Ajax Engineering , a leading concreting equipment manufacturer in India, has announced its financial results for the second quarter of fiscal year 2026, showcasing robust revenue growth despite facing margin pressures.

Key Financial Highlights

Ajax Engineering delivered 48% year-on-year revenue growth to ₹4,448.00 million in Q2FY26, driven by large contract deliveries in the Self-Loading Concrete Mixer (SLCM) segment. However, the company faced margin contraction due to increased production costs from emission norm changes.

For the quarter ended September 30, 2025 (Q2 FY26), Ajax Engineering reported:

For the half-year ended September 30, 2025 (H1 FY26), the company reported:

Revenue Growth Drivers

The company's impressive revenue growth was primarily driven by:

1. Strong performance in the Self-Loading Concrete Mixer (SLCM) segment, with revenue up 55% in Q2 and 21% in H1 year-over-year.
2. Growth in the Non-SLCM segment, which saw a 12% increase in Q2, although remaining stable for H1.
3. Robust growth in Spares & Services, up 26% in Q2 and 16% in H1 compared to the previous year.

Margin Pressure and Challenges

Despite the strong top-line growth, Ajax Engineering faced margin pressures due to several factors:

1. Transition costs related to new CEV-5 emission norms implementation.
2. Changes in product mix affecting overall profitability.
3. Unseasonal rains and slower project execution in the market.

The company's gross margins declined 650 basis points to 24.00%, though management expects improvement in H2FY26.

Management Commentary

Shubhabrata Saha, Managing Director & CEO of Ajax Engineering Limited, commented on the results: "After a steady performance last year, the last couple of quarters have been a period of transition. Unseasonal rains, change in emission norms, and slower project execution affected demand temporarily. However, Ajax delivered 48% year-on-year revenue growth in Q2 and 18% in H1, and volume growth remains robust across both SLCM and non-SLCM categories."

He added, "While increased cost of production and changes in revenue mix impacted margins, operating leverage and efficiency measures are expected to aid profitability in the second half of FY26. We remain confident in the long-term growth trajectory and our leadership position in the concrete equipment industry."

Business Highlights and Future Outlook

• The company has expanded its dealer network to 115 customer touchpoints.
• Exports contributed to 6% of total revenues.
• The new Adinarayanahosahalli plant is on track for commissioning in H2 FY26, with ramp-up expected in FY27.

Ajax Engineering remains optimistic about its future prospects, focusing on maintaining its leadership in the SLCM segment while also strengthening its position in the non-SLCM market. The company expects operating leverage, process efficiencies, and pricing adjustments to support margin recovery in the coming quarters.

As India's infrastructure development continues to gain momentum, Ajax Engineering is well-positioned to capitalize on the growing demand for concreting equipment, leveraging its strong market presence and innovative product portfolio.

Ajax Engineering , a prominent player in the industrial machinery sector, has announced a significant change in its top management. Tuhin Basu, the company's Chief Financial Officer (CFO), has decided to step down from his position, effective September 30, 2025.

Resignation Details

Basu, who also served as a Key Managerial Personnel (KMP) of the company, cited his decision to embark on an entrepreneurial journey as the primary reason for his departure. In his resignation letter, Basu confirmed that there are no other material reasons behind his decision to leave the organization.

Transition Plan

While Basu will be relinquishing his role as CFO, he will continue his association with Ajax Engineering in an advisory capacity starting October 1, 2025. This arrangement is expected to ensure a smooth transition of responsibilities and maintain continuity in the company's financial operations.

Regulatory Compliance

In compliance with regulatory requirements, Ajax Engineering has duly notified both the Bombay Stock Exchange (BSE) and the National Stock Exchange of India Limited (NSE) about this change in key managerial personnel. The company made this disclosure in accordance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Company Response

Shruti Vishwanath Shetty, Company Secretary and Compliance Officer of Ajax Engineering, officially communicated the development to the stock exchanges. The company has also stated that this information will be made available on their official website at www.ajax-engg.com .

Ajax Engineering, formerly known as Ajax Engineering Private Limited, is headquartered at #253/1, 11 Main, Phase III, Peenya Industrial Area, Bengaluru. The company, with its CIN L28245KA1992PLC013306, continues to operate in the industrial machinery sector.

As the company prepares for this transition in its financial leadership, stakeholders will be watching for announcements regarding Basu's successor and any potential impacts on the company's financial strategy going forward.