Ajwa Projects IPO

This issue combines a fresh issue and an offer for sale. The amounts for each part are not available in our data; see the offer document for the split.

Lot size and investment

Reservation

NII

8,90,400 shares (50.03% of the Offer)

Retail

8,89,200 shares (49.97% of the Offer)

Current GMP

₹2

▲+0.99%

Estimated listing price

₹205

Issue price ₹203

Highest

₹38

27 Oct

Lowest

₹0

25 Oct

GMP by day (₹ per share)

Subject to sauda

₹2,300

GMP is an unofficial indicator from an unregulated market. It is shown for information only and is not a prediction of the listing price or a recommendation to apply.

P/E Ratio

17.92

EPS (₹)

11.33

RoE

8.42%

RoCE

7.56%

RoNW

8.42%

PAT Margin

12.55%

EBITDA Margin

19.71%

Debt / Equity

0.72

NAV (₹)

48.17

Separate pre- and post-issue P/E are not available for this IPO; the P/E shown is as disclosed for the issue.

Peers are other recent IPOs from the same industry, closest in issue size. Ratios are as disclosed at the time of each issue. This is not the listed-peer table from the offer document.

How Ajwa Projects plans to use the money raised, as stated in the offer document.

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

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.

Promoters and shareholding

Mohammad Khurshid Alam Khan, Zarinbegum Khurshid Alam Khan and Riyaz Rafiq Padela

Promoter holding, pre-issue

98.9%

Promoter holding, post-issue

65.12%