*Attention investors* AJAX Engineering Limited IPO Final Verdict *Apply For Small Listing Gains And Long-term* Highlights of the Issue : Date : 10-12 February Price Band : 599-629 Size : 1,269 Cr (Full OFS) M.cap : 7,196 Cr Objects Of The Issue : To Carry Out The Offer For Sale For Promoters And Investors And Achieve The Benefits Of Listing Key Pointers : ▪︎ Ajax Is India's Largest Self Loading Concrete Mixer (SLCM) Manufacturer And Supplier With 77% Market Share In India And One Of The Largest SLCM Supplier Globally ▪︎ Ajax Also Supplies Non-SLCM Equipments Like Batching Plants, Transit Mixers, Boom Pumps, Concrete Pumps, Slipform Pavers, Self-Propelled Boom Pumps, 3D Concrete Printers ▪︎ The Company Has Robust Dealership Network With 51 Dealers In 23 States, 114 Touchpoints, 29 Branches, 34 Service Centres ▪︎ India's SLCM Market Is Projected To Grow At 18% CAGR Till FY29, Making It The Most Robustly Growing And Lucrative Segment In The Domestic Contrete Consumption Value Chain ▪︎ India's Per Capital Consumption Of Cement Stands At 195 KG Which Is One Of The Lowest In The Top Tier Countries, World's Average Per Capital Cement Consumption Stands At 520 KG And China's Consumption Stands At 980 KG, Hence India Has Huge Headroom In Terms Of Concrete Consumption ▪︎ The Automation Of The Concrete Space Is Still At Very Initial Stages, The Segment Has Started Showing Initial Growth Trends Post Covid, Hence The Automation Pickup Will Drive The Growth For Atleast For Next 5-10 Years Forward Projections : FY23 Rev : 1151 Cr PAT : 135.9 Cr FY24 Rev : 1741.4 Cr PAT : 225.1 Cr H1 FY25 Rev : 770 Cr PAT : 101 Cr FY25E Rev : 2,120 Cr PAT : 280 Cr FY26E Rev : 2520 Cr PAT : 335 Cr Giving It A 30× FY26E PAT, Fair Price Comes At 880, Implying An Upside Of 40% Ajax Engineering Is A Cash Generating Machine, Generating Almost 250 Cr FCF Annually Which Will Be More Than Sufficient To Fund Future Growth Hence A Top Class, One Of A Kind Company With Dominating Market Leadership in A Lucrative Market Segment With Very Good Promoters And Management Hitting the Markets At Attractive Valuations The Whole Analysis Is Just A Personal View, Only For Educational Purposes