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Ajax Engineering, a manufacturer of concrete equipment, announced an investment of ₹100 crore to set up its fifth manufacturing facility in Bengaluru and expects a part of the facility to be operational by the end of next year. According to Shubhabrata Saha, the recently appointed MD and CEO of Ajax Engineering, the company also aims to generate revenues of ₹3,000 crore by 2026.
“We expect to end FY23 with a revenue turnover of around ₹1,000 crore. The scaling of revenues will come from our core domestic and export businesses. Currently, our exports are to the tune of about ₹50 crore and we expect them to go up by three times in the next three-four years,” said Saha to businessline.
According to the company, its products are well-suited to cover geographies such as the Middle East, Africa, and South and Southeast Asia, and it expects to grow in these markets. “We will also consider acquisitions in international markets, which would add another ₹1,000 crore to our business,” he added.
In addition to its self-loading concrete mixers category, Saha said that there is a great opportunity for scaling up the batching plant business in the coming years. The company also has an innovation pipeline in development.
“The Indian concrete equipment market size is around ₹5,000–6,000 crore. We believe that in the next 20 years if the country wants to transform itself into a significantly larger economy, the infrastructure story will play a crucial role. In fact, the size of this market can go up to Rs. 8,000 crore in a few years; in this case, we are confident of reaching our revenue target,” explained Saha.
Prior to his latest role, Saha served over two decades at Mahindra & Mahindra in various leadership roles. During the last assignment, he served as the CEO of the Farm Division at Mahindra. The company has a headcount of close to 553 direct and about 330 indirect employees. Currently, it has four manufacturing facilities in Bengaluru and claims to be a pioneer in self-loading concrete mixers, with over 70 per cent market share in the country.
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