India · Delayed Price · Currency is INR Ajax Engineering Earnings Call Transcripts
Fiscal Year 2026
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Revenue grew 2% YOY for nine months FY 2026, but Q3 saw a decline due to industry headwinds and a high base. Margins were impacted by higher costs and one-time expenses, though cash position and market share remain strong. Demand is expected to recover as government infrastructure spending increases.
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Revenue grew 19% year-over-year to INR 2,744 crore in FY 2025, with strong SLCM leadership and robust export and spares growth. Despite regulatory and market headwinds, margins remained resilient, and the company remains debt-free with a strong cash position.
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Q2 FY 2026 revenue surged 48% year-over-year, led by a large SLCM contract, but margins declined due to higher CEV 5 costs and aggressive pricing. Full-year EBITDA margin is expected to fall 150–200 bps, with early double-digit top-line growth projected.
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Revenue and volumes remained flat year-over-year, with strong non-SLCM volume growth offset by product mix and higher costs from the CEV5 transition, leading to lower margins and profits. The company remains debt-free with robust cash reserves and expects early double-digit volume growth for FY26.