BSE List Price : ₹203.00

Subscription

Category	Times
QIBs	0.00x
HNIs	0.43x
Retail	1.93x
Total : 1.18x

IPO Market Lot(s) Distribution

Application	Lot Size	Shares	Amount
Retail Minimum	2	1,200	₹243,600
Retail Maximum	2	1,200	₹243,600
S - HNI Minimum	3	1,800	₹365,400

About the Company

Ajwa Projects Limited is a Surat-based multi-disciplinary industrial services company incorporated in 2011. It provides fabrication, erection, piping, pressure equipment installation, prefabricated structures, civil construction and maintenance work.
Business Model: 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. Its civil work covers site development, foundations, industrial buildings, silos and tanks. 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 and profit after tax was Rs 5.42 crore. Order book stood at Rs 19.82 crore as of September 2025.

Products & Services

• Structural and equipment fabrication

• Piping and on-site erection

• Pressure equipment installation

• Prefabricated structures

• Blasting, painting and mechanical maintenance

• Civil construction works

Company Financial Report

_{Amount ₹ in Crores}

Period Ended	Revenue	Expense	PAT	Assets
2023	₹28.80	₹27.81	₹0.61	₹19.29
2024	₹34.38	₹30.27	₹2.95	₹25.67
2025	₹36.87	₹31.46	₹3.28	₹26.29
June 2025	₹12.15	₹10.29	₹1.38	₹26.29

Company Promoter

Mohammad Khurshid Alam Khan

Zarinbegum Khurshid Alam Khan

Riyaz Rafiq Padela

Know before investing

• • Strengths

  • Experienced management: The company identifies management experience and project execution capabilities as strengths.

  • Diversified industrial services: It provides fabrication, piping, erection, maintenance and civil construction services.

  • Customised solutions: Services can be tailored to contractor and project requirements.

  • Client relationships: The company cites long-term client relationships and quality control as competitive strengths.

  • Improving financial performance: Reported revenue and net profit increased from FY 2024 to FY 2026.

• • Risks

  • Working capital requirements: Project execution requires timely funding for manpower, materials and equipment.

  • Borrowings and interest rates: Existing debt and changes in borrowing costs could affect profitability and cash flow.

  • Labour dependency: The business depends on skilled, semi-skilled and contract workers across project sites.

  • Project execution risk: Delays, cost increases or operational disruptions may affect project delivery.

  • SME share liquidity and volatility: There is no established trading history before listing, and the share price may fluctuate after listing.

Objects of the Issue & Utilisation of proceeds

• Funding capital expenditure towards acquisition of plant and machinery and transport vehicles - Rs 6.79 Cr

• Repayment or prepayment of borrowings availed by the company - Rs 8.08 Cr

• Funding working capital requirements - Rs 4.00 Cr

• General Corporate Purposes

Company Address

Ajwa Projects Ltd.
M/71,
Silver Spring Near Bhulkabhavan School,
Adajan
Surat, Gujarat, 395009
Phone: 0261-2786786
Email: info@ajwaprojects.com
Website: https://www.ajwaprojects.com/

IPO Registrar

Kfin Technologies Ltd.
Phone: 040-79615565
Email: ajwa.ipo@kfintech.com
Website: https://ipostatus.kfintech.com/