AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 24 Sep - The Company executives will be participating in the Group Meeting, scheduled to be held on September 29, 2026.
Source: Bse
Ajax Engineering Limited (AJAXENGG)
Small CapInfra stocks · Small cap · NSE
Ajax Engineering Limited operates in Construction Equipment, within the Infra sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals06 Oct 2026 · screener
Latest result06 Aug, 01:21 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Infra P/E 15.4 (n=87)
Technical timing lens
Trend score and candlestick chart
44NeutralMACD − · sector -2.2pp vs Nifty 500 (3M)
Stock trend: 47
Sector RS: 38
Sector 3M: -7.9% vs Nifty 500 -5.6%
Infra FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
AJAXENGGD candles · FIT view+5.5%Latest close ₹549.85 on 2026-10-21
Bar
-1.5%
RSI
37
MACD hist
-3.12
52W pos
55%
2026-10-21O ₹558.00H ₹568.55L ₹539.80C ₹549.85Vol 78,927 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
AJAXENGGNifty InfraNifty 500
- AJAXENGG
- -6.6%
- Nifty 500
- -6.5%
- Nifty Infra
- -8.6%
- Vs Nifty 500
- -0.1 pp
Chart stats
21 Oct 2026- From 52W high
- -18.9%
- 52W range position
- 55%
- ATR (14)
- 3.3%
- Volume vs 20D
- 0.52x
- Avg traded value
- ₹9 Cr
- 20D price channel
- ₹539.8 - ₹619.9
₹678
₹394.8 - ₹678
₹18.1
Latest completed session
20-session average
28.0% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST45
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad12
Revenue +1.7% · PAT +5.7% YoY
Technical
Neutral44
Price trend and sector-relative-strength timing.
Valuation
Legacy model-19.5%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence79
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 12/100margin compression · Rev +2% YoY · PAT +6% YoY
Filed 05 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹475 Cr | +1.7% | -37.3% |
| EBITDA | ₹59 Cr | -3.3% | -48.7% |
| Operating margin | 12.0% | -100 bps | -300 bps |
| PAT | ₹56 Cr | +5.7% | -41.0% |
| PAT margin | 11.8% | +44 bps | -74 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 29.50
- P/B
- 4.87
- EV/EBITDA
- 24.82
- Market Cap
- 6799.00Cr
Profitability
- ROE
- 17.80%
- ROCE
- 23.90%
- ROA
- 13.01%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 23.00%
- EPS 5Y
- 19.00%
- Revenue 3Y
- 22.00%
- EPS 3Y
- 19.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- —
- Altman Z
- 9.09
- Book Value
- 122.00
Cash Flow
- FCF Yield
- 1.76%
- FCF Positive Y
- 5/5
- OCF
- 377.00 Cr
- EPS TTM
- 19.92
Shareholding
- Promoter Hold
- 80.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 70%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 475-37.3% vs prev
Net Profit
₹ CrLatest: 56.0-41.1% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term uptrend intact. RSI 37.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 37 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 19% off 52W high · 39% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
59
RS percentile
Stage 1 Base / Transition
1M return
-2.3%
3M return
-6.6%
6M return
+3.4%
1Y return
-10.0%
RS 1D
-1
RS 20D
+7
Sector rank
#17
Industry rank
#68
Stage evidence
- Price is within 0.0% of the 30-week proxy.
- The 30-week proxy changed +2.3% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price above
Sector
lagging
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 83.89-1.58%
RS vs Nifty 50084
Valuation & peers
U-Score 45 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 45 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth14/25
Quality10/20
Balance Sheet9/15
Cash Flow7/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
45
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
45/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Cash flow contributes 7/10 to the score.
- Balance sheet contributes 9/15 to the score.
Main drags
- Fair-value margin of safety is negative at -19.5%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 10/20; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
29.5
PB
4.9
EV/EBITDA
24.8
ROE
17.8%
ROCE
23.9%
FCF Yield
1.8%
Debt/Equity
0.0
MoS
-19.5%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
45
Previous: 45
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-19.5%
Previous: -22.6%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
45
45
45
45
45
45
45
45
45
45
45
45
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹233.84
-135.1% MoS
Growth-justified P/E
23.1
Growth-justified Value
₹460.15
-19.5% MoS
PEG
1.55
Comparable companies
Peers
Business-comparable peers in Infra — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
AFCONS
Small
Afcons Infrastructure Limited
Construction & Engineering
match 68
18
44.0
5.6%
-124%
OVERVALUED
AGIIL
Small
Agi Infra Limited
Construction & Engineering
match 68
52
31.9
25.0%
-28%
FAIR VALUE
JKIL
Small
J.Kumar Infraprojects Limited
Construction & Engineering
match 67
74
8.8
12.4%
+61%
UNDERVALUED
GRINFRA
Micro
G R Infraprojects Limited
Construction & Engineering
match 66
36
8.1
9.2%
-27%
WATCHLIST
GALAPREC
Small
Gala Precision Engineering Limited
Construction & Engineering
match 66
40
39.1
13.2%
-59%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Issuer presentation review pending
Ajax Engineering Limited operates in Construction Equipment, within the Infra sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers. The structured result feed currently covers the quarter ended 30 Jun 2026. Investor presentations and earnings-call PDFs will be added as issuer-backed evidence before management claims appear here.
Trust Score
79Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 88th percentile of the scored universe and 88th percentile within Infra. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
31 docs text-extracted · 12 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
88th percentile
overall median 67 · Infra: 88th pctile, median 64 · Small: 90th pctile, median 66
Evidence depth
Financial-only
31 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
88
strong · leverage and solvency
Discipline
72
acceptable · capital discipline
Results
72
acceptable · quarterly consistency
Trust positives
- ▸Promoter holding is 80%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.9%.
- ▸5 years of positive FCF.
Trust risks
- ▸ROCE trend is -7.8%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Ajax Engineering Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 5 Sep - The newspaper clipping of the advertisement of the Thirty-Fourth Annual General Meeting and Information on E-voting published on September 5, 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Resignation of Chief Financial Officer (CFO) 7 Sep - Ketan Pendse resigned as CFO and KMP effective September 7, 2026, due to personal reasons.
Source: Bse
Annual reportSep 2026
Sep 2026 · Letter To The Shareholder Containing Weblink Of 34Th Annual General Meeting And Annual Report For The FY 2025-26 5 Sep - AGM scheduled for September 28, 2026; annual report and e-voting dates shared.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Change in Management 17 Sep - Ajax Engineering appoints Shishir Joshipura as additional independent director, subject to shareholder approval.
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 4 Sep
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 7 Aug - Copy of Newspaper publication on August 7, 2026 for unaudited financial result of the Company for the quarter ended June 30, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 8 Jul
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Change in Management 5 Jul - Board appointed PKF Sridhar & Santhanam LLP internal auditor for FY2026-27 from June 2, 2026.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Resignation of Director 19 Jun - Rajan Wadhera resigned as Independent Director effective June 18, 2026, citing personal reasons.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.