Ajax Engineering Limited - IPO

1. Market leader in a large and fast-growing SLCM market with an approximately 77%, 75%, 77% and 86% market share in the SLCM market in India in terms of number of SLCMs sold during the six months period ended September 30, 2024 and Financial Years 2024, 2023 and 2022, respectively.

2. Leading concrete equipment company with a comprehensive range of concrete equipment, services and solutions across the concrete application value chain and over 141 concrete equipment variants as of September 30, 2024.

3. Engineering-focused concrete equipment company with strong in-house design, development and engineering capabilities.

4. Technology-led assembly and manufacturing processes supported by robust supplier network.

5. Dealer-led distribution model with 51 dealerships across 23 states in India as of September 30, 2024.

6. Diversified customer base with longstanding relationships in the concrete equipment market and over 19,000 customers as of September 30, 2024.

7. Experienced management team supported by qualified and experienced personnel.

1. We derive a significant majority of our revenue from the sale of self-loading concrete mixers (85.13% of our revenue from operations for the Financial Year 2024). Any decrease in sales of SLCMs or demand for concrete equipment in India could adversely affect our business, results of operations, financial condition and cash flows.

2. Our business is seasonal in nature and any decrease in sales during certain quarters could have an adverse impact on our financial performance.

3. Fluctuations in prices of materials, and disruptions in the timely availability of materials could have an adverse effect on our business, results of operations, financial condition and cash flows.

4. All our assembling and manufacturing facilities are located in the state of Karnataka, which may expose us to regional risks that could adversely affect our business, results of operations, financial condition, and cash flows.

5. Our Statutory Auditors' audit reports and annexures to auditors' reports which discloses matters specified in the Companies (Auditor's Report) Order, 2020 for the past three Financial Years have included certain modifications. If similar modifications are included in the Statutory Auditors' reports for our financial statements in the future, the trading price of our Equity Shares could be adversely affected.

6. We currently assemble substantially all SLCMs at our Obadenahalli Facility and aggregating to 99.06%, 98.83%, 98.41% and 96.98% of all SLCMs manufacturing by us during the six months period ended September 30, 2024 and Financial Years 2024, 2023 and 2022 respectively. Any disruptions or stoppages at this facility or other facilities could adversely impact our operations, financial condition, and results of operations.

7. Our business has grown rapidly and we may not be able to sustain our historical growth rates in the future. Any inability to manage our growth effectively and execute our growth strategy in a timely manner, or within budget estimates, could have an adverse effect on our business, results of operations, financial condition and cash flows.

8. We rely on our dealer network to sell and distribute a majority of our products and provide after-sales service. Any disruption in our dealer network could have an adverse effect on our business, results of operations, financial condition and cash flows.

9. The leases for two of our assembling and manufacturing facilities have expired. While we have made applications to obtain ownership of these land parcels, there can be no assurance that we will be successful. This may adversely affect our business, results of operations, financial condition and cash flows.

10. Proceeds from the Offer will not be available to us.