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.

Ajax Engineering , a leading manufacturer of concrete equipment, reported flat revenue growth and margin pressure in its Q1 FY26 results, as the company navigated through the transition to CEV-5 emission-compliant machines and faced headwinds in infrastructure project execution.

Financial Performance

For the quarter ended June 30, 2025, Ajax Engineering reported:

• Revenue of Rs. 467.00 crores, remaining flat compared to Rs. 469.00 crores in Q1 FY25
• EBITDA declined by 23% to Rs. 61.00 crores from Rs. 80.00 crores in the same quarter last year
• EBITDA margin compressed to 13.20% from 17.10% in Q1 FY25
• Profit After Tax (PAT) decreased to Rs. 53.00 crores from Rs. 67.00 crores in the corresponding quarter

Transition to CEV-5 Machines

A key highlight of the quarter was the successful transition to CEV-5 emission-compliant machines, which comprised 90% of Self-Loading Concrete Mixer (SLCM) sales. However, this transition led to an increase in material costs by approximately 400 basis points, impacting the company's gross margins.

Market Share and Industry Challenges

While the company experienced a temporary decline in overall market share during Q1, it reported a strong recovery in July, with market share reaching above 75%. Ajax Engineering faced headwinds from a slowdown in infrastructure project execution, with PMGSY road construction declining by 37% and highway construction pace reducing by 9% year-on-year.

Management Commentary

Shubhabrata Saha, Managing Director and CEO of Ajax Engineering, commented on the results: "Short-term road bumps like these are typical in our industry, and Ajax has consistently demonstrated the ability to navigate such phases while maintaining steady performance. Structurally, we remain fully confident in the longer-term growth trajectory of our business."

Future Outlook

The management expects early double-digit volume growth for FY26 and plans to increase pricing towards the end of Q2 FY26. Ajax Engineering maintains a robust cash position of Rs. 680.00 crores in cash and investments, providing financial flexibility for future growth initiatives.

Expansion Plans

The company is expanding its dealer network and developing new facilities, including a new plant in Adinarayanahosahalli, expected to be commissioned in the second half of FY26.

Despite the short-term challenges, Ajax Engineering remains optimistic about its long-term prospects, citing India's substantial infrastructure development needs and the shift towards mechanized construction and concreting equipment as key growth drivers.

Note: All figures are in Indian Rupees (INR).