Ajax Engineering Reports 4% EBITDA Growth, PAT Up 4.4% In Q4

Mumbai: Ajax Engineering Limited reported revenue from operations of Rupees 758 crore for Q4 FY26, compared with Rupees 756 crore in Q4 FY25, a year-on-year rise of 0.3 percent. Profit after tax grew 4.4 percent to Rupees 95.0 crore from Rupees 91.0 crore. The company said the quarter was supported by calibrated pricing actions, healthy secondary sales momentum, and demand for its CEV-V product portfolio.

Sequential And Annual Growth

The uploaded press release does not disclose Q3 FY26 numbers, so a quarter-on-quarter comparison cannot be calculated from the filing. On a year-on-year basis, EBITDA rose 4 percent to Rupees 115 crore from Rupees 111 crore. EBITDA margin improved to 15.1 percent from 14.7 percent, a gain of 40 basis points. Gross margin improved by 170 basis points to 25.8 percent, helped by a favourable product mix and operational efficiencies.

What Drove The Numbers

Ajax Engineering said Q4 margins improved because of operational efficiencies, execution discipline, operating leverage, and cost optimisation initiatives. The company also said pricing actions taken during the quarter aided revenue. During FY26, non-SLCM revenue grew 7 percent year-on-year, while spares and services revenue increased 9 percent. The company reclaimed its SLCM market share to 73.5 percent by the end of FY26 after the phase-out of older emission-standard machines.

Full-Year Performance

For FY26, revenue from operations stood at Rupees 2,103 crore, compared with Rupees 2,074 crore in FY25. EBITDA declined 16 percent to Rupees 266 crore from Rupees 318 crore, while EBITDA margin fell to 12.6 percent from 15.3 percent. The company said margins were affected by higher production costs linked to the transition to new emission norms and product mix changes. PAT for FY26 stood at Rupees 225 crore, down from Rupees 260 crore in FY25.

Disclaimer: This report is based on audited financial results filed by the company and does not constitute investment advice.