Ajwa Projects IPO Review: Key Details, Company Overview and Financials
- October 27, 2026
- Posted by: Harsh Piplani
- Category: IPO
Ajwa Projects IPO fixed price Rs 203. Opens 28 Oct, closes 30 Oct 2026. Issue size Rs 38.05 Cr. Lists 4 Nov on BSE SME.
Quick Answer
The Ajwa Projects IPO is a fixed price issue of 18,74,400 shares worth Rs 38.05 crore at Rs 203 per share (a 15,00,000 share fresh issue plus a 3,74,400 share offer for sale), open from 28 to 30 October 2026 on the BSE SME platform. The Surat firm offers fabrication, piping, erection and civil services, and the minimum application is 1,200 shares at Rs 2,43,600. The latest financials we found are for March 2025 (revenue Rs 36.87 crore, profit Rs 3.28 crore), so recent numbers must be checked in the prospectus.
The Ajwa Projects IPO is a fixed price SME issue of 18,74,400 equity shares of face value Rs 10 each at Rs 203 per share, aggregating Rs 38.05 crore. It has a fresh issue of 15,00,000 shares (Rs 30.45 crore) and an offer for sale of 3,74,400 shares (Rs 7.60 crore) by promoters Mohammad Khurshid Alam Khan and Zarinabegum Khurshid Alam Khan, who sell 1,87,200 shares each. The issue opens on 28 October 2026 and closes on 30 October 2026. Allotment is expected on 2 November, refunds and demat credit on 3 November, and the shares are proposed to list on the BSE SME platform on 4 November 2026.
In a fixed price issue every investor pays the same price, so there is no price band to choose within. The minimum application is 1,200 shares, or Rs 2,43,600 at Rs 203, and one source shows a lot size of 600 shares with bids of at least 2 lots while another shows a lot of 1,200 shares, so confirm the lot size with your broker. The market maker reservation is 94,800 shares (Rs 1.92 crore) and the net offer is 17,79,600 shares (Rs 36.13 crore). The sources reviewed did not give the split between investor categories.
Wealth Mine Networks is the book-running lead manager for the Ajwa Projects issue, and KFin Technologies Ltd. is the registrar. The market maker was not named in the sources reviewed.
For detailed information on the company’s business, financials, risk factors and the use of proceeds, investors should refer to the Ajwa Projects Red Herring Prospectus (RHP) before making an investment decision.
Click Here – Get Free Investment Predictions
Company Overview
Ajwa Projects Limited was incorporated in March 2011 as Ajwa Projects Private Limited, based in Surat, Gujarat, and became a public limited company in June 2025. It provides industrial services such as fabrication, piping, erection, pressure equipment, prefabricated structures, blasting and painting, maintenance and mechanical services, and civil construction, carrying out the execution work that turns approved plans into industrial facilities.
Its promoters are Mohammad Khurshid Alam Khan, Zarinabegum Khurshid Alam Khan and Riyaz Rafiq Padela. Sources differ on promoter holding: one shows 32.5 percent before the issue and 20.23 percent after it, while another shows 100 percent before the issue, so the RHP should be checked. The company lists its strengths as experienced management, quality control, customisation to contractor needs and long-term client relationships.
Read on for the complete Ajwa Projects IPO details, including dates, issue structure, listing timeline and the company’s financial track record.
IPO Details
| Particulars | Details |
|---|---|
| IPO Date | 28 to 30 October 2026 |
| Allotment | Mon, 2 November 2026 (tentative) |
| Refunds and Demat Credit | Tue, 3 November 2026 (tentative) |
| Listing Date | Wed, 4 November 2026 (tentative) |
| Face Value | Rs 10 per share |
| Issue Price | Rs 203 (fixed price) |
| Lot Size | Sources differ: 600 or 1,200 shares |
| Minimum Application | 1,200 shares, Rs 2,43,600 |
| Issue Type | Fixed Price IPO (SME) |
| Sale Type | Fresh Issue and Offer for Sale |
| Total Issue Size | 18,74,400 shares (agg. Rs 38.05 Cr) |
| Fresh Issue | 15,00,000 shares (agg. Rs 30.45 Cr) |
| Offer for Sale | 3,74,400 shares (agg. Rs 7.60 Cr) by the two promoters |
| Market Maker Reservation | 94,800 shares (agg. Rs 1.92 Cr) |
| Net Offer to Public | 17,79,600 shares (agg. Rs 36.13 Cr) |
| Promoter Holding | Sources differ: 32.5% or 100% pre-issue |
| Share Count and Market Cap | Not announced in the sources reviewed |
| Listing Exchange | BSE SME |
| Lead Manager | Wealth Mine Networks |
| Registrar | KFin Technologies |
(Compiled from the DRHP/RHP and market updates)
Industry Context
- Industrial services firms fabricate, install and maintain plant for refineries, chemical units, power plants and factories, so their work follows capital spending by industry.
