Ajwa Projects IPO
Ajwa Projects shares listed on BSE SME on 4 November 2026 after an IPO priced at ₹203, an issue of ₹38.05 crore.
- Minimum investment
- ₹2,43,6002 lots of 600 shares, at the issue price
- Issue price
- ₹203
- Lot size
- 600 sharesApply for 2 lots minimum
- Issue size
- ₹38.05 croreFresh issue and offer for sale
- Bidding
- 28 Oct to 30 Oct
- Listing
- 4 NovBSE SME
Dates
Ajwa Projects IPO dates
Prospectus, Terms of the Offer (p. 239); allotment and listing dates from BSE notice 20261103-33- 28 OctBidding opens
- 30 OctBidding closes, UPI by 5 pm
- 2 NovAllotment
- 3 NovRefunds and demat credit (expected)
- 4 NovListing
- Today6 Nov
Listed on BSE SME on 4 Nov 2026 (BSE quote page, scrip 545016). Refund and demat dates are the prospectus's indicative timetable.
Read before you apply
Ajwa Projects IPO review: read before you apply
Worth checking
- SeriousVery few customers
The top 10 customers gave 86.65% of FY26 revenue and 98.52% in April to June 2026. The largest one alone gave 26.49% in that quarter (Risk factor 2, Prospectus KPIs).
- SeriousCash tied up in receivables
Operating cash flow was -₹2.88 crore in FY26 and -₹0.98 crore in April to June 2026. Money owed by customers reached ₹24.55 crore in June 2026, about half of FY26 revenue (Risk factor 7, Restated financial statements).
- Almost all work in Gujarat
Gujarat gave 93.96% of FY26 revenue and 96.24% in April to June 2026 (Risk factor 4).
- Low promoter cost
The selling promoters' average cost is ₹3.40 and ₹4.10 a share, against the offer price of ₹203. A 19:1 bonus issue was made in December 2024 (Prospectus cover page, Risk factor 14).
- Record-keeping gaps
The prospectus notes delays and discrepancies in statutory records and in filing returns and paying statutory dues (Risk factors 5 and 6).
- Promoter group in the same line
Promoter group entities have similar business objects, with no non-compete agreements (Risk factor 11).
Strengths
- Revenue and profit growing
Revenue grew 18.9% a year from FY24 to FY26 to ₹48.42 crore (our calculation), and PAT rose from ₹2.95 crore to ₹5.42 crore (Restated financial statements).
- Margins improving
EBITDA margin rose from 16.57% in FY24 to 18.66% in FY26 and 19.71% in April to June 2026 (Prospectus, Basis of Offer Price, KPIs).
- Order book and more sites
The order book was about ₹42.43 crore, and active sites rose from 11 in FY24 to 38 in June 2026 (Prospectus, Basis of Offer Price and KPIs).
- Little litigation
One tax case of ₹0.05 crore is pending against the company, and two tax cases of ₹1.01 crore against the promoters (Risk factor 1).
What Ajwa Projects does
Ajwa Projects fabricates steel structures and equipment, lays process piping, builds pressure equipment and prefabricated units, and erects them at client sites. It also does civil construction, blasting and painting, and plant maintenance.
It was set up in 2011 and is based in Surat, Gujarat. It wins most work through tenders. Its promoters are Mohammad Khurshid Alam Khan, Zarinabegum Khurshid Alam Khan and Riyaz Rafiq Padela.
Listing and subscription
Ajwa Projects IPO subscription status
Listing day
Our calculation: gain vs upper price- Issue price
- ₹203
- Listing price
- ₹203
- Gain at open
- 0.0%
- Day close
- ₹192.85
Subscription
The final category-wise numbers from BSE SME will appear here.
Grey market premium. GMP is unofficial. It is not regulated or published by any exchange. If we show it, it carries its source and time, never as a forecast. What GMP means
Price and lots
Ajwa Projects IPO price band, lot size and issue size
Prospectus cover page and Objects of the Offer (p. 77). Fixed price of ₹203. Of the offer, 94,800 shares are reserved for the market maker, Prabhat Financial Services, and the net offer is 17,79,600 shares: at least 50% for individual investors at the minimum application of 2 lots, the rest for others. Post-issue share count is our calculation (40,00,000 plus 15,00,000).| Issue price | ₹203 |
| Lot size | 600 shares, minimum 2 lots (1,200 shares) |
| Issue size | ₹38.05 crore, 18,74,400 shares |
| Fresh issue | ₹30.45 crore |
| Offer for sale | ₹7.60 crore by promoters Mohammad Khurshid Alam Khan and Zarinabegum Khurshid Alam Khan |
| Face value | ₹10 per share |
| Issue type | Fixed price, fresh issue and offer for sale |
Where the money goes
Percentages are our calculation.
