Our journey began in 1992 with a vision to engineer smarter, more
productive concrete solutions for India's infrastructure needs.
Dear Shareholders,
It is with great pride that I write to you in this
pivotal year for Ajax Engineering·our first as a publicly listed company. This
milestone marks not only a moment of celebration but also one of responsibility. We are
now accountable to a wider community of stakeholders who believe in our purpose, our
capabilities, and our future. And we are determined to honour that trust with
transparency, performance, and ambition.
Three Decades of Purpose-Led Progress Our journey began in 1992 with a
vision to engineer smarter, more productive concrete solutions for India's
infrastructure needs. Over time, that vision has evolved into a proven business model and
an enduring institution. From pioneering the Self-Loading Concrete Mixer (SLCM) in India
to building one of the world's largest manufacturing footprints for this equipment,
we have led with innovation, customer centricity, and operational discipline.
After resiliently digging in for the first two decades, the past decade
(2013-14 to 2023-24) saw Ajax clock an 18% CAGR, underscoring the strength of our strategy
and efficiency of our execution. The Year
2024-25 further validated this trajectory with 19% revenue growth, a '
20,739.15 million topline, and robust profitability - all while remaining debt-free and
operationally agile.
Reading the External Landscape
The Year 2024-25 unfolded against a challenging backdrop: an upcoming
regulatory transition in emission norms (CEV IV to CEV V), elections that temporarily
slowed the pace of public capex, and an extended monsoon that disrupted execution cycles.
Yet, such dynamics are not new to us. What matters is our preparedness and our ability to
convert headwinds into stepping stones.
India's infrastructure ambition remains unshaken. The
government's ' 11.21 lakh crore capex commitment for 2025-26, up by 10% from the
previous year, is a powerful signal. The mechanisation of construction, particularly in
concrete applications, is accelerating. The Indian mechanised concrete equipment market is
expected to nearly triple by 2028-29, growing from ^ 61 billion in 2023-24 to ' 178
billion. Ajax is not just positioned to participate in this opportunity; we are shaping
it.
The Ajax Difference: Category Creator
Ajax has never defined itself merely by market share, though with
75.1%* in the SLCM product portfolio, our leadership is undisputed. What sets us apart is
the way we have built this market·through first-mover innovation, a deep
understanding of on-ground construction needs, and the ability to engineer for Indian
conditions.
This spirit of creation defines everything we do, from the launch of
load-cell-enabled SLCMs to our in-house slip-form paver and India's first
commercialised 3D concrete printer. Our Ajax School of Concrete is another reflection of
this ethos combining material science, design thinking, and skill development under one
umbrella.
*Based on E-VAAHAN data
Strategic Focus: Evolving from a Product Company
to a Solutions Partner
2024-25 was not just a year of performance, it was a year of strategic
recalibration. We are investing in long-term levers that go beyond quarterly results.
These include:
4s Diversification of our portfolio beyond SLCMs into batching plants,
pumps, pavers, and 3D printing platforms.
4s A hybrid go-to-market strategy, adding a B2B channel alongside our
extensive dealer network to reach new customer archetypes.
4s International expansion, with exports now contributing ' 742.00
million, and growing presence across South Asia, Southeast Asia, Africa, and Russia.
4s Capacity expansion, with a new facility at
Adinarayanahosahalli scheduled to go live in H2 2025-26.
4s CEV V readiness, ensuring our product portfolio meets upcoming
emission norms with minimal disruption, supported by ongoing R&D investments and
supplier alignment.
4, Capital discipline, evident in our debt-free status and ' 7,239.67
million in treasury investments and bank and cash balances, which will be prudently
allocated to organic and inorganic growth opportunities that align with our return metrics
and cultural values.
Governance for a New Era
Our listing on the Indian stock exchanges marks a new chapter in our
journey·one that demands stronger governance, sharper disclosures, and sustained
performance. I am proud to share that our Board is deeply engaged in guiding strategy,
managing risk, and overseeing long-term value creation. We are committed to upholding the
highest standards of ethics, transparency, and fiduciary responsibility.
A Future of Opportunity
Looking beyond the slightly challenging near-term phase in terms of
emission transition, the longer- term horizon reflects an ocean of opportunity.
India's substantial infrastructure development needs coupled with the shift towards
mechanised construction and concreting equipment will continue to drive steady demand and
a long runway, which positions Ajax well for sustained growth.
Ajax is entering a phase of maturity and momentum. We are not chasing
growth for its own sake. We are building a Company that solves real problems, stands the
test of time, and creates value across cycles.
In Closing
To all our employees, customers, dealers, suppliers, shareholders, and
Board members·thank you. Your belief fuels our ambition. Your trust sharpens our
accountability.
The infrastructure of tomorrow needs partners who are bold, reliable,
and future-ready. Ajax is that partner. And together, we are engineering growth that
lasts.
Warm regards,
Krishnaswamy Vijay
Chairman