In progress
Valuation
Market Cap
₹111.65 Cr
P/E Ratio
14.97x
P/B Ratio
4.58x
Ajwa Projects IPO Dates
Open
Close
Allotment
Refunds
Credit
Listing
Business Overview
Ajwa Projects Limited, incorporated in 2011 and based in Surat (Gujarat), is an industrial and infrastructure engineering company offering fabrication, erection, piping, pressure equipment, prefabricated structures, blasting and painting, maintenance and mechanical services, and civil construction. Work is executed at its Ichchapore GIDC workshop in Surat and at client sites across Gujarat, Maharashtra, Haryana, Rajasthan and Odisha for oil and gas, refinery, steel, power, cement, bridge, metro and bullet train projects. It has 557 personnel, ISO 9001:2015 and ISO 45001:2018 certifications and a balance order book of ₹42.43 Cr as of 5 Oct 2026. All revenue is domestic, with private customers at 99.58% of FY26 revenue. FY26 revenue was ₹48.42 Cr and PAT ₹5.42 Cr.
Lots & IPO Size
Ajwa Projects IPO Lot Size
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Ind (Min) | 2 | 1,200 | ₹2,43,600 |
| Ind (Max) | 2 | 1,200 | ₹2,43,600 |
| Others (Min) | 3 | 1,800 | ₹3,65,400 |
Market Maker
₹94,800.00
Employee
₹0.00
Shareholder
₹0.00
Ajwa Projects IPO Size
Total
₹38 Cr
Fresh Issue
₹30 Cr
(0.15 Cr
Shares)
Offer For Sale
₹8 Cr
(0.04 Cr
Shares)
Promoters₹8 Cr
Objects of the Issue
Capital expenditure for purchase of equipment and transport vehicles
Repayment/prepayment of certain borrowings
Funding working capital requirements
General Corporate Purposes & Issue Expenses
Total
Key Risk Factors
The company, its promoters, directors and key personnel are party to outstanding legal proceedings; an adverse decision could materially affect business, results and financial condition.
Key Risk Factors
The company, its promoters, directors and key personnel are party to outstanding legal proceedings; an adverse decision could materially affect business, results and financial condition.
Revenue is concentrated: top 10 customers contributed 98.52% in Jun-26 and 86.65% in FY26 (top customer 26.49% and 19.05%); losing any of them would hurt financial performance.
The company depends on suppliers for steel, pipes and other materials; supply disruption, price spikes or supplier instability could delay projects and reduce margins.
Revenue is geographically concentrated, with Gujarat at 96.24% in Jun-26 and 93.96% in FY26, so regional slowdowns or policy changes could affect operations.
Past delays, discrepancies and omissions were found in statutory records and ROC filings, which could invite penalties or regulatory action against the company.
The company has delayed filing GST returns and depositing statutory dues in the past; future delays may attract penalties and hurt financials.
The company reported negative cash flows in past periods, including operating cash flow of ₹-0.98 Cr in Jun-26 and ₹-2.88 Cr in FY26, which may constrain growth.
The registered office and the Ichchapore workshop are on leased premises; non-renewal or higher rent could disrupt operations and growth.
The 'AJWA PROJECTS' trademark is only applied for, not registered; infringement or inability to protect the brand could harm reputation and business.
Operations are labour-intensive; shortage, high attrition or unrest among welders, fitters, riggers and other workers could delay projects and raise costs.
