Ajax Engineering Limited
- Minimum Investment₹13,777
- Price Range₹599 - ₹629
- Issue Size₹1,269.35 Cr
- Lot Size23 shares
Proceeds of this IPO to be used for
Achieve the benefits of listing equity shares on the stock exchanges
Carry out the offer for sale of up to 22,881,718 equity shares
Strengths & Weaknesses of Ajax Engineering Limited
Leading concrete equipment company
The company is a leading concrete equipment manufacturer, offering a wide range of products and services across the concrete application value chain. Its portfolio includes SLCMs (Self Loading Concrete Mixers), batching plants, transit mixers, boom pumps, concrete pumps, slip-form pavers, and 3D concrete printers
Large dealer network
The company uses a dealer-led distribution model with over 51 dealerships across 23 states in India as of September 30, 2024, providing 114 touchpoints, including 63 branches, 34 of which also serve as service centres. This is the largest dealer and service network among leading concrete equipment companies in India
Market leader in the SLCM market
The company is among the three largest SLCM manufacturers globally, holding approximately 77% market share in India in 2024. SLCMs have a wide range of applications and are used across India, according to available after-sales data. The company has sold over 25,000 SLCMs in India in the last 10 years, the highest among leading concrete equipment manufacturers.
Dependent on self-loading concrete mixers
The company derives a significant majority of its revenue from the sale of self-loading concrete mixers, accounting for 85.1% of revenue from operations in FY24. A decline in sales of self-loading concrete mixers or a decrease in demand for concrete equipment in India could negatively impact the company’s business, operational results, financial condition, and cash flow
Seasonal industry trends
The concrete equipment industry in India is cyclical and driven by government infrastructure spending. Demand, primarily from public sector investments, fluctuates with budgets and policies. It is seasonal, dipping during the July-August monsoon and rising from October to fiscal year-end, causing quarterly sales and profitability variations.
Regional risks
As of September 30, 2024, the company operates four assembling and manufacturing facilities, with one more under construction, all located in Karnataka. This concentration exposes the business to regional risks such as infrastructure disruptions, natural disasters, workforce issues, economic changes, civil unrest, regulatory shifts, and local government policies
Financials
Earnings Per Share
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Balance Sheet
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About Ajax Engineering Limited
- PromoterKrishnaswamy Vijay
- PromoterJacob Jiten John
- PromoterKalyani Vijay
- PromoterMadhuri Vijay
- PromoterPrashanth Vijay
- PromoterRachel Rekha Hansen