Ajwa Projects IPO

Bidding closedSMEIndustrialsBSE SME

Price band: ₹203
Issue size: ₹38.05 Cr
Lot size: 600 sh
Bidding: 28 – 30 Oct
Grey market: ₹38

Market data to 30 Oct 2026. Company figures are as filed, sourced 27 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

At ₹203 this ₹38.05 Cr fixed-price issue is priced at 14.97 times FY26 earnings of ₹13.56 a share, and the question it poses is whether a year in which profit after tax rose from ₹3.28 Cr to ₹5.42 Cr can be trusted when the same year's operating cash flow was negative ₹2.88 Cr and receivables, inventories and debt all climbed with it.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

64Balanced

IPOVista score

A trade-off in both directions

92% of the scoring model was backed by disclosed data for Ajwa Projects, giving high confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

Priced above its peer group
The upper band asks a 61.6% premium to the median P/E of the listed peers named in the prospectus.
SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.
Grey market data is unofficial
GMP is an unregulated, unverifiable over-the-counter quote. It is shown as a sentiment indicator and carries no settlement guarantee.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2011 · Surat, Gujarat · 658 employees

Ajwa Projects is a Surat-based industrial contractor that turns approved plant designs into installed steelwork, vessels and piping. Its work spans structural fabrication (industrial buildings, girders, heavy modules, platforms, crane girders), equipment fabrication (pressure vessels, boilers, heat exchangers, tanks, chimneys, ducts, ladles and blast-furnace components), on-site erection and alignment, process and utility piping, prefabricated modular structures, blasting and painting, maintenance and mechanical services such as safety-valve calibration and non-destructive testing, and civil works including machine foundations, silos and factory buildings. The prospectus lists project experience in bridges, cement and fertiliser plants, chemicals, solar and aluminium facilities, refineries and hydrocarbons, power and steel plants. Fabrication is done either at its leased workshop at Ichchapore GIDC, Surat, or directly at client sites. All revenue is domestic and almost all of it is from private customers - 99.58% in FY26 - and from Gujarat, 93.96% in FY26. The company had 658 employees on its permanent payroll at 30 June 2026, plus contract labour that varies with the project load.

Project and job-work contracting for large industrial clients, with a few accounts carrying most of the revenue: the top ten customers supplied 86.65% of FY26 revenue from operations and 98.52% in the June 2026 quarter. Revenue from operations went from ₹34.27 Cr in FY24 to ₹36.73 Cr in FY25 and ₹48.42 Cr in FY26, and the number of active sites from 11 to 13 to 27, then 38 at 30 June 2026. The cost mix moved sharply in FY26 - materials consumed rose from ₹4.27 Cr to ₹16.09 Cr while employee benefits fell from ₹19.08 Cr to ₹17.11 Cr - a shift the prospectus does not break down by type of work. Profit has risen faster than revenue, reaching an 18.66% EBITDA margin in FY26 on the disclosed basis, but the cash has not followed: trade receivables were ₹20.68 Cr at 31 March 2026 against ₹48.42 Cr of revenue, operating cash flow was negative in FY24, FY26 and the June 2026 quarter, and total debt rose to ₹13.84 Cr by 30 June 2026. The fresh issue repays ₹9.35 Cr of that debt, buys ₹8.10 Cr of equipment and vehicles and adds ₹4.00 Cr of working capital.

What makes it hard to copy

Breadth of scope rather than a single specialism: the company presents itself as able to take a plant package from workshop fabrication through erection, piping, pressure equipment, painting, civil works and later maintenance, which it says supports long-term relationships with clients and customisation to contractor needs.

Where it operates

Workshop and fabrication yard (leased)1
Plot No. ACP-1, Ichchapore GIDC, Choryasi, Surat, Gujarat
Registered office (rented from a promoter)1
Adajan, Surat, Gujarat
Active project sites at 30 June 202638

0.0% of revenue is earned outside India.

