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.
Ajwa Projects IPO – Details
| IPO Opening Date | 28 October 2026 |
| IPO Closing Date | 30 October 2026 |
| Issue Type | Fixed Price IPO |
| Issue Size | Total Issue: 18,74,400 Shares Worth ₹38.05 Crore Fresh Issue: 15,00,000 Shares Worth ₹30.45 Crore Offer For Sale: 3,74,400 Shares Worth ₹7.60 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹203 per share |
| Market Lot | 600 Shares |
| Min Order | 600 Shares [ 1 Lot ] |
| Listing At | BSE SME |
| Registrar | Kfin Technologies Ltd. |
| NII Shares Offered | 50% |
| Retail Shares Offered | 50% |
Ajwa Projects IPO – Date Schedule
| IPO Open Date | 28 October 2026 |
| IPO Close Date | 30 October 2026 |
| Basis of Allotment | 02 November 2026 |
| Initiation of Refund | 03 November 2026 |
| Credit of Shares to Demat | 03 November 2026 |
| IPO Listing Date | 04 November 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on October 30, 2026 |
Ajwa Projects IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 1200 | ₹2,43,600 |
| Retail (Max) | 2 | 1200 | ₹2,43,600 |
| S-HNI (Min) | 3 | 1800 | ₹3,65,400 |
Competitive Strength
- Experienced management team.
- Comprehensive Portfolio with Sectoral Diversity.
- Strong and diverse Order Book: As of Sep 30, 2025, its order book stood at Rs 1,982.05 lakhs.
- Flexible Execution Model (On-Site and Off-Site).
- Integrated Fabrication and Erection Expertise.
- Quality and Safety Framework.
- Skilled Workforce and Operational Capability.
Company Promoters
- Mohammad Khurshid Alam Khan
- Zarinbegum Khurshid Alam Khan
- Riyaz Rafiq Padela
Company Financials
| Period | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2024 | ₹34.38 Cr | ₹30.27 Cr | ₹2.95 Cr | ₹10.85 Cr |
| 31 March 2025 | ₹36.87 Cr | ₹31.46 Cr | ₹3.28 Cr | ₹7.96 Cr |
| 31 March 2026 | ₹48.56 Cr | ₹41.11 Cr | ₹5.42 Cr | ₹12.52 Cr |
| 30 June 2026 | ₹12.44 Cr | ₹10.34 Cr | ₹1.56 Cr | ₹13.84 Cr |
Key Performance Indicator
| KPI | Values (June 30, 2026) |
|---|---|
| ROE | 8.42% |
| ROCE | 7.56% |
| Debt/Equity | 0.72 |
| RoNW | 8.42% |
| PAT Margin | 12.55% |
| EBITDA Margin | 19.71% |
| NAV | 48.17 |
| Price to Book Value | 4.21 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 13.56 | 11.33 |
| P/E (x) | 14.97 | 17.92 |
Object Of The Issue
| Objects of the Issue | Expected Amount (in Crore) |
|---|---|
| Funding capital expenditure requirements towards acquisition of plant & machinery, transport vehicle/assets. | ₹8.10 |
| Repayment or prepayment, in full or in part, of borrowings availed by Company. | ₹9.35 |
| Working Capital Requirement. | ₹4.00 |
| General Corporate Purposes. | ₹4.43 |
✅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.
Ajwa Projects IPO Promoter Holding
| Pre-Issue Share Holding | 98.90% |
| Post Issue Share Holding | 65.12% |
Ajwa Projects IPO Prospectus
Company Contact Information
| Ajwa Projects Limited M/71, Silver Spring Near Bhulkabhavan School, Adajan Surat, Gujarat, 395009 Phone: 0261-2786786 Email: info@ajwaprojects.com Website: https://www.ajwaprojects.com/ |
Ajwa Projects IPO Registrar
| Kfin Technologies Ltd. Phone: 040-79615565 Email: ajwa.ipo@kfintech.com Website: https://ipostatus.kfintech.com/ |
Ajwa Projects IPO Lead Manager(s)
| 1. Wealth Mine Networks Ltd. |
Ajwa Projects IPO FAQ
| What is the Ajwa Projects IPO? Ajwa Projects IPO is an SME IPO. The issue is priced at ₹203 per equity share. The IPO is to be listed on BSE SME. |
| When will Ajwa Projects IPO open? The IPO is to open on 28 October 2026 for QIB, NII and Retail Investors. |
| What is Ajwa Projects IPO Investors’ Portion? The Investors portion for II – 50%, and Retail – 50%. |
| What is the Ajwa Projects IPO Size? Ajwa Projects IPO size is ₹38.05 Crore. |
| What are the Ajwa Projects IPO Minimum and Maximum Lot Sizes for Retail Investors? The minimum bid is 1200 Shares for ₹2,43,600, while the maximum bid is 1200 Shares for ₹2,43,600. |
| What is the Ajwa Projects IPO Allotment Date? Ajwa Projects IPO allotment date is 02 November 2026. |
| What is the Ajwa Projects IPO Listing Date? Ajwa Projects IPO listing date is 04 November 2026. The IPO is to be listed on the BSE SME. |
