- Summary
- Ajwa Projects IPO is a 100% fixed-price issue at ₹203.00/share, offering fresh shares and an OFS, that opens on 28 October 2026.
- Retail investors can bid at a fixed issue price of ₹203.00/share, starting at 2 lots (1,200 shares), with 1 lot comprising 600 shares.
- Ajwa Projects provides industrial fabrication, erection, piping, civil construction and maintenance services for sectors such as oil and gas, steel, power, cement and infrastructure.
- Ajwa Projects IPO is a fixed-price SME IPO of ₹3,805.03 lakh. The issue combines 15,00,000 fresh equity shares worth ₹3,045.00 lakh and an offer-for-sale of 3,74,400 Equity Shares of ₹760.03 lakh.
Ajwa Projects IPO is a fixed-price SME IPO of ₹3,805.03 lakh. The issue combines 15,00,000 fresh equity shares worth ₹3,045.00 lakh and an offer-for-sale of 3,74,400 Equity Shares of ₹760.03 lakh.
Ajwa Projects IPO subscription opens on 28 October 2026 and closes on 30 October 2026. The allotment for the Ajwa Projects IPO is tentatively finalised on 2 November 2026. The IPO will list on the BSE SME with a tentative listing date fixed as 4 November 2026.
Ajwa Projects IPO has fixed its final issue price at ₹203.00/share. The lot size per application is 600 shares. The minimum amount of investment required by an individual (retail) investor is ₹2,43,600 for 1,200 shares (2 lots), based on the upper price.
HNIs can bid for 3 lots (1,800 shares) at a total of ₹3,65,400.
Ajwa Projects IPO–Key Details
The Ajwa Projects IPO key details are highlighted in the table below:
| IPO Open | 28 October 2026 |
| IPO Close | 30 October 2026 |
| Face value | ₹10.00/share |
| Price Band | – |
| Issue price | ₹203.00/share |
| IPO Lot Size | 600 shares |
| Offer-for-sale | 3,74,400 Equity Shares (up to ₹760.03 lakh) |
| Fresh issue | 15,00,000 Equity Shares (up to ₹3,045.00 lakh) |
| Issue Type | Fixed-Price SME IPO |
| Listing | BSE SME |
| Total Issue Size (₹ Crore) | ₹3,805.03 lakh (18,74,400 Equity Shares) |
| Minimum Investment (Retail) | ₹2,43,600.00 (2 lots x upper band) |
Ajwa Projects IPO–Timeline
Here is the tentative Ajwa Projects IPO timeline:
| Bid Open Date | 28 October 2026 |
| Bid Close Date | 30 October 2026 |
| Allotment | 2 November 2026 |
| Refunds Initiated | 3 November 2026 |
| Share Credit Date | 3 November 2026 |
| Listing | 4 November 2026 |
| UPI mandate Cut-off time | 30 October 2026 (5 PM) |
Ajwa Projects Limited–Key Performance Indicators (KPIs)
The following are the Ajwa Projects Limited KPIs:
| KPIs | 2026 | 2025 | 2024 |
| ROE (%) | 36.15 | 30.99 | 39.68 |
| ROCE (%) | 34.75 | 31.19 | 35.63 |
| Debt-Equity Ratio (in times) | 0.71 | 0.65 | 1.22 |
| RoNW (%) | 36.15 | 30.99 | 39.68 |
| PAT Margin (%) | 11.20 | 8.94 | 8.60 |
| EBITDA Margin (%) | 18.66 | 17.45 | 16.57 |
| Price-Book Value | 4.58 | – | – |
Ajwa Projects Limited–Financial Information
| 2026 | 2025 | 2024 | |
| Revenue | 4,842.38 | 3,673.11 | 3,426.54 |
| Assets | 3,636.61 | 2,557.31 | 2,500.17 |
| Profit/Loss After Tax | 542.24 | 328.29 | 294.6 |
Ajwa Projects IPO–Subscription Status
Subscription status unavailable!
To be updated once bidding opens.
You can apply between 10:00 AM and 5:00 PM on the issue days.
