AJAXENGINEERING / Q3-FY26 / claim-ledger

Audit the questions that mattered.

Ajax Engineering · Analyst questions, management answers, and the quality of the response where the ledger is available.

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NegativeQ3-FY26 · 2026-02-10Back to quarter ↗

Questions audited

Answered directly

58%

Numeric claims

Consistency

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Question ledger

What was answered, and how?

Ragu Nandan · Noama Research

partial

Will SLCM growth revert to 15-18% from FY27?

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.

Ragu Nandan · Noama Research

partial

Can you take price hikes in next 1-2 quarters?

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.

Ragu Nandan · Noama Research

direct

What drove QoQ gross margin improvement despite higher non-SLCM share?

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.

Ragu Nandan · Noama Research

partial

What was Udan volume in Q3 and which states accepted it?

by the end of this year I think we would have done closer to about uh 225 to 250 numbers.

Web Sha · JM Financial

direct

How is Udan different from Argo 1000 and its applications?

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.

Web Sha · JM Financial

evasive

What is the target share of Udan in total volumes?

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.

Web Sha · JM Financial

partial

Will SLCM volumes be flat or degrow for the year?

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.

Mohit Kumar · ICICI Securities

partial

Is 10-15% decline in Q4 SLCM volume a fair assessment?

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.

Rashi · City Group

partial

What price hike percentage needed to restore margins and timeline?

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.

Rashi · City Group

direct

What is the current cash balance?

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.

Lakshmi Naray · Tunga

partial

Is there discounting in the market and how many dealers onboarded?

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.

Pitesh · Lucky Investments

partial

How much of SLCM demand is linked to housing vs infrastructure?

the utility is largely in infrastructure.