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Employees: 557
Size Ajax Engineering (AJAXENGG.NS) is an India Industrials company (Trucks/Construction/Farm Machinery) with a market value of $676M, the 731st largest of 1,058 India companies the cockpit tracks. Shares closed at ₹556.65 on 6 Nov 2026.
Performance Over six months the shares gained 1.2%, against -18.3% for the median peer and 0.0% for the India market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue grew 1.4% over the last twelve months (peer median +3.0%); the operating margin is 12.0% (peer median 3.5%).
Valuation It trades at 24.3× forward earnings against a peer median of 17.7× (4th most expensive of 11).
Price implies For today's price to make sense, revenue must grow about 25% a year for seven years (Req g). Recent delivered growth is +23%, so the hurdle is +2 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 0.6 points below its cost of capital (14.2% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹21.1B | ₹21.0B | ₹20.7B | ₹17.4B | ₹11.5B |
| Revenue growth | — | +1% | +19% | +51% | — |
| Gross profit | ₹4.09B | ₹3.76B | ₹4.13B | ₹3.45B | ₹2.26B |
| EBITDA | ₹2.64B | ₹2.71B | ₹3.22B | ₹2.79B | ₹1.73B |
| Net income | ₹2.28B | ₹2.25B | ₹2.60B | ₹2.25B | ₹1.36B |
| Free cash flow | n/a | ₹3.59B | ₹245M | ₹1.89B | ₹1.68B |
| Capital expenditure | n/a | ₹277M | ₹235M | ₹233M | ₹172M |
| Total debt | n/a | ₹18.3M | ₹17.7M | ₹82.3M | ₹116M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | AJAXENGG.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.5% | -9.4% | 8th highest of 21 |
| 6-month return | +1.2% | -18.3% | 2nd highest of 21 |
| Distance from 52-week high | -17.9% | -31.1% | 3rd highest of 21 |
| Revenue growth (TTM) | +1.4% | +3.0% | 11th highest of 21 |
| Operating margin | 12.0% | 3.5% | 4th highest of 21 |
| Forward P/E | 24.3× | 17.7× | 4th most expensive of 11 |
| Growth the price implies (Req g, 7 yrs) | 25.4% | 8.8% | 2nd most demanding of 12 |
| Growth delivered (Del g) | +23.2% | +2.6% | 2nd highest of 12 |
| Hurdle (Req g minus delivered) | +2.2 pp | +7.3 pp | 4th least demanding of 12 |
| ROIC minus cost of capital | -0.6 pp | -3.6 pp | 5th highest of 21 |
| EV / EBITDA | 24.2× | 10.0× | most expensive of 5 |
| Net debt / EBITDA | -4.0× | 1.0× | 2nd least indebted of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ajax Engineering AJAXENGG.NS | India | $676M | +1% | +1% | 12% | 24.3× | 25.4% | +23.2% |
| Endur ENDUR.OL | Norway | $696M | +7% | +88% | 5% | 19.2× | 8.8% | +88.7% |
| Jianglong Shipbuilding 300589.SZ | China | $699M | -25% | -9% | -12% | 42.5× | n/a | n/a |
| CSBC Corp. Taiwan 2208.TW | Taiwan | $642M | -18% | -15% | -5% | n/a | n/a | n/a |
| Beijing Tianma Intelligent Control Technology 688570.SS | China | $628M | -22% | -5% | -1% | 44.5× | 14.1% | +6.8% |
| Jinxi Axle 600495.SS | China | $728M | -6% | +19% | -1% | n/a | 22.1% | +2.6% |
| Wetown Electric 688226.SS | China | $729M | -55% | +54% | 3% | 29.9× | n/a | n/a |
| Balu Forge Industries BALUFORGE.NS | India | $624M | -10% | +31% | 26% | 15.9× | n/a | n/a |
| VBG VBG-B.ST | Sweden | $734M | -16% | +5% | 10% | 16.2× | 2.7% | +11.4% |
| Chengdu Xinzhu Road & Bridge Machinery 002480.SZ | China | $620M | -18% | -21% | -4% | n/a | 12.5% | -8.7% |
| Weihai Guangtai Airport Equipment 002111.SZ | China | $620M | -29% | +11% | 6% | 14.7× | 5.8% | +2.4% |
| Shanghai Chuangli 603012.SS | China | $738M | -12% | -17% | 5% | n/a | 8.1% | +2.8% |
| Shaanxi Construction Machinery 600984.SS | China | $611M | -24% | -4% | -61% | n/a | 6.9% | -8.6% |
| Niutech Technology 688309.SS | China | $753M | -10% | +79% | 26% | n/a | n/a | n/a |
| Beijing Tieke Shougang Railway-Tech 688569.SS | China | $606M | -5% | +24% | 22% | 16.1× | -2.0% | +0.8% |
| Shandong Mining Machinery 002526.SZ | China | $754M | -15% | -6% | 1% | n/a | n/a | n/a |
| Xiamen XGMA Machinery 600815.SS | China | $756M | -36% | +21% | -21% | n/a | n/a | n/a |
| Songz Automobile Air Conditioning 002454.SZ | China | $596M | -36% | +7% | 4% | 16.1× | n/a | n/a |
| Ponsse PON1V.HE | Finland | $595M | -15% | -3% | 4% | 19.2× | n/a | n/a |
| Hangzhou Huning Elevator Parts 300669.SZ | China | $591M | -36% | -2% | 1% | n/a | 50.1% | -1.7% |
| Hangzhou Advance Gearbox 601177.SS | China | $786M | -19% | +1% | 4% | n/a | 14.5% | +4.6% |