jwa Projects IPO is a fixed-price SME public issue of Ajwa Projects Limited, comprising a fresh issue of 15,00,000 equity shares aggregating to ₹30.45 crore and an Offer for Sale of 3,74,400 equity shares aggregating to ₹7.60 crore. The total offer comprises 18,74,400 equity shares at ₹203 per share, with a total issue size of approximately ₹38.05 crore. The equity shares are proposed to be listed on the BSE SME platform.
The company will receive the proceeds from the fresh issue, after deduction of issue-related expenses, to support capital expenditure, repayment or prepayment of borrowings, working capital requirements, and general corporate purposes. The proceeds from the Offer for Sale will be received by the promoter selling shareholders and will not form part of the company’s proceeds.
Ajwa Projects Limited is an industrial services and project execution company incorporated in 2011 and headquartered in Surat, Gujarat. Its business covers fabrication, erection, piping, pressure equipment, prefabricated structures, civil construction, and maintenance services for industrial and infrastructure projects.
The company supplies and installs structural components, industrial buildings, heavy modules, platforms, crane girders, pressure equipment, piping systems, and customised fabricated parts. Its services support sectors including oil and gas, petrochemicals, refineries, power generation, steel, cement, heavy metals, nuclear power, bridges, metro rail, and other infrastructure projects.
Industrial services providers depend on project execution, customer relationships, workforce capability, order inflows, cost control, and timely collection of receivables. Investors should review Ajwa Projects’ financial performance, customer and order-book concentration, working-capital needs, borrowings, execution risks, and IPO valuation before making an investment decision.
Table of Contents
IPO Details
| IPO Details | Information |
| IPO Name | Ajwa Projects IPO |
| Company Name | Ajwa Projects Limited |
| IPO Type | Fixed Price Issue |
| IPO Category | SME IPO |
| Face Value | ₹10 per equity share |
| Issue Price | ₹203 per share |
| Issue Size | 18,74,400 shares (approx. ₹38.05 crore) |
| Fresh Issue | 15,00,000 shares (₹30.45 crore) |
| Offer for Sale | 3,74,400 shares (approx. ₹7.60 crore) |
| IPO Open Date | 28 October 2026 |
| IPO Close Date | 30 October 2026 |
| Basis of Allotment | 2 November 2026 (expected) |
| Refund Initiation | 3 November 2026 (tentative) |
| Shares Credited to Demat Account | 3 November 2026 (tentative) |
| Listing Date | 4 November 2026 (tentative) |
| Listing Exchange | BSE SME |
| Lot Size | 600 equity shares |
| Minimum Application | 1,200 shares (2 lots) |
| Registrar | KFin Technologies Limited |
| Book Running Lead Manager | Wealth Mine Networks Limited |
The company proposes to utilise the net proceeds from the fresh issue for capital expenditure towards plant and machinery and transport vehicles/assets, repayment or prepayment of borrowings, working capital requirements, and general corporate purposes. The company will not receive the proceeds from the Offer for Sale.
Ajwa Projects IPO Dates
| IPO Event | Date |
| IPO Opening Date | 28 October 2026 |
| IPO Closing Date | 30 October 2026 |
| Basis of Allotment | 2 November 2026 |
| Refund Initiation | 3 November 2026 |
| Shares Credited to Demat Account | 3 November 2026 |
| Listing Date | 4 November 2026 |
After the basis of allotment is finalised, successful applicants are expected to receive shares in their demat accounts on November 3, 2026, while refunds or unblocking of application funds are also scheduled to begin on that date. Trading is tentatively scheduled to commence on November 4, 2026.
Ajwa Projects IPO Reservation
| Investor Category | Reservation |
| Non-Institutional Investors (NII) | 8,90,400 shares (50.03% of net issue) |
| Retail Individual Investors (RII) | 8,89,200 shares (49.97% of net issue) |
| Market Maker Reservation | 94,800 shares (5.06% of total issue) |
The net offer consists of 17,79,600 shares after excluding the 94,800-share market maker reservation. Based on the issue allocation details provided, 8,90,400 shares are allocated to Non-Institutional Investors and 8,89,200 shares to Retail Individual Investors. The final allotment depends on valid applications and the applicable offer structure.
