APAJWAListed
Ajwa Projects Limited
Fixed Price IPO · BSE
- Price band
- ₹203 - ₹203
- Lot size
- 600 shares
- Issue amount
- ₹38.05 cr
- Total subscription
- 2.35×
- Opens
- 28 Oct 2026
- Closes
- 30 Oct 2026
- Allotment
- 2 Nov 2026
- Listing
- 4 Nov 2026
Offer at a glance
Issue overview
- Issue size
- 18,74,400 shares
- Face value
- ₹10 per share
- Minimum investment
- ₹1,21,800
- Fresh issue
- ₹30.45 cr
- Offer for sale
- ₹7.6 cr
- Registrar
- Kfin Technologies Limited
- Listing exchange
- BSE
- Maximum investment
- ₹1,21,800
- Issue type
- Fixed Price IPO
- Shares before issue
- 40,00,000
- Shares after issue
- 55,00,000
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 2 | 1,200 | ₹2,43,600 |
| sHNI | 3 | 1,800 | ₹3,65,400 |
Share reservation
Subscription & GMP
Subscription by category
Total subscribed2.35×
Reported 30 Oct 2026
GMP history
26 Oct₹130 Oct
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| RETAIL | 742 | 1,429 |
| HNIs (2-10L) | 494 | 118 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| RETAIL | 18.08 | 34.81 |
| NIB | 0 | 7.7 |
| HNIs 10+ | 18.05 | 1.45 |
| HNIs | 0 | 7.7 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
RevenueProfit after tax
Key performance indicators
| Metric | Jun-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| EPS | 3.89 | 13.56 | 0 | 0 |
| ROE | 0 | 0 | 0 | 0 |
| ROCE | 7.56 | 34.75 | 31.19 | 35.63 |
| RONW | 8.42 | 36.15 | 30.99 | 39.68 |
| PRE IPO(PE) | 0 | 14.97 | 8.37 | 7.57 |
| POST IPO(PE) | 17.92 | 0 | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| Ajwa Projects Limited | 14.97 | 0 | 10.00 | 44.28 | 36.15 | 13.56 |
| Atmastco Limited | 15.97 | 0 | 10.00 | 59.15 | 13.93 | 7.33 |
| Samay Project Services Limited | 9.52 | 0 | 10.00 | 26.02 | 22.64 | 4.77 |
Company information
Strengths
- Experienced Management Team: The Promoters have over 25 and 18 years of experience in fabrication, construction and operations. Their expertise supports integrated fabrication, erection and civil construction services, backed by a skilled technical team focused on quality execution.
- Comprehensive and Diversified Portfolio: The Company provides a wide range of services, including fabrication, piping, erection, pressure equipment, prefabricated structures and civil construction. This enables it to serve multiple stages of industrial projects across sectors such as oil and gas, steel, power, cement, bridges and metro rail.
- Strong and Diverse Order Book: As of October 5, 2026, the Company was executing more than 26 projects with a balance order value of ₹4,243.45 lakhs, as certified by its statutory auditors. This provides revenue visibility and reduces dependence on any single industry.
Risk factors
- Outstanding Legal Proceedings: The Company faces tax proceedings involving ₹4.90 lakhs, while proceedings against the Promoters involve ₹101.32 lakhs. Any adverse decision could negatively affect the Company’s business, operating results and financial condition.
- Customer Concentration Risk: The Company relies heavily on a limited number of customers. In FY2025-26, its top customer contributed 19.05% of revenue from operations, while the top 10 customers accounted for 86.65%, increasing the risk associated with losing key clients.
- Dependence on Suppliers for Raw Material s: The Company relies on client-nominated or limited vendors for steel, cement and other raw materials. In FY2025-26, its top supplier accounted for 10.08% of the cost of materials consumed, exposing the Company to potential supply disruptions and rising input costs.
Promoters
Mohammad Khurshid Alam Khan
Zarinbegum Khurshid Alam Khan
Riyaz Rafiq Padela
Registrar & documents
Lead manager
Wealth Mine Networks Private Limited
Registrar & contacts
Kfin Technologies Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
M/71, Silver Spring Near Bhulkabhavan School, Adajan, Surat, Gujarat, 395009
02612786786
[email protected]Company website ↗Understanding AJWA IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.