- Work is usually won through contractor relationships and tenders, so repeat clients and approved vendor status matter more than a brand.
- Margins depend on steel and labour costs and on how well projects are priced and completed on time.
- Payments are often tied to project milestones, so working capital can be stretched when clients delay payment.
- Investors usually track order book, client concentration, receivable days and the share of repeat work.
Business Strengths
Here are the key strengths investors evaluating the Ajwa Projects IPO should weigh:
- Profit has grown from a low base: profit after tax rose from Rs 0.61 crore in FY23 to Rs 2.95 crore in FY24 and Rs 3.28 crore in FY25.
- Steady revenue of Rs 28.80 crore in FY23, Rs 34.38 crore in FY24 and Rs 36.87 crore in FY25, with PAT margin of about 8.9 percent in FY25 (computed).
- A broad service range across fabrication, piping, erection, pressure equipment and civil work, and an operating history since 2011.
- The fixed price removes uncertainty about the price an applicant will pay, and the issue includes a market maker.
Screen industrial services and capital goods stocks on the Univest Screener
Business Risks
Alongside these strengths, the Ajwa Projects issue also carries the following business risks:
- The latest financials we found are for March 2025, so FY26 and part-year results are missing and may differ from the past trend.
- Growth is slowing: revenue rose only about 7 percent and profit about 11 percent in FY25 (computed), after a very large jump in FY24.
- EBITDA, net worth, borrowings and the share count were not available in the sources reviewed, so debt, return ratios and valuation cannot be judged.
- The objects of the issue (machinery and vehicles, debt repayment, working capital and general purposes) have no amounts in the sources reviewed, and sources disagree on lot size and promoter holding.
- A contractor depends on a few clients and on payment timing, a fixed price of Rs 203 gives no discovery through a price band, and SME shares are often thinly traded after listing.
Financial Performance
The Ajwa Projects IPO is backed by modest growth. Revenue was Rs 28.80 crore in FY23, Rs 34.38 crore in FY24 and Rs 36.87 crore in FY25, while profit after tax was Rs 0.61 crore, Rs 2.95 crore and Rs 3.28 crore. Figures after March 2025 were not available in the sources reviewed.
Ajwa Projects Ltd. – Financials (Rs in Crore)
| Particulars | Fiscal 2025 | Fiscal 2024 | Fiscal 2023 |
|---|---|---|---|
| Total Revenue | 36.87 | 34.38 | 28.80 |
| Profit After Tax (PAT) | 3.28 | 2.95 | 0.61 |
| PAT Margin (computed) | 8.9% | 8.6% | 2.1% |
| Total Assets | 26.29 | 25.66 | 19.29 |
Amounts in Rs Crore, restated figures compiled from published Ajwa Projects IPO disclosures and trackers. EBITDA, net worth and borrowings were not available in the sources reviewed.
Key Ratios and Metrics
The table below shows the metrics available for the Ajwa Projects issue. Valuation ratios are not shown because the share count and recent earnings were not available in the sources reviewed.