Markets served

GujaratBiharRajasthanHaryana

Who runs it

Mohammad Khurshid Alam KhanChairman and Managing Director · since 2011Founding promoter, on the board since incorporation; managing director from 28 April 2025 and chairman from 25 July 2025. Over 25 years in the line of business according to the prospectus.
Zarinabegum Khurshid Alam KhanWhole-time Director · since 2011Founding promoter, on the board since incorporation; re-appointed whole-time director from 1 April 2023. Owns the registered office premises, which the company rents from her.
Riyaz Rafiq PadelaExecutive Director · since 2025Promoter and the largest single shareholder, with 43.91% pre-offer; on the board from 1 August 2025.
Rizwan Mazib KhanNon-Executive Director · since 2025
Mihirkumar Atulbhai SojitraIndependent Director · since 2025
Vidhi Ankit PalaIndependent Director · since 2025
Sunil Harishchandra MandareChief Financial Officer · since 2025
Jatin Mansukhbhai VaghasiyaCompany Secretary and Compliance Officer

The company on paper

Legal name: Ajwa Projects Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 12 Mar 2011
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U45200GJ2011PLC064399
Sector: Industrials · Industrial fabrication, erection, piping and civil construction services
Employees: 658
Registered office: M/71, Silver Spring, Near Bhulkabhavan School, Adajan, Surat 395009, Gujarat
Statutory auditorWho signed the restated financial information: D G M S & Co., Chartered Accountants
Promoters: Mohammad Khurshid Alam Khan, Zarinabegum Khurshid Alam Khan, Riyaz Rafiq Padela
Promoter holding, pre-issue: 88.9%
Promoter holding, post-issue: 57.9%
Website: ajwaprojects.com

The numbers

Financial performance

Revenue has compounded at 18.9% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

Profit against cash generated

Profit after tax and net cash from operating activities, in ₹ crore. The figure under each period is cash generated per ₹100 of profit.

Profit after tax
Operating cash flow

Above 100% the business collects more cash than it books as profit. Persistently below it, growth is being funded out of working capital.

The price

Valuation

At the upper band this issue asks a 61.6% premium to the median P/E of the listed peers its own prospectus names.

P/E at the band, post-issue

20.6×

Always post-issue, so issues stay comparable with each other

Median P/E of its named peers

12.7×

2 listed companies the prospectus names itself

What you pay

Earnings and sales behind one share, and the multiple the band asks for them.

EPS, pre-issue (FY26): ₹13.56
EPS, post-issueNot disclosed, so computed from FY26 profit after tax and the disclosed share count — this is the figure the multiple above is built on: ₹9.85
Price / sales: —
Net asset value per shareBook value behind one share — a floor, not a target: ₹44.28

What it earns on what it has

Returns and margins on FY26. These are the figures that say whether the multiple above is deserved.

Return on net worthAs disclosed in the prospectus, on its own formula — Indian issuers define RoNW on average net worth, not closing.: 36.1%
Return on capital employed: 34.8%
EBITDA margin: 18.6%
Net margin: 11.2%

What it owes

Gearing at the latest balance-sheet date.

Debt to equityAs disclosed in the prospectus. Issuers divide by total equity, which includes non-controlling interests — a wider base than the net worth used for RoNW.: 0.71×

Valuation against listed peers

P/E against operating margin

The peer table does not carry both a P/E and an operating margin for enough companies to plot.

The terms

How the issue is structured

80% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹30.45 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹7.60 Cr
Total issue size: ₹38.05 Cr
Shares offered in the OFS: 3,74,400
Pre-issue shares outstanding: 40,00,000
Employee discount: —
Market maker portionSME issues require a market maker to provide two-way quotes: 94,800

Who the shares are reserved for

Share of the net offer set aside for each investor category

Select a category to see who bids in it and how allotment works there.

Percentages are of the net offer, which excludes any employee or shareholder reservation, and the 94,800 shares reserved for the market maker.

