Ajwa Projects Revenue Is Concentrated in Gujarat and Customers

Ajwa Projects Limited’s revenue concentration increased in Gujarat and among its largest customers. Gujarat generated 93.96% of revenue from operations in FY 2025-26, while the five largest customers provided 63.89%; in the three months ended June 30, 2026, the respective shares reached 96.24% and 85.40%.

How concentrated is Ajwa Projects revenue in Gujarat?

Ajwa Projects generated Rs 45.50 crore, or 93.96%, of FY 2025-26 revenue from operations in Gujarat. This represented an increase from Rs 29.48 crore and 80.26% in FY 2024-25, and from Rs 23.27 crore and 67.91% in FY 2023-24. Gujarat’s share therefore rose by 26.05 percentage points over two financial years, despite Ajwa Projects describing assignments across industrial and infrastructure work categories including fabrication, piping, erection, pressure equipment, maintenance and civil construction.

The concentration increased further in the period ended June 30, 2026, which Ajwa Projects states is not annualised. Gujarat contributed Rs 11.94 crore, or 96.24%, of the Rs 12.41 crore revenue from operations reported for that three-month period. Bihar contributed Rs 38.32 lakh, or 3.09%, and Rajasthan contributed Rs 8.31 lakh, or 0.67%, leaving 3.76% of reported revenue from outside Gujarat.

The state mix also narrowed compared with FY 2023-24, when Ajwa Projects recorded revenue in Maharashtra, Haryana, Rajasthan, Odisha, Bihar, Jammu and Kashmir, Tamil Nadu and Karnataka in addition to Gujarat. Odisha alone accounted for Rs 5.42 crore, or 15.83%, in FY 2023-24, but contributed Rs 9.02 lakh, or 0.19%, in FY 2025-26. Maharashtra contributed Rs 2.64 crore in FY 2023-24 but recorded no revenue in the following two financial years or the June 2026 period.

How dependent is Ajwa Projects on its biggest customers?

Ajwa Projects received 63.89% of FY 2025-26 revenue from its five largest customers, compared with 56.63% in FY 2024-25 and 64.49% in FY 2023-24. Its largest customer represented 19.05% of FY 2025-26 revenue, while its three largest customers accounted for 45.01%. The disclosure identifies concentration by customer rank rather than customer name, so it does not establish whether the largest customers operate in different sectors or states.

The customer mix was more concentrated in the three months ended June 30, 2026. The five largest customers supplied 85.40% of revenue, 21.51 percentage points above the FY 2025-26 share, while the three largest supplied 66.59% and the largest customer supplied 26.49%. The top 10 customers accounted for 98.52% of June-period revenue, compared with 86.65% in FY 2025-26 and 78.03% in FY 2024-25.

The reported figures show that the customer concentration is not limited to the top five. In FY 2025-26, customers ranked sixth to 10th contributed the difference between the top-five share of 63.89% and the top-10 share of 86.65%, or 22.76 percentage points. In the June 2026 period, customers outside the top 10 represented only 1.48% of revenue, meaning continued revenue at that mix depends substantially on project awards and execution for a limited customer group.

What does Ajwa Projects’ domestic, private-sector revenue add to the exposure?

Ajwa Projects reported an entirely domestic revenue base in each reported period, so the Gujarat concentration was not offset by export revenue. Export revenue was nil in FY 2023-24, FY 2024-25, FY 2025-26 and the three months ended June 30, 2026. Domestic revenue was 100% of revenue from operations in all four periods, including Rs 48.42 crore in FY 2025-26.

Private customers supplied Rs 48.22 crore, or 99.58%, of FY 2025-26 revenue from operations, while government customers supplied Rs 20.10 lakh, or 0.42%. The private-customer share was 97.25% in FY 2024-25 and 96.17% in FY 2023-24, before reaching 99.33% in the June 2026 period. Government-customer revenue fell from Rs 1.31 crore in FY 2023-24 to Rs 1.01 crore in FY 2024-25 and Rs 20.10 lakh in FY 2025-26.

This composition means the reported exposure combines three dimensions: domestic revenue of 100%, private-customer revenue of 99.58% in FY 2025-26 and Gujarat revenue of 93.96% in the same year. The figures do not state that all private customers are located in Gujarat, but the state and customer tables show that both geographic and customer-rank concentration increased over the reported period.

What operating changes sit beside the concentration?

Ajwa Projects increased revenue from operations by 31.83% to Rs 48.42 crore in FY 2025-26 from Rs 36.73 crore in FY 2024-25, while its active-site count rose to 27 from 13. Completed projects increased to 10 in FY 2025-26 from five in FY 2024-25. Gujarat accounted for Rs 16.02 crore of the Rs 16.69 crore increase in revenue between those two financial years, based on the reported state revenue amounts.

The June 2026 period recorded 38 active sites and 10 completed projects, alongside revenue from operations of Rs 12.41 crore and profit after tax of Rs 1.56 crore. Ajwa Projects reported net worth of Rs 19.27 crore, total debt of Rs 13.84 crore and negative operating cash flow of Rs 97.97 lakh for the period. These are separate financial and operational measures, and the disclosure does not attribute site activity, profit, debt or cash flow to particular states or customers.

Profit after tax rose to Rs 5.42 crore in FY 2025-26 from Rs 3.28 crore in FY 2024-25, while the profit-after-tax margin increased to 11.20% from 8.94%. Earnings before interest, tax, depreciation and amortisation, or EBITDA, rose to Rs 9.03 crore from Rs 6.41 crore, and the EBITDA margin increased to 18.66% from 17.45%. These margin changes occurred during the same year in which Gujarat’s revenue share rose by 13.70 percentage points from FY 2024-25.

Conclusion

Ajwa Projects’ reported service range spans fabrication, piping, erection, pressure equipment, prefabricated structures, maintenance and civil construction, but its revenue mix became narrower by location and customer rank. Gujarat’s share increased from 67.91% in FY 2023-24 to 93.96% in FY 2025-26, while the five-largest-customer share increased from 56.63% in FY 2024-25 to 63.89% in FY 2025-26.

The next disclosure should show whether the June 2026 pattern persists, because that non-annualised period placed Gujarat at 96.24% of revenue and the top five customers at 85.40%. It should also show whether the increase in active sites from 27 in FY 2025-26 to 38 in the June 2026 period leads to revenue from a broader set of states or customers.