Ajax Engineering Limited appointed Mr. Ketan Pendse as its Chief Financial Officer effective June 2, 2026, succeeding Mr. Ganesh B J who resigned as Interim Chief Financial Officer. The Board of Directors approved the leadership change based on the recommendations of the Nomination and Remuneration Committee and in consultation with the Audit Committee. The decision ensures continuity in the finance function following a transition period.

Mr. Ganesh B J stepped down from the interim position effective immediately on June 2, 2026. He had assumed the role to provide leadership during the transition pending the appointment of a permanent Chief Financial Officer. With the new appointment, the company stated that the purpose of the interim assignment had been fulfilled.

Mr. Ketan Pendse brings over 24 years of experience across finance, treasury, governance, and risk management in engineering and capital equipment sectors. Prior to joining Ajax Engineering, he served as Chief Financial Officer and Whole Time Director at TKIL Industries Pvt. Ltd., formerly known as Thyssenkrupp Industries India. He has also held roles at Ranadey Agro Limited and Dow Corning India Pvt. Ltd.

The Board meeting commenced at 6:30 PM and concluded at 07:27 PM on June 2, 2026. The disclosures were made pursuant to Regulation 30 read with Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and the relevant SEBI Master Circular.

Mr. Pendse is a Chartered Accountant with expertise in controllership, taxation, and enterprise risk management. The company confirmed that he has no relationships with the Directors of Ajax Engineering Limited.

Ajax Engineering Limited reported a net profit of Rs 225 crore for the fiscal year ended March 31, 2026, compared to Rs 260 crore in the previous year. Revenue from operations for the year stood at Rs 2,103 crore, a slight increase from Rs 2,074 crore in FY25. For the quarter ended March 31, 2026, the company recorded a net profit of Rs 95 crore on revenue of Rs 758 crore. The board approved the audited financial results during a meeting held on May 18, 2026. The company published the audited financial results in the Financial Express (English) and Vishwavani (Kannada) newspapers on May 20, 2026, pursuant to Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Financial Performance

The company's profitability for the full year was impacted by higher production costs linked to the transition to new emission norms and product mix changes. Despite these challenges, the company implemented calibrated pricing actions. Gross margin for Q4 FY26 improved by 170 basis points year-on-year to 25.8%, while EBITDA margin stood at 15.1% compared to 14.7% in the same quarter of the previous year. The following table summarises key financial metrics across the reported periods:

Operational Highlights

During FY26, non-SLCM revenue grew by 7% year-on-year, while Spares and Services revenue increased by 9%. 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.

Management Commentary and Outlook

Management noted that while the infrastructure sector faced near-term challenges including lower government capex spending, the company successfully navigated the transitional phase. The focus remains on strengthening leadership in the SLCM portfolio through emission-compliant products and scaling up the non-SLCM business. The medium to long-term growth drivers remain intact, supported by increasing adoption of mechanised concreting and infrastructure-led demand.

Board Decisions

During the meeting held on May 18, 2026, the Board appointed Mr. Sachin Rajkumar Nandgaonkar as an Additional Director (Non-executive and Nominee Director) subject to shareholder approval. Additionally, the Board took note of the resignation of Mr. Jacob Jiten John as Whole-time Director of the Company, effective from the close of business hours on May 18, 2026, due to personal reasons.