Ajwa Projects IPO
Last GMP before listing: ₹1 to ₹2. GMP is unofficial and may differ from the actual listing result.
Updated 05 Nov 2026. Information only, not a recommendation.
About Ajwa Projects
Ajwa Projects is a Surat-based industrial engineering and construction company, incorporated in 2011. It handles fabrication, erection, piping, pressure equipment, prefabricated structures, maintenance and civil construction work. Its customers are in industries such as oil and gas, refineries, petrochemicals, power, steel and cement.
| Headquarters | Surat, Gujarat |
| Founded | 2011 |
| Website | http://www.ajwaprojects.com |
Ajwa Projects financials
All figures in ₹ Cr. Revenue here is total revenue (company press release via ThePrint: ₹3,438.26 / 3,686.86 / 4,855.57 lakh; matches DSIJ). Revenue from operations is slightly lower (₹34.26 / 36.73 / 48.42 Cr per Groww and Kotak Neo). PAT is identical across sources. FY ends 31 March.
| Year | Revenue | Profit after tax | Total assets |
|---|---|---|---|
| FY24 | 34.38 | 2.95 | — |
| FY25 | 36.87 | 3.28 | — |
| FY26 | 48.56 | 5.42 | — |
Objects of the Ajwa Projects IPO
| Purpose | Estimated amount |
|---|---|
| Capital expenditure for plant, machinery and transport vehicles or assets | To be decided |
| Repayment or prepayment of certain borrowings | To be decided |
| Working capital requirements | To be decided |
| General corporate purposes | To be decided |
Strengths and risks
Points drawn from the offer document and news reports. They are facts to read, not advice.
Strengths
- Total revenue rose from ₹34.38 Cr in FY24 to ₹48.56 Cr in FY26, and PAT from ₹2.95 Cr to ₹5.42 Cr, an increase of about 84%.
- PAT grew about 65% in FY26 over FY25 (₹3.28 Cr to ₹5.42 Cr).
- Offers a broad service mix under one roof: fabrication, erection, piping, pressure equipment and civil construction.
- Has worked across sectors including oil and gas, refineries, petrochemicals, power, steel and cement.
Risks
- Depends on a limited set of top customers.
- Raw material and supplier disruptions can affect project execution.
- Revenue is concentrated in Gujarat.
- Delayed or non-received customer payments and interest rate changes can affect cash flow.
Lead managers and registrar
| Lead manager(s) | Wealth Mine Networks Limited |
| Registrar | KFin Technologies Limited |
Ajwa Projects IPO: frequently asked questions
What is the issue size of the Ajwa Projects IPO?
The Ajwa Projects IPO is a fresh ₹30.45 cr + ofs ₹7.60 cr of ₹38.05 Cr.
What are the open and close dates of the Ajwa Projects IPO?
Bidding opens on 28 Oct 2026 and closes on 30 Oct 2026.
What is the price band of the Ajwa Projects IPO?
The price band is ₹203 (fixed) per share.
What is the lot size and minimum investment in the Ajwa Projects IPO?
One lot is 600 shares. Individual investors in an SME IPO must apply for at least 2 lots, so the minimum application is ₹2,43,600 (2 lots, 1,200 shares).
When is the Ajwa Projects IPO allotment date?
Allotment is expected on 02 Nov 2026. You can check it on the registrar’s website (KFin Technologies Ltd.) or through your broker.
Where will the Ajwa Projects IPO list?
The shares are proposed to list on BSE SME, with a listing date of 04 Nov 2026.
What is the GMP of the Ajwa Projects IPO?
GMP is an unofficial grey market quote that changes every day. See the latest value, with the date, in the GMP section at the top of this page. It does not guarantee the listing price.
Sources: groww.in, insights.dsij.in, theprint.in, www.kotakneo.com, anandrathi.com.
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