Ajwa Projects

Open nowBidding closes 30 Oct 2026BSE SME

GMP₹ 35(+17.24%)

Expected listing₹ 238

Subscribed0.38x

as of 28 Oct 2026

GMP is unofficial and unregulated (not verified by SEBI, NSE or BSE) and does not predict the listing price. Do not apply on the basis of GMP.

Price band: ₹ 203
Issue size: ₹ 38.05 Cr.
Min. investment: ₹ 1,21,800
Listing date: 4 Nov 2026
Issue type: Fresh capital cum OFS
Lot size: 600 shares
P/E: 17.92
RoNW: 8.42%
RoCE: 7.56%
Debt / Equity: 0.72
PAT margin: 12.55%
EBITDA margin: 19.71%
RoE: 8.42%
EPS: ₹ 11.33
NAV: ₹ 48.17
Promoter stake: 65.12%

About

Ajwa Projects Limited is based in Surat, Gujarat. It is a multi-disciplinary industrial services company that delivers fabrication, erection, piping, pressure equipment, prefabricated structures, civil construction and maintenance work. In fabrication, it makes structural components, pressure vessels, boilers, tanks, ducts and precision parts. In erection and piping, it installs heavy structures, equipment and process pipelines for chemicals, gases, steam and fluids. Its civil work covers site development, foundations, industrial buildings, silos and tanks. It also makes modular and portable buildings, and offers maintenance services such as PSV calibration, NDT testing, blasting and painting, and plant shutdown support. The company serves oil and gas, petrochemicals, refineries, power, steel, heavy metals, cement, nuclear power, bridges, metro rail and bullet train projects. It has over 550 skilled and semi-skilled workers. Total income was Rs 48.56 crore in FY2026 against Rs 36.87 crore in FY2025, and profit after tax was Rs 5.42 crore in FY2026. As of 30 September 2025, its order book stood at Rs 19.82 crore.

Timeline

Opens
28 Oct
done
Closes
30 Oct
next
Allotment
2 Nov
to come
Refunds
3 Nov
to come
Demat credit
3 Nov
to come
Listing
4 Nov
to come

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest: ₹ 38 on 27 Oct 2026
Lowest: ₹ 0 on 25 Oct 2026
First quoted: ₹ 0 on 25 Oct 2026

Subscription

How many times each investor group bid for its share, as of 28 Oct 2026, 06:00 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type

Retail (Min)	1	600	₹ 1,21,800
Retail (Max)	1	600	₹ 1,21,800
HNI (Min)	2	1,200	₹ 2,43,600

Company overview

Financials

Financials by year

Assets	41.97	36.37	25.57	25
Total Income	12.44	48.56	36.87	34.38
Profit After Tax	1.56	5.42	3.28	2.95
EBITDA	2.45	9.03	6.41	5.68
NET Worth	19.27	17.71	12.29	8.9
Reserves and Surplus	15.27	13.71	8.29	8.81
Total Borrowing	13.84	12.52	7.96	10.85

Strengths

Total income rose 31.71% from Rs 36.87 crore in FY2025 to Rs 48.56 crore in FY2026, after Rs 34.38 crore in FY2024.
Profit after tax grew 65.24% from Rs 3.28 crore in FY2025 to Rs 5.42 crore in FY2026, and was Rs 2.95 crore in FY2024.
EBITDA rose 40.87% from Rs 6.41 crore in FY2025 to Rs 9.03 crore in FY2026.
Net worth rose from Rs 8.90 crore on 31 March 2024 to Rs 12.29 crore on 31 March 2025 and Rs 17.71 crore on 31 March 2026.
The quarter ended 30 June 2026 shows total income of Rs 12.44 crore and profit after tax of Rs 1.56 crore.
The P/E is 17.92 at the upper band of Rs 203, based on post-issue EPS of Rs 11.33. The pre-issue P/E is 14.97 on EPS of Rs 13.56.
The order book stood at Rs 19.82 crore as of 30 September 2025, and the company has over 550 skilled and semi-skilled workers.
The fresh issue is 15,00,000 shares worth Rs 30.45 crore, which is about 80% of the Rs 38.05 crore issue. Proceeds go to plant and machinery, repayment of borrowings and working capital.

Risks

The source revised the restated financials after our first fill. Figures through 31 March 2025 changed in places, for example EBITDA for FY2025 is now Rs 6.41 crore, so older copies of this data may differ.
The order book of Rs 19.82 crore is dated 30 September 2025, so it may not reflect the present position.
Total borrowing rose from Rs 7.96 crore on 31 March 2025 to Rs 12.52 crore on 31 March 2026 and Rs 13.84 crore on 30 June 2026, and the debt to equity ratio is 0.72. Rs 8.08 crore of the issue proceeds goes to repay borrowings.
The post-issue P/E of 17.92 at Rs 203 is higher than the pre-issue P/E of 14.97, because the new shares dilute earnings per share.
The promoters sell 3,74,400 shares worth Rs 7.60 crore in the offer for sale, and promoter holding falls from 98.9% before the issue to 65.12% after it.
The company depends on projects in industries such as oil and gas, power and steel, so a slowdown in these sectors can cut its orders.
Rs 4.00 crore goes to working capital, and the source gives no amount for general corporate purposes.
This is an SME issue. One lot is 600 shares, which is about Rs 1.22 lakh at the upper band of Rs 203, and SME shares usually trade in low volume after listing.

What the money is for

Objects of the issue

Funding capital expenditure requirements towards acquisition of plant & machinery, transport vehicle/assets	6.79
Repayment or prepayment, in full or in part, of borrowings availed by our Company	8.08
Working capital requirement	4
General Corporate Purpose	—

Promoters

Mohammad Khurshid Alam Khan
Zarinbegum Khurshid Alam Khan
Riyaz Rafiq Padela

Promoter holding98.9%→65.12%before → after the issue · down 33.78 points

Registrar, lead managers and documents

Listing on: BSE SME
Face value: ₹ 10 a share
Registrar: KFin Technologies Limited
Lead managers: Wealth Mine Networks Pvt.Ltd.

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.