Key Highlights – FY25
- Revenue from Operations: ₹2,074 crores, up 19% YoY
- EBITDA: ₹318 crores, up 15.5% YoY
- PAT: ₹260 crores, up 15.5% YoY
Q4 FY25 Snapshot
- Revenue: ₹756 crores, up 15% YoY
- EBITDA: ₹111 crores, up 1.5% YoY
- PAT: ₹91 crores, up 3% YoY
MUMBAI: Ajax Engineering Limited, India’s leading concreting equipment manufacturer, announced its audited financial results for the fourth quarter and financial year ended March 31, 2025.
FY25 Financial Highlights (All numbers are in Indian rupees in Crores except margins)
| Particulars | FY24 | FY25 | YoY Change (%) |
| Revenue from Operations | 1741 | 2074 | 19% |
| Reported EBITDA | 276 | 318 | 15.5% |
| EBITDA Margin (%) | 15.8% | 15.3% | -50 bps |
| Reported PAT | 225 | 260 | 15.5% |
| PAT Margin (%) | 12.9% | 12.5% | -40 bps |
Quarterly Financial Highlights (All numbers are in Indian rupees in Crores except margins)
| Particulars | Q4 FY24 | Q4 FY25 | YoY Change (%) |
| Revenue from Operations | 657 | 756 | 15% |
| Reported EBITDA | 109 | 111 | 1.5% |
| EBITDA Margin (%) | 16.6% | 14.7% | -190 bps |
| Reported PAT | 88 | 91 | 3% |
| PAT Margin (%) | 13.4% | 12.0% | -140 bps |
Shubhabrata Saha, Managing Director & CEO, Ajax Engineering Limited, said, “FY25 has been a year of resilience and strategic progress. Despite external challenges, including the regulatory shift from CEV-4 to CEV-5 emission norms and slower infrastructure execution, we delivered robust growth, crossed the ₹2,000 crore revenue milestone, and maintained profitability. Our leadership in the Self-Loading Concrete Mixer (SLCM) segment remains strong, with a 75% market share, while our non-SLCM and Spares businesses continue to gain momentum.
Our strategic investments, such as a dedicated B2B channel for non-SLCM sales and leadership enhancement initiatives, are laying the foundation for the next phase of growth. We’re also excited about the upcoming launch of our Adinarayanahosahalli plant in H2 FY26, which will add further capacity and product flexibility.”
Tuhin Basu, Chief Financial Officer, Ajax Engineering Limited added, “We have delivered a healthy performance in Q4 and FY25 with revenue growth across several key business areas – our SLCM and non-SLCM segments grew at 18% YoY; the Spare Parts and Service revenue rose 33% YoY and revenue from exports increased 29% YoY. Our EBITDA has grown by 15% YoY.
We remain committed to balancing growth with financial prudence. Our strong cash position and lean working capital ensure we are well-positioned to invest in capacity, innovation, and expansion. Despite margin pressures this year due to capability building, we expect profitability to normalize as our investments start delivering results.”
Strategic Updates
- Launched CEV-5 compliant models ahead of time: Ajax ramped up CEV-4 inventory ahead of the June 2025 deadline and simultaneously launched CEV-5 compliant models. CEV-5 machines contributed ~1/3rd of Q4 sales.
- Product Innovation: Ajax remains the only Indian company to have developed an in-house Slip-Form Paver and commercial 3D Concrete Printer.
- Dealer Network: Expanded to 51 domestic dealers and 26 international distributors across 48 countries.
- New Facility Launch: The upcoming Adinarayanahosahalli plant is on track for commissioning by Q2 FY26, with commercial production starting in H2 FY26
- B2B Channel Expansion: The company is scaling its non-SLCM portfolio through a new B2B go-to-market strategy aimed at institutional buyers.