Ajwa Projects SME IPO
Ajwa Projects IPO — date, price band, lot size & details 2026
Ajwa Projects IPO opens on 28 Oct and closes on 30 Oct 2026. Issue price ₹203, lot size 600 shares (minimum 2 lots, ₹2,43,600). Allotment date 2 Nov, listing date 4 Nov.
Ajwa Projects is a Surat based industrial services company that does fabrication, erection, piping, pressure equipment and civil work. It plans to raise Rs 38.05 crore at Rs 203 per share, and its total income was Rs 36.87 crore in FY2025.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 24 October.
- Open 28 Oct 2026
- Close 30 Oct 2026
- Allotment 02 Nov 2026
- Refund/credit 03 Nov 2026
- Listing 04 Nov 2026
Issue summary
The terms of the offer, as filed.
| IPO Dates | 28 to 30 Oct, 2026 |
|---|---|
| Price Band | ₹203 |
| Face Value | ₹10 |
| Lot Size | 600 Shares |
| Issue Size | ₹38.05 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE SME |
| Registrar | KFin Technologies Limited |
| Min Investment | ₹ 2,43,600 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 600 shares at the ₹203 cut-off. The SME retail application is a fixed 2 lots; HNI starts at 3.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 2 | 1,200 | ₹2,43,600 |
| Retail (max) | 2 | 1,200 | ₹2,43,600 |
| HNI (min) | 3 | 1,800 | ₹3,65,400 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 7
- 01Total income rose from Rs 28.80 crore in FY2023 to Rs 34.38 crore in FY2024 and Rs 36.87 crore in FY2025.
- 02Profit after tax grew 11.19% from Rs 2.95 crore in FY2024 to Rs 3.28 crore in FY2025, and was Rs 0.61 crore in FY2023.
- 03EBITDA rose 15.06% from Rs 5.51 crore in FY2024 to Rs 6.34 crore in FY2025, an EBITDA margin of 17.27% in FY2025.
- 04RoE and RoNW were 30.99% and RoCE was 49.06% in FY2025, with a PAT margin of 8.94%.
- 05Net worth rose from Rs 5.95 crore on 31 March 2023 to Rs 12.29 crore on 31 March 2025.
- 06The order book stood at Rs 19.82 crore as of 30 September 2025, and the company has over 550 skilled and semi-skilled workers.
- 07The fresh issue is 15,00,000 shares worth Rs 30.45 crore, which is about 80% of the Rs 38.05 crore issue. Proceeds go to plant and machinery, repayment of borrowings and working capital.
Risks · 9
- 01The latest restated financials are for the period ended 30 June 2025, and the full year data is FY2025 (31 March 2025). Nothing newer is shown, so the picture is more than a year old.
- 02The order book of Rs 19.82 crore is dated 30 September 2025, so it may not reflect the present position.
- 03The source shows no P/E or EPS for this issue, so the valuation at Rs 203 cannot be compared with listed peers.
- 04Growth is slow. Total income rose only 7.24% in FY2025, from Rs 34.38 crore to Rs 36.87 crore.
- 05Total borrowing was Rs 7.96 crore on 31 March 2025 against a net worth of Rs 12.29 crore, and the debt to equity ratio is 0.65. Rs 8.08 crore of the issue proceeds goes to repay borrowings.
- 06The promoters sell 3,74,400 shares worth Rs 7.60 crore in the offer for sale, and promoter holding falls from 98.9% before the issue to 65.12% after it.
- 07The company depends on projects in industries such as oil and gas, power and steel, so a slowdown in these sectors can cut its orders.
- 08Rs 4.00 crore goes to working capital, and the source gives no amount for general corporate purposes.
- 09This is an SME issue. One lot is 600 shares, which is about Rs 1.22 lakh at the upper band of Rs 203, and SME shares usually trade in low volume after listing.
Three years of numbers
All figures in ₹ crore, as reported in the Ajwa Projects offer document.
| Metric | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 26.64 | 26.29 | 25.66 | 19.29 |
| Total Income | 12.15 | 36.87 | 34.38 | 28.80 |
| Profit After Tax | 1.38 | 3.28 | 2.95 | 0.61 |
| EBITDA | 2.16 | 6.34 | 5.51 | 1.81 |
| NET Worth | 13.67 | 12.29 | 8.90 | 5.95 |
| Reserves and Surplus | 9.67 | 8.29 | 8.81 | 5.86 |
| Total Borrowing | 7.97 | 7.96 | 10.85 | 7.75 |
See how this IPO compares — view listing performance of all SME IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Ajwa Projects RHP.
Where the money goes
₹18.87 Cr of the issue is earmarked to named objects.
About the company
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 36.87 crore in FY2025 against Rs 34.38 crore in FY2024, and profit after tax was Rs 3.28 crore in FY2025. As of 30 September 2025, its order book stood at Rs 19.82 crore.
Interested in this IPO? Check the live subscription status or browse all upcoming SME IPOs.
0261-2786786
The bankers & the filings
Who is running the book, and the documents this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Wealth Mine Networks Pvt.Ltd.
5 issues handledBest listing: Omara Ventures India (+2.6%). Weakest: Seemax Resources (-20.0%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Ajwa Projects?
The current Grey Market Premium is ₹0.
What is the Ajwa Projects IPO price band?
₹203, on a face value of ₹10.
When is the allotment?
The basis of allotment is 2 November 2026, with listing on 4 November 2026.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — KFin Technologies Limited.
Get ready before the book opens.
IPO Guru tracks GMP, subscription and allotment for every SME and Mainboard issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
