Ajax Engineering IPO Details, Financials, Valuation & Peers

Ajax Engineering Limited is a manufacturer of concrete equipment, offering a comprehensive range of products and services across the concrete application value chain. With over 32 years of experience, the company has developed a diverse portfolio of 141+ concrete equipment variants, including self-loading concrete mixers (SLCMs), batching plants, transit mixers, boom pumps, concrete pumps, slip-form pavers, and 3D concrete printers. As of September 30, 2024, Ajax has sold over 29,800 concrete equipment units in India, making a significant contribution to the country's infrastructure and construction sectors. Ajax is the dominant player in the self-loading concrete mixer (SLCM) segment, holding a market share of approximately 77% in India for the six-month period ending September 30, 2024. The company also maintains a strong presence in the non-SLCM equipment market, with a growing share in batching plants, transit mixers, and boom pumps.

Key Points:

• Market Leadership in SLCMs:
  • Leading manufacturer of self-loading concrete mixers in India.
  • 77% market share in SLCM sales during the six months ending September 30, 2024.
  • 14% of India's concrete production in FY24 was processed through SLCMs.
• Product Portfolio:
  • Comprehensive range of concrete production, transportation, and placement equipment.
  • Strong growth in non-SLCM equipment, with a 25.90% CAGR between FY22 and September 2024.
  • First Indian company to develop an in-house slip-form paver and commercialize a 3D concrete printing machine.
• Manufacturing Strength: Four manufacturing facilities in Karnataka, including one of the largest SLCM facilities globally.
• Innovation and R&D:
  • In-house R&D team of 79 employees, the largest among peers in India.
  • Developed an SLCM with load cell technology, recognized by the Government of India.
  • Introduced a patented self-propelled boom pump designed for urban construction sites.
• Distribution:
  • 51 dealerships across 23 states in India, with 114 service touchpoints.
  • 25 dealers and distributors in South and Southeast Asia, the Middle East, and Africa.
  • Dedicated team of 85 service professionals providing after-sales support.
• Customer Base:
  • Over 19,000 customers, including contractors, rental companies, and government agencies.
  • Equipment deployed in transportation, irrigation, and large-scale infrastructure projects.
  • No single customer contributed more than 5% of revenue in FY22-FY24, ensuring a diversified business model.