Ajwa Projects IPO Lot Size
| Application | Lots | Shares | Amount |
| Individual investors (Min) | 2 | 1,200 | ₹2,43,600 |
| Individual investors (Max) | 2 | 1,200 | ₹2,43,600 |
| HNI (Min) | 3 | 1,800 | ₹3,65,400 |
| HNI (Max) | As applicable | Subject to permitted multiples | To be updated |
The minimum application is for 1,200 shares, equivalent to two lots of 600 shares each. Applications must be made in multiples of 600 shares thereafter. Amounts shown below are calculated at the fixed issue price of ₹203 per share.
About Ajwa Projects Limited
Ajwa Projects Limited was incorporated on March 12, 2011, as Ajwa Projects Private Limited and was subsequently converted into a public limited company in June 2025. The company is headquartered at Adajan, Surat, Gujarat, and provides industrial services that combine fabrication and on-site project execution.
Its service portfolio includes fabrication of structural steel and industrial components, erection of heavy structures and equipment, piping installation, pressure equipment, prefabricated structures, civil construction, and plant maintenance. These services are used in projects that require coordinated engineering, manufacturing, installation, and maintenance capabilities.
The company works across industrial and infrastructure sectors such as oil and gas, petrochemicals, refineries, power, steel, cement, heavy metals, nuclear power, bridges, metro rail, and related construction projects. The range of services enables it to participate in different stages of industrial project development, though revenue and execution can vary with project schedules and customer demand.
Business Operations
Ajwa Projects Limited provides a range of industrial services and project execution solutions, including the following:
- Fabrication – Manufacturing structural components, pressure vessels, tanks, ducts, platforms, girders, and customised industrial parts according to project requirements.
- Erection – On-site installation, positioning, alignment, and integration of fabricated structures, equipment, and industrial systems.
- Piping – Fabrication and installation of process and utility pipelines used for fluids, gases, steam, and other industrial applications.
- Pressure Equipment – Fabrication, assembly, and installation of pressure vessels and related heavy-duty equipment for industrial facilities.
- Civil Construction – Site development, foundations, industrial buildings, silos, tanks, and supporting civil works.
- Prefabricated Structures – Modular and prefabricated structures designed for industrial and commercial applications.
- Maintenance and Mechanical Services – Plant maintenance and support services that may include inspection, testing, repair, blasting, painting, and shutdown support.
- Industrial Components – Manufacture of specialised components and customised parts, including precision components for railway-related applications where applicable.
- Project Execution – Coordination of fabrication, materials, site activities, and installation work to deliver industrial project requirements.
- Sector Coverage – Services for industrial and infrastructure clients across energy, manufacturing, heavy industry, and transport infrastructure.
Industry Overview
Demand for industrial fabrication, erection, piping, and construction services is linked to investment in energy, manufacturing, transport infrastructure, industrial plants, and related capital projects. Contractors in this market compete on technical capability, safety, quality, cost, delivery schedules, and the ability to manage multiple project requirements.
Project-based businesses can experience uneven revenue recognition, working-capital pressure, customer concentration, and changes in material and labour costs. These factors make order execution, contract terms, receivables management, and disciplined project selection important to operating performance.
Business Strategy
Ajwa Projects’ operating model combines off-site fabrication with on-site erection, installation, and other project services. This combination allows the company to participate in multiple work stages and serve customers requiring coordinated industrial execution.
The company’s performance will depend on maintaining project quality and safety, managing its skilled and semi-skilled workforce, controlling costs, converting orders into revenue, collecting receivables on time, and deploying the IPO proceeds effectively. Investors should assess the company’s order book, customer mix, capacity utilisation, and working-capital cycle alongside its stated business plans.
Ajwa Projects IPO Financial Information
A company’s financial performance helps investors assess growth, profitability, leverage, and the ability to fund operations. The figures below summarise the financial information supplied for Ajwa Projects Limited. Amounts are in ₹ crore unless otherwise stated.
