Ajwa Projects IPO

About Ajwa Projects IPO

Ajwa Projects IPO, a SME IPO, opens on October 28, 2026 and closes on October 30, 2026. The allotment of shares will take place onNovember 2, 2026. The listing of shares will take place on November 4, 2026 on the BSE SME platform.

Ajwa Projects IPO's issue price is set at ₹203 per share. The lot size for an application is 600 shares. The minimum amount of investment required by a retail individual investor is ₹2,43,600 (1,200 shares) (based on upper price).

The offer consists of a fresh issue and an offer for sale component. The fresh issue will include 0.15 crore shares aggregating to ₹30.45 crore. The offer for sale issue will include 0.04 crore shares aggregating to ₹7.60 crore.

Ajwa Projects is engaged in a diversified portfolio of industrial services that span fabrication, piping, erection, pressure equipment, prefabricated structures, blasting & painting, maintenance & mechanical services, and civil construction works.

Ajwa Projects IPO Objectives

1. Funding capital expenditure requirements towards acquisition of plant & machinery, transport vehicles/assets.
2. Funding towards repayment or prepayment, in full or in part, of borrowings availed by the company from banks and financial institutions.
3. Funding working capital requirements.
4. General corporate purposes.

About Ajwa Projects

Ajwa Projects is engaged in a diversified portfolio of industrial services that span fabrication, piping, erection, pressure equipment, prefabricated structures, blasting & painting, maintenance & mechanical services, and civil construction works. Its role begins where it undertakes the core execution and manufacturing activities that convert approved plans into functional industrial assets. Through these activities, the company plays a critical role in creating and sustaining industrial and infrastructure facilities across sectors.

The company caters to a wide range of industries such as oil & gas, petrochemicals, refineries, power generation, steel, heavy metals, cement, nuclear power, bridges, metro rail, bullet train infrastructure, and other industrial and infrastructure projects. This sectoral diversity allows the company to participate in projects of national importance and contribute to the industrial ecosystem.

Strengths

1. Experienced management team.
2. Comprehensive portfolio with sectoral diversity.
3. Flexible execution model (on-site and off-site).
4. Integrated fabrication and erection expertise.
5. Skilled workforce and operational capability.

Risks

1. Loss of any of the company’s top customers or any reduction of business from any one of them.
2. Any interruption in the availability of raw materials, parts and other materials, or any disruption, breakdown or shutdown of its suppliers or any instability of its supplier base.
3. Any adverse development in Gujarat where a significant portion of the company’s revenue is derived.
4. Any delay in receiving payments or non-receipt of payments.
5. Interest rate fluctuations.

Business Model

The company earns its revenue through fabrication, piping, erection, pressure equipment, prefabricated structures, maintenance & mechanical services, and civil construction works.

Growth Trajectory

Ajwa Projects' Total Income for FY 26 was ₹48.56 crore, whereas in FY25 and FY 24 it was ₹36.87 crore and ₹34.38 crore, respectively.

The Profit After Tax for FY 26 was ₹5.42 crore, whereas in FY 25 and FY 24 it was ₹3.28 crore and ₹2.95 crore, respectively.

Their EBITDA for FY 26 was ₹9.03 crore, whereas in FY 25 and FY 24 it was ₹6.41 crore and ₹5.68 crore, respectively.

Market Position

The company has a team of 557 personnel, including skilled, semi-skilled, and supervisory staff, who form the backbone of its execution activities. It has established a presence across states such as Gujarat, Maharashtra, Haryana, Rajasthan, Odisha, Bihar, and Chhattisgarh through the execution of diverse industrial and infrastructure projects. As of 31 March 2026, the company's Total Income, Profit After Tax, and EBITDA were ₹48.56 crore, ₹5.42 crore, and ₹9.03 crore, respectively.

Industry Outlook

The fabrication market is projected to reach USD 3,260 crores by 2031, growing at a CAGR of 5.9% during the forecast period. The market is witnessing sustained growth due to rising demand for precision manufacturing, advanced metal structures, and increased adoption of automation in industrial sectors. Sectors such as automotive, aerospace, construction, and energy are contributing significantly to the need for fabricated metal parts and assemblies.

Ajwa Projects IPO Registrar Details & Book Manager

Registrar Details
Kfin Technologies Ltd.
Phone: 040-79615565
Email: ajwa.ipo@kfintech.com

Book Running Lead Manager
Wealth Mine Networks Ltd.

Company Contact Details

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

How to Apply for Ajwa Projects IPO?

1. Log in to your Kotak Neo account on the app/web and go to the "IPO" section.
2. Select the IPO to review details such as the price band and issue size.
3. Tap "Apply for IPO", select your category, and enter lots and bid price or choose the cut-off option.
4. Enter your valid UPI ID or choose ASBA to block funds in your linked bank account.
5. Submit the application and approve the mandate request sent to your UPI app to block funds.