India · Delayed Price · Currency is INR Ajax Engineering Earnings Call Transcripts
Fiscal Year 2026
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Revenue grew 19% year-on-year in FY 2025, with strong SLCM and non-SLCM performance, robust export and spares growth, and a 75.1% SLCM market share. Despite short-term headwinds from emission norm changes and project delays, long-term growth and profitability outlook remains strong.
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Revenue and volumes were flat year-over-year in Q1 FY 2026, with gross margin and EBITDA margin declining due to higher costs and product mix. CEV-V machines now dominate sales, and market share is expected to normalize as the year progresses. Cash position remains strong and growth outlook is positive.
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Q2 FY 2026 saw 48% revenue growth year-over-year, driven by SLCM segment strength and a large contract, but margins declined due to higher costs and aggressive pricing. Market share rebounded to 71% YTD, and full-year EBITDA margin is expected to fall by 150-200 bps.
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Revenue grew 2% year-over-year for nine months FY26, but Q3 saw a decline due to a high base and muted demand in key states. Margins were impacted by higher costs and product mix, though non-SLCM and spares segments showed growth. Strong cash position and government infrastructure push support a positive outlook for FY27.