Ajwa Projects
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Big non-institutionalbNII · above ₹10 lakh
- 0.19×
- Retail individualRII · up to ₹2 lakh
- 1.93×
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Non-institutional | 8,89,200 | 2,82,600 | ₹5.74 Cr | 0.32× |
| Retail individual | 8,90,400 | 17,14,800 | ₹34.81 Cr | 1.93× |
| Total | 17,79,600 | 19,96,800 | ₹40.54 Cr | 1.12× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 30 Oct, 05:11 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 28 Oct 2026 – 30 Oct 2026
- Listing date
- 04 Nov 2026
- Face value
- ₹10 per share
- Price band
- ₹203
- Issue price
- ₹203 per share
- Lot size
- 600 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Fixed Price issue
- Listing at
- BSE
- Total issue size
- ₹38.05 Cr
- Fresh issue
- ₹28.54 Cr 14,05,800 shares
- Offer for sale
- ₹7.60 Cr 3,74,400 shares
- Market cap at offer price
- ₹112 Cr
- Promoter holding
- 98.90% → 65.11% pre-issue → post-issue
- ISIN
- INE1NMO01017
- CIN
- U45200GJ2011PLC064399
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Wealth Mine Networks Ltd.
- Registered office
- M/71, Silver Spring Near Bhulkabhavan School, Adajan, Surat- 395009, Gujarat, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 0 | 0.00% | 0.00% |
| NII (HNI) | 8,89,800 | 50.00% | 47.47% |
| bNII > ₹10L · within NII | 8,89,800 | — | 47.47% |
| sNII < ₹10L · within NII | 0 | — | 0.00% |
| Retail (RII) | 8,89,800 | 50.00% | 47.47% |
| Employee | 0 | — | 0.00% |
| Market maker | 94,800 | — | 5.06% |
| Total issue | 18,74,400 | — | 100.00% |
Net offer to the public of 17,79,600 shares, out of a total issue of 18,74,400. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 600 shares per lot, in multiples, at ₹203
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 600 | ₹1,21,800 |
| S-HNI (min) | 2 | 1,200 | ₹2,43,600 |
| S-HNI (max) | 8 | 4,800 | ₹9,74,400 |
| B-HNI (min) | 9 | 5,400 | ₹10,96,200 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 13.56 | 11.33 |
| P/E (×) | 14.97 | 17.92 |
| Price to book (×) | 4.58 | — |
| Market cap | — | ₹112 Cr |
Key performance indicators
- Return on net worth
- 36.15%
- ROCE
- 36.00%
- Debt / equity
- 0.71
- PAT margin
- 11.20%
- EBITDA margin
- 18.66%
- NAV per share
- ₹44.28
- Price to book
- 4.58
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 48.56 | 36.87 | 34.38 |
| Revenue from operations | 48.42 | 36.73 | 34.27 |
| Other income | 0.13 | 0.14 | 0.12 |
| Total expenses | 41.11 | 31.46 | 30.27 |
| Operating profit | 7.45 | 5.41 | 4.11 |
| Operating margin | 15.34% | 14.67% | 11.95% |
| Profit before tax | 7.45 | 4.75 | 4.11 |
| Profit after tax | 5.42 | 3.28 | 2.95 |
| PAT margin | 11.16% | 8.90% | 8.58% |
| Balance sheet | |||
| Total assets | 36.37 | 25.57 | 25 |
| Current assets | 30.58 | 19.71 | 13.9 |
| Current liabilities | 15.53 | 11.04 | 11.84 |
| Total liabilities | 18.66 | 13.28 | 16.1 |
| Net worth | 17.71 | 12.29 | 8.9 |
| Current ratio | 1.97× | 1.79× | 1.17× |
| Return on equity | 30.60% | 26.69% | 33.15% |
| Cash flow | |||
| Operating cash flow | -2.88 | 4.18 | -1.17 |
| Investing cash flow | -0.36 | -0.13 | -1.22 |
| Financing cash flow | 3.23 | -4.5 | 1.69 |
| Net cash flow | 0 | -0.45 | -0.71 |
Objects of the issue
1 Capital Expenditure towards Acquisition of Equipment and Transport Vehicle/Assets ₹8.10 Cr
The company proposes to utilize a portion of the net proceeds towards acquisition of fabrication and welding machines, cranes, boom lifts, trailers, hydraulic rolling equipment, and vehicles to strengthen execution capabilities, reduce reliance on rented equipment, and improve operational efficiency.
