Ajax Engineering Limited (AJAXENGG) Fair Value & Analysis
Industrials · IN · Market cap ₹62.2B
Fair value as of: Aug 13, 2026
From 26 valuation models · updated 3 days ago
Share price −5.4% over the past month.
A solid business, but screening 43% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (₹418.19). The favourable scenario is already priced in.
- Solid but not exceptional quality (60/100) and above fair value, neither a clear bargain nor a standout compounder.
Price vs Fair Value (18 months)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
18‑month range ₹404.10 – ₹742.30 · fair‑value band ₹250.91 – ₹418.19 · the ₹582.20 price screens above the ₹334.55 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.
Analysis
Ajax Engineering Limited (AJAXENGG) currently trades at ₹582.20, while our model-based Fair Value estimate is ₹334.55, implying the stock looks roughly 42.5% overvalued today. The Quality Score stands at 60/100 (solid quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, Ajax Engineering Limited generated revenue of ₹21.0B at a net margin of 10.7%. Revenue grew 0.3% year over year. It earns a return on equity of 17.7%. The balance sheet holds a net cash position of ₹1.7B. Fundamentals as of Aug 13, 2026
Our scenario range runs from ₹250.91 (bear case) to ₹418.19 (bull case); at ₹582.20, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 20% below its 52-week high and 47% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -16% fair-value upside, at -43%, AJAXENGG screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 26 models by family
Widest divergence: DCF Models (₹663.56) versus Dividend Discount (₹34.95). Highest evidence: Residual Income (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 63 · Market factors (momentum, volatility) 44
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
Ajax Engineering Limited manufactures and sells self-loading concrete mixers, concrete batching plants, and concrete pumps in India and internationally.
Full company description
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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2026 · reported fiscal years
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.
AJAXENGG screens 43% overvalued. Compare with Caterpillar Inc →
Peer Group
Farm & Heavy Construction Machinery · 148 stocks
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.
Valuation Multiples vs Farm & Heavy Construction Machinery median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Farm & Heavy Construction Machinery stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Caterpillar Inc CAT | $855.60 | $307.83 | -64% |
| Deere & Company DE | $619.77 | $182.29 | -71% |
| AB Volvo (publ), VOLVA | kr 344.00 | kr 288.08 | -16% |
| PACCAR Inc PCAR | $131.06 | $94.80 | -28% |
| Epiroc AB EPIA | kr 254.50 | kr 144.14 | -43% |
| Sany Heavy Industry Co 600031 | ¥18.91 | ¥20.84 | +10% |
| XCMG Construction Machinery Co 000425 | ¥8.25 | ¥11.79 | +43% |
| Sinotruk (Hong Kong) Limited 3808 | HK$41.42 | HK$53.57 | +29% |
| Yutong Bus Co 600066 | ¥28.69 | ¥42.00 | +46% |
| Ashok Leyland Limited ASHOKLEY | ₹176.70 | ₹118.01 | -33% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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