Ajwa Projects IPO: Price Band, Lot Size, Financials & Review
Ajwa Projects IPO closed on Fri, 30 Oct 2026 with an overall subscription of 1.18x. Allotment is expected on Mon, 2 Nov 2026 and listing on Wed, 4 Nov 2026. The latest GMP is +₹1 (+0.49%), implying an estimated listing price of ₹204.
- Open Date
- 28 Oct 2026
- Close Date
- 30 Oct 2026
Last updated
- Issue price
- ₹203
- Lot size
- 600 shares
- Min. investment
- ₹2,43,600
- Issue size
- ₹38.05 Cr
- GMP
- +₹1
- Subscribed
- 🔥 1.18x
Ajwa Projects IPO details
Ajwa Projects IPO is a ₹38.05 Cr fixed price IPO on the SME segment, listing on BSE. It combines a fresh issue of ₹30.45 Cr (80.03%) with an offer for sale of ₹7.6 Cr (19.97%) by existing shareholders. Only the fresh issue money goes to the company.
The issue was open from Wed, 28 Oct 2026 to Fri, 30 Oct 2026. Allotment is expected on Mon, 2 Nov 2026 and listing on Wed, 4 Nov 2026.
The issue price is ₹203 per share and the lot size is 600 shares, so the minimum retail application is ₹2,43,600. Retail investors can apply for up to 2 lots (1,200 shares, ₹2,43,600).
KFin Technologies Limited is the registrar, and Wealth Mine Networks Private Limited is the book running lead manager.
Grey market premium (GMP)
Day-wise GMP →The latest Ajwa Projects IPO GMP is +₹1 as of 31 Oct (+0.49% against the upper price band of ₹203), implying an estimated listing price of ₹204. Across 6 days of tracking, GMP ranged from +₹1 (31 Oct) to +₹38 (27 Oct).
| Latest GMP | +₹1 |
|---|---|
| GMP vs upper band | +0.49% |
| Estimated listing price | ₹204 |
| Highest (27 Oct) | +₹38 |
| Lowest (31 Oct) | +₹1 |
Grey market trading is unofficial and unregulated. GMP is a sentiment indicator, not a guarantee of the listing price. See the Ajwa Projects IPO day-wise GMP.
Subscription
Day-wise subscription →Ajwa Projects IPO was subscribed 1.18x overall: NII 0.43x and retail 1.93x.
| Category | Subscribed |
|---|---|
| NII | 0.43x |
| └ bNII (above ₹10 lakh) | 2.83x |
| └ sNII (₹2–10 lakh) | 1.16x |
| Retail | 1.93x |
| Total | 1.18x |
Final figures at the close of bidding on 30 Oct 2026. Category-wise bids, application-wise breakup and allotment chances are on the Ajwa Projects IPO day-wise and category-wise subscription page.
Share reservation by category
| Category | Shares offered | Share of issue |
|---|---|---|
| Non-Institutional | 8,89,200 | 49.97% |
| Retail Investors | 8,90,400 | 50.03% |
| Total | 17,79,600 | 100.00% |
Ajwa Projects IPO lot size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 1,200 | ₹2,43,600 |
| Retail (Max) | 2 | 1,200 | ₹2,43,600 |
| S-HNI (Min) | 3 | 1,800 | ₹3,65,400 |
Amounts at the upper end of the price band.
Issue structure and valuation
It combines a fresh issue of ₹30.45 Cr (80.03%) with an offer for sale of ₹7.6 Cr (19.97%) by existing shareholders. Only the fresh issue money goes to the company.
At the upper price band of ₹203, the issue is priced at 14.97x pre-issue earnings and 17.92x post-issue earnings per share.
The post-issue P/E is higher because the fresh issue adds new shares, which spreads the same profit over more shares.
Listed peers with positive earnings trade at a median P/E of 12.75x (2 companies).
Promoter holding falls from 98.90% before the issue to 65.12% after it.
| EPS (pre-issue) Latest earnings per share before the issue | ₹13.56 |
|---|---|
| P/E (pre-issue) Upper price band ÷ pre-issue EPS | 14.97x |
| EPS (post-issue) EPS on the enlarged share capital | ₹11.33 |
| P/E (post-issue) Upper price band ÷ post-issue EPS | 17.92x |
| Promoter holding (pre-issue) | 98.90% |
| Promoter holding (post-issue) | 65.12% |
Ajwa Projects Limited financials
Between 31 Mar 2025 and 31 Mar 2026, Income rose from ₹36.87 Cr to ₹48.56 Cr, and profit after tax rose from ₹3.28 Cr to ₹5.42 Cr. The PAT margin for 31 Mar 2026 was 11.16%.
| Period ended | 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 |
| Reserve & Surplus | 15.27 | 13.71 | 8.29 | 8.81 |
| Total Borrowings | 13.84 | 12.52 | 7.96 | 10.85 |
₹ in crore, as stated in the prospectus.
Key performance indicators
| KPI | 30 Jun 2026 | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|---|
| ROE % | 8.42 | 36.15 | 30.99 | 39.68 |
| ROCE % | 7.56 | 34.75 | 31.19 | 35.63 |
| Debt / Equity | 0.72 | 0.71 | 0.65 | 1.22 |
| RoNW % | 8.42 | 36.15 | 30.99 | 39.68 |
| Pat Margin % | 12.55 | 11.20 | 8.94 | 8.60 |
Peer comparison
| Company | Face value | P/E | EPS (basic) | EPS (diluted) | RoNW | NAV |
|---|---|---|---|---|---|---|
| Ajwa Projects Ltd. | 10 | 14.97 | 13.56 | 13.56 | 36.15% | 44.28 |
| Atmastco Ltd | 10 | 15.97 | 7.33 | 7.33 | 13.93% | 59.15 |
| Samay Project Services Ltd | 10 | 9.52 | 4.77 | 4.77 | 22.64% | 26.02 |
Notes
The figures of Ajwa Projects Limited are based on financial statements as restated as on March 31, 2026.