Ajwa Projects Financial Summary
| Particulars | FY2024 | FY2025 | FY2026 |
| Assets | ₹25.00 Cr | ₹25.57 Cr | ₹36.37 Cr |
| Total Income | ₹34.38 Cr | ₹36.87 Cr | ₹48.56 Cr |
| Profit After Tax (PAT) | ₹2.95 Cr | ₹3.28 Cr | ₹5.42 Cr |
| EBITDA | ₹5.68 Cr | ₹6.41 Cr | ₹9.03 Cr |
| Net Worth | ₹8.90 Cr | ₹12.29 Cr | ₹17.71 Cr |
| Total Borrowings | ₹10.85 Cr | ₹7.96 Cr | ₹12.52 Cr |
| Revenue from Operations | ₹34.27 Cr | ₹36.73 Cr | ₹48.42 Cr |
Ajwa Projects’ total income increased from ₹36.87 crore in FY2025 to ₹48.56 crore in FY2026, while profit after tax increased from ₹3.28 crore to ₹5.42 crore. EBITDA rose from ₹6.41 crore to ₹9.03 crore over the same period. As with other project-based businesses, investors should also consider the timing of project execution, receivables, borrowings, and working-capital requirements when evaluating the financial trend.
Ajwa Projects IPO Key Performance Indicators (KPIs)
Key Performance Indicators provide additional information about profitability, capital efficiency, leverage, and valuation. The figures below reflect the data provided for the period ended June 30, 2026 and financial year ended March 31, 2026.
| KPI | Value |
| Return on Equity (ROE) | Jun 2026: 8.42% | Mar 2026: 36.15% |
| Return on Capital Employed (ROCE) | Jun 2026: 7.56% | Mar 2026: 34.75% |
| Return on Net Worth (RoNW) | Jun 2026: 8.42% | Mar 2026: 36.15% |
| EBITDA Margin | Jun 2026: 19.71% | Mar 2026: 18.66% |
| PAT Margin | Jun 2026: 12.55% | Mar 2026: 11.20% |
| Debt-to-Equity Ratio | Jun 2026: 0.72 | Mar 2026: 0.71 |
| Earnings Per Share (EPS) | FY2026: ₹13.56 |
| Net Asset Value (NAV) Per Share | Jun 2026: ₹48.17 | Mar 2026: ₹44.28 |
| Price-to-Book (P/B) | Jun 2026: 4.21x | Mar 2026: 4.58x |
The company reported ROE and RoNW of 36.15% and ROCE of 34.75% for FY2026, while the debt-to-equity ratio stood at 0.71. The June 2026 period figures are not directly comparable with full-year results because they cover a shorter period. Investors should read these indicators alongside the underlying restated financial statements and the offer price.
Objects of the Ajwa Projects IPO
The company intends to utilise the net proceeds from the fresh issue for the following purposes:
- Capital expenditure towards acquisition of plant and machinery and transport vehicles/assets.
- Repayment or prepayment, in full or in part, of borrowings availed by the company.
- Funding working capital requirements.
- General corporate purposes.
The fresh issue is expected to generate gross proceeds of ₹30.45 crore. The Offer for Sale of 3,74,400 shares, aggregating approximately ₹7.60 crore, is being undertaken by promoter selling shareholders; those proceeds will be received by the selling shareholders rather than the company.
Ajwa Projects IPO Listing Performance
Ajwa Projects is proposed to list on the BSE SME platform on November 4, 2026. Since trading has not yet commenced as of the date of this content, the listing price and listing gain figures are not available.
| Particular | Value |
| Listing Exchange | BSE SME |
| Listing Date | 4 November 2026 (tentative) |
| Issue Price | ₹203 per share |
| Listing Price | To be updated after listing |
| Listing Gain | To be updated after listing |
| Listing Gain (%) | To be updated after listing |
Actual listing performance will be known only after trading begins. Listing gains are not assured, and investors should consider the company’s business fundamentals, valuation, liquidity, and risk factors rather than relying solely on short-term market movements.
Ajwa Projects IPO Subscription Status
Subscription figures indicate the level of applications received from investor categories during the bidding period. The IPO opens on October 28, 2026 and closes on October 30, 2026, so final subscription figures should be updated after the bidding period.
