Ajwa Projects IPO
Ajwa Projects IPO Details
-
Open Date
28 Oct 2026
-
Close Date
30 Oct 2026
- IPO Price Range
₹ 203
- IPO Size
₹ 38.05 Cr
Ajwa Projects IPO Timeline
Last Updated: 28 October 2026 4:59 AM by 5paisa
Ajwa Projects Limited is a Surat-based industrial engineering and infrastructure services company engaged in fabrication, piping, erection, pressure equipment installation, prefabricated structures, blasting and painting, mechanical maintenance and civil construction. Its operations cover multiple stages of industrial project execution, from manufacturing structural components to their installation, commissioning and maintenance.
The company provides services to industries including oil and gas, refineries, petrochemicals, steel, power generation, cement, fertilisers and heavy engineering. Its infrastructure-related assignments also extend to bridges, metro rail, railway infrastructure and industrial buildings. Key activities include structural steel fabrication, pressure vessel manufacturing, equipment installation, process piping, civil foundations and maintenance services.
Ajwa Projects undertakes work at fabrication workshops and customer project sites, depending on contract requirements. Its execution portfolio spans Gujarat, Maharashtra, Rajasthan, Haryana, Odisha and other states. As of 5 October 2026, the company was executing more than 26 projects with an outstanding work order value of approximately ₹42.43 crore. Its workforce comprises 557 personnel, including skilled, semi-skilled and supervisory staff.
Established in: 2011
Managing Director: Mohammad Khurshid Alam Khan
Peers:
Atmastco Limited
Samay Project Services Limited
Ajwa Projects Objectives
The company proposes to utilise the net proceeds from the fresh issue towards:
1. Capital expenditure for acquiring equipment, transport vehicles and other operational assets.
2. Repayment or prepayment, in full or in part, of borrowings from banks and financial institutions.
3. Funding additional working capital requirements.
4. General corporate purposes.
The proposed allocation of net proceeds includes approximately ₹8.10 crore towards equipment and transport assets, ₹9.35 crore towards debt repayment, ₹4.00 crore towards working capital and ₹4.43 crore towards general corporate purposes.
The company will not receive any proceeds from the Offer for Sale, which will be paid to the selling shareholders.
Ajwa Projects IPO Size
| Types | Size |
|---|---|
| Total IPO Size | ₹38.05 Cr |
| Offer For Sale | ₹7.60 Cr |
| Fresh Issue | ₹30.45 Cr |
Ajwa Projects IPO Lot Size
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Individual Investors (IND) (Min) | 2 | 1200 | 243600 |
| Individual Investors (IND) (Max) | 2 | 1200 | 243600 |
| HNI (Min) | 3 | 1800 | 365400 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Revenue | 34.27 | 36.73 | 48.42 |
| EBITDA | 5.68 | 6.41 | 9.03 |
| PAT | 2.95 | 3.28 | 5.42 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Total Assets | 25.00 | 25.57 | 36.37 |
| Share Capital | 0.09 | 4.00 | 4.00 |
| Total Liabilities | 25.00 | 25.57 | 36.37 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Net Cash Generated From / (Used In) Operating Activities | -1.17 | 4.18 | -2.88 |
| Net Cash Generated From / (Used In) Investing Activities | -1.22 | -0.13 | -0.36 |
| Net Cash Generated From / (Used In) Financing Activities | 1.69 | -4.50 | 3.23 |
| Net Increase / (Decrease) In Cash And Cash Equivalents | -0.71 | -0.45 | -0.00 |
Strengths
1. Diversified industrial services: Ajwa Projects undertakes fabrication, erection, mechanical installation, piping, structural works and civil construction, allowing it to participate in different stages of industrial development.
2. Established project execution experience: The company has executed assignments across refineries, power plants, steel facilities, bridges, industrial buildings and other infrastructure projects.
3. Experienced management: Managing Director Mohammad Khurshid Alam Khan has more than 25 years of experience in fabrication and construction, while the company's other senior leadership brings operational experience.
4. Existing order book: As of 5 October 2026, the company was executing more than 26 projects with an outstanding work order value of approximately ₹42.43 crore.
5. Improving operating profitability: Revenue increased by 31.83% in FY26, while EBITDA margin improved to 18.66% from 17.45% in FY25.
Weaknesses
1. High customer concentration: The top 10 customers contributed 86.65% of revenue from operations in FY26, creating dependence on a relatively limited client base.
2. Working-capital intensity: Trade receivables increased to ₹20.68 crore in FY26 from ₹11.79 crore in FY25, placing additional demands on working capital.
3. Negative operating cash flow: The company recorded a net operating cash outflow of ₹2.88 crore in FY26 despite reporting higher profitability.
4. Increasing borrowings: Total debt increased from ₹7.96 crore in FY25 to ₹12.52 crore in FY26, increasing its financing obligations.
5. Project execution dependence: Operations require skilled technical personnel, timely project completion, equipment availability and coordination across multiple industrial sites.
