Ajwa Projects IPO

Ajwa Projects Limited, incorporated in 2011, is a multidisciplinary industrial services company providing fabrication, erection, piping, pressure equipment, prefabricated structures, civil construction and maintenance services. The company manufactures industrial structures, heavy modules, platforms, pressure vessels, tanks, ducts and specialised components for industrial and infrastructure applications. Its services cater to industries such as oil and gas, petrochemicals, refineries, power generation, steel, cement, nuclear power, bridges and metro rail infrastructure. Ajwa Projects combines off-site fabrication capabilities with on-site installation and project execution expertise. Its operations are supported by a skilled workforce of over 557 professionals and an integrated service portfolio designed to meet industrial engineering, construction, quality and safety requirements.

Ajwa Projects Limited IPO Overview

Ajwa Projects Limited is launching a fixed-price SME IPO from 28 October to 30 October 2026 at ₹203 per share, with a face value of ₹10 per share. The total issue comprises 18,74,400 shares, aggregating to approximately ₹38.05 crore, including a fresh issue of 15,00,000 shares worth ₹30.45 crore and an offer for sale of 3,74,400 shares worth ₹7.60 crore. The minimum application for individual investors is 1,200 shares, requiring an investment of ₹2,43,600. HNI investors must apply for at least 1,800 shares, amounting to ₹3,65,400. The allotment is expected to be finalised on 2 November 2026, followed by refunds and demat credit on 3 November 2026. The company is expected to list on the BSE SME platform on 4 November 2026. Wealth Mine Networks Limited is the book-running lead manager, KFin Technologies Limited is the registrar, and Prabhat Financial Services Limited is the market maker.

Ajwa Projects Limited IPO Details

Particulars	Details
IPO Date	28 October 2026 to 30 October 2026
Listing Date	4 November 2026 (tentative)
Face Value	₹10 per share
Issue Price	₹203 per share
Lot Size	600 shares
Minimum Application	1,200 shares
Total Issue Size	18,74,400 shares (approximately ₹38.05 crore)
Fresh Issue	15,00,000 shares (₹30.45 crore)
Offer for Sale	3,74,400 shares (₹7.60 crore)
Issue Type	Fixed Price IPO
Listing At	BSE SME
Shareholding Pre-Issue	40,00,000 shares
Shareholding Post-Issue	55,00,000 shares
Market Maker Portion	94,800 shares (approximately ₹2 crore)
Net Offer to Public	17,79,600 shares

Ajwa Projects Limited IPO Reservation

Investor Category	Shares Offered	% of Net Issue
NII (HNI)	8,90,400	50.03%
Retail Individual Investors	8,89,200	49.97%
Market Maker (firm reservation)	94,800	Not applicable

Ajwa Projects Limited IPO Lot Size

Application	Lots	Shares	Amount
Individual Investors (Minimum)	2	1,200	₹2,43,600
Individual Investors (Maximum, as per supplied minimum category)	2	1,200	₹2,43,600
HNI (Minimum)	3	1,800	₹3,65,400

Ajwa Projects Limited IPO Promoter Holding

Shareholding Status	Percentage
Pre-Issue	98.90%
Post-Issue	65.12%

Ajwa Projects Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)-Pre-Issue	₹13.56
Earnings Per Share (EPS)-Post-Issue	₹11.33
Price/Earnings (P/E) Ratio-Pre-Issue	14.97x
Price/Earnings (P/E) Ratio-Post-Issue	17.92x
Return on Net Worth (RoNW)	36.15%
Net Asset Value (NAV) per Share	₹44.28
Return on Equity (ROE)	36.15%
Return on Capital Employed (ROCE)	34.75%
EBITDA Margin	18.66%
PAT Margin	11.20%
Debt-to-Equity Ratio	0.71x

Objectives of the Proceeds

The company proposes to use the net proceeds from the fresh issue for the following purposes.

I. ₹8.10 crore: Purchase plant and machinery, transport vehicles and other assets to strengthen operational capacity and project execution.

II. ₹9.35 crore: Repay or prepay existing borrowings, either partially or fully, to manage debt obligations and improve financial flexibility.

III. ₹4.00 crore: Meet working capital requirements arising from project execution, operating expenses and business activities.

IV. ₹4.43 crore: Support general business requirements and other corporate needs permitted under the IPO’s stated objectives.

Key Financials (in ₹ crore)

Particulars	31 March 2026	31 March 2025	31 March 2024
Assets	36.37	25.57	25.00
Revenue (Total Income)	48.56	36.87	34.38
Profit After Tax	5.42	3.28	2.95
Reserves and Surplus	13.71	8.29	8.81
Total Borrowings	12.52	7.96	10.85

IPO Strengths

I. Experienced management team

II. Comprehensive Portfolio with Sectoral Diversity

III. Strong and diverse Order Book: As of Sep 30, 2025, its order book stood at Rs 1,982.05 lakhs.

IV. Flexible Execution Model (On-Site and Off-Site)

V. Integrated Fabrication and Erection Expertise

VI. Quality and Safety Framework

VII. Skilled Workforce and Operational Capability

Peer Group Comparison

Company Name	EPS (Basic) (₹)	EPS (Diluted) (₹)	NAV (₹)	P/E (x)	RoNW (%)	P/BV Ratio
Ajwa Projects Limited	13.56	13.56	44.28	14.97	36.15	4.61
Peer Group
Atmastco Limited	7.33	7.33	59.15	15.97	13.93	1.98
Samay Project Services Limited	4.77	4.77	26.02	9.52	22.64	1.73