Ajax Engineering Limited (AJAXENGG) fair value: what the stock is really worth
As of Sep 30, 2026: fair value of Ajax Engineering Limited ₹669, price ₹587, upside +13.9%, quality 60 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Watch Ajax Engineering Limited for free, get notified when fair value or trend changes. Plus fair value for all 35,000+ stocks, 14 days of Pro free, no card.Watch for freePro now: $1 first month
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.
How to read this chart
19‑month range ₹404.10 – ₹742.30 · fair‑value band ₹399.54 – ₹1,002 · the ₹587.00 price screens below the ₹668.53 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 2026.
Follow Ajax Engineering in your weekly email
Every Wednesday you see whether Ajax Engineering is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
Ajax Engineering Limited manufactures and sells self-loading concrete mixers, concrete batching plants, and concrete pumps in India and internationally.
Show more
Ajax Engineering Limited manufactures and sells self-loading concrete mixers, concrete batching plants, and concrete pumps in India and internationally. The company also offers transit mixers, stationary concrete pumps, boom pumps, self-propelled boom pumps, 3D concrete printers, and slip-form pavers, as well as dumpers, planetary mixers, and twin shaft mixers. It serves roadways, waterways, irrigation, renewable energy, railways, residential/commercial, airports, and urban infrastructure sectors. Ajax Engineering Limited was incorporated in 1992 and is headquartered in Bengaluru, India.
Stock analysis
Ajax Engineering Limited (AJAXENGG) currently trades at ₹587.00, while our model-based Fair Value estimate is ₹668.53, implying the stock looks roughly 12.2% undervalued today.
Show more
Valuation
Bull case: the DCF Models group reads highest at a median of ₹577.72 per share, and 6 of the 26 models we run sit above the ₹587.00 price.
Bear case: the Asset-Based group reads lowest at ₹81.53, and 20 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: ₹399.54 (bear) to ₹1,002 (bull), the price of ₹587.00 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 60/100 (solid quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Ajax Engineering Limited reported revenue of ₹21.0B in FY2026 versus ₹7.6B in FY2022, a compound +28.9%/yr. Reported net income was ₹2.3B in FY2026, compounding +35.8%/yr from FY2022. FY2022 was a trough year, so the rate overstates the trend.
Key figures
Market cap ₹67.6B (≈ $706M) · P/E ratio 30.0 · P/S ratio 3.21 · EPS (TTM) ₹19.56 · Dividend yield 0.4% · Net margin 10.7% · Return on equity 17.7% · Return on assets (EBIT) 17.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 53 out of 100 (low confidence).
What moves the price
The share trades about 13% below its 52-week high and 45% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 10% fair-value upside, at 14%, AJAXENGG screens cheaper than that median.
Fair Value models
Bear ₹399.54Fair Value ₹668.53Bull ₹1,002
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹9.80 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+1.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+22.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+23.2%
Start year 2021 (pandemic)
’21
’22
’23
’24
’25
’26
What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+22.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+22.3%
Dividend (yield on the price)0.4%
Profit margin 2022 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.11% → 12%
Growth Forecast
Price in line with expectations
The price assumes less growth than the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+14.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+13.9%
Yearly sales growth analysts expect, extended to five years.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about +9.8% a year for the price and +9.4% for the forecasts.
Compare Ajax Engineering Limited with another stock
Price, fair value, quality and upside side by side.
Free, no sign-up
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Farm & Heavy Construction Machinery · 147 stocks
Beats the industry median on 6/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score60 · Above median
Fair Value upside+13.9% · Above median
Profitability
Return on equity (TTM)17.7% · Top 25%
Return on assets9.9% · Top 25%
Net margin (TTM)10.7% · Top 25%
Operating margin (TTM)14.9% · Top 25%
Growth and dividend
Revenue growth0.3% · Below median
Dividend yield (TTM)0.4% · Bottom 25%
Valuation Multiplesvs Farm & Heavy Construction Machinery median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Ajax Engineering Limited (AJAXENGG) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of ₹668.53 versus a price of ₹587.00, about +14% upside (undervalued).
What is the fair value of AJAXENGG?
Our model-based fair value for Ajax Engineering Limited is ₹668.53 (as of Sep 27, 2026), built from audited fundamentals. The current price: ₹587.00.
What is the quality score of AJAXENGG?
Ajax Engineering Limited has a Quality Score of 60/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Ajax Engineering Limited (AJAXENGG)?
Our model-based price target is the fair value of ₹668.53 (as of Sep 27, 2026) from 26 valuation models. Cautious scenario ₹399.54, optimistic scenario ₹1,002. It is a calculation from audited fundamentals, not an analyst target.
What is the Ajax Engineering Limited stock forecast for 2026?
Our models put fair value at ₹668.53, about +14% upside versus a price of ₹587.00 (undervalued). Cautious scenario ₹399.54, optimistic scenario ₹1,002. The calculation is refreshed regularly with new filings.
What is the revenue of Ajax Engineering Limited (AJAXENGG)?
Ajax Engineering Limited reported trailing-twelve-month revenue of about ₹21.0B (latest available figure, as of Sep 27, 2026).
Does Ajax Engineering Limited pay a dividend?
Ajax Engineering Limited currently shows a dividend yield of about 0.40% relative to its recent price (as of Sep 27, 2026).
What growth is priced into Ajax Engineering Limited (AJAXENGG)?
