BSE: 544356 | NSE: AJAXENGG | Engineering - Industrial Equipments |
Past 10 year's financial track record analysis by Moneyworks4me indicates that Ajax Engineering Ltd is a average quality company.
The key valuation ratios of Ajax Engineering Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Ajax Engineering Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
Value Creation Index Colour Code Guide ⓘ
| Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|
| ROCE % ⓘ | 25.4% | 16.6% | 28.1% | 36.9% | - |
| Value Creation Index ⓘ | 0.9 | 0.2 | 1.1 | 1.7 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||
| Sales ⓘ | 742 | 763 | 1,151 | 1,741 | 1,741 |
| Sales YoY Gr. | - | 2.9% | 50.8% | 51.3% | - |
| Adj EPS ⓘ | 8.6 | 5.8 | 11.8 | 19.7 | 19.7 |
| YoY Gr. | - | -33.1% | 105.2% | 67.1% | - |
| BVPS (₹) ⓘ | 44.8 | 50.6 | 62.4 | 79.9 | 211.5 |
| Adj Net Profit ⓘ | 98.3 | 65.8 | 135 | 226 | 225 |
| Cash Flow from Ops. ⓘ | 71.5 | 84.7 | 185 | 207 | - |
| Debt/CF from Ops. ⓘ | 0 | 0.1 | 0.1 | 0 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | NA | NA | 32.9% | 51.3% | ||||
| Adj EPS ⓘ | NA | NA | 31.9% | 67.1% | ||||
| BVPSⓘ | NA | NA | 21.3% | 28.1% | ||||
| Share Price | - | - | - | - | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|
| Return on Equity % ⓘ | 19.2 | 12.1 | 20.9 | 27.7 | 13.5 |
| Op. Profit Mgn % ⓘ | 17.4 | 11.7 | 14.8 | 15.9 | 16.3 |
| Net Profit Mgn % ⓘ | 13.3 | 8.6 | 11.7 | 13 | 12.9 |
| Debt to Equity ⓘ | 0 | 0 | 0 | 0 | - |
| Working Cap Days ⓘ | 0 | 164 | 94 | 68 | 0 |
| Cash Conv. Cycle ⓘ | 0 | 65 | 34 | 12 | 0 |
Sales growth is growing at healthy rate in last 3 years 32.91%
Net Profit is growing at healthy rate in last 3 years 31.87%
Sales growth is good in last 4 quarters at 18.64%
Return on Equity has declined versus last 3 years average to 13.50%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 19.7 | 8.7 |
| TTM Sales (₹ Cr.) | 1,741 | 755 |
| BVPS (₹.) ⓘ | 211.5 | 0 |
| Reserves (₹ Cr.) ⓘ | 2,408 | 1,849 |
| P/BV ⓘ | 2.77 | 0.00 |
| PE ⓘ | 29.71 | 67.01 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 565.00 / 628.75 |
| All Time Low / High (₹) | 565.00 / 628.75 |
| Market Cap (₹ Cr.) | 6,689 |
| Equity (₹ Cr.) | 11.4 |
| Face Value (₹) | 1 |
| Industry PE ⓘ | 47.3 |
| Pledged * | 0.00 |
| PARTICULARS | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|
| Sales | 742 | 763 | 1,151 | 1,741 |
| Operating Expenses ⓘ | 614 | 674 | 980 | 1,466 |
| Manufacturing Costs | 13 | 13 | 17 | 22 |
| Material Costs | 497 | 548 | 828 | 1,276 |
| Employee Cost | 61 | 67 | 72 | 87 |
| Other Costs ⓘ | 43 | 46 | 64 | 80 |
| Operating Profit ⓘ | 128 | 89 | 171 | 276 |
| Operating Profit Margin (%) | 17.2% | 11.7% | 14.8% | 15.8% |
| Other Income ⓘ | 11 | 10 | 21 | 39 |
| Interest ⓘ | 1 | 0 | 1 | 2 |
| Depreciation ⓘ | 8 | 8 | 9 | 10 |
| Exceptional Items ⓘ | 0 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | 129 | 90 | 183 | 302 |
| Tax ⓘ | 32 | 24 | 47 | 77 |
| Profit After Tax | 97 | 66 | 136 | 225 |
| PAT Margin (%) | 13.1% | 8.7% | 11.8% | 12.9% |
| Adjusted EPS (₹) | 8.5 | 5.8 | 11.9 | 19.7 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 11% |
| PARTICULARS | Mar'21 | Mar'22 | Mar'23 | Mar'24 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 512 | 578 | 714 | 914 | ||||||
| Share Capital ⓘ | 3 | 3 | 11 | 11 | ||||||
| Reserves ⓘ | 509 | 575 | 702 | 903 | ||||||
| Minority Interest | 0 | 0 | 0 | 0 | ||||||
| Debt | 1 | 7 | 10 | 6 | ||||||
| Long Term Debt | 0 | 0 | 0 | 0 | ||||||
| Short Term Debt | 1 | 7 | 10 | 6 | ||||||
| Trade Payables | 138 | 58 | 160 | 209 | ||||||
| Others Liabilities ⓘ | 80 | 91 | 83 | 107 | ||||||
| Total Liabilities ⓘ | 731 | 735 | 967 | 1,236 | ||||||
Fixed Assets | ||||||||||
| Gross Block | 135 | 139 | 205 | 209 | ||||||
| Accumulated Depreciation | 23 | 31 | 39 | 42 | ||||||
| Net Fixed Assetsⓘ | 112 | 109 | 167 | 167 | ||||||
| CWIP ⓘ | 1 | 7 | 6 | 17 | ||||||
| Investmentsⓘ | 81 | 296 | 495 | 625 | ||||||
| Inventories | 254 | 172 | 173 | 227 | ||||||
| Trade Receivables | 60 | 55 | 75 | 88 | ||||||
| Cash Equivalents | 153 | 23 | 9 | 71 | ||||||
| Others Assetsⓘ | 70 | 73 | 42 | 40 | ||||||
| Total Assets ⓘ | 731 | 735 | 967 | 1,236 | ||||||
| PARTICULARS | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 72 | 85 | 185 | 207 |
| PBT ⓘ | 129 | 90 | 183 | 302 |
| Adjustment ⓘ | 5 | -6 | 3 | -8 |