These ratios offer a quick snapshot of the profitability and balance sheet behind the Ajwa Projects IPO.
| Metric | Value |
|---|---|
| Revenue Growth FY25 (computed) | About 7.2% |
| PAT Growth FY25 (computed) | About 11.2% |
| PAT Margin FY25 (computed) | About 8.9% |
| Issue Price | Rs 203 (fixed) |
| Return Ratios, Debt to Equity and EPS | Not available in the sources reviewed |
| Price to Earnings and Market Cap | Not available in the sources reviewed |
Objects of the Offer
The company proposes to use the net proceeds of the fresh issue in the Ajwa Projects IPO towards the following objects. The sources reviewed gave no amounts for them.
- Capital expenditure on plant and machinery and on transport vehicles and assets
- Full or partial repayment or prepayment of borrowings from banks and financial institutions
- Funding working capital requirements
- General corporate purposes
The offer for sale proceeds of Rs 7.60 crore go to the two selling promoters, not to the company, and the object amounts should be confirmed in the RHP.
Download the Univest iOS App or Univest Android App to track the Ajwa Projects IPO and get daily stock recommendations.
Conclusion
Here is the bottom line on the Ajwa Projects IPO.
The Ajwa Projects issue offers exposure to a Surat industrial services contractor with a long operating history, a stable margin and a fixed, known issue price.
The cautions are old financial data, slowing growth, missing debt and valuation figures, conflicting details on lot size and promoter holding, client dependence and SME liquidity.
Overall, investors weighing the Ajwa Projects issue should read the Red Herring Prospectus (RHP) for FY26 results, borrowings and the use of proceeds, confirm the lot size with their broker, and match the position size to their own risk profile.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data independently before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
Univest does not publish grey market premium figures. Grey market premium is an unofficial and unregulated indicator collected informally outside the stock exchanges. It is not published, verified or endorsed by SEBI, NSE or BSE, can vary widely between trackers, and is not always accurate.
FAQs
When does the Ajwa Projects IPO open and close?
Ans. The Ajwa Projects IPO opens for subscription on 28 October 2026 and closes on 30 October 2026. Allotment is expected on 2 November, and the shares are proposed to list on the BSE SME platform on 4 November 2026.
What is the issue price and minimum investment for the Ajwa Projects IPO?
Ans. The issue is at a fixed price of Rs 203 per share. The minimum application is 1,200 shares, which needs Rs 2,43,600. One source shows a lot size of 600 shares and another shows 1,200 shares, so confirm the lot size with your broker.
What does Ajwa Projects do?
Ans. Ajwa Projects is a Surat-based industrial services company offering fabrication, piping, erection, pressure equipment, prefabricated structures, blasting and painting, maintenance and mechanical services, and civil construction.
Is the Ajwa Projects IPO a fresh issue or an offer for sale?
Ans. It is both. The fresh issue is 15,00,000 shares (Rs 30.45 crore) and the offer for sale is 3,74,400 shares (Rs 7.60 crore) by promoters Mohammad Khurshid Alam Khan and Zarinabegum Khurshid Alam Khan.
How will Ajwa Projects use the IPO money?
Ans. The fresh issue is meant for machinery and vehicles, repayment of borrowings, working capital and general corporate purposes. The sources reviewed did not give amounts, so check the prospectus.
How has Ajwa Projects performed financially?
Ans. Revenue rose from Rs 34.38 crore in FY24 to Rs 36.87 crore in FY25, and profit after tax rose from Rs 2.95 crore to Rs 3.28 crore. Figures after March 2025 were not available in the sources reviewed.
Is the Ajwa Projects IPO expensive?
Ans. That cannot be answered from the sources reviewed, because the share count, net worth and recent earnings were missing. Once the prospectus gives them, compare the Rs 203 price with earnings per share and book value per share.
What are the main risks in the Ajwa Projects IPO?
Ans. The main risks are old financial data, slowing growth, missing debt and valuation figures, conflicting details on lot size and promoter holding, dependence on a few clients and thin trading in SME shares.
Who are the lead manager and registrar for the Ajwa Projects IPO?
Ans. Wealth Mine Networks is the book-running lead manager and KFin Technologies Ltd. is the registrar. The market maker was not named in the sources reviewed.
Is the Ajwa Projects IPO a good investment?
Ans. The Ajwa Projects issue offers a stable services business at a known fixed price, but old data and missing figures call for caution. Read the prospectus, and size the position to your own risk appetite before applying.
