Ajax Engineering

Ajax Engineering reported a weak Q3 FY26 with revenue of ₹434 croreCurrent reported value: ₹434 crore. No comparable prior figure is available in the source record., down 20.8% YoYCurrent reported value: 20.8% YoY. No comparable prior figure is available in the source record., and EBITDA margin contracting 510 bpsCurrent reported value: 510 bps. No comparable prior figure is available in the source record. to 11%Current reported value: 11%. No comparable prior figure is available in the source record., impacted by a high base, delayed project execution, and customer cash flow constraints. The SLCM segment saw volume decline, though non-SLCM grew 13% YoY and spares & services grew 11%. Management highlighted a demand uptick in January, with market share holding at 78-82%Current 78-82%. Reported change: +3-7pp YoY., but expects Q4 volumes to remain below last year's 2,000 units. Pricing improvements are anticipated in FY27 as cost pass-through progresses. Key risk: sustained cash flow issues in large states like Maharashtra and Karnataka could delay recovery.