Ajwa Projects Ltd IPO

Infrastructure Developers & Operators

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Price Band

₹203 – ₹203

Lot Size

600

Minimum Bid Quantity

1200

Minimum Investment

₹243600

Issue Size

₹38.05Cr

Opens

2026-10-28

Closes

2026-10-30

Listing

04-11-2026

IPO Details

Issue Type

Face Value

₹10

Tick Size

ISIN

INE1NMO01017

Pre-Apply Available

Daily Bidding Time

10:00:00 - 17:00:00

About the Company

Ajwa Projects Limited provides industrial engineering, fabrication, erection, piping, maintenance, and civil construction services. The company undertakes structural fabrication work involving industrial buildings, girders, platforms, heavy modules, and other steel structures. It also manufactures equipment such as pressure vessels, boilers, heat exchangers, tanks, chimneys, ducts, and specialised industrial components. The company's services include installing and assembling industrial structures, equipment, and piping systems. It also undertakes civil construction activities, including site preparation, earthworks, foundations, factory buildings, and supporting infrastructure. The company also provides prefabricated structures, mechanical maintenance, non-destructive testing, sandblasting, and industrial painting services. Ajwa Projects serves industries including oil and gas, refineries, power generation, steel, cement, chemicals, and transportation infrastructure. The company operates a workshop facility at Ichchapore GIDC in Surat, Gujarat, and carries out fabrication and installation activities at client project sites.

Pros

• As of October 5, 2026, Ajwa Projects Limited was executing more than 26 projects, with an outstanding order book valued at Rs 42.43 crore.
• The company has witnessed consistent growth in revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 34.26 crore in FY24 to Rs 36.73 crore in FY25 and Rs 48.42 crore in FY26, while PAT increased from Rs 2.95 crore to Rs 3.28 crore and Rs 5.42 crore, respectively.
• The company claims to have a flexible execution model that allows it to undertake fabrication activities at its workshops as well as directly at client project sites. Its operations cover structural fabrication, piping, pressure equipment, erection, and civil construction works.

Cons

• The company, its promoters, and directors are involved in certain ongoing legal proceedings. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
• The company's top 10 customers contributed Rs 12.22 crore (98.52%), Rs 41.96 crore (86.65%), Rs 28.66 crore (78.03%), and Rs 29.67 crore (86.58%) to its revenue from operations for the period ended June 30, 2026, and FY26, FY25, and FY24, respectively. Any failure to retain these customers or a reduction in business from them could adversely affect the company's revenue and financial performance.
• The company's revenue is geographically concentrated in Gujarat, which contributed Rs 11.94 crore (96.24%), Rs 45.50 crore (93.96%), Rs 29.48 crore (80.26%), and Rs 23.27 crore (67.91%) to its revenue from operations for the period ended June 30, 2026, and FY26, FY25, and FY24, respectively. Any adverse developments in Gujarat could significantly affect the company's operations and financial performance.

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