Transcript of Earning Call Conference held on August 6, 2026 on unaudited financial results for the quarter ended June 30, 2026.

REGISTERED OFFICE: AJAX ENGINEERING LIMITED (formerly known as Ajax Engineering Private Limited) CIN: L28245KA1992PLC013306 #253/1, 11 Main, Phase III, Peenya Industrial Area, Bengaluru – 560 058, Karnataka, India. T: +91 80 67200082/83 Toll Free No.: 1-800-419-0628 E: customercare@ajax-engg.com www.ajax-engg.com Date: August 13, 2026 BSE Limited, National Stock Exchange of India Limited, 20th Floor, P.J. Towers, Exchange Plaza, C-1, Block G, Dalal Street, Bandra Kurla Complex, Bandra (E), Mumbai - 400001. Mumbai – 400 051 BSE Scrip Code: 544356 NSE Scrip Symbol: AJAXENGG Subject: Transcript of the conference call with Analysts/ Investors held on August 6, 2026. Dear Sir/Ma’am, Pursuant to Regulation 30 and 46 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith the transcript of the conference call that was organized with the Analysts/Investors on Thursday, August 6, 2026 at 11:00 a.m. (IST), on the financial results of the Company for the quarter ended June 30, 2026. The audio recording and transcript of the presentation are available on the website of the Company at https://www.ajax-engg.com/investor-relations under corporate announcement. Kindly take the same in your record. Thanking you, For Ajax Engineering Limited (Formerly known as Ajax Engineering Private Limited) Shruti Vishwanath Shetty Company Secretary and Compliance Officer Membership No. A33617 “AJAX Engineering Limited Q1 FY27 Earnings Conference Call” August 06, 2026 E&OE - This transcript is edited for factual errors. In case of any discrepancy, the audio recording uploaded on the stock exchanges on 06th August 2026 will prevail. MANAGEMENT: MR. SHUBHABRATA SAHA – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – AJAX ENGINEERING LIMITED MR. KETAN PENDSE – CHIEF FINANCIAL OFFICER – AJAX ENGINEERING LIMITED SGA – INVESTOR RELATIONS – AJAX ENGINEERING LIMITED Page 1 of 18 AJAX Engineering Limited August 06, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Q1 FY27 Earnings Conference Call of AJAX Engineering Limited. As a reminder, all participant lines will remain in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal the operator by pressing star then zero on your touchtone telephone. Please note that this conference is being recorded. Before we begin, I would like to point out this conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions and expectations of the company as on date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. I will now hand the conference over to Mr. Shubhabrata Saha, Managing Director and Chief Executive Officer of AJAX Engineering Limited. Thank you and over to you, sir. Shubhabrata Saha: Thank you. Good morning and a warm welcome to everyone to the Q1 FY27 Earnings Conference Call of AJAX Engineering Limited. Before we begin, I’m delighted to welcome Mr. Ketan Pendse, who joined AJAX as our Chief Financial Officer in June 2026. Ketan brings over two decades of industry experience and we’re confident that his expertise and leadership will play a valuable role in driving AJAX’s growth and success. Welcome aboard, Ketan. We also have SGA, our investor relations partner, on the call. We have uploaded our financial results, press release and investor presentation on the stock exchanges and our website. I hope everybody has had an opportunity to go through the same. The infrastructure sector is a key driver of India’s economic growth, supported by government investments in highways, railways, power, irrigation, rural roads, rural infrastructure, etc. Initiatives such as the Pradhan Mantri Gram Sadak Yojana and the Pradhan Mantri Awas Yojana have improved rural connectivity and housing access, while driving demand for construction equipment. Backed by the government’s longer-term focus and the requirement for infrastructure development, we remain confident of the long-term growth prospects for the concrete industry and in turn for AJAX. Having said that, despite the healthy longer-term outlook, the infrastructure sector in the country has and continues to face certain near-term challenges. While we’ve had a seasonal uptick in primary volumes during the preceding quarter, that is FY26 Q4, the road bumps encountered over the last year or so in terms of actual government spending on infrastructure projects remaining well below the budgeted allocations, resulting in the slower-than-expected pace of project execution across the country, have broadly remained in place during Q1 of this year as well. Contractors continue to experience delays in payments from some of the specific state governments, leading to cash flow constraints that dampen sentiments and reduce their appetite to place new orders and undertake fresh investments in equipment. Amidst these headwinds, we Page 2 of 18 AJAX Engineering Limited August 06, 2026 have remained focused on our three value, disciplines namely customer intimacy, product leadership, and operational excellence. We have strengthened our customer intimacy through sustained engagement, a deep understanding of evolving customer needs, robust after-sales support and service excellence. We remain committed to product leadership. Continuous customer feedback, rigorous quality standards, and extensive field testing have enabled us to maintain superior quality, supporting our ability to command a premium over our peers. Finally, our focus on operational excellence remains unwavering. We continue to invest in design and engineering, building a robust supply chain, operating a lean and agile manufacturing footprint and maintaining a disciplined approach to cash flows and working capital management. These four principles and the strength of our strategic [Inaudible 0:04:13] have been particularly evident in the current challenging operating environment. Our disciplined execution, prudent decision-making, agility and relentless focus on operational excellence have enabled us to strengthen our competitive position. Our SLCM and retail market share expanded to 75.1% during Q1 FY27, increasing from about 69% in Q1 FY26 and 73.5% during the full year FY26. Importantly, this increase in market share was achieved despite the price premium of our machines versus our peers. Our performance in Q1 is a testament to the strength of the AJAX brand, our disciplined execution, our product quality, the depth and reach of our distribution network and the trust that customers continue to place in our products, technology, service capabilities, and the overall value proposition. While Q2 is expected to remain seasonally soft, we expect customer sentiment and demand momentum to improve as we head into the second half of the year. As we highlighted previously, nearly 60% of our revenue is typically generated in H2. Accordingly, our business is best assessed from an annualized multi-year perspective. Towards the latter part of Q1, we saw direct material costs inching upwards owing to increase in fuel and steel prices. In anticipation of these cost pressures, we had initiated several internal cost optimization measures that were originally planned for implementation in the latter part of the year. Given the evolving input cost environment, we continue to put accelerated efforts on these initiatives, including preponement wherever possible to mitigate the impact. We are working very closely with our suppliers on both the timing and the extent of the cost increases. Following the price increases of about 2% that we took in Q4 FY26, we are also evaluating another price hike which will be implemented in a calibrated manner, with the timing and quantum to be determined based on the prevailing [Showing first 8,000 characters — download PDF for full document]