Use of proceeds

Stated objects of the fresh issue, largest first

Repairs the balance sheet
Invested in growth
General and unallocated

Hover or focus an object to see whether that spending grows the business or repairs the balance sheet.

47% of the quantified proceeds is earmarked for growth; the rest repairs the balance sheet or is unallocated.

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 31.1% of the company.

Promoters
Existing non-promoter holders
Bought in this offer

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. The 34.08% changing hands is the whole offer over the post-issue share count of 55,00,000, so it covers both the new shares and any sold by existing holders.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription1.12×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

What issues at this level of demand have done

This issue’s book stands at 1.12×, which puts it in the 1–3× band of 2026's 114 settled issues.

Median listing day: +0.0%
Opened below issue: 47%
Median today: −17.4%

That is what those 114 issues did, not a forecast of what this one will do — and the book is not final until bidding closes. How every band finished →

Grey market premium

Premium quoted over the ₹203 cut-off price. Unofficial and unregulated — sentiment, not a forecast.

Unofficial

The grey market is an informal, unregulated market with no clearing house and no obligation to settle. A premium here does not guarantee a listing gain, and quotes can move sharply — this one ranged ₹10 to ₹38, a spread of ₹28, across the period shown.

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 1,200
At cut-off price: ₹203.00
Amount blocked: ₹2,43,600

One lot is 600 shares at ₹1,21,800. This issue requires a minimum of 2 lots, so the smallest application is ₹2,43,600. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~52%

chance of one lot, per application

Retail subscription: 1.93×
Applicants per share available: 1.9× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What the grey market implies

Arithmetic on an unofficial quote. The grey market has no clearing house and no obligation to settle — this is sentiment made numeric, not a forecast.

₹241.00

implied listing price, 18.7% over the cut-off

Cut-off price: ₹203.00
Grey market premium: ₹38.00
If allotted 600 shares: ₹22,800

Grey-market premiums have historically moved sharply in the days before listing and have been wrong in both directions. Treat this figure as a measure of current enthusiasm, nothing more.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Profit has grown faster than revenue: revenue from operations rose 31.83% in FY26 to ₹48.42 Cr while profit after tax went from ₹3.28 Cr to ₹5.42 Cr, and the disclosed EBITDA margin improved every year - 16.57%, 17.45%, 18.66% - to 19.71% in the June 2026 quarter.
Disclosed returns are high for a contractor: return on net worth of 36.15% and return on capital employed of 34.75% in FY26.
The order book is broadening by site count: active sites went from 11 in FY24 to 13 in FY25, 27 in FY26 and 38 at 30 June 2026.
The P/E of 14.97 times sits between the two listed peers the prospectus names - Atmastco at 15.97 times and Samay Project Services at 9.52 times on 6 October 2026 prices - though the prospectus itself says the peers are not strictly comparable.
₹9.35 Cr of the net proceeds goes to repaying borrowings, against total debt of ₹13.84 Cr and a disclosed debt-to-equity ratio of 0.72 at 30 June 2026.
The two founding promoters have run the business since incorporation in 2011, and the promoter group retains a disclosed 65.12% after the offer.