Ajwa Projects IPO–Grey Premium Market (GMP)
The Ajwa Projects SME IPO GMP is currently unavailable, as grey market trading has yet to begin.
Check back for updates on the latest GMP, estimated listing price and potential listing gains.
| Date | GMP (₹) | Est. Listing Price | Est. Listing Profit | Trend | Latest Updated |
| 27 October 2026 | ₹0.00 | ₹203.00 (0.00%) | ₹0.00 | – | 26/10/2026 (03:31 PM) |
Disclaimer: The GMP is an unofficial metric and can fluctuate based on market conditions, buyer sentiment and overall IPO subscription demand.
Ajwa Projects IPO–Reservation
The Ajwa Projects IPO shares reservation across investor categories is stated below:
| Investor Classification | Shares Offered | % Allocation |
| Market Makers | 94,800 | 5.06% |
| QIBs | – | – |
| NIIs | 8,90,400 | 47.50% |
| Retail Investors | 8,89,200 | 47.44% |
| Total | 18,74,400 | 100% |
Ajwa Projects IPO–Lot Size
The application and investment details for the Ajwa Projects IPO are below:
| Application | Lot Size | Shares | Amount |
| Retail Minimum Application | 2 | 1,200 | ₹2,43,600 |
| Retail Maximum Application | 2 | 1,200 | ₹2,43,600 |
| HNI Minimum Application | 3 | 1,800 | ₹3,65,400 |
Ajwa Projects IPO–Anchor Investors Details
This is a fixed-price issue with anchor investor allocation.
Ajwa Projects IPO–Prospectus
For detailed information, refer to the official filings:
About Ajwa Projects Limited
Incorporation: 12 March 2011
Chairman and Managing Director: Mr Mohammad Khurshid Alam Khan
Ajwa Projects Limited provides industrial fabrication, erection, piping, civil construction and maintenance services for industrial and infrastructure projects. It serves sectors such as oil and gas, refineries, power generation, steel, cement, chemicals and rail infrastructure.
The company undertakes activities across the industrial project lifecycle, from manufacturing components to installation and ongoing maintenance.
Its business offerings include:
- Fabrication: Manufactures structural components, industrial frameworks, pressure vessels, boilers, heat exchangers, tanks and customised equipment.
- Erection Services: Installs and integrates fabricated structures, heavy equipment and piping systems at project sites.
- Piping Services: Fabricates and installs process and utility piping networks for fluids, gases, steam and chemicals.
- Civil Construction: Undertakes site preparation, foundations, concreting, industrial buildings, silos and other supporting infrastructure.
- Pressure Equipment: Fabricates, assembles, installs and maintains heavy-duty vessels, tanks and related industrial equipment.
- Prefabricated Structures: Provides modular buildings, portable industrial units and customised enclosures.
- Maintenance and Mechanical Services: Provides preventive and corrective maintenance, pressure safety valve calibration, non-destructive testing, sandblasting, industrial painting and shutdown support.
| Book Running Lead Manager (BRLM) | Wealth Mine Networks Limited |
| Registrar | Kfin Technologies Limited |
Objectives of Ajwa Projects Limited
The Ajwa Projects IPO net proceeds are planned to be utilised as:
| Particulars | Amount (in ₹ lakhs) |
| Acquisition of Equipment, transport vehicle/assets | 810.00 |
| Payment of borrowings | 935.00 |
| Working capital requirements | 400.00 |
| General corporate purposes | 443.40 |
| Total | 2,588.40 |
Ajwa Projects Limited–Strengths
- Experienced Management Team: The company benefits from the experience of its promoters, Mohammad Khurshid Alam Khan, with over 25 years in fabrication and construction, and Zarinabegum Khurshid Alam Khan, with more than 18 years in operations.
- Diversified Service Portfolio: Ajwa Projects offers fabrication, erection, piping, civil construction, pressure equipment, prefabricated structures and maintenance services across industries such as oil and gas, steel, power, cement and rail infrastructure.