2 Repayment or Prepayment of Borrowings from Banks and Financial Institutions ₹9.35 Cr
The company intends to utilize net proceeds towards full or partial repayment/prepayment of outstanding borrowings including term loans, business loans, and working capital facilities to reduce indebtedness, lower debt servicing costs, and improve the debt-to-equity ratio.
3 Funding Working Capital Requirements ₹4 Cr
The company plans to deploy net proceeds towards working capital to support execution-intensive operations across multiple project sites, bridging the funding gap between upfront execution expenses and milestone-based payment realizations from clients.
4 General Corporate Purposes ₹4.43 Cr
The company proposes to utilize a portion of the net proceeds for general corporate purposes, subject to the condition that the amount shall not exceed fifteen percent of the total amount raised or a specified cap, whichever is less, in accordance with SEBI ICDR Regulations.
About Ajwa Projects
Ajwa Projects Limited was originally incorporated as Ajwa Projects Private Limited under the Companies Act, 1956, with a Certificate of Incorporation issued by the Registrar of Companies, Dadra and Nagar Haveli, Gujarat on March 12, 2011. It was later converted into a public limited company under the Companies Act, 2013 and renamed Ajwa Projects Limited, with a fresh Certificate of Incorporation dated June 27, 2025. Its registered office is in Surat, Gujarat. The company executes execution-heavy projects covering fabrication, piping, erection, pressure equipment installation, prefabricated structures, civil works and maintenance services. Civil works are executed as per client-provided designs and drawings. In most projects, key raw materials such as steel and cement are provided by clients or sourced from client-nominated vendors. Projects are typically awarded through competitive bidding after technical and financial prequalification. Revenue is earned on project execution, with payments linked to project milestones, certifications or extended credit terms agreed with clients. Gujarat contributed 93.96% of revenue from operations in FY 2025-26.
Management
Mr. Mohammad Khurshid Alam Khan
MD
Mrs. Zarinabegum Khurshid Alam Khan
COO
Mr. Riyaz Rafiq Padela
Director
Mr. Rizwan Mazib Khan
Director
Mr. Mihirkumar Atulbhai Sojitra
Director
Strengths
As stated in the offer document
Experienced Management Team
The company's leadership is anchored by Mr. Mohammad Khurshid Alam Khan with over 25 years in fabrication and construction, and Mrs. Zarinabegum Khurshid Alam Khan with more than 18 years in operations, enabling consistent delivery of complex projects with quality and safety.
Comprehensive Portfolio with Sectoral Diversity
The company offers an integrated portfolio spanning fabrication, piping, erection, pressure equipment, prefabricated structures, maintenance, and civil construction, with successful execution across sectors including oil & gas, steel, power, nuclear, metro rail, and bullet train infrastructure.
Strong and Diverse Order Book
As of October 05, 2026, the company was executing more than 26 projects with a balance work order value of ₹4,243.45 lakhs, providing strong revenue visibility and reflecting client confidence across multiple sectors.
Flexible Execution Model (On-Site and Off-Site)
The company's operations are adaptable, with works carried out either in fabrication workshops under controlled conditions or directly at client sites, enabling handling of diverse assignments from prefabricated modules to large-scale civil and erection works.
Integrated Fabrication and Erection Expertise
The company seamlessly integrates fabrication and erection by manufacturing structural frameworks, piping, equipment, and customised components, and undertaking their on-site installation and alignment, delivering end-to-end execution ensuring operational readiness.
Quality and Safety Framework
The company is certified under ISO 9001:2015 for Quality Management and ISO 45001:2018 for Occupational Health and Safety, with systematic inspections including NDT, pressure testing, and PSV calibration embedded across every stage of the project lifecycle.
Skilled Workforce and Operational Capability
The company employs 557 personnel including skilled, semi-skilled, and supervisory staff, supported by fabrication workshops and site-based deployment teams, enabling management of projects of diverse scale and complexity across multiple locations simultaneously.
Risk factors
As stated in the offer document
Customer Concentration Risk
A substantial portion of the company's revenues is dependent on a limited number of customers, with the top customer alone contributing 26.49% of revenue as of June 30, 2026. Loss of any key client or reduction in business volume could materially and adversely affect revenues, cash flows, and financial condition.