| Changes in Working Capital ⓘ | -41 | 25 | 46 | -11 |
| Tax Paid ⓘ | -23 | -25 | -47 | -75 |
| Cash Flow From Investing Activity ⓘ | -7 | -129 | -193 | -116 |
| Capex | -36 | -14 | -16 | -22 |
| Net Investments | 25 | -116 | -178 | -99 |
| Others ⓘ | 4 | 1 | 1 | 6 |
| Cash Flow From Financing Activityⓘ | 0 | 0 | 0 | -25 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | 0 | 0 | 0 | 0 |
| Interest Paid ⓘ | 0 | 0 | 0 | 0 |
| Dividend Paid ⓘ | 0 | 0 | 0 | -25 |
| Others ⓘ | 1 | 0 | 0 | 0 |
| Net Cash Flow ⓘ | 65 | -44 | -9 | 66 |
| PARTICULARS | Mar'21 | Mar'22 | Mar'23 | Mar'24 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 19.03 | 12.15 | 21.04 | 27.66 | ||||||
| ROCE (%) | 25.4 | 16.55 | 28.05 | 36.88 | ||||||
| Asset Turnover Ratio | 1.01 | 1.04 | 1.35 | 1.58 | ||||||
| PAT to CFO Conversion(x) | 0.74 | 1.29 | 1.36 | 0.92 | ||||||
| Working Capital Days | ||||||||||
| Receivable Days | 29 | 27 | 21 | 17 | ||||||
| Inventory Days | 125 | 102 | 55 | 42 | ||||||
| Payable Days | 101 | 65 | 48 | 53 | ||||||
Ajax Engineering Limited was incorporated as ‘Ajax Fiori Engineering (India) Private Limited’ on July 3, 1992, at Bengaluru, Karnataka, India as a private limited company under the Companies Act, 1956 pursuant to certificate of incorporation issued by the Registrar of Companies, Karnataka at Bengaluru (RoC). Separately, an entity named ‘Ajax Engineering Private Limited’ (Pre-merger AEPL) was incorporated as private limited company under the Companies Act, 1956 pursuant to certificate of incorporation dated December 30, 1983 issued by the RoC. Pre-merger AEPL and Ajax Construtech Private Limited was later merged into the company pursuant to the scheme of arrangement approved by the National Company Law Tribunal, Bengaluru, vide its order dated March 6, 2019 with the appointed date of April 1, 2018 (Scheme of Arrangement).
Pursuant to the Scheme of Arrangement, the name of the company was changed from ‘Ajax Fiori Engineering (India) Private Limited’ to ‘Ajax Engineering Private Limited’ and a fresh certificate of incorporation was issued on March 15, 2019 by the RoC. Subsequently, the company was converted to a public limited company and the name of the company changed to ‘Ajax Engineering Limited’ pursuant to a Shareholders’ resolution dated August 9, 2024 and a fresh certificate of incorporation dated September 23, 2024 was issued by the Registrar of Companies, Central Processing Centre.
The company is a leading concrete equipment manufacturer with a comprehensive range of concrete equipment, services and solutions across the concrete application value chain. It has developed a comprehensive product portfolio that includes equipment such as self-loading concrete mixers (SLCMs) and batching plants for the production of concrete, transit mixers for the transportation of concrete, boom pumps, concrete pumps and self-propelled boom pumps for the placement of concrete, slip-form pavers for the paving of concrete and 3D concrete printers for depositing concrete. SLCMs are versatile self-loading machines capable of mixing and transporting concrete ingredients, enabling on-site production of concrete. These machines are equipped with, among others, (i) self-loading arms with a hatch bucket to ensure smooth flow of concrete ingredients into the drum in order to minimise spillage, and (ii) concrete batch controllers to accurately measure all the ingredients in order to produce high quality concrete.
In addition to its SLCM portfolio, it has a large and diverse range of non-SLCM equipment that cater to various aspects of the concrete production, transportation, placement and paving processes. Its non-SLCM product portfolio includes batching plants for concrete production, transit mixers for concrete transportation, boom pumps, concrete pumps, self-propelled boom pumps for concrete placement, and slip-form pavers. It has been steadily gaining market share in non-SLCMs, driven by its commitment to innovation and quality.
Business area of the company
The company is in the business of manufacturing self-loading concrete mixers, concrete batching plants and concrete pumps, being used across various sectors.
Products of the company
Awards and accreditations
History and milestones
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Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
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