Opportunities
1. Infrastructure investment: Continued capital expenditure across industrial facilities, transport infrastructure and energy projects can support demand for fabrication and erection services.
2. Expansion into new regions: The company plans to extend its operations into underpenetrated markets, particularly southern and north-eastern India.
3. Industrial fabrication demand: Growing requirements for customised structural components, pressure equipment and prefabricated modules provide opportunities for engineering service providers.
4. Investment in equipment: Proposed IPO-funded capital expenditure of ₹8.10 crore could improve equipment availability and support execution of larger or more technically complex assignments.
5. Maintenance and lifecycle services: Industrial plant maintenance, testing, repair and shutdown-support services offer opportunities beyond new project construction.
Threats
1. Intense competition: Industrial fabrication and construction contracts are competitive, with contractors competing on pricing, technical capabilities, delivery timelines and execution experience.
2. Raw-material price fluctuations: Changes in steel and other material prices could affect project costs and margins, particularly under fixed-price contracts.
3. Project delays: Delays in customer approvals, site readiness, material availability or project execution could affect revenue recognition and working-capital recovery.
4. Industrial investment cycles: A slowdown in spending by refineries, steel producers, power companies or infrastructure developers may reduce new contract opportunities.
5. Operational and safety risks: Heavy fabrication, lifting, erection and work at industrial sites involve safety, equipment and operational risks that could interrupt execution or create additional costs.
1. Exposure to industrial and infrastructure activity: Ajwa Projects provides fabrication, erection, piping, construction and mechanical services to customers across multiple capital-intensive sectors.
2. Improved FY26 financial performance: Revenue increased to ₹48.42 crore in FY26 from ₹36.73 crore in FY25, while PAT rose to ₹5.42 crore from ₹3.28 crore.
3. Established execution portfolio: The company has undertaken projects involving refineries, industrial plants, bridges, metro infrastructure and major structural installations across India.
4. Existing project pipeline: More than 26 projects under execution, representing an outstanding order value of approximately ₹42.43 crore as of 5 October 2026, provide visibility into contracted work.
5. Planned deployment of fresh capital: The proposed allocation of ₹8.10 crore towards capital expenditure, ₹9.35 crore towards debt repayment and ₹4.00 crore towards working capital may support operational capacity and funding requirements.
India's infrastructure and industrial fabrication sectors provide the operating environment for Ajwa Projects. Demand for fabricated steel structures, industrial equipment and erection services is linked to investment in manufacturing facilities, energy infrastructure, transportation projects and industrial expansion.
The Indian structural steel fabrication market was valued at approximately ₹45,300 crore, with industry estimates indicating a projected CAGR of 9% over the following five years. Construction accounts for a substantial share of structural steel consumption, while bridges, industrial buildings and infrastructure projects represent important applications.
The broader Indian metal fabrication market has been estimated at approximately USD 8 billion, with projected growth of around 6% annually. Increased infrastructure investment, expansion of manufacturing capacity and demand for customised metal components are among the identified growth drivers. These figures are industry estimates reproduced in the company's prospectus rather than independently commissioned forecasts.
Ajwa Projects operates across several parts of this market, including structural fabrication, process piping, equipment installation, civil construction and mechanical maintenance.
Its outstanding work order value of approximately ₹42.43 crore as of 5 October 2026 provides an existing pipeline of projects. The company's proposed investment in equipment and transport assets, together with plans to expand geographically, could support participation in additional industrial and infrastructure contracts. However, future growth will depend on order conversion, timely execution, operating margins and working-capital management.
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FAQs
Ajwa Projects IPO opens on 28 October 2026 and closes on 30 October 2026.
The size of the Ajwa Projects IPO is approximately ₹38.05 crore.
Ajwa Projects IPO is a fixed-price issue with an offer price of ₹203 per equity share.
To apply for the Ajwa Projects IPO:
1. Login to your 5paisa demat account and select the issue in the current IPO section.
2. Enter the number of lots and the price at which you wish to apply for the Ajwa Projects IPO.
3. Enter your UPI ID and click on submit. Your bid will then be placed with the exchange.
You will receive a mandate notification to block funds in your UPI app.
The IPO lot size is 600 equity shares. Individual investors must apply for a minimum of two lots, equivalent to 1,200 shares. At the fixed issue price of ₹203 per share, the minimum investment required is ₹2,43,600.
The basis of allotment for the Ajwa Projects IPO is expected to be finalised on 2 November 2026.
The Ajwa Projects IPO is tentatively scheduled to list on the BSE SME platform on 4 November 2026.
Wealth Mine Networks Limited is the lead manager to the Ajwa Projects IPO. KFin Technologies Limited is the registrar to the offer.
The company proposes to utilise the net proceeds from the fresh issue for:
1. Capital expenditure towards the acquisition of equipment, transport vehicles and other assets.
2. Repayment or prepayment of certain outstanding borrowings.
3. Funding working capital requirements.
4. General corporate purposes.
The company will not receive any proceeds from the Offer for Sale component.