AJAX Engineering has announced the appointment of Ketan Pendse as its chief financial officer (CFO) and key managerial personnel, effective June 2, 2026. According to reports from Business Standard, the board took note of the resignation of Ganesh B J as interim chief financial officer with immediate effect. Pendse steps into the role following J's departure from the company. The appointment was formally announced under Regulation 30 (LODR) on June 2, 2026, following the board meeting held on that day.
Ketan Pendse brings over 24 years of experience as a Chartered Accountant to his new role at AJAX Engineering. As reported by Business Standard, he has held leadership roles across finance, treasury, governance, risk management, and business transformation. Prior to joining Ajax Engineering, he served as CFO and whole-time director at TKIL Industries (formerly Thyssenkrupp Industries India). Pendse has developed expertise in controllership, accounting, taxation, treasury, compliance, procurement, commercial project management, and enterprise risk management throughout his career.
According to Business Standard, AJAX Engineering reported a 4.4% increase in standalone net profit to ₹94.96 crore in Q4 FY26 from ₹90.95 crore in Q4 FY25. The company's revenue from operations edged up 0.3% year-on-year to ₹757.66 crore in the quarter ended March 31, 2026. The company has demonstrated strong profit growth with an 18.9% CAGR over the last 5 years, though it has not been paying dividends to shareholders. AJAX Engineering is India's leading concrete equipment manufacturer and operates across the entire concrete application value chain including production, transportation, placement, paving and advanced solutions like 3D concrete printing. The company has sold 32.9k+ units over the last 10 years and holds the second-largest concrete equipment manufacturer position in India by volume.
As reported by Business Standard, shares of AJAX Engineering rose 0.88% to ₹595.70 on the BSE following the announcement of the new CFO appointment. The company has a market capitalization of ₹6,812 crore and reported revenue of ₹2,103 crore with profit of ₹225 crore. However, the company's working capital days have increased from 69.1 days to 161 days, indicating potential operational challenges. The positive market reaction reflects investor confidence in the company's leadership transition and strategic appointment of Pendse to the key financial position.
