Latest IPOAjwa Projects IPO
Ajwa Projects IPO is a SME issue of ₹38.05 Cr (Fresh capital cum OFS). The price band is ₹203 per share with a lot of 600 shares (₹1,21,800 minimum). Bidding runs 28–30 Oct, allotment is on 2 Nov 2026 and listing on 4 Nov 2026 on BSE SME.
Ajwa Projects IPO details
| Detail | Value |
|---|---|
| Price band | ₹203 |
| Lot size | 600 shares |
| Minimum investment | ₹1,21,800 |
| Issue size | ₹38.05 Cr |
| Issue type | Fresh capital cum OFS |
| Face value | ₹10 per share |
| Listing on | BSE SME |
| Issue price | ₹203 |
Ajwa Projects IPO dates
| Event | Date |
|---|---|
| Bidding opens | 28 Oct 2026 |
| Bidding closes | 30 Oct 2026 |
| Allotment | 2 Nov 2026 |
| Refunds | 3 Nov 2026 |
| Shares credited to demat | 3 Nov 2026 |
| Listing | 4 Nov 2026 |
Lot size and application amounts
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 600 | ₹1,21,800 |
| Retail (Max) | 1 | 600 | ₹1,21,800 |
| HNI (Min) | 2 | 1,200 | ₹2,43,600 |
Shares offered by category
| Category | Shares reserved |
|---|---|
| NII | 8,90,400 shares (50.03% of the Offer) |
| Retail | 8,89,200 shares (49.97% of the Offer) |
About Ajwa Projects
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 36.87 crore in FY2025 against Rs 34.38 crore in FY2024, and profit after tax was Rs 3.28 crore in FY2025. As of 30 September 2025, its order book stood at Rs 19.82 crore.
Objects of the issue
- Funding capital expenditure requirements towards acquisition of plant & machinery, transport vehicle/assets (₹6.79 Cr)
- Repayment or prepayment, in full or in part, of borrowings availed by our Company (₹8.08 Cr)
- Working capital requirement (₹4 Cr)
- General Corporate Purpose
Ajwa Projects financials
| ₹ Crore | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 26.64 | 26.29 | 25.66 | 19.29 |
| Total Income | 12.15 | 36.87 | 34.38 | 28.80 |
| Profit After Tax | 1.38 | 3.28 | 2.95 | 0.61 |
| EBITDA | 2.16 | 6.34 | 5.51 | 1.81 |
| NET Worth | 13.67 | 12.29 | 8.90 | 5.95 |
| Reserves and Surplus | 9.67 | 8.29 | 8.81 | 5.86 |
| Total Borrowing | 7.97 | 7.96 | 10.85 | 7.75 |
Key ratios
| Ratio | Value |
|---|---|
| RoE | 30.99% |
| RoCE | 49.06% |
| RoNW | 30.99% |
| PAT Margin | 8.94% |
| EBITDA Margin | 17.27% |
| Debt / Equity | 0.65 |
| NAV (₹) | 30.73 |
Strengths
- Total income rose from Rs 28.80 crore in FY2023 to Rs 34.38 crore in FY2024 and Rs 36.87 crore in FY2025.
- Profit after tax grew 11.19% from Rs 2.95 crore in FY2024 to Rs 3.28 crore in FY2025, and was Rs 0.61 crore in FY2023.
- EBITDA rose 15.06% from Rs 5.51 crore in FY2024 to Rs 6.34 crore in FY2025, an EBITDA margin of 17.27% in FY2025.
- RoE and RoNW were 30.99% and RoCE was 49.06% in FY2025, with a PAT margin of 8.94%.
- Net worth rose from Rs 5.95 crore on 31 March 2023 to Rs 12.29 crore on 31 March 2025.
- 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 latest restated financials are for the period ended 30 June 2025, and the full year data is FY2025 (31 March 2025). Nothing newer is shown, so the picture is more than a year old.
- The order book of Rs 19.82 crore is dated 30 September 2025, so it may not reflect the present position.
- The source shows no P/E or EPS for this issue, so the valuation at Rs 203 cannot be compared with listed peers.
- Growth is slow. Total income rose only 7.24% in FY2025, from Rs 34.38 crore to Rs 36.87 crore.
- Total borrowing was Rs 7.96 crore on 31 March 2025 against a net worth of Rs 12.29 crore, and the debt to equity ratio is 0.65. Rs 8.08 crore of the issue proceeds goes to repay borrowings.
- 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.
Ajwa Projects IPO allotment status
Registrar: KFin Technologies Limited. Check Ajwa Projects IPO allotment status. How to check, and the allotment dates.
Lead managers
- Wealth Mine Networks Pvt.Ltd.
Frequently asked questions
What is the price band of Ajwa Projects IPO?
₹203 per share.
What is the lot size of Ajwa Projects IPO?
600 shares, which costs ₹1,21,800 at the upper price band.
When does Ajwa Projects IPO open and close?
It opens on 28 Oct 2026 and closes on 30 Oct 2026.
When is the allotment date of Ajwa Projects IPO?
2 Nov 2026.
When will Ajwa Projects IPO list?
4 Nov 2026 on BSE SME.
How can I check the allotment status of Ajwa Projects IPO?
On the website of its registrar, KFin Technologies Limited, with your PAN, application number or demat account ID from 2 Nov 2026. You can also check on the BSE and NSE websites.