For today's price to be fair in a discounted-cash-flow model, Ajax Engineering Limited would have to grow free cash flow by +14.3 % per year for five years (discount rate 13.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +23.2 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of AJAXENGG use?
Our models discount Ajax Engineering Limited at 13.9 %: a base by market capitalisation (small), country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Ajax Engineering Limited that is +14.3 % per year a year over ten years, using the same discount rate (13.9 %) and the same formula as our fair value.
How much growth has Ajax Engineering Limited (AJAXENGG) delivered so far?
Over the past 5 years revenue at Ajax Engineering Limited grew +23.2 % a year. The price currently implies +14.3 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Ajax Engineering Limited (AJAXENGG) growing?
The median revenue growth in the sector is +5.5 % a year. That is the yardstick for the growth priced into Ajax Engineering Limited (+14.3 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Ajax Engineering Limited (AJAXENGG)?
The free-cash-flow yield on the price is 5.31 %: that much free cash flow Ajax Engineering Limited produces per unit of market value. When it exceeds the discount rate of our models (13.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Ajax Engineering Limited (AJAXENGG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Ajax Engineering Limited it is ₹668.53 per share (as of Sep 27, 2026), against a price of ₹587.00. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Ajax Engineering Limited stock overvalued or undervalued in 2026?
As of Sep 27, 2026, AJAXENGG trades below its calculated fair value: price ₹587.00, fair value ₹668.53, a gap of about +14% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of AJAXENGG?
No. The price is what the market pays today (₹587.00); the fair value is what the company's own numbers justify (₹668.53). For Ajax Engineering Limited the two are ₹81.53 per share apart. That gap is exactly why we show both numbers side by side.
How much is Ajax Engineering Limited worth?
The market values Ajax Engineering Limited at about ₹67.6B (market capitalisation, as of Sep 27, 2026). Per share that is ₹587.00; our models calculate a fair value of ₹668.53 per share.
What do the bullish and bearish scenarios say about AJAXENGG?
Our models span a range for Ajax Engineering Limited: cautious scenario ₹399.54, base ₹668.53, optimistic ₹1,002 per share (as of Sep 27, 2026, price ₹587.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of AJAXENGG?
Ajax Engineering Limited trades at a price-to-earnings ratio of 30.0 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹668.53 is built from several models across several years. Other multiples: P/B 4.9, P/S 3.2, EV/EBITDA 24.8.
How solid is the balance sheet of Ajax Engineering Limited (AJAXENGG)?
Balance-sheet figures for Ajax Engineering Limited (as of Sep 27, 2026): return on equity 17.7%. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is AJAXENGG from its 52-week high?
Ajax Engineering Limited trades at ₹587.00, about 13% below its 52-week high of ₹671.10 and 45% above the low of ₹404.10 (as of Sep 30, 2026). Distance from the high says nothing about value: that is what the fair value of ₹668.53 is for.
Which stocks are comparable to Ajax Engineering Limited?
From the same area (Industrials) we also value Caterpillar Inc, Deere & Company, PACCAR Inc, Daimler Truck Holding, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Ajax Engineering Limited stock attractive at the current price?
The data as of Sep 27, 2026: price ₹587.00, calculated fair value ₹668.53 (+14%), Quality Score 60/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of AJAXENGG calculated?
We run Ajax Engineering Limited through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹668.53, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.7 % above its aggregate fair value. Ajax Engineering Limited currently trades 12 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Ajax Engineering Limited (AJAXENGG)?
The closing price on Sep 30, 2026 was ₹587.00. Our model-based fair value is ₹668.53, about +14% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Ajax Engineering Limited right now?
A fairly wide model range (₹399.54 to ₹1,002) leaves room in how you read the outcome. The price sits in the lower half of our model range, the side with the larger margin of safety. The data supports the verdict: every model runs on fully documented inputs.
Key figures of Ajax Engineering Limited
How large is the market capitalisation of Ajax Engineering Limited (AJAXENGG)?
The market capitalisation of Ajax Engineering Limited is ₹67.6B (≈ $706M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Ajax Engineering Limited (AJAXENGG)?
The price-to-sales ratio of Ajax Engineering Limited is 3.21 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Ajax Engineering Limited (AJAXENGG)?
Earnings per share at Ajax Engineering Limited are ₹19.56 (price ÷ EPS = P/E 30.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Ajax Engineering Limited (AJAXENGG)?
The dividend yield of Ajax Engineering Limited is 0.4% (payout 12.0%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Ajax Engineering Limited (AJAXENGG)?
The net margin of Ajax Engineering Limited is 10.7% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Ajax Engineering Limited (AJAXENGG)?
The return on equity (ROE) of Ajax Engineering Limited is 17.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Ajax Engineering Limited (AJAXENGG)?
On an EBIT basis the return on assets of Ajax Engineering Limited is 17.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Ajax Engineering Limited (AJAXENGG)?
The operating margin of Ajax Engineering Limited is 14.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Ajax Engineering Limited (AJAXENGG)?
Revenue at Ajax Engineering Limited is growing +0.3% versus a year earlier (3y avg +22.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Ajax Engineering Limited (AJAXENGG)?
Earnings per share at Ajax Engineering Limited are growing +4.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Ajax Engineering Limited (AJAXENGG) hold?
Ajax Engineering Limited holds more cash than debt, ₹1.7B net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
Free · no account needed
Watch Ajax Engineering Limited in the live analysis
One click puts Ajax Engineering Limited on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener. You can also try 14 days of Pro there, no card.
