Revenue growth steadies at Ajax Engineering as non SLCM and services segments expand in 9M FY26

Shubhabrata Saha, Managing Director and Chief Executive Officer of Ajax Engineering Limited, outlines transition impact on Q3 margins and long term portfolio strategy

Mumbai, 12 February 2026: Ajax Engineering Limited reported revenue of ₹1,345 crore for the nine months ended FY26, reflecting a 2 percent year on year increase. Growth during the period was supported by a 4.5 percent rise in non SLCM revenue and a 14 percent increase in Spares and Services revenue, indicating a gradual shift toward a more diversified revenue mix.
In Q3 FY26, revenue from operations stood at ₹434 crore compared to ₹548 crore in Q3 FY25. The quarter was affected by extended monsoon conditions, transition to new emission norms, slower project execution and customer cash flow constraints.

Adjusted EBITDA for Q3 FY26 was ₹48 crore compared to ₹88 crore in the corresponding quarter last year. EBITDA margin stood at 11.0 percent versus 16.1 percent in Q3 FY25, impacted by higher production costs linked to the emission transition, changes in product mix and one time marketing and promotion expenses.
For 9M FY26, adjusted EBITDA stood at ₹154 crore compared to ₹207 crore in the previous year period, with an adjusted EBITDA margin of 11.5 percent. Profit after tax for Q3 FY26 was ₹38 crore compared to ₹68 crore in Q3 FY25, while 9M FY26 profit after tax stood at ₹130 crore against ₹169 crore in the corresponding period last year.

Shubhabrata Saha, Managing Director and Chief Executive Officer of Ajax Engineering Limited, said the construction equipment industry has experienced a transitional phase due to extended monsoons, emission norm changes and slower project execution. He said the company maintained leadership

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