Here's a concise summary for retail investors: **1. Business Performance:** Ajax Engineering navigated a challenging Q3 & 9M FY26, impacted by monsoon, new CEV-5 emission norms, and project delays.

For 9M FY26, revenue saw a modest +2% YoY to ₹1,344.9 Cr, but Q3 revenue declined 21% YoY to ₹433.5 Cr.

Profitability was also hit, with 9M PAT down 23% to ₹130.2 Cr and Q3 PAT dropping 44% to ₹38.2 Cr.

This was mainly due to higher production costs for CEV-5 machines and one-time marketing expenses. **2. Growth Drivers or Strategy:** Despite headwinds, the company's non-SLCM and Spares & Services segments showed growth.

Management remains confident in long-term prospects, citing the government's infrastructure push and the shift to mechanized construction.

Strategies include expanding non-SLCM, boosting exports, and maintaining SLCM market leadership. **3. Recent Developments:** Ajax introduced new CEV-5 machines and commercialized a 3D Concrete Printing Machine.

A new fungible assembly facility in Adinarayanahosahalli is expected by Q1 FY27. **4. Management Commentary / Outlook:** Management is focused on long-term health, anticipating operating leverage and price adjustments to boost profitability from FY27, reinforcing a strong outlook.