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Ajax Engineering IPO
Price Band
₹599.0–629.0
Issue Size
₹1268.93 Cr
Lot Size
23 shares
Min Investment
₹14,467
GMP
₹-3.0 (-0.48%)
Issue Price
₹629.0
Ajax Engineering IPO AI Summary
- Ajax Engineering IPO is listed on BSE, NSE.
- Price band: ₹599.0–₹629.0 per share, lot size 23 shares (min. investment ₹14,467).
- Subscription window: 10 Feb–12 Feb 2025, listing on 17 Feb 2025.
- Current GMP is ₹-3.0 (-0.48%), an estimated listing price of ₹626 — unofficial and can change daily.
Ajax Engineering Limited is set to launch its IPO with a price band of ₹599.0 to ₹629.0, aiming to raise ₹1,268.93 Cr. The company has a solid market presence in concrete equipment manufacturing and a robust distribution network.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Ajax Engineering IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 12 Feb 2025 — not a current signal.
8 of 13 reviewers say Positive
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Ajax Engineering IPO Grey Market Premium (GMP) Today
GMP
₹-3.0
GMP %
-0.48%
Est. Listing
₹626.0
Updated: 25 Jul 2026 14:30
About the Company
Incorporated in July 1992, Ajax Engineering Limited manufactures a wide range of concrete equipment and services across the value chain. As of September 30, 2024, The company has developed 141 concrete equipment variants for the value chain and sold over 29,800 units in India in the last ten years. As of September 30, 2024, the design, engineering, and development team has 79 full-time employees, about 15.96% of the total workforce. As of September 30, 2024, Ajax Engineering Limited has four facilities in Karnataka, located at Obadenahalli, Gowribidanur, and Bashettihalli, each specializing in different products, especially the Obadenahalli facility. As of September 30, 2024, The company has 51 dealerships across 23 states in India, providing 114 touchpoints, including 51 headquarters and 63 branches, 34 of which also serve as service centers. As of September 30, 2024, the company has established 25 dealers and distributors across South and Southeast Asia, the Middle East, and Africa. As of September 30, 2024, the company has sold concrete equipment and spare parts to over 15,700 customers. Product Portfolio: Self-loading concrete mixers Batching plants Transit mixers Boom pumps Concrete pumps Self-propelled boom pumps Slipform pavers 3D concrete printers As of September 30, 2024, the service team included 85 employees, such as coordinators, managers, specialists, and customer service executives supporting our dealer network. Competitive Strength Market leader in a large and fast-growing SLCM market Leading concrete equipment company with a comprehensive range of concrete equipment, services and solutions across the concrete application value chain Strong in-house design, development and engineering capabilities Technology-led assembly and manufacturing processes and robust supplier network Large dealer network with widespread distribution model Diversified customer base with longstanding relationships in the concrete equipment market Experienced management team supported by qualified and experienced personnel.
Company Financials (₹ Cr)
As of 2024-09-30
| Period Ended | 30 Sep 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|---|
| Assets | 1,348.76 | 1,236.14 | 966.73 | 735.31 |
| Total Income | 794.16 | 1,780.07 | 1,172.57 | 771.85 |
| Profit After Tax | 101.02 | 225.15 | 135.90 | 66.21 |
| NET Worth | 995.84 | 917.96 | 713.80 | 578.27 |
| Reserves and Surplus | 984.40 | 906.52 | 702.36 | 575.41 |
| Total Borrowing | 6.23 | 10.14 | 7.16 |
Key Ratios
EPS
₹19.68
NAV
₹80.24
ROE
24.53%
ROCE
32.82%
RoNW
19.39%
P/B Value
7.84
P/E Ratio
31.96
Market Cap
₹7196.19 Cr
PAT Margin
12.65%
Debt/Equity
0.01
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Escorts Kubota Limited | 780.83 | 11.44% | 35.73 | 96.8 | 96.64 |
| Beml Ltd. | 640.55 | 10.56% | 54.24 | 67.66 | 67.66 |
| Action Construction Equipment Ltd. | 103.42 | 26.65% | 46.13 | 27.56 | 27.56 |
| Ajax Engineering Limited This IPO | 80.24 | 19.39% | 31.96 | 19.68 | 19.68 |
Promoters
Krishnaswamy Vijay, Jacob Jiten John, Kalyani Vijay, Madhuri Vijay, Prashanth Vijay, Rachel Rekha Hansen, Savitha Christeena Alexander, Sean Alexander, Green Haven Trust, Ohana Trust, Jacob Hansen Family Trust and The Johns Loaves Trust
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹1,172.57 Cr in the year ending 31 Mar 2023, rising to ₹1,780.07 Cr by 31 Mar 2024. However, for the most recent period ending 30 Sep 2024, total income decreased to ₹794.16 Cr, though this is a 9-month figure, not a full year, so isn't directly comparable.
Profit Trend
Profit after tax was ₹66.21 Cr in the year ending 31 Mar 2022, increasing to ₹135.90 Cr by 31 Mar 2023, and further rising to ₹225.15 Cr by 31 Mar 2024. In the latest period ending 30 Sep 2024, profit after tax decreased to ₹101.02 Cr, though this is a 9-month figure, not a full year, so isn't directly comparable.
Valuation
Priced at a P/E ratio of 31.96 at the issue price, Ajax Engineering's valuation is compared to peers like Escorts Kubota Limited (P/E 35.73), Beml Ltd. (P/E 54.24), and Action Construction Equipment Ltd. (P/E 46.13).
Grey Market Premium, Explained
The grey market premium (GMP) indicates the expected listing price of an IPO compared to its issue price. A positive GMP suggests strong demand, while a negative GMP indicates weaker demand.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their investment goals and risk tolerance. It's important to consider the company's growth prospects and market conditions.
Who May Want to Wait
Investors who prefer stable returns and are risk-averse may want to avoid IPOs like this, which can be subject to significant price fluctuations on listing day.
IPO Timeline, Explained
The IPO opens for subscription on February 10, 2025, and closes on February 12, 2025. Allotment of shares will be done on February 13, 2025, with the listing date set for February 17, 2025.
Listing Gains — The Risk
Listing gains can be unpredictable, as they depend on market conditions and investor sentiment at the time of listing. It's essential to be aware that gains on the listing day may not reflect the stock's long-term performance.
This evaluation is generated from Ajax Engineering's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Ajax Engineering IPO GMP today?
Ajax Engineering IPO GMP today is ₹-3.0 (-0.48%), indicating an estimated listing price of ₹626. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Ajax Engineering IPO?
The price band of Ajax Engineering IPO is ₹599.0–₹629.0 per share.
When does Ajax Engineering IPO open and close?
Ajax Engineering IPO opens on 10 February 2025 and closes on 12 February 2025.
When does Ajax Engineering IPO list on the stock exchange?
Ajax Engineering IPO listed on 17 February 2025 at ₹626.0.
What is the lot size for Ajax Engineering IPO?
The lot size for Ajax Engineering IPO is 23 shares, requiring a minimum investment of ₹14,467.
What is the price band for the Ajax Engineering IPO?
The price band for the Ajax Engineering IPO is ₹599.0 to ₹629.0.
What is the minimum investment required?
The minimum investment required is ₹14,467.0.
What is the lot size for the IPO?
The lot size for the Ajax Engineering IPO is 23 shares.
When is the listing date for the IPO?
The listing date for the IPO is February 17, 2025.
What does GMP mean?
GMP stands for grey market premium, which indicates the expected price of the IPO on its listing day compared to its issue price.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
10 Feb 2025
Close
12 Feb 2025
Allotment
13 Feb 2025
Listing
17 Feb 2025
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