Ajax Engineering Ltd — Q3 FY26
Ajax Engineering reported a weak Q3 FY26 with revenue of ₹434 crore, down 20.8% YoY, and EBITDA margin contracting 510 bps to 11%, impacted by a high base, delayed project execu...
bearish
high
Financial stats pending filing verification
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
58%Questions answered1Evaded / deflected12Questions audited
Partial answer
High priority
Will SLCM growth revert to 15-18% from FY27?
Asked by Ragu Nandan, Noama Research
Management described demand drivers but did not commit to a specific growth rate.
no specific growth guidancequalitative only
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Question
would you say that from FI27 onwards uh you would revert to the 15 to 18% growth trajectory for SLCMS?
Shubo (management)
We do anticipate that this will continue as we move forward into the next fiscal as well. ... We believe that selectively going forward the cash flow challenges in some of these states will alter and there is a need for those projects to be completed.
Partial answer
High priority
Can you take price hikes in next 1-2 quarters?
Asked by Ragu Nandan, Noama Research
Management gave qualitative improvement but no specific price hike percentage or timeline.
no quantification of price hike
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Question
Can you speak about the current environment and whether the next one or two quarters would allow you to take a price hike?
Shubo (management)
I for one can say this with some degree of confidence that in January uh we are better placed than in the previous quarter from a price point of view.
Answered
Medium priority
What drove QoQ gross margin improvement despite higher non-SLCM share?
Asked by Ragu Nandan, Noama Research
Management directly attributed margin improvement to product mix and spares upswing.
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Question
Q3 gross margin is better by 100 basis points Q despite the higher share of non FLCM uh what has led to this improvement on a P basis.
Suhin (management)
this is uh primarily driven just by the pure mix of the product uh in the nonSLCM and the spers had a good upswing for us.
Partial answer
Medium priority
What was Udan volume in Q3 and which states accepted it?
Asked by Ragu Nandan, Noama Research
Management did not provide Q3 volume, only a full-year estimate.
no Q3 volume givengave full-year estimate instead
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Question
what was the volume in Q3 and in which states has the model been well accepted?
Shubo (management)
by the end of this year I think we would have done closer to about uh 225 to 250 numbers.
Answered
Medium priority
How is Udan different from Argo 1000 and its applications?
Asked by Web Sha, JM Financial
Management clearly differentiated Udan from Argo 1000 and listed applications.
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Question
how is it different from Argo 1000 which we used to sell earlier and uh which are the key applications where the where we are targeting the product and how has been the user experience so far?
Shubo (management)
It is a 75 cubic meter product. ... it has gone into wide range of uh lower-end applications wherein probably none of uh the uh argos would potentially go.
Evasive
Medium priority
What is the target share of Udan in total volumes?
Asked by Web Sha, JM Financial
Management refused to provide a target share, deferring to future.
deferred to next yearno target given
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Question
what kind of uh share we are we targeting in our over total total volumes on a yearly basis for Udan.
Shubo (management)
I'd be very happy to make sure that first extensive distribution across all dealerships happens. ... we'll talk about some of these numbers for next year.
Partial answer
High priority
Will SLCM volumes be flat or degrow for the year?
Asked by Web Sha, JM Financial
Management did not give a target, only said Q4 volume unlikely to match last year's 2,000.
no specific targetonly said unlikely to match last year
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Question
for the year as a whole what kind of uh number are we targeting? So it could be a marginal degrowth or we can do something uh flattish for the year.
Shubo (management)
I don't think we would be in a position to match up to the uh the absolute number of 2,000 that happened uh last year.
Partial answer
High priority
Is 10-15% decline in Q4 SLCM volume a fair assessment?
Asked by Mohit Kumar, ICICI Securities
Management did not confirm or deny 10-15% decline, only said 2,000 unlikely.
no specific decline percentage given
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Question
are you hopeful of having something like 10 15% decline compared to compared to last Q4 in terms of SLCM volume is that a fair assessment
Shubo (management)
to suggest anything whether it will be 15% or this will be very early for me to call out but definitely to be able to meet 2,000 numbers of last year Q4 four looks unlikely.
Partial answer
High priority
What price hike percentage needed to restore margins and timeline?
Asked by Rashi, City Group
Management did not quantify the price hike needed or target margin level.
no specific percentage givenvague timeline
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Question
what exactly do you have in mind in terms of restoring margins or at what levels and how soon can that happen and what is actually the percentage of price hack that you need from here to get to that particular margin level
Shubo (management)
I stand confident that FY27 I think we should be able to have covered a fair ground as far as uh price increase is concerned ... as close as we can get to that uh sometime in the first quarter of FI27.
Answered
Medium priority
What is the current cash balance?
Asked by Rashi, City Group
Management provided a specific cash balance figure.
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Question
what is the cash balance currently?
Shubo (management)
cash balance is in uh including uh let's say the investments which you have in the debt markets uh is 800 10 million 810 crores.
Partial answer
Medium priority
Is there discounting in the market and how many dealers onboarded?
Asked by Lakshmi Naray, Tunga
Management did not quantify discounting and gave only current dealer count, not additions.
no specific dealer count for 9 monthsonly gave current count
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Question
has there been any uh discounting that is taking place in the market ... in the last 9 months how many dealers you have actually onboarded
Shubo (management)
we've not been in the phase of discounting ... we are already upward of 60 now and that should get a bit better ... in the next couple of months.
Partial answer
Medium priority
How much of SLCM demand is linked to housing vs infrastructure?
Asked by Pitesh, Lucky Investments
Management gave qualitative answer but no percentage breakdown.
no quantitative split given
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Question
the SLCM product line how much of the demand in your opinion is linked to housing construction and how much of the demand is linked to infrastructure
Shubo (management)
the utility is largely in infrastructure.