Ajwa Projects IPO Subscription :
| Investor Category | Subscription |
| Non-Institutional Investors (NII) | To be updated after issue closes |
| Retail Individual Investors (RII) | To be updated after issue closes |
| Total Subscription | To be updated after issue closes |
The final category-wise and overall subscription figures were not available in the provided information at the time of preparing this content and should be updated after the issue closes.
Ajwa Projects IPO Review
Ajwa Projects Limited operates in industrial services and project execution, with offerings across fabrication, erection, piping, pressure equipment, civil construction, prefabricated structures, and maintenance. Its multi-service model may allow it to address varied requirements from industrial and infrastructure customers.
The company’s reported financial performance improved in FY2026, with total income of ₹48.56 crore and profit after tax of ₹5.42 crore, compared with ₹36.87 crore and ₹3.28 crore respectively in FY2025. EBITDA also increased from ₹6.41 crore to ₹9.03 crore. These figures indicate higher reported income and profitability, but should be considered alongside the company’s project cycle and cash-flow requirements.
The IPO is priced at ₹203 per share and comprises a fresh issue of 15,00,000 shares worth ₹30.45 crore and an offer for sale of 3,74,400 shares worth approximately ₹7.60 crore. The fresh issue proceeds are earmarked for capital expenditure, debt repayment or prepayment, working capital, and general corporate purposes. The OFS proceeds will go to the selling shareholders.
Potential risks include dependence on project awards and timely execution, customer and order concentration, fluctuations in input and labour costs, working-capital requirements, collection delays, and competition. The company’s business is also exposed to the timing and scale of industrial and infrastructure investment.
Overall, Ajwa Projects offers exposure to industrial fabrication and project services through a fixed-price SME IPO. Investors should independently assess the prospectus, financial statements, issue valuation, risk factors, and the intended use of proceeds before deciding whether the offer matches their investment objectives.
Ajwa Projects IPO Strengths
- A diversified service offering across fabrication, erection, piping, pressure equipment, civil construction, and maintenance.
- Ability to provide a combination of fabrication and on-site project execution services.
- Exposure to industrial and infrastructure sectors including energy, manufacturing, and transport-related projects.
- Reported improvement in total income, EBITDA, and profit after tax in FY2026 compared with FY2025.
- IPO proceeds are intended to support capital expenditure, debt repayment or prepayment, and working capital.
- Promoters and management have experience in the company’s industrial project services business.
Ajwa Projects IPO Risk Factors
- Project-based revenue may fluctuate depending on order inflows, execution schedules, and completion milestones.
- Customer concentration and dependence on a limited number of major projects may affect revenue visibility.
- Working-capital needs and delays in collecting receivables can put pressure on cash flows.
- Changes in material prices, labour costs, and project expenses may affect margins.
- Industrial fabrication and construction services operate in a competitive market and require effective safety and quality controls.
- Borrowings, project execution risks, and the company’s ability to use issue proceeds as planned should be reviewed carefully.
Ajwa Projects IPO Promoters
Ajwa Projects Limited identifies Mohammad Khurshid Alam Khan, Zarinabegum Khurshid Alam Khan, and Riyaz Rafiq Padela as its promoters. The promoter selling shareholders in the IPO are Mohammad Khurshid Alam Khan and Zarinabegum Khurshid Alam Khan, each offering 1,87,200 equity shares through the Offer for Sale.
Ajwa Projects IPO Promoters Details
| Promoter | Designation |
| Mohammad Khurshid Alam Khan | Promoter / Chairman & Managing Director |
| Zarinabegum Khurshid Alam Khan | Promoter / Whole-time Director |
| Riyaz Rafiq Padela | Promoter / Executive Director |
Ajwa Projects IPO Management Team
The company’s prospectus identifies directors and key managerial personnel responsible for governance, business operations, finance, and compliance. The following names and designations are based on the prospectus information.
| Name | Designation |
| Mohammad Khurshid Alam Khan | Chairman & Managing Director |
| Zarinabegum Khurshid Alam Khan | Whole-time Director |
| Riyaz Rafiq Padela | Executive Director |
| Sunil Harishchandra Mandare | Chief Financial Officer |
Ajwa Projects IPO Registrar Details
KFin Technologies Limited is the registrar to the issue. The registrar handles IPO application processing, basis of allotment, share credit and refund/unblocking instructions, as well as investor queries relating to the issue.
