ALFA Finder
The call ran from 2:31 PM to 3:25 PM IST (55 min).
Key takeaways
Q2 revenue +9.5% and PAT +30.4%, but H1 growth is price-aided and EBITDA margin slipped to 11.5%. Management hedges on H2 recovery and margins amid a steel cost surge; spares fell 4.7% in Q2.
| Revenue growth | Q2 revenue +9.5% YoY, H1 +5.5%; price and volume driven. |
|---|---|
| Margins | Q2 gross margin +20bps YoY; H1 EBITDA margin 11.5% vs 11.7%. |
| Demand visibility | H2 recovery expected but unquantified; Maharashtra, MP weak on contractor payments. |
| Management confidence | Balanced to hedged; repeated 'hope' language, no firm H2 numbers. |
Growth
Q2 EBITDA +13.7% beat revenue +9.5%; non-SLCM +64.7% offset spares -4.7%. H1 volume only +2.5% in SLCM.
Outlook
No quantified revenue/profit guidance; H2 demand improvement hoped for, unquantified; year-end double-digit margin ambiguous.
Risks
Steel rose from ~58 to ~70/kg, seen going to 75-76; contractor payment delays hit Maharashtra and MP.
Last quarter's promises, checked
Delivered
- Guided non-SLCM 10-15% FY growth → Q2 non-SLCM +64.7% (= BEAT)
- Guided ARGO 4000 launch in Q2 FY27 → launched (= BEAT)
- Guided calibrated price hike within Q2 → ~1% Sep, ~1% Nov (= BEAT)
Partly delivered
- Guided FY margin ~12% 'challenging' → H1 11.5%, EBITDA +3.7% vs revenue +5.5% (= PARTIAL)
Missed
- Guided 12.5% EBITDA margin corridor → H1 EBITDA margin 11.5% vs 11.7% LY (= MISS)
Summary by ALFA Finder, written with AI assistance from our own recording of the call, published . Open it on ALFA Filings ›
The results behind this call
Ajax Engineering Q2 FY27 Results: Net Profit ₹50.9 Cr, Up 30.2% YoY
Ajax Engineering Ltd reported revenue from operations of ₹487 Cr (+9.5% YoY) and net profit of ₹50.9 Cr (+30.2% YoY) for Q2 FY27.
- Key figure
- Net profit ₹50.9 Cr · +30.2% YoY
What management said last time
Full summary →From the call summary published .
Outlook they gave
Management targets mid-teen revenue growth and 13-15% margins in the medium term, supported by Udaan volumes and exports.
Growth they described
FY26 revenue grew marginally to ₹2,103cr from ₹2,074cr. Q4 revenue was flat at ₹758cr; EBITDA margin stood at 15.1%.
Call details
| Company | AJAX Engineering Ltd |
|---|---|
| NSE symbol | AJAXENGG |
| ISIN | INE274Y01021 |
| Call | Q2 FY27 earnings call |
| Date | Friday, 6 November 2026 |
| Time | 2:30 PM IST |
| Length | 55 min |
| Audio | Our stream on YouTube ↗ |
AJAX Engineering Ltd: key numbers
- Share price
- ₹556.65
- Market cap
- ₹6,369 Cr
- Revenue (annual)
- ₹2,103 Cr
- Net profit (annual)
- ₹225.1 Cr
- P/E (TTM)
- 26.6×Sector 32.4×
- Promoter holding
- 80.00%+0.00% QoQ
- FII holding
- 4.07%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
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