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Swing Capital

Ajax Engineering Ltd

NSE: AJAXENGG BSE: 544356Cement

Incorporated in July 1992, Ajax Engineering Limited manufactures a wide range of concrete equipment and services across the value chain.[1]

₹528
52W: ₹395 — ₹730
PE 27.1 · Book ₹109 · +384% vs book
Market Cap₹6,041 Cr
Stock P/E27.1Price to Earnings
ROCE33.6%Return on Capital
ROE25.1%Return on Equity
Div. Yield0%Face Value ₹1

Strengths

  • +Company has reduced debt.
  • +Company is almost debt free.
  • +Company has delivered good profit growth of 21.2% CAGR over last 5 years

Shareholding Pattern

Promoters80%
FIIs5.65%
DIIs10.15%
Public4.2%
CategoryMar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters80%80%80%80%80%
FIIs5.95%6.47%▲0.56.51%▲0.06.15%▼0.45.65%▼0.5
DIIs7.92%8.94%▲1.09.42%▲0.59.71%▲0.310.15%▲0.4
Public6.14%4.58%▼1.64.08%▼0.54.14%▲0.14.2%▲0.1

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales399657469301548756467445434
Expenses333548389262460645405400389
Operating Profit67109803988111614544
OPM %17%17%17%13%16%15%13%10%10%
Net Profit548867346891533938
EPS ₹4.717.725.862.975.967.954.623.423.34

AI Insights

Revenue Trend

TTM revenue at ₹2,101Cr, up 1.3% YoY. OPM at 12%.

Debt Position

Borrowings at ₹1Cr. Debt-to-equity ratio: 0.00x. Healthy balance sheet.

Capex Cycle

CWIP at ₹35Cr (20% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 10.15% (+2.23pp change). FIIs: 5.65% (-0.30pp change). Promoters hold 80%.

Margin & Efficiency

ROCE improving from 0% (Mar 2020) to 34% (Mar 2025). Working capital days: 40.

Valuation

PE 27.1x with 33.6% ROCE. Price is 384% above book value of ₹109. Dividend yield: 0%.

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