Geographical Revenue Concentration in Gujarat
The company derives 96.24% of its revenues from Gujarat (as of June 30, 2026), with significant concentration in Surat district. Any adverse regional development — including economic slowdowns, natural calamities, or regulatory changes — could disproportionately impact revenues and profitability.
Negative Cash Flows
The company has recorded negative cash flows from operating activities in multiple periods, including ₹(97.97) lakhs for Q1 FY2026-27 and ₹(287.64) lakhs for FY2025-26. Sustained negative cash flows may limit the company's ability to finance operations and expansion without reliance on external funding.
High Indebtedness and Restrictive Financing Covenants
As of June 30, 2026, the company had total outstanding financial indebtedness of ₹1,384.28 lakhs, subject to restrictive covenants that may limit operational and strategic flexibility. Any breach of covenants or withdrawal of promoter guarantees could trigger default events, accelerate repayment obligations, and materially impact financial condition.
Supplier Concentration and Raw Material Supply Risk
The company is exposed to concentration risk from reliance on client-specified or a limited base of suppliers for key materials such as steel and cement. Any supply disruption, quality inconsistency, or price fluctuation could adversely affect project execution timelines, margins, and overall financial performance.
Statutory and Regulatory Compliance Failures
The company has a history of delays in filing statutory returns with the Registrar of Companies (up to 474 days) and delayed deposits of GST, TDS, PF, ESIC, and Professional Tax obligations. While corrective measures have been taken, recurrence of such non-compliances could result in monetary penalties, punitive actions, and reputational damage.
Dependence on Key Managerial Personnel and Promoters
The company's growth and operations are significantly dependent on the expertise of its Promoters, Directors, and Key Managerial Personnel. Loss of any critical personnel or inability to attract qualified replacements could disrupt operations, delay project execution, and adversely affect financial performance.
Working Capital Adequacy Risk
The company's execution-driven business model requires consistent working capital, with the working capital cycle ranging from 76 to 172 days over recent periods. Any delay in client payments or mismatch in receivable realizations could create liquidity pressures, increase reliance on external borrowings, and adversely impact profitability.
Company Analysis
from PROSPECTUSAjwa Projects Limited provides fabrication, erection, piping, pressure equipment, prefabricated structure, civil construction and maintenance services for industrial and infrastructure projects.
Ajwa Projects Limited was originally incorporated as Ajwa Projects Private Limited under the Companies Act, 1956, with a Certificate of Incorporation issued by the Registrar of Companies, Dadra and Nagar Haveli, Gujarat on March 12, 2011. It was later converted into a public limited company under the Companies Act, 2013 and renamed Ajwa Projects Limited, with a fresh Certificate of Incorporation dated June 27, 2025. Its registered office is in Surat, Gujarat. The company executes execution-heavy projects covering fabrication, piping, erection, pressure equipment installation, prefabricated structures, civil works and maintenance services. Civil works are executed as per client-provided designs and drawings. In most projects, key raw materials such as steel and cement are provided by clients or sourced from client-nominated vendors. Projects are typically awarded through competitive bidding after technical and financial prequalification. Revenue is earned on project execution, with payments linked to project milestones, certifications or extended credit terms agreed with clients. Gujarat contributed 93.96% of revenue from operations in FY 2025-26.
Objects of the Issue
- Funding capital expenditure (procurement of capex not yet ordered) Rs. 810.00 Lakhs p.38
- General corporate purposes p.39
- Capital expenditure for acquisition of equipment and transport vehicles/assets ₹ 810.00 lakhs p.86
- Repayment or prepayment, in full or in part, of borrowings from banks and financial institutions ₹ 935.00 lakhs p.89
- Funding working capital requirement ₹ 400.00 lakhs p.93
- General corporate purposes ₹ 443.40 lakhs p.97
Issue Structure
- Total Issue
- 18,74,400 Equity Shares aggregating ₹3,805.03 Lakhs
- Fresh Issue
- 15,00,000 Equity Shares aggregating ₹3,045.00 Lakhs
- Offer for Sale
- 3,74,400 Equity Shares aggregating ₹760.03 Lakhs
- Price Band
- Rs. 203 per Equity Share (100% Fixed Price Issue)
- Lot Size
- 600 Equity Shares (market and trading lot), subject to a minimum allotment of 1200 Equity Shares
- Face Value
- ₹10 per Equity Share
Business Model
Project-based contract execution. Work is awarded through competitive bidding after prequalification, with contracts usually awarded primarily on price competitiveness. Payments are linked to project milestones, certifications, or extended credit terms agreed with clients.
