Ajax Engineering Steady in Q1 FY26 Despite CEV-5

Bengaluru - Ajax Engineering., a concreting equipment manufacturer, posted stable results for the first quarter of FY26, sustaining momentum after a strong FY25. The company reported revenues of $53.3 million (₹4.66 billion) and a Profit After Tax (PAT) of $6.06 million (₹530 million), despite challenges from the complete transition to CEV-5 emission norms, unseasonal rains, and infrastructure project delays.

Managing Director & CEO Shubhabrata Saha described Q1 FY26 as a strategic transition period, following record revenues in FY25. While the Self-Loading Concrete Mixer (SLCM) business remained steady, non-SLCM volumes raise 25% year-on-year. Ajax continued investing in capability building, with a focus on expanding metro-based B2B go-to-market channels, particularly to drive long-term growth in the non-SLCM segment.

The company is on track to commission its Adinarayanahosahalli plant in the second half of FY26, a key step in scaling and diversifying operations.

The margins were impacted by a shift in product mix and higher costs tied to the CEV-5 transition, though the company remains debt-free with strong cash reserves. He expressed confidence in improved business momentum in the second half of FY26, supported by industry trends.

By the end of Q1, Ajax had sold all CEV-4 inventory and will operate a fully CEV-5-compliant product portfolio from Q2 onwards. SLCM revenues stood at $46.1 million (₹3.85 billion), flat year-on-year, while the spares and services segment grew 8% to $ 4.43 million (₹370 million). Exports accounted for 5% of total revenues.

Ajax aims to strengthen its SLCM leadership with new CEV-5 machines offering enhanced value, while driving growth through metro-based B2B expansion, rising demand for mechanized concreting, government infrastructure push, and increasing adoption of emission-compliant equipment.

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