Incorporated in 2011, Ajwa Projects is a multi-disciplinary industrial services company delivering end-to-end solutions across fabrication, erection, piping, pressure equipment, prefabricated structures, civil construction, and maintenance. The company specializes in turning project plans into real, functional industrial assets. The company manufacture technological frameworks, industrial buildings, girders, heavy modules, platforms, and crane girders that are critical for plant construction and infrastructure projects. They also fabricate specialised components such as dish ends, crowns, petals, and customised parts, including diesel engine components for railway applications that require a high degree of precision and strict compliance with industry standards.
Key Services:
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.
It has a workforce of over 557 skilled and semi-skilled professionals.
Competitive Strengths:
Ajwa Projects Ltd.’s revenue increased by 32% and profit after tax (PAT) rose by 65% between the financial year ending with March 31, 2026 and March 31, 2025.
| 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 |
| Reserves and Surplus | 15.27 | 13.71 | 8.29 | 8.81 |
| Total Borrowing | 13.84 | 12.52 | 7.96 | 10.85 |
| Amount in ₹ Crore | ||||
| Company | Issue Type | Issue Size | Issue Price | PE Ratio | Listing Day Close | Listing Gain/Loss % | LTP |
|---|---|---|---|---|---|---|---|
| Ravita Engineering Services Ltd. | SME | ₹116.05 Cr | ₹112 | 10.92 | ₹113.70 | +1.52% | ₹113.35 |
| Sai Urja Indo Ventures Ltd. | SME | ₹24.95 Cr | ₹113 | 20.96 | ₹140.45 | +24.29% | ₹163.30 |
| Infrax Renewable Ltd. | SME | ₹40.88 Cr | ₹104 | 11.19 | ₹105.50 | +1.44% | ₹132.25 |
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Funding 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 Company | 9.35 |
| 3 | Working Capital Requirement | 4.00 |
| 4 | General Corporate Purposes | 4.43 |
| Total | 25.88 |
| KPI | Jun 30, 2026 | Mar 31, 2026 |
|---|---|---|
| ROE | 8.42% | 36.15% |
| ROCE | 7.56% | 34.75% |
| Debt/Equity | 0.72 | 0.71 |
| RoNW | 8.42% | 36.15% |
| PAT Margin | 12.55% | 11.20% |
| EBITDA Margin | 19.71% | 18.66% |
| NAV | 48.17 | 44.28 |
| P/B (x) | 4.21 | 4.58 |
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 13.56 | 11.33 |
| P/E (x) | 14.97 | 17.92 |
| IPO Date | 28 to 30 Oct, 2026 |
| Listing Date | Wed, Nov 4, 2026 |
| Face Value | ₹10 per share |
| Issue Price | ₹203 per share |
| Lot Size | 600 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Fixed Price IPO |
| Listing At | BSE SME |
| Total Issue Size | 18,74,400 shares (agg. up to ₹38 Cr) |
| Reserved for Market Maker | 94,800 shares (agg. up to ₹2 Cr) |
| Fresh Issue (Ex Market Maker) | 14,05,200 shares (agg. up to ₹29 Cr) |
| Offer for Sale | 3,74,400 shares of ₹10 (agg. up to ₹8 Cr) |
| Net Offered to Public | 17,79,600 shares (agg. up to ₹36 Cr) |
| Share Holding Pre Issue | 40,00,000 shares |
| Share Holding Post Issue | 55,00,000 shares |
Mohammad Khurshid Alam Khan, Zarinbegum Khurshid Alam Khan and Riyaz Rafiq Padela.
| Share Holding Pre Issue | 98.9% |
| Share Holding Post Issue | 65.12% |
As per our analysis and Based on the information we have, this is the output.
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