Business Segments
SWOT Analysis
- • No material payment defaults in the past(p.35)
- • No covenant defaults in last three financial years(p.37)
- • Low attrition among senior leadership and KMP(p.34)
- • No strikes, lockouts or labour unrest in past three years(p.36)
- • Non-compete agreement with promoter group entity M K Enterprise(p.32)
- • Experienced management team with proven execution capabilities(p.100)
- • Long-term relationships with clients(p.100)
- • Outstanding order book of about ₹4,243.45 lakhs(p.95)
- • Strong client relationships, quality and safety track record, and timely delivery(p.96)
- • Revenue growth of 31.83% in FY 2025-26, up from 7.20% in FY 2024-25(p.102)
- • Experienced promoter management team(p.133)
- • Diversified service portfolio across the project lifecycle(p.133)
- • Order book of ₹ 4,243.45 lakhs across more than 26 projects(p.133)
- • Flexible on-site and off-site execution(p.133)
- • Integrated fabrication and erection capability(p.134)
- • ISO 9001:2015 and ISO 45001:2018 certifications(p.134)
- • Revenue from operations grew from ₹3,426.54 lakh (FY2024) to ₹4,842.38 lakh (FY2026).(p.193)
- • Profit after tax rose to ₹542.24 lakh in FY2026 from ₹294.60 lakh in FY2024.(p.193)
- • Restated shareholders' funds increased to ₹1,771.05 lakh at March 31, 2026 from ₹889.72 lakh at March 31, 2024.(p.192)
- • Debt service coverage ratio was 2.49 at June 30, 2026 and 1.69 for FY2026.(p.221)
- • Promoters bring more than 25 years (Mr. Khan) and more than 18 years (Mrs. Khan) of experience in the fabrication industry.(p.183)
- • Services span many industries, including oil & gas, petrochemicals, refineries, power generation, and metro rail.(p.195)
- • Statutory audit reports for all restated periods carry no qualifications.(p.196)
- • Attrition of key managerial personnel and senior management is stated as not high compared to the industry.(p.179)
- • Revenue dependent on a limited number of customers(p.26)
- • Revenue concentrated in Gujarat(p.28)
- • Reliance on client-specified or limited supplier base(p.27)
- • Past compliance lapses in statutory records and ROC filings(p.28)
- • Negative operating and investing cash flows in past periods(p.31)
- • Total borrowings of Rs 1,384.28 lakhs as of June 30, 2026(p.36)
- • Working capital cycle of 172 days as of June 30, 2026(p.37)
- • Secured debt backed by promoter and director guarantees(p.34)
- • Trade receivables rose to ₹2,455.10 lakhs at June 30, 2026 from ₹770.80 lakhs at March 31, 2024; the Company reports receivable days of 82 to 178 over this period(p.49)
- • Total debt of ₹1,384.28 lakhs at June 30, 2026, with a debt-equity ratio of 0.72(p.103)
- • Operating cash flow was negative (₹-97.97 lakhs in the period to June 30, 2026 and ₹-287.64 lakhs in FY 2025-26)(p.103)
- • Top 5 customers accounted for 85.40% of sales in the period to June 30, 2026, up from 63.89% in FY 2025-26(p.103)
- • Contingent liability of ₹4.90 lakhs for TDS default at TRACES(p.52)
- • Trade receivables rose to ₹2,455.10 lakh at June 30, 2026 from ₹770.80 lakh at March 31, 2024.(p.192)
- • Receivables outstanding for 6 months to 1 year were ₹1,038.36 lakh at June 30, 2026.(p.213)
- • Short-term borrowings were ₹1,098.96 lakh at June 30, 2026, up from ₹692.65 lakh at March 31, 2024.(p.192)
- • Operating cash flow was negative in FY2026 and in the June 2026 period.(p.194)
- • Several bank and NBFC facilities are secured by promoter collateral and personal guarantees.(p.203)
- • Unsecured loans from directors and relatives are repayable on demand and interest free.(p.206)
- • The company operates in only one segment, structural fabrication and erection and civil contract work.(p.200)