Who gets how much of the net offer
What the company will do with the money
Prospectus, Objects of the Offer (p. 77 to 78)| Object of the issue | ₹ crore |
|---|---|
| Offer for sale by two promoters. The company receives none of this money | 7.60 |
| Repay or prepay borrowings | 9.35 |
| Plant, machinery and vehicles | 8.10 |
| General corporate purposes | 4.43 |
| Working capital | 4.00 |
| Offer expenses | 4.57 |
Minimum and maximum investment
Our calculation: at ₹203 per share| Category | Lots | Shares | Amount |
|---|---|---|---|
| Individual investor (min and max)Minimum application | 2 | 1,200 | ₹2,43,600 |
| Small NII (min) | 3 | 1,800 | ₹3,65,400 |
| Small NII (max) | 8 | 4,800 | ₹9,74,400 |
| Big NII (min) | 9 | 5,400 | ₹10,96,200 |
Retail bids are capped at ₹2 lakh and small NII bids at ₹10 lakh. In SME IPOs individual investors apply for the minimum application size only.
Valuation calculator
Our calculation: inputs from Prospectus, Restated Financial Statements and Basis of Offer Price (p. 93 to 95)Set to the issue price, ₹203. Change it to see what you would be paying for.
- Market cap
- ₹112 cr
- P/E (FY26, basic and diluted)
- 15.0x
- Price to book
- 5.8x
- Market cap to sales
- 2.3x
- Peer average P/E
- 12.75x
Based on FY26, basic and diluted EPS of ₹13.56, 55 lakh shares, net worth of ₹19.27 crore (June 2026) and revenue of ₹48.42 crore. Shares is the post-issue count, our calculation. The industry average P/E of 12.75x is from the prospectus (p. 94), across Atmastco and Samay Project Services.
Financials
Ajwa Projects financials
Prospectus, Summary of Financial Information and KPIs (p. 95 to 96), ₹ croreRevenue and EBITDA
Revenue grew 18.9% a year from FY24 to FY26 (our calculation).
| ₹ crore | FY24 | FY25 | FY26 | Q1 FY27 |
|---|---|---|---|---|
| Revenue from operations | 34.27 | 36.73+7.2% | 48.42+31.8% | 12.41 |
| EBITDA | 5.68 | 6.41 | 9.03 | 2.45 |
| EBITDA margin | 16.57% | 17.45% | 18.66% | 19.71% |
| Profit after tax | 2.95 | 3.28+11.2% | 5.42+65.2% | 1.56 |
| Diluted EPS (₹) | 7.57 | 8.37 | 13.56 | 3.89 |
| Total equity | 8.90 | 12.29 | 17.71 | 19.27 |
| Cash from operations | -1.17 | 4.18 | -2.88 | -0.98 |
Standalone restated figures. Q1 FY27 is April to June 2026 and is not annualised. EPS is adjusted for the 19:1 bonus issue of December 2024.
The small figures under revenue and profit are the change from the previous full year, our calculation.
Compared with listed peers
Prospectus, Basis of Offer Price (p. 94 to 95). Peer prices as of 6 Oct 2026.| Company | Revenue (₹ crore) | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|---|
| Ajwa Projects | 48.42 | 13.56 | 14.97x at ₹203 (prospectus) | 36.15% |
| Atmastco | 292.62 | 7.33 | 15.97x | 13.93% |
| Samay Project Services | 50.16 | 4.77 | 9.52x | 22.64% |
The peer average P/E of 12.75x is our calculation, a simple average of the peers listed.
Key performance indicatorsPAT margin, Return on net worth, Return on capital employed and more
| Metric | FY24 | FY25 | FY26 | Q1 FY27 |
|---|---|---|---|---|
| PAT margin | 8.60% | 8.94% | 11.20% | 12.55% |
| Return on net worth | 39.68% | 30.99% | 36.15% | 8.42% |
| Return on capital employed | 35.63% | 31.19% | 34.75% | 7.56% |
| Debt to equity | 1.22 | 0.65 | 0.71 | 0.72 |
| Current ratio | 1.17 | 1.79 | 1.97 | 1.87 |
| Top 10 customers | 86.58% | 78.03% | 86.65% | 98.52% |
Q1 FY27 returns are for three months and are not annualised.
Prospectus, Basis of Offer Price, KPIs (p. 95 to 96)
Company
About Ajwa Projects
Business
Prospectus, Our Business (p. 116) and Basis of Offer Price, KPIs (p. 96)Gujarat gave 93.96% of FY26 revenue, up from 67.91% in FY24. Active sites rose from 13 in FY25 to 27 in FY26 and 38 in June 2026. In June 2025 it bought a business from H K Construction by slump sale for ₹4.45 crore.
- Order book
- ₹42.43 crore
- Active sites, June 2026
- 38
- Revenue from Gujarat, FY26
- 93.96%
- Top 10 customers, FY26
- 86.65%
Key risks
Prospectus, Risk Factors- Customer concentrationA few customers give almost all revenue.
- Regional concentrationAlmost all revenue comes from Gujarat.
- Negative cash flowOperating cash flow was negative in three of the last four periods.
- Supplier dependenceIt relies on suppliers for raw materials and parts.
- Compliance gapsThere are delays and discrepancies in statutory records and dues.
- Leased premisesIts office and workshop are leased, not owned.
- Payment delaysLate or missed customer payments would hurt cash flow.
