Ajax Engineering Limited (NSE: AJAXENGG) shares closed at ₹478.00 on the National Stock Exchange on Friday, down 3.78% from the previous session, based on exchange data at market close.
At the close, the company’s market capitalization stood at approximately ₹5,508 crore, calculated using the closing price and outstanding shares.
The decline followed the company’s financial results for the quarter ended 31 December 2025 (Q3 FY26), which showed a year-on-year decline in profit.
Revenue Performance
For Q3 FY26, revenue from operations was ₹4,335.48 million. Total income for the quarter stood at ₹4,468.09 million.
For the nine-month period ended 31 December 2025, total income was ₹13,808.25 million.
The company operates in a single reportable segment comprising the manufacturing and sale of concrete equipment.
Profitability
During Q3 FY26, profit before tax was ₹517.11 million.
Net profit stood at ₹382.41 million for the quarter.
Basic earnings per share for the quarter were ₹3.34, while diluted earnings per share were ₹3.32.
An exceptional item of ₹31.04 million was recorded during the quarter in relation to the impact of newly notified labor codes.
For the nine-month period, profit before tax was ₹1,752.73 million.
Total comprehensive income for the nine months stood at ₹1,306.25 million.
Basic earnings per share for the nine-month period were ₹11.38.
Outlook
Despite the near-term weakness, Ajax reported a stable order backlog, providing some visibility into future revenue streams. The company is also pushing growth in non-SLCM segments and aftermarket services, including spare parts and maintenance contracts, which have historically delivered higher margins and recurring revenue.
Industry analysts said that while Q3 results were disappointing, Ajax’s strong dealer network and leadership in mechanized concrete equipment position it well for a recovery when public infrastructure spending accelerates, especially under government-sponsored programs aimed at boosting rural and urban connectivity.