Ajax Engineering Reports 2% YoY Revenue Growth in 9M FY26; Q3 Impacted by Monsoons and Emission Transition
Ajax Engineering reported 9M FY26 revenue of ₹1,345 crore, up 2% YoY. Non-SLCM revenue grew 4.5% and Spares/Services revenue increased 14%. Q3 FY26 revenue was ₹434 crore, down 20.9% YoY, impacted by monsoons and emission transition. Adjusted EBITDA for 9M FY26 was ₹154 crore. Profit after tax for 9M FY26 stood at ₹130 crore.
The announcement provides a detailed financial update for the quarter and nine months, including key revenue and profit figures. While there was a decline in Q3 performance, the growth in non-SLCM and services segments and the outlook for FY27 provide important information for investors.
While the company reported revenue growth in the nine-month period, the significant drop in Q3 revenue and profitability, along with commentary on industry headwinds and increased costs, balances out the positive aspects. The outlook for FY27 is cautiously optimistic.
Ajax Engineering Limited announced its unaudited standalone financial results for the quarter and nine months ended December 31, 2025. For the nine-month period of FY26, the company reported revenue of ₹1,345 crore, marking a 2% year-on-year growth. This growth was primarily driven by a 4.5% increase in non-SLCM revenue and a 14% rise in Spares and Services revenue, indicating progress in diversifying the revenue mix.
However, the third quarter of FY26 saw a revenue of ₹434 crore, a decrease from ₹548 crore in Q3 FY25. This decline was attributed to the impact of extended monsoon conditions, the transition to new emission norms, slower project execution, and cash flow challenges faced by customers. Despite these industry headwinds, Ajax Engineering maintained its leadership in the SLCM segment and achieved quarterly year-on-year growth of 13% in non-SLCM and 11% in Spares and Services.
Adjusted EBITDA for Q3 FY26 stood at ₹48 crore, down from ₹88 crore in Q3 FY25, with the EBITDA margin contracting to 11.0% from 16.1%. This was primarily due to higher production costs associated with new emission norms, product mix changes, and one-time marketing expenses. For the nine-month period, adjusted EBITDA was ₹154 crore, compared to ₹207 crore in the previous year, with an EBITDA margin of 11.5%.
Profit after tax for Q3 FY26 was ₹38 crore, down from ₹68 crore in Q3 FY25. For the nine-month period, profit after tax was ₹130 crore, compared to ₹169 crore in the corresponding period last year.
Mr. Shubhabrata Saha, Managing Director & Chief Executive Officer, commented that the industry has been undergoing a transition, but the company continued to strengthen its portfolio in non-SLCM and spares and services. He noted that higher production costs impacted margins but expressed confidence that operating leverage, process efficiencies, and calibrated pricing actions would support profitability in FY27. The company anticipates continued demand driven by government focus on infrastructure and mechanized construction.
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Ajax Engineering Limited filed this with the NSE as a statutory disclosure, categorised under quarterly results. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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