AJAX Engineering Limited (AJAXENGG.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-3.5%

₹531.44

vs ₹550.60 price

Levered DCF

₹710.44

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	20.53×	26.93×	30.25×	50.12×	102.83×	69.96×	68.2×	43.68×
P/B	3.32×	6.09×	7.42×	9.54×	11.78×	13.31×	16.44×	21.63×
P/S	2.2×	3.4×	3.91×	5.92×	8.94×	9.18×	9.03×	5.9×
EV / EBITDA	14.29×	22×	21.48×	35.47×	68.72×	52.46×	50.95×	26.34×
Gross margin	19.3%	27.1%	26.7%	28.0%	28.1%	32.3%	33.9%	33.4%
Operating margin	12.1%	15.0%	15.2%	14.1%	10.8%	23.7%	25.5%	28.0%
Net margin	10.7%	12.5%	12.9%	11.8%	8.7%	13.1%	13.2%	13.5%
Current ratio	4.19×	3.94×	3.16×	3.1×	3.68×	2.62×	2.94×	2.08×
Debt / equity	0×	0×	0.01×	0.02×	0.01×	0×	0.04×	0.14×
Interest coverage	925.48×	724.58×	136.81×	240.42×	195.67×	1,162.48×	0×	0×
Dividend yield	0.0%	0.4%	0.4%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	9.6%	11.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	16.2%	22.5%	24.5%	19.0%	11.4%	19.0%	24.1%	49.5%
Return on invested capital	13.6%	19.7%	21.1%	16.4%	10.2%	25.6%	33.6%	58.6%
Return on assets	12.9%	17.5%	18.2%	14.1%	9.0%	13.3%	18.0%	30.7%
Free cash flow yield	7.8%	0.3%	2.7%	2.5%	1.0%	0.5%	1.7%	0.1%
Earnings yield	4.9%	3.7%	3.3%	2.0%	1.0%	1.4%	1.5%	2.3%
Enterprise value	₹44.6B	₹70B	₹67.5B	₹68.2B	₹68.1B	₹67.6B	₹68.3B	₹68.5B
Net debt / EBITDA	-0.54×	-0.14×	-0.2×	0.02×	-0.06×	-0.39×	0.11×	0.13×
Cash conversion cycle (days)	14	37	25	30	103	117	71	52