- Strong Order Book: The company’s 26+ ongoing projects as of 5 October 2026, along with a balance work order value of ₹4,243.45 lakh, provide visibility into its project pipeline and future revenue.
- Flexible Execution Model: The company executes projects through its fabrication workshops and directly at client sites, which allows it to undertake off-site manufacturing alongside on-site installation, erection and civil construction work.
Ajwa Projects Limited–Risks
- Outstanding Legal Proceedings: The company has a tax proceeding involving ₹4.90 lakh, while its promoters face two tax proceedings involving ₹101.32 lakh. Liabilities arising from these proceedings could affect its financial performance.
- Delays in Statutory Filings: The company has reported delays, discrepancies and omissions in statutory records and Registrar of Companies filings, including delays of up to 474 days. Although the filings have since been completed, future non-compliance could attract penalties and affect its reputation.
- Negative Cash Flows: The company also reported negative operating cash flow of ₹287.64 lakh in FY26 and ₹97.97 lakh in the quarter ended June 2026. These ongoing cash flow pressures could constrain its working capital, debt repayments and business expansion.
- Trademark and Logo Registration Risks: The applications for the “AJWA PROJECTS” trademark and corporate logo are under registration. If it fails to secure registration or protect these assets against infringement, it could affect the company’s brand reputation, goodwill and commercial interests.
Ajwa Projects IPO–Review
The company has reported a revenue growth of 31.83% in FY26 that reaches ₹4,842.38 lakh compared with ₹3,673.11 lakh in FY25, with an increasing PAT margin from 8.94% to 11.20%. But its operating cash flow has remained negative at ₹287.64 lakh in FY26 and ₹97.97 lakh in the quarter ended June 2026. This raises concerns regarding cash generation despite its higher profits.
The Ajwa Projects IPO, with a fixed issue price of ₹203/share, is valued at approximately 14.97 times FY26 earnings, based on EPS of ₹13.56. This is above the average industry P/E of 12.75 times, although the company states that its selected peers are not strictly comparable. Investors should also consider customer concentration, with the top five customers contributing 63.89% of FY26 revenue.
The company’s plans to utilise the IPO proceeds towards equipment and transport assets, debt repayment, working capital and general corporate purposes could strengthen execution capacity, ease borrowing obligations and support ongoing projects. The benefits will however depend on timely deployment and effective utilisation of funds.
Overall, Ajwa Projects shows encouraging revenue growth, higher profitability and improving margins. Negative operating cash flow, concentrated customer revenue and a valuation above the stated peer average remain key risk factors to keep in mind.
Investors should assess whether the company can convert accounting profits into cash, manage project-related funding needs and sustain earnings growth before making an investment decision.
Other Recent IPO List
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| SFC Environmental Technologies IPO | Shellz India IPO |
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| Core4 Engineers IPO | Zetwerk Manufacturing Businesses IPO |
Ajwa Projects IPO FAQs
Ajwa Projects IPO is a ₹3,805.03 lakh fixed-price SME issue comprising a fresh issue of ₹3,045.00 lakh and an offer-for-sale of ₹760.03 lakh. It is a fixed-price IPO with ₹203.00/share.
You can apply for the Ajwa Projects IPO through the UPI facility or ASBA available through your bank account. Bids can be placed during the subscription period from 28 to 30 October 2026.
Ajwa Projects has reported revenue growth and improving profitability, but negative operating cash flow, customer concentration and statutory compliance are key risk factors to evaluate.
The exact expected returns for the Ajwa Projects Limited IPO are not guaranteed, because GMP and listing gains have not yet been established ahead of its opening.
The Ajwa Projects IPO opens for subscription on 28 October 2026 and closes on 30 October 2026.
The Ajwa Projects IPO lot size is 600 shares. The retail investors must apply for at least 2 lots, totalling 1,200 shares and ₹2,43,600 at the issue price of ₹203/share.
The Ajwa Projects IPO allotment is tentatively scheduled for 2 November 2026. Refunds and share credits are expected on 3 November 2026.
The Ajwa Projects IPO is tentatively scheduled to list on the BSE SME platform on 4 November 2026.
