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Ajwa Projects IPOLISTED
Ajwa Projects Limited is a Surat-based engineering company engaged in industrial fabrication, structural steelwork, equipment installation, piping, civil construction and maintenance services across diverse industries.
Listing price
₹203
0.00%
Current price
—
Not available
Issue price
₹203
Upper band
Listed on
04 Nov 26
AJWAPROJECTS
- Open28 Oct
- Close30 Oct
- Allotment2 Nov
- Refund3 Nov
- Demat3 Nov
- Listing4 NovToday
Listed at
₹203
+0.00% on 04 Nov 26
Overview
Price band
₹203
Lot size
600 shares
Minimum application 2 lots
Face value
₹10 / share
Issue type
Fixed Price Issue
Min. investment
₹2,43,600
2 lots · 1,200 shares
Listing at
BSE
Issue Size : 18,74,400 shares worth ₹38.05 Cr
- Fresh Issue : 15,00,000 shares worth ₹30.45 Cr
- Offer for Sale : 3,74,400 shares worth ₹7.6 Cr
IPO Share Reservation
Total
94.94%
Lot size & investment
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 1,200 | ₹2,43,600 |
| Retail (Max) | 2 | 1,200 | ₹2,43,600 |
| S-HNI (Min) | 3 | 1,800 | ₹3,65,400 |
| S-HNI (Max) | 8 | 4,800 | ₹9,74,400 |
| B-HNI (Min) | 9 | 5,400 | ₹10,96,200 |
Listing performance
Listing gain
0.00%
Gain per retail lot
₹0
Latest vs issue
—
GMP was
—
Latest price shows here when a live quote is available (NSE main-board stocks).
Subscription
- NII (HNI)0.43xNII (HNI)0.43xNon-Institutional InvestorsShares offered 8,89,200Shares applied 3,79,200Bid amount ₹7.7 Cr
- Retail1.93xRetail1.93xRetail Individual InvestorsShares offered 8,90,400Shares applied 17,14,800Bid amount ₹34.81 Cr
- Total1.18xTotal1.18xAll categories combinedShares offered 17,79,600Shares applied 20,94,000Bid amount ₹42.51 Cr
Financials
| Period(₹ Cr) | Revenue | Expense | PAT | Assets | Borrowing |
|---|---|---|---|---|---|
| Mar 2024 | 34.38 | 30.27 | 2.95 | 25 | 10.85 |
| Mar 2025 | 36.87 | 31.46 | 3.28 | 25.57 | 7.96 |
| Mar 2026 | 48.56 | 41.11 | 5.42 | 36.37 | 12.52 |
| Jun 2026 | 12.44 | 10.34 | 1.56 | 41.97 | 13.84 |
KPI & Valuation
Key performance indicators
- ROE
- 8.42%
- PAT Margin
- 12.55%
- ROCE
- 7.56%
- EBITDA Margin
- 19.71%
- Debt to Equity Ratio
- 0.72
- Price to Book Value
- 4.21
- RoNW
- 8.42%
As of 30 Jun 2026
Valuation
- EPS Pre IPO
- ₹13.56
- EPS Post IPO
- ₹11.33
- P/E Pre IPO
- 14.97
- P/E Post IPO
- 17.92
Strengths & risks
Strengths
- Experienced management team.
- Diversified industrial services.
- Strong ₹42.43 crore order book.
- Growing revenue and profits.
- Skilled workforce of 557 employees.
Risks
- High customer concentration.
- Revenue heavily dependent on Gujarat.
- Supplier dependency.
- High working capital requirements.
- Project delays and cancellations.
Objects of the issue
| Purpose | Amount (₹ Cr) |
|---|---|
| Funding capital expenditure requirements towards acquisition of plant & machinery, transport vehicle/assets. | 8.1 |
| Repayment or prepayment, in full or in part, of borrowings availed by Company. | 9.35 |
| Working Capital Requirement. | 4 |
| General Corporate Purposes. | 4.43 |
Promoter Holdings
Company Promoter(s)
- Mohammad Khurshid Alam Khan
- Zarinbegum Khurshid Alam Khan
- Riyaz Rafiq Padela
Registrar & contacts
Registrar
Kfin Technologies Ltd.
Company
Ajwa Projects Limited
- M/71, Silver Spring Near Bhulkabhavan School, Adajan Surat, Gujarat, 395009
- 0261-2786786
- info@ajwaprojects.com
- https://www.ajwaprojects.com/
Documents
Lead managers
About Ajwa Projects
Ajwa Projects Limited is a Surat, Gujarat-based industrial engineering, fabrication and construction services company engaged in manufacturing, installation and maintenance of industrial structures and equipment. Incorporated in March 2011, the company provides structural fabrication, erection, piping, pressure equipment, civil construction, prefabricated structures and mechanical maintenance services.
The company manufactures industrial buildings, steel framewor ks, girders, heavy modules, platforms, pressure vessels, boilers, heat exchangers, tanks, ducts and specialised railway components according to customer specifications.
Key Business Activities:
- Fabrication: Manufacturing steel structures, industrial frameworks, pressure vessels, boilers, tanks and customised engineering components.
- Erection: On-site installation and assembly of heavy structures, industrial machinery and equipment.
- Piping: Fabrication and installation of pipelines for chemicals, gases, steam and industrial fluids.
- Pressure Equipment: Manufacturing, installation and maintenance of pressure vessels, tanks and heavy-duty equipment.
- Civil Construction: Construction of industrial buildings, machinery foundations, silos and supporting infrastructure.
- Prefabricated Structures: Manufacturing modular buildings, portable industrial units and customised enclosures.
- Maintenance Services: Equipment repairs, PSV calibration, NDT testing, sandblasting, industrial painting and plant shutdown support.
The company serves industries including oil and gas, petrochemicals, refineries, power generation, steel, cement, nuclear power, bridges, metro rail and bullet train infrastructure.
As per its October 2026 prospectus, Ajwa Projects has a workforce of 557 personnel, including skilled, semi-skilled and supervisory staff deployed across fabrication facilities and project sites.
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