| Particular | Details |
| Registrar Name | KFin Technologies Limited |
| Website | https://www.kfintech.com |
| IPO Allotment Status | https://ris.kfintech.com/ipostatus/ |
| Email ID | [email protected] |
| Contact Number | +91 40 6716 2222 |
Ajwa Projects IPO Lead Manager Details
Wealth Mine Networks Limited is the book running lead manager to the issue and is responsible for managing the public offering process in coordination with the company, registrar, stock exchange, and other intermediaries.
| Particular | Details |
| Lead Manager | Wealth Mine Networks Limited |
Ajwa Projects Limited Contact Details
| Particular | Details |
| Company Name | Ajwa Projects Limited |
| Registered Office | M/71, Silver Spring Near Bhulkabhavan School, Adajan, Surat, Gujarat 395009 |
| Website | https://www.ajwaprojects.com/ |
| Email ID | [email protected] |
| Contact Number | 0261-2786786 |
How to Check Ajwa Projects IPO Allotment Status
Investors can check the allotment result after the basis of allotment is finalised, using the registrar’s official IPO portal. The allotment is expected to be finalised on November 2, 2026.
Through KFin Technologies Limited
- Visit the official KFin Technologies IPO allotment portal.
- Select Ajwa Projects IPO from the IPO list, once it is available.
- Choose PAN Number, Application Number, or DP/Client ID, depending on the options provided.
- Enter the required details accurately.
- Submit the form to view the allotment status.
Through BSE
- Visit the official BSE website and open its IPO/allotment status service, if available for the issue.
- Select Ajwa Projects IPO from the available IPO list.
- Enter your PAN Number or Application Number as requested.
- Complete any verification step shown on the page.
- Click Search or Submit to view the result, if the service is available.
Ajwa Projects IPO Conclusion
Ajwa Projects IPO is a fixed-price SME issue comprising a fresh issue of 15,00,000 shares aggregating to ₹30.45 crore and an Offer for Sale of 3,74,400 shares aggregating to ₹7.60 crore. The offer price is ₹203 per share, and the shares are proposed to be listed on BSE SME.
The company provides industrial services spanning fabrication, erection, piping, pressure equipment, civil construction, prefabricated structures, and maintenance. Its FY2026 financial results show higher total income and profit after tax than FY2025, while investors should also evaluate its debt, working-capital cycle, project execution, and customer concentration.
A careful review of the prospectus, offer valuation, financial statements, objects of the issue, and risk factors can help investors decide whether Ajwa Projects IPO is suitable for their own financial situation and risk tolerance.
Ajwa Projects IPO FAQs
What is Ajwa Projects IPO?
Ajwa Projects IPO is a fixed-price SME public issue of Ajwa Projects Limited, comprising a fresh issue and an Offer for Sale, with proposed listing on BSE SME.
What is the issue price of Ajwa Projects IPO?
The fixed issue price is ₹203 per equity share.
What is the total issue size of Ajwa Projects IPO?
The total issue comprises 18,74,400 shares aggregating approximately ₹38.05 crore, including a fresh issue of ₹30.45 crore and an Offer for Sale of approximately ₹7.60 crore.
When will Ajwa Projects IPO open?
The IPO is scheduled to open for subscription on October 28, 2026.
When will Ajwa Projects IPO close?
The IPO is scheduled to close on October 30, 2026.
On which stock exchange will Ajwa Projects shares be listed?
The company’s equity shares are proposed to be listed on the BSE SME platform.
What is the face value of Ajwa Projects IPO shares?
KFin Technologies Limited is the registrar to the issue.
The face value of each equity share is ₹10.
What does Ajwa Projects Limited do?
The company provides industrial services including fabrication, erection, piping, pressure equipment, prefabricated structures, civil construction, and maintenance for industrial and infrastructure projects.
What are the objects of Ajwa Projects IPO?
The fresh issue proceeds are intended for capital expenditure, repayment or prepayment of borrowings, working capital requirements, and general corporate purposes. The OFS proceeds will be received by the selling shareholders.