Ajwa Projects IPO Live Subscription
Live
Updated as on 10/28/2026 1:52:29 PM
| Category | Sub (x) | Offered | Bids | Amount(Cr) |
|---|---|---|---|---|
| Individual | 0.38x | 8,90,400 | 3,38,400 | 6.87 |
| Others | 0.08x | 8,89,200 | 67,200 | 1.36 |
| Total | 0.23x | 17,79,600 | 4,05,600 | 8.23 |
Subscription figures exclude Anchor investor and Market Maker portions. Data is sourced from NSE and BSE on an "AS IS" and "AS AVAILABLE" basis without any warranty
Updated as on 10/28/2026 1:52:29 PM
Ajwa Projects IPO Details Live GMP
GMP
₹39
Est. Price
₹242
Est. Gain
19.21%
| Date | GMP (₹) | Est. Price |
|---|---|---|
| 28 Oct | ₹39 (19.2%) | ₹242 |
| 27 Oct | ₹37 (18.2%) | ₹240 |
| 26 Oct | ₹11 (5.4%) | ₹214 |
Ajwa Projects IPO Peer Comparison
(Rs. in crores)
| Particulars | Ajwa Projects | Atmastco | Samay Project |
|---|---|---|---|
| Revenue | 48.42 | 292.62 | 50.16 |
| PAT | 5.42 | 19.05 | 6.87 |
| EPS (₹) | 13.56 | 7.33 | 4.77 |
| NAV (₹) | 44.28 | 59.15 | 26.02 |
| RONW | 36.15% | 13.93% | 22.64% |
| EBITDA | 18.66% | 13.42% | 15.94% |
| PAT Mrgn | 11.20% | 6.51% | 13.71% |
| PE Ratio | 14.97 | 15.97 | 9.52 |
| Debt to Equity | 0.71 | 0.71 | 0.09 |
All information pertains to FY 2025-26. PE ratio is calculated using the Upper Price Band for the Issuer and the closing price as of October 6, 2026 for Peers
Ajwa Projects IPO Financial Performance
(Rs. in crores)
| Particulars | Jun-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| Revenue | 12.41 | 48.42 | 36.73 | 34.27 |
| Profit | 1.56 | 5.42 | 3.28 | 2.95 |
| Net Worth | 19.27 | 17.71 | 12.29 | 8.90 |
| Borrowings | 13.84 | 12.52 | 7.96 | 10.85 |
| Assets | 41.97 | 36.37 | 25.57 | 25.00 |
| NAV (₹) | 48.17 | 44.28 | 31.32 | 22.86 |
| EPS (₹) | 3.89 | 13.56 | 8.37 | 7.57 |
Key Performance Indicators (KPIs)
Debt to Equity
0.71
All the data pertains to FY 2025-26. PE, PB, and market capitalization are calculated based on the Upper Price Band.
Ajwa Projects IPO Financial Statements
(Rs. in crores)
| Particulars | Jun-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| Revenue from Ops | 12.41 | 48.42 | 36.73 | 34.27 |
| Other Income | 0.03 | 0.13 | 0.14 | 0.12 |
| Total Income | 12.44 | 48.56 | 36.87 | 34.38 |
| Materials Consumed | 6.23 | 16.09 | 4.27 | 6.13 |
| Changes in Inventories | -1.98 | -3.12 | 1.91 | -2.68 |
| Employee Expense | 4.13 | 17.11 | 19.08 | 21.27 |
| Finance Costs | 0.35 | 1.60 | 1.72 | 1.41 |
| Depreciation | 0.08 | 0.39 | 0.31 | 0.28 |
| Other Expenses | 1.53 | 9.04 | 4.82 | 3.86 |
| Total Expenses | 10.34 | 41.11 | 32.12 | 30.27 |
| Profit Before Tax | 2.10 | 7.45 | 4.75 | 4.11 |
| Tax Expense | 0.54 | 2.02 | 1.47 | 1.17 |
| Profit After Tax | 1.56 | 5.42 | 3.28 | 2.95 |
| EPS — Basic (₹) | 3.89 | 13.56 | 8.37 | 7.57 |
| EPS — Diluted (₹) | 3.89 | 13.56 | 8.37 | 7.57 |
| Particulars | Jun-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| Equity Share Capital | 4.00 | 4.00 | 4.00 | 0.09 |
| Reserves & Surplus | 15.27 | 13.71 | 8.29 | 8.81 |
| Total Equity | 19.27 | 17.71 | 12.29 | 8.90 |
| Total Borrowings | 13.84 | 12.52 | 7.96 | 10.85 |
| Trade Payables | 3.70 | 1.92 | 1.42 | 1.94 |
| Other Current Liab | 2.46 | 1.88 | 2.42 | 2.16 |
| Other Liabilities | 2.70 | 2.34 | 1.49 | 1.16 |
| Total Equity & Liab | 41.97 | 36.37 | 25.57 | 25.00 |
| Fixed Assets | 1.59 | 1.51 | 1.53 | 1.79 |
| Non-Current Investments | 1.87 | 1.84 | 1.74 | 1.56 |
| Other Non-Current Assets | 2.41 | 2.36 | 1.88 | 5.58 |
| Inventories | 8.12 | 5.87 | 1.80 | 3.71 |
| Other Current Assets | 2.05 | 2.64 | 4.60 | 0.24 |
| Trade Receivables | 24.55 | 20.68 | 11.79 | 7.71 |
| Cash & Bank Balances | 0.09 | 0.20 | 0.21 | 0.66 |
| Other Assets | 1.31 | 1.26 | 2.04 | 3.76 |
| Total Assets | 41.97 | 36.37 | 25.57 | 25.00 |
| Particulars | Jun-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| CF from Operating Activities | -0.98 | -2.88 | 4.18 | -1.17 |
| CF from Investing Activities | -0.16 | -0.36 | -0.13 | -1.22 |
| CF from Financing Activities | 1.02 | 3.23 | -4.50 | 1.69 |
| Net Change in Cash & Equivalents | -0.11 | 0.00 | -0.45 | -0.71 |
| Cash & Equivalents at End of Period | 0.09 | 0.20 | 0.21 | 0.66 |
Promoter Holding
Promoter
98.90%
Public
1.10%
Riyaz Rafiq Padela
43.91%
Mohammad Khurshid Alam Khan
32.49%
Zarinabegum Khurshid Alam Khan
12.50%
Heena Khan
10.00%
Management
Mohammad Khurshid Alam Khan
Age: 65
Chairman & MD
Remuneration
₹₹18.00 Lakh p.a. (5-year term from 28 Apr 2025)
Education
Under-matriculated
Prior Experience
Over 25 years in fabrication and construction; leads project execution and client relationships.
