Ajax Engineering Reports Resilient Q4 2026 Results: Market Share Holds Steady Despite Cost Pressures
May 19, 2026 – Ajax Engineering Ltd (NSE:AJAXENGG) reported a solid performance for the fourth quarter of fiscal 2026, underscoring its resilience in the face of rising input costs and evolving market conditions. The concrete equipment manufacturer, best known for its self-loading concrete mixers (SLCM), managed to expand its market share to 76% in April, even after implementing a 2% price increase in Q4.
Chief Executive Officer Shubhabrata Saha, speaking during the earnings call, highlighted several tailwinds that support the company's near-term outlook. For fiscal 2027, management expects mid-to-high single-digit revenue growth, with a stronger first half likely driven by infrastructure spending in states such as Gujarat, Uttar Pradesh, Odisha, Chhattisgarh and Rajasthan. Maharashtra, a traditionally important market, could see a turnaround in the second half, while Madhya Pradesh remains cautious with no clear signs of a rebound.
Export growth continues to be a bright spot. After posting a 40% jump in exports in FY26, Ajax Engineering expects a further 20–25% increase in FY27, despite global trade uncertainties. The company has already delivered a paver to Saudi Arabia and sees promising opportunities in Eastern Europe, particularly Lithuania and Belarus. Demand for pavers is expected to accelerate in the second half of the fiscal year.
On the margin front, Saha emphasized the company's disciplined working capital management, targeting 25–30 days of net working capital. The goal of achieving 13–15% EBITDA margins remains intact, though timing depends on the stabilization of commodity prices and sustained demand. Management noted that cost control and efficient cash utilization are top priorities, with potential bolt-on acquisitions being considered in the latter half of FY27 if valuations become attractive.
Ajax Engineering's ability to hold pricing power and market share amid competitive pressure was attributed to its strong brand recognition, deep customer relationships, and superior service network. The transition to CV5 products was executed smoothly, reinforcing the company's strategy of competing on quality and after-sales support rather than price alone.
Looking ahead, the company will focus on scaling its core SLCM business, expanding non-SLCM product lines such as the newly launched Puran paver, and deepening its export footprint. With India's infrastructure spending showing no signs of slowing and the government's push for mechanized construction, Ajax Engineering appears well-positioned to capture a larger slice of the growing market.
For the full transcript of the earnings call, please refer to the complete earnings call transcript.