Considering the nature and size of business of the Company, the peers are not strictly comparable. However same have been included for broad comparison.
Current Market Price (CMP) and PE ratio is taken at the closing price of peer group scrips as on October 6th, 2026.
The figures for the peer group are based on the consolidated audited financials (unless otherwise available on standalone basis) for the year ended March 31, 2026.
From the prospectus. P/E is shown as — when earnings are zero or negative, or not reported for the issuer before listing.
Objectives
The company intends to allocate the net proceeds from the offering to the following objectives.
| Sr | Objective | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Capital Expenditure requirements towards acquisition of plant & machinery, transport vehicle/assets | 8.10 |
| 2 | Repayment or prepayment, in full or in part, of borrowings availed by our Company | 9.35 |
| 3 | Working capital requirement | 4.00 |
| 4 | General Corporate Purpose | 4.43 |
| Total | 25.88 |
About Ajwa Projects Limited
Incorporated in 2011, Ajwa Projects is a multi-disciplinary industrial services company providing end-to-end solutions in fabrication, erection, piping, pressure equipment, prefabricated structures, civil construction, and industrial maintenance. The company specialises in transforming engineering designs and project plans into fully functional industrial assets, supporting complex industrial and infrastructure projects.
Its manufacturing capabilities include technological frameworks, industrial buildings, girders, heavy modules, platforms, and crane girders used in plant construction and infrastructure development. The company also manufactures specialised components such as dish ends, crowns, petals, and customised precision-engineered parts, including diesel engine components for railway applications, adhering to stringent quality and industry standards.
Key Services
Fabrication: Manufacturing and supply of structural components, pressure vessels, boilers, tanks, ducts, and precision-engineered parts for various industries.
Erection: On-site installation and integration of heavy structures, industrial equipment, and piping systems, with an emphasis on safety and precision.
Piping: Fabrication and installation of process and utility pipelines for chemicals, gases, steam, and other industrial fluids.
Pressure Equipment: Fabrication, assembly, and erection of pressure vessels and other heavy-duty industrial equipment.
Civil Construction: Site development, foundations, industrial buildings, silos, storage tanks, and associated civil engineering works.
Prefabricated Structures: Manufacturing and installation of modular and portable structures for industrial and commercial applications.
Maintenance and Mechanical Services: Preventive maintenance, pressure safety valve (PSV) calibration, non-destructive testing (NDT), blasting and painting, and plant shutdown support.
Ajwa Projects serves a diverse range of industries, including oil and gas, petrochemicals, refineries, power generation, steel, heavy metals, cement, nuclear power, bridges, metro rail, high-speed rail infrastructure, and other industrial and infrastructure sectors.
With a workforce of more than 557 skilled and semi-skilled professionals, the company supports projects across multiple industrial segments through its integrated engineering, manufacturing, construction, and maintenance capabilities.
Promoters
- Mr. Mohammad Khurshid Alam Khan
- Mrs. Zarinbegum Khurshid Alam Khan
- Mr. Riyaz Rafiq Padela
Contact details
Ajwa Projects Ltd.
M/71, Silver Spring Near
Bhulkabhavan School,Adajan
Surat, Gujarat, 395009
Tel no: 0261-2786786
Email Id:info@ajwaprojects.com
Website:https://www.ajwaprojects.com/
Ajwa Projects IPO FAQs
- What is the Ajwa Projects IPO price band?
- Ajwa Projects IPO is a fixed price issue at ₹203 per share.
- What is the Ajwa Projects IPO lot size and minimum investment?
- The Ajwa Projects IPO lot size is 600 shares. The minimum retail investment is ₹2,43,600 for one lot at the upper price band. Retail investors can apply for up to 2 lots (1,200 shares), costing ₹2,43,600.
- When was Ajwa Projects IPO open for subscription?
- Ajwa Projects IPO was open for subscription from Wed, 28 Oct 2026 to Fri, 30 Oct 2026.
- What is the Ajwa Projects IPO subscription status?
- Ajwa Projects IPO was subscribed 1.18x overall: NII 0.43x and retail 1.93x. Day-wise and category-wise figures are on the subscription page.
- What is the Ajwa Projects IPO GMP today?
- The latest Ajwa Projects IPO GMP is +₹1 as of 31 Oct (+0.49% against the upper price band of ₹203), implying an estimated listing price of ₹204. Across 6 days of tracking, GMP ranged from +₹1 (31 Oct) to +₹38 (27 Oct). GMP is an unofficial grey market indicator and can change quickly.
- What is the Ajwa Projects IPO allotment date?
- The Ajwa Projects IPO basis of allotment is expected on Mon, 2 Nov 2026. You can check your allotment status on the KFin Technologies Limited website.
- What is the Ajwa Projects IPO listing date?
- Ajwa Projects IPO is expected to list on BSE on Wed, 4 Nov 2026.
- Is the Ajwa Projects IPO a fresh issue or an offer for sale?
- It combines a fresh issue of ₹30.45 Cr (80.03%) with an offer for sale of ₹7.6 Cr (19.97%) by existing shareholders. Only the fresh issue money goes to the company.
- Who are the registrar and lead managers of the Ajwa Projects IPO?
- The registrar for the Ajwa Projects IPO is KFin Technologies Limited, and the book running lead manager is Wealth Mine Networks Private Limited.
Data is compiled from the prospectus, stock exchanges and market sources and is for information only. It is not investment advice; read the RHP before applying.