What to weigh against it

Profit is not turning into cash. Operating cash flow was negative ₹1.17 Cr in FY24, positive ₹4.18 Cr in FY25, then negative ₹2.88 Cr in FY26 and negative ₹0.98 Cr in the June 2026 quarter.
Receivables are growing much faster than sales: trade receivables went from ₹7.71 Cr at 31 March 2024 to ₹11.79 Cr, ₹20.68 Cr and ₹24.55 Cr at 30 June 2026, while inventories rose from ₹1.80 Cr at 31 March 2025 to ₹8.12 Cr.
Borrowings are rising, not falling: total debt was ₹7.96 Cr at 31 March 2025, ₹12.52 Cr at 31 March 2026 and ₹13.84 Cr at 30 June 2026, of which ₹10.99 Cr was short-term.
Customer concentration is extreme and rising: the top ten customers supplied 78.03% of revenue in FY25, 86.65% in FY26 and 98.52% in the June 2026 quarter, with the top five at 85.40% of that quarter. The prospectus does not name them.
Revenue is concentrated in one state: Gujarat supplied 93.96% of FY26 revenue and 96.24% of the June 2026 quarter, up from 67.91% in FY24.
Part of the offer is an exit by the founders: ₹7.60 Cr of the ₹38.05 Cr goes to Mohammad Khurshid Alam Khan and Zarinabegum Khurshid Alam Khan, whose disclosed weighted average costs of acquisition are ₹3.40 and ₹4.10 a share against an offer price of ₹203.
Neither premises is owned and both leases are short: the registered office is rented from the whole-time director and promoter Zarinabegum Khurshid Alam Khan at ₹15,000 a month until 31 January 2027, and the 14,000 square metre Ichchapore workshop from V Shark Inherited Properties LLP at ₹8,00,000 a month until 29 March 2027.

Easy to miss in the prospectus

The disclosed EBITDA adds back interest paid rather than total finance cost: FY26's ₹903.42 lakh uses ₹132.96 lakh of interest against ₹160.46 lakh of finance costs in the profit and loss statement. FY25's ₹641.04 lakh does not reconcile to the printed line items on either basis.
FY25 profit is after an exceptional charge of ₹65.22 lakh; before it, profit before tax was ₹540.59 lakh.
The minimum application is two lots - 1,200 shares, or ₹2,43,600 at ₹203 - and above ₹2 lakh, so there is no conventional retail category. Half the net offer, 8,90,400 shares, is reserved for individuals applying at that minimum size; the other 8,89,200 shares are open to larger individual applicants, corporates, institutions and non-institutional investors. The allocation here maps those two pools onto retail and NII.
94,800 shares are reserved for the market maker, Prabhat Financial Services Limited, leaving a net offer of 17,79,600 shares.
Offer expenses are estimated at ₹456.60 lakh on a ₹3,805.03 lakh offer, and the objects table deducts all of them from the fresh issue to arrive at net proceeds of ₹2,588.40 lakh - although the same chapter says expenses other than listing fees are to be shared pro rata with the selling shareholders.
General corporate purposes take ₹443.40 lakh, 14.56% of gross proceeds, close to the regulatory cap of 15% of the amount raised by the company.
Two headcounts appear in the prospectus: 658 employees on the permanent payroll at 30 June 2026, and 557 personnel 'as of date' in the business overview. This record uses the dated figure.
The company has only seven shareholders before the offer. Promoter Riyaz Rafiq Padela is the largest single holder at 43.91% pre-offer and 31.93% post-offer; the promoter group, including Heena Khan's 10.00%, holds 98.90% before and 65.12% after.
Post-issue EPS is not printed in the prospectus and is left blank; the 14.97 P/E is struck on pre-issue FY26 EPS of ₹13.56. The prospectus puts net asset value after the issue at ₹90.40 a share.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

Ajwa Projects Limited — Prospectus dated 22 October 2026 (fixed price issue, BSE SME)22 Oct 2026Filed after pricing, with every placeholder filled in.Opens on ajwaprojects.com

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: Wealth Mine Networks Limited
RegistrarAllotment status is checked on the registrar's own site: KFin Technologies Limited

How these figures were checked

Reconciled to Ajwa Projects's own prospectus and to exchange disclosures, then cross-checked against 1 other independently published compilation of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: SME platform
Opens: 28 Oct 2026
Closes: 30 Oct 2026
Allotment: 2 Nov 2026
Lists: 4 Nov 2026
Revenue (FY26): ₹48.42 Cr
Profit (FY26): ₹5.42 Cr

Timeline

Allotment · today

2 Nov 2026

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.