Zarinabegum Khurshid Alam Khan
Age: 59
WTD
Remuneration
₹₹18.00 Lakh p.a. (term from 1 Apr 2023)
Education
Under-matriculated
Prior Experience
Over 18 years in operations of the company.
Riyaz Rafiq Padela
Age: 54
Executive Director
Remuneration
₹₹8.00 Lakh p.a. (as per terms of employment)
Education
12th Std (M.C. Dhamanwala High School, Surat)
Prior Experience
15+ years in textile and export; handles financial planning; Director, R.P. Prints Pvt Ltd.
Sunil Harishchandra Mandare
Age: 45
CFO
Remuneration
₹Not disclosed in prospectus
Education
B.Com (Veer Narmad South Gujarat University)
Prior Experience
18+ years in accounts and taxation; earlier Chief Account Manager, Sai Anand Construction Co. Pvt Ltd; Hakim Dani & Co.
Registrar & Lead Managers
Registrar
KFin Technologies
Lead Managers (1)
Company Details
Name: Ajwa Projects Limited
Address: M/71, Silver Spring Near Bhulkabhavan School, Adajan, Surat-395009, Gujarat, India
Number: 0261-2786786
Email: info@ajwaprojects.com
Website: https://www.ajwaprojects.com
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Frequently Asked Questions (FAQs)
What is Ajwa Projects IPO?
Ajwa Projects IPO is a SME IPO having an issue size of
₹38 Crs.
Ajwa Projects IPO is priced at
₹203 - ₹203 per
share.
The
issue opens on 28 Oct 26
and
closes on 30 Oct 26.
When will Ajwa Projects IPO open?
Ajwa Projects IPO opens on
28 Oct 26 and closes on
30 Oct 26.
What is the GMP of Ajwa Projects IPO?
The estimated Grey Market Premium of Ajwa Projects IPO is
₹39 per share (19.21%).
What is the lot size of Ajwa Projects IPO?
The minimum lot size of Ajwa Projects IPO is
600 shares & the minimum application amount
is
Rs.
121800.
When is the allotment of Ajwa Projects IPO?
The allotment date of Ajwa Projects IPO is
02 Nov 26.
What is the listing date of Ajwa Projects IPO?
The listing date of Ajwa Projects IPO is
04 Nov 26.
What is the subscription of Ajwa Projects IPO?
Ajwa Projects IPO is subscribed
-.
What is the price band of Ajwa Projects IPO?
Ajwa Projects IPO is priced at
₹203 - ₹203 per
share.
How to check allotment status of Ajwa Projects IPO?
Click the allotment link on Ajwa Projects IPO page of IPO360.
How to apply Ajwa Projects IPO in Zerodha?
- Go to Kite App → Tap on Bids → Tap on IPO
- Select the IPO → Tap on apply → Enter UPI ID
- Enter Qty and Price
- Submit the application
- Approve the UPI Mandate on your UPI app
How to apply Ajwa Projects IPO in Groww?
- Go to Groww App → Stocks Section → Select IPO option
- Select the IPO you want to apply
- Enter your bid details and price
- Enter UPI ID & submit
- Approve the UPI Mandate on your UPI app
How to apply Ajwa Projects IPO using ASBA?
- Log in to your bank's net banking portal.
- Navigate to the 'IPO' or 'ASBA' section.
- Select Ajwa Projects IPO from the list of available IPOs.
- Enter the required details: Bid quantity, Price, DP ID & Client ID, etc
- Submit the application.
- Money will remain blocked till the refund date
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