- • The company did not meet its CSR spend for FY2026 and carried a provision of ₹7.16 lakh.(p.218)
- • Stated strategy of growth across scale, geography and service lines(p.35)
- • Planned use of Net Proceeds for capital expenditure(p.38)
- • Equipment and transport purchases expected to cut reliance on rented equipment and lower operating costs(p.86)
- • Working capital funding from the Offer intended to support larger assignments(p.95)
- • Debt repayment from the Offer expected to strengthen the balance sheet and lower finance costs(p.95)
- • Expansion into North-Eastern and Southern states(p.134)
- • Use of Offer proceeds to repay existing loans(p.134)
- • Investment in workforce training and skill development(p.134)
- • Positioning to capture infrastructure demand in sectors such as power, oil & gas, and metro rail(p.134)
- • Document-stated government focus on infrastructure (industry statement)(p.118)
- • Post-issue total debt is projected to fall to ₹449.28 lakh from ₹1,384.28 lakh.(p.223)
- • The company states it will seek relevant professional help as needed in future.(p.183)
- • Government regulation can change at short notice(p.43)
- • Changes in tax rates and slabs(p.43)
- • Rising interest rates raise cost of servicing debt(p.43)
- • Global economic and political conditions(p.44)
- • Natural calamities and similar events(p.44)
- • Changes to labour laws(p.44)
- • Slowdown in Indian economy(p.45)
- • Steel and specialised equipment prices subject to market price fluctuations and lead times(p.96)
- • Possible cost escalation of equipment before purchase, as quotations may lapse(p.89)
- • Estimates may change with competitive pressures, interest rates, taxes, duties and regulatory requirements(p.85)
- • Bank borrowings carry floating rates linked to the repo rate, exposing the company to rate changes.(p.206)
- • Direct and indirect tax claims against the company were ₹4.90 lakh at June 30, 2026.(p.227)
- • Steel and cement are material inputs, with steel consumption rising sharply in FY2026.(p.214)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mohammad Khurshid Alam Khan | Promoter and Promoter Selling Shareholder | — | — |
| Zarinabegum Khurshid Alam Khan | Promoter and Promoter Selling Shareholder | — | — |
| Riyaz Rafiq Padela | Promoter | — | — |
| Mr. Mohammad Khurshid Alam Khan | Promoter | 32.50% | 20.23% |
| Mrs. Zarinabegum Khurshid Alam Khan | Promoter | 12.51% | 5.69% |
| Mr. Riyaz Rafiq Padela | Promoter | 43.91% | 31.93% |
| Ms. Heena Khan | Promoter Group | 10.00% | 7.27% |
| Mohammad Khurshid Alam Khan | Promoter | 32.49% | — |
| Zarinabegum Khurshid Alam Khan | Promoter | 12.50% | — |
| Riyaz Rafiq Padela | Promoter | 43.91% | — |
| Mr. Mohammad Khurshid Alam Khan | Promoter | 32.49% | — |
| Mrs. Zarinabegum Khurshid Alam Khan | Promoter | 12.50% | — |
| Mr. Riyaz Rafiq Padela | Promoter | 43.91% | — |
| Mr. Mohammad Khurshid Alam Khan | Promoter Selling Shareholder | 32.50% | — |
| Mrs. Zarinabegum Khurshid Alam Khan | Promoter Selling Shareholder | 12.51% | — |
| Riyaz Rafiq Padela | Promoter and Director | — | — |
| Mohammad Khurshid Alam Khan | Promoter Selling Shareholder | — | — |
| Zarinabegum Khurshid Alam Khan | Promoter Selling Shareholder | — | — |
Leadership
Auto-extracted from the company's PROSPECTUS using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official PROSPECTUS before relying on it.
Offer documents
Peer comparison
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Ajwa Projects Ltd. THIS ISSUE | 13.56 | 44.28 | 17.92, computed at the offer price | 4.58, computed at the offer price | 36.15% |
| 7.33 | 59.15 | 15.97 | 1.98 | 13.93% | |
| 4.77 | 26.02 | 9.52 | 1.73 | 22.64% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.