief Financial Officer effective 2 June 2026. The move follows the resignation of interim CFO Ganesh B. J...
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.