Ajax Engineering Limited has announced the appointment of Mr. Ganesh B J as Interim Chief Financial Officer with effect from December 31, 2025. The appointment was approved during a Board of Directors meeting held on the same date, following recommendations from the company's Nomination and Remuneration Committee and consultation with the Audit Committee.

Board Meeting Outcome

The Board meeting that approved this appointment commenced at 16:32 hours and concluded at 16:43 hours on December 31, 2025. The decision was made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Professional Background and Qualifications

Mr. Ganesh B J brings substantial expertise to his new role as Interim CFO. He holds a B.Com degree and is a qualified Chartered Accountant with over 15 years of post-qualification experience. His professional journey spans diverse sectors including FinTech, EdTech, Pharma, and Food Retail.

His core competencies include:

• Finance operations and financial reporting
• Consolidation and taxation
• Budgeting and Financial Planning & Analysis (FP&A)
• Treasury management
• Process and Standard Operating Procedure (SOP) design
• ERP implementation and audits
• Due diligence and strategic support to senior leadership

Current Role and Career Experience

Currently serving as a Financial Controller, Mr. Ganesh B J handles multiple critical functions within the organization. His responsibilities encompass finalization of accounts, statutory and audit compliances, cash flow management, budget monitoring, and ensuring compliance with applicable tax laws.

Regulatory Compliance and Disclosure

The appointment has been disclosed in accordance with SEBI regulations, specifically under Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has also updated its list of Key Managerial Personnel authorized to determine materiality of events and make disclosures to stock exchanges, as required under Regulation 30(5) of the SEBI Listing Regulations.

The formal communication was signed by Shruti Vishwanath Shetty, Company Secretary and Compliance Officer, and submitted to both BSE Limited and National Stock Exchange of India Limited on December 31, 2025.

Ajax Engineering , a leading player in the construction equipment industry, has reported a robust 48% year-on-year revenue growth to INR 445.00 crores in the latest quarter, driven primarily by strong performance in its Self-Loading Concrete Mixer (SLCM) segment. This growth comes despite facing industry-wide challenges, including extended monsoons and cash flow delays for contractors.

Key Financial Highlights

• Revenue: INR 445.00 crores (48% YoY growth)
• EBITDA Margin: 10.20% (280 basis points decline)
• Market Share: Maintained at 71%

Segment Performance

The company's SLCM segment showed remarkable growth:

• Volume: 51% YoY increase
• Revenue: 55% YoY increase

The non-SLCM segment also demonstrated positive momentum:

• Volume: 8% YoY growth
• Revenue: 12% YoY growth

Spares and services revenue grew by 26% year-on-year, indicating strong after-sales performance.

Industry Challenges and Company Response

Ajax Engineering navigated through several industry headwinds during the quarter:

1. Extended monsoons affecting construction activities
2. Cash flow delays for contractors
3. Transition to new emission standards (CEV5)

Despite these challenges, the company maintained its market leadership position. Ajax's strategic approach included:

• Early introduction of CEV5 compliant machines
• Focusing on product performance and customer acceptance
• Maintaining financial discipline while adapting to market conditions

Future Outlook

Management expects improvement in demand momentum during the second half of the year, traditionally a stronger period for the construction equipment industry. The company plans to make well-informed pricing decisions based on market response and prevailing industry practices.

Management Commentary

Shubhabrata Saha, Managing Director and CEO of Ajax Engineering, commented on the results: "Throughout its history of over three decades, AJAX has time and again demonstrated resilience and adaptability through challenging business cycles. Our unwavering focus on operational preparedness, precise execution, and financial discipline continues to empower us to emerge from adversity stronger than ever before."

Analyst Conference Call Highlights

In a recent analyst conference call, the management provided additional insights:

• The company expects early double-digit growth for the full year, lower than its historical average of 18% CAGR.
• Ajax Engineering is maintaining a strong balance sheet with a robust cash position of INR 710.00 crores in investments and INR 35.00-37.00 crores in liquid cash.
• The company is progressing with its capex plans for a new manufacturing facility, with INR 35.00 crores already invested in CWIP and an additional INR 10.00-15.00 crores expected for the full year.

Ajax Engineering's performance this quarter demonstrates its ability to grow and maintain market leadership even in challenging market conditions. The company's focus on innovation, customer-centric approach, and financial prudence positions it well for sustained growth in the evolving construction equipment market.