Ajwa Projects IPO

SME • BSE SME • Fresh capital cum OFS

LISTEDSMEBSE SME

Ajwa Projects

Price band

₹203

Lot size

600 shares

Min investment

₹1,21,800

Issue size

₹38.06 Cr

About the company

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.

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 48.56 crore in FY2026.

IPO details

Issue price: ₹203
Price band: ₹203
Face value: ₹10
Lot size: 600
Min investment: ₹1,21,800
Issue size: ₹38.06 Cr
Sale type: Fresh capital cum OFS
Listing on: BSE SME
BSE scrip code: 8066
NSE symbol: AJWA.BO

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	600	₹1,21,800
Retail (Max)	1	600	₹1,21,800
HNI (Min)	2	1,200	₹2,43,600

Investor reservation

CATEGORY	RESERVED
NII	8,90,400 shares (50.03% of the Offer)
Retail	8,89,200 shares (49.97% of the Offer)

Objects of the issue

1Funding capital expenditure requirements towards acquisition of plant & machinery, transport vehicle/assets6.79

2Repayment or prepayment, in full or in part, of borrowings availed by our Company8.08

3Working capital requirement4.00

4General Corporate Purpose

Financials

Rs. Crore • restated

METRIC	30 Jun 2026	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	41.97	36.37	25.57	25.00
Total Income	12.44	48.56	36.87	34.38
Profit After Tax	1.56	5.42	3.28	2.95
EBITDA	2.45	9.03	6.41	5.68
NET Worth	19.27	17.71	12.29	8.90
Reserves and Surplus	15.27	13.71	8.29	8.81
Total Borrowing	13.84	12.52	7.96	10.85

Key performance indicators

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

✓ Strengths

• Total income rose 31.71% from Rs 36.87 crore in FY2025 to Rs 48.56 crore in FY2026, after Rs 34.38 crore in FY2024.

• Profit after tax grew 65.24% from Rs 3.28 crore in FY2025 to Rs 5.42 crore in FY2026, and was Rs 2.95 crore in FY2024.

• EBITDA rose 40.87% from Rs 6.41 crore in FY2025 to Rs 9.03 crore in FY2026.

• Net worth rose from Rs 8.90 crore on 31 March 2024 to Rs 12.29 crore on 31 March 2025 and Rs 17.71 crore on 31 March 2026.

• The quarter ended 30 June 2026 shows total income of Rs 12.44 crore and profit after tax of Rs 1.56 crore.

• The P/E is 17.92 at the upper band of Rs 203, based on post-issue EPS of Rs 11.33. The pre-issue P/E is 14.97 on EPS of Rs 13.56.

• The order book stood at Rs 19.82 crore as of 30 September 2025, and the company has over 550 skilled and semi-skilled workers.

• The 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

• The source revised the restated financials after our first fill. Figures through 31 March 2025 changed in places, for example EBITDA for FY2025 is now Rs 6.41 crore, so older copies of this data may differ.

• The order book of Rs 19.82 crore is dated 30 September 2025, so it may not reflect the present position.

• Total borrowing rose from Rs 7.96 crore on 31 March 2025 to Rs 12.52 crore on 31 March 2026 and Rs 13.84 crore on 30 June 2026, and the debt to equity ratio is 0.72. Rs 8.08 crore of the issue proceeds goes to repay borrowings.

• The post-issue P/E of 17.92 at Rs 203 is higher than the pre-issue P/E of 14.97, because the new shares dilute earnings per share.

• The 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 65.11% after it.

• The company depends on projects in industries such as oil and gas, power and steel, so a slowdown in these sectors can cut its orders.

• Rs 4.00 crore goes to working capital, and the source gives no amount for general corporate purposes.

• This 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.

Promoters & holding

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

Pre-issue promoter holding

98.9%

Post-issue promoter holding

65.11%

Promoters hold 98.9% before the issue and will hold 65.11% after it.

Data refreshed 09 Nov 2026, 02:00 pm IST. GMP is unofficial market sentiment, not investment advice.