Ajwa Projects Ltd.
AJWASME
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Overview
Ajwa Projects Limited is a Surat-based industrial services contractor providing fabrication, piping, erection, pressure-equipment installation, prefabricated structures, maintenance, blasting and painting, and civil construction. It executes workshop- and site-based projects for oil and gas, refineries, power, steel, cement, nuclear, bridges, metro rail and other infrastructure sectors.
- Opening Date
Oct 28, 2026
- Closing Date
Oct 30, 2026
- Listing Date
Nov 04, 2026
- IPO Type
SME
- IPO Status
Upcoming
- Issue Size
38.05 Cr
- Fresh Issue
30.45 Cr
- Offer for Sale
7.6 Cr
- Price Band
₹203
- Lot Size
600
IPO Timeline
Financials
Use of IPO funds
Key Performance Indicator
- P/E Ratio
14.97
- EPS
13.56
- ROE
8.42%
- ROCE
7.56%
- RONW
8.42%
- Debt to Equity Ratio
0.72
- PAT Margin
12.55%
- EBITDA Margin
19.71%
- P/B
4.21
Bull vs Bear
Bull case
- •
Its combined fabrication, erection, piping and civil capabilities can make it useful across a project’s lifecycle, reducing handoffs between contractors.
- •
A ₹4,243.45 lakh balance order book across sectors gives work visibility and shows clients have awarded substantial ongoing projects.
- •
Workshop equipment, a large skilled workforce, and quality and safety systems support complex execution, which can be harder to build quickly than bidding capacity.
Bear case
- •
Tax proceedings against the company and promoters could create penalties or extra costs, while also diverting management attention from running projects.
- •
A small group of customers supplies most revenue. Losing a major customer or receiving less work could quickly reduce revenue and strain profits.
- •
Delays or quality failures from client-nominated or concentrated suppliers can postpone projects, raise costs, and damage client relationships.
Subscription Rate
Subscription data will be available once the IPO opens.
Application Details
