Subscribe for Ajax Engineering Ltd IPO; Anand Rathi

Anand Rathi, has come out with its report on Ajax Engineering Ltd. The research firm has recommended to “ Subscribe” the ipo in its research report as on February 10, 2025.

Broker Research

February 11, 2025 / 11:03 IST

IPO

Anand Rathi, Ajax Engineering Ltd

Incorporated in 1992, Ajax Engineering Ltd. (Ajax) is a leading concrete equipment manufacturer offering a comprehensive range of concrete equipment, services & solutions across the value chain. As of Sep’24, the company has developed over 141 concrete equipment catering to the value chain. The company’s product portfolio includes Self-loading concrete mixers (SLCM), Batching plants, Transit mixers, Self-propelled boom pump, Concrete slip-form paver, bin batching plants and 3D concrete printer. Ajax Engineering, co-founded by Krishnaswamy Vijay, the late Jacob John and the late Anil Kumar Singh, is engaged in the business of design, develop and engineer innovative and high-quality concrete equipments.

Valuation and Outlook

On valuation parse, based on FY24 it is seeking PE of 32 times and post issue market cap comes at Rs 71,961 Mn with the issue is reasonably priced. Therefore, given the factors like, market leading in SLCM’s products, present across all the concrete application value chain and stable top and bottom lines, we recommend the issue can be consider as “SUBSCRIBE for LONG TERM”.

For all IPO report, click here