- Project riskNew projects may not be won, and orders may be delayed or cancelled.
Read before you apply puts the most important of these beside the strengths.
Promoters and shareholdingAfter-IPO figures are our calculation on 55,00,000 shares.
The three promoters own 88.91% before the IPO, and Heena Khan owns 10.00%. Two promoters sell 1,87,200 shares each. After-IPO figures are our calculation on 55,00,000 shares.
| Shareholder | Before IPO | Selling (shares) | After IPO (ours) |
|---|---|---|---|
| Riyaz Rafiq Padela (promoter) | 43.91% | Nil | 31.93% |
| Mohammad Khurshid Alam Khan (promoter) | 32.49% | 1,87,200 | 20.23% |
| Zarinabegum Khurshid Alam Khan (promoter) | 12.51% | 1,87,200 | 5.69% |
| Heena Khan | 10.00% | Nil | 7.27% |
| Purvi Sandip Chaniyara | 1.10% | Nil | 0.80% |
Prospectus, Capital Structure (p. 69) and cover page
IndustryIndia structural steel fabrication market: ₹45,300 crore (USD 6 billion)
- India structural steel fabrication market
- ₹45,300 crore (USD 6 billion)
- Expected growth
- 9% a year over the next five years
- India metal fabrication market
- USD 8 billion, expected to grow 6% a year
- Global fabrication market 2024
- USD 21.8 billion, expected USD 32.6 billion by 2031
The prospectus does not say which year the India figures are for. They come from market research websites quoted in the prospectus, not from a report commissioned for the IPO.
Prospectus, Industry overview (p. 111 to 112), citing 6Wresearch
LitigationAgainst the company: tax: 1 · Against promoters: tax: 2
| Type | Cases | Amount |
|---|---|---|
| Against the company: tax | 1 | ₹0.05 crore |
| Against promoters: tax | 2 | ₹1.01 crore |
Prospectus, Risk factor 1 (summary of outstanding litigation, p. 21 to 22)
Company detailsLegal name, registered office, CIN and website
| Legal name | Ajwa Projects Limited |
| Founded | 2011, as Ajwa Projects Private Limited |
| Promoters | Mohammad Khurshid Alam Khan, Zarinabegum Khurshid Alam Khan, Riyaz Rafiq Padela |
| Main work | Structural and equipment fabrication and erection |
| Market maker | Prabhat Financial Services Limited |
RHP, General Information
Lead managers and registrar
RHP cover pageAllotment
Ajwa Projects IPO allotment status
Out from 2 Nov 2026- Open the registrar's pageKFin Technologies Limited is the registrar. Open its allotment page.
- Select Ajwa Projects LimitedIt appears once the basis of allotment is final.
- Enter your PAN, application number or DP IDUse the details you applied with.
- Or check on the exchangeBSE's application status page works too.
Documents
Questions
Ajwa Projects IPO FAQs
When does the Ajwa Projects IPO open and close?
The Ajwa Projects IPO opens on Wednesday, 28 October 2026 and closes on Friday, 30 October 2026. UPI mandates must be approved by 5 pm on the closing day.
What is the Ajwa Projects IPO price band and lot size?
The price is ₹203 per share. The lot size is 600 shares, so the minimum application is 1,200 shares, or ₹2,43,600 at the upper price.
What is the Ajwa Projects IPO size?
The Ajwa Projects IPO is of ₹38.05 crore. It is a fresh issue and offer for sale by promoters Mohammad Khurshid Alam Khan and Zarinabegum Khurshid Alam Khan.
What is the Ajwa Projects IPO allotment date?
Allotment is on Monday, 2 November 2026. Refunds and demat credit are expected on 3 November 2026.
What is the Ajwa Projects IPO listing date?
Ajwa Projects shares are due to list on BSE SME on Wednesday, 4 November 2026.
Who is the registrar of the Ajwa Projects IPO?
KFin Technologies Limited is the registrar. Allotment status can be checked on its website or on BSE using your PAN or application number.
What does Ajwa Projects do?
Ajwa Projects is a Surat-based industrial services firm doing fabrication, piping, erection, pressure equipment, civil and maintenance work, mostly in Gujarat.
What is the Ajwa Projects IPO price?
It is a fixed price issue at ₹203 a share. The lot is 600 shares and the minimum application is 2 lots (1,200 shares), which costs ₹2,43,600 (our calculation).
When does the Ajwa Projects IPO open and close?
It opened on 28 October 2026 and closed on 30 October 2026. The shares listed on BSE SME on 4 November 2026.
Does Ajwa Projects get money from the IPO?
Partly. It gets ₹30.45 crore from 15,00,000 new shares; ₹7.60 crore from 3,74,400 shares goes to two selling promoters.
What will Ajwa Projects use the IPO money for?
₹9.35 crore to repay loans, ₹8.10 crore for machinery and vehicles, ₹4.00 crore for working capital and ₹4.43 crore for general corporate purposes.
What does Ajwa Projects do?
It fabricates and erects steel structures, piping and pressure equipment, and does civil and maintenance work for industrial plants.
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