Ajwa Projects IPO
Ajwa Projects IPO is a fixed-price SME issue of ₹38.05 crore, comprising a fresh issue of 15,00,000 equity shares worth ₹30.45 crore and an offer for sale of 3,74,400 shares worth approximately ₹7.60 crore. The issue price is ₹203 per share, with a face v
Ajwa Projects IPO Details
Ajwa Projects IPO bidding is scheduled to begin on October 28, 2026, and end on October 30, 2026. The basis of allotment is expected to be finalised on November 2, 2026. Refund initiation and credit of shares to successful applicants' Demat accounts are expected on November 3, 2026. The tentative listing date is November 4, 2026.
Ajwa Projects IPO Timeline (Tentative)
Ajwa Projects IPO is scheduled to open for subscription on October 28, 2026, and close on October 30, 2026. The basis of allotment is expected on November 2, 2026. Refunds and Demat credits are scheduled for November 3, with listing expected on BSE SME on November 4, 2026.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Wed, Oct 28, 2026 |
| IPO Close Date | Fri, Oct 30, 2026 |
| Basis of Allotment | Mon, Nov 2, 2026 |
| Initiation of Refunds | Tue, Nov 3, 2026 |
| Credit of Shares to Demat | Tue, Nov 3, 2026 |
| Listing Date | Wed, Nov 4, 2026 |
Ajwa Projects IPO Lot Size
Ajwa Projects IPO has a lot size of 600 shares at ₹203 per share, giving a lot value of ₹1,21,800. The minimum application is 1,200 shares, equivalent to two lots and an investment of ₹2,43,600. Applications must follow the lot and category requirements stated in the offer document.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 2 | 1,200 | 2,43,600 |
| Retail (Max) | 2 | 1,200 | 2,43,600 |
| S-HNI (Min) | 3 | 1,800 | 3,65,400 |
| S-HNI (Max) | 8 | 4,800 | 9,74,400 |
| B-HNI (Min) | 9 | 5,400 | 10,96,200 |
Ajwa Projects IPO Subscription
Ajwa Projects IPO subscription figures will be available after bidding opens on October 28, 2026. The final subscription status will reflect valid bids received from the investor categories during the offer period. No subscription multiple is available before the issue opens.
| Category | Subscription (times) |
|---|---|
| QIB | |
| NII | |
| RII | |
| Total |
About Ajwa Projects
Ajwa Projects Limited is a Gujarat-based company incorporated in March 2011 as Ajwa Projects Private Limited. It was converted into a public limited company in June 2025. The company operates in the projects and infrastructure sector and undertakes project-related work for customers across its business segments.
The company is headquartered in Adajan, Surat, Gujarat. Its business relies on project execution, client relationships, coordination of resources and the ability to complete work within the commercial and operational requirements of its customers. The company's experience in its operating market and its project portfolio form part of its business profile.
Ajwa Projects is raising funds through a combination of a fresh issue and an offer for sale. The fresh issue proceeds are proposed to be used for capital expenditure, repayment or prepayment of borrowings, working-capital requirements and general corporate purposes. The offer for sale will provide an exit opportunity to the selling shareholders for the shares included in the offer.
Strengths
- Operating history dating back to 2011.
- Experience in its project and infrastructure-related business.
- Proposed use of IPO proceeds for equipment, vehicles, debt reduction and working capital.
- Profitable operations, with FY2026 total income of ₹48.56 crore and profit after tax of ₹5.42 crore.
- A combination of fresh capital and a defined offer-for-sale component, allowing the company to raise funds while existing shareholders partially sell their holdings.
Risks to Consider
- The business may be affected by project delays, cost overruns and changes in customer requirements.
- Working-capital needs can place pressure on cash flows, particularly when project payments are delayed.
- Borrowings and financing costs may affect profitability and future expansion.
- The company operates in a competitive sector where pricing, execution capability and customer relationships can influence results.
- SME shares may experience lower liquidity and higher price volatility than shares of larger listed companies.
- The IPO price is not a guarantee of post-listing market value or investment returns.
Ajwa Projects Financials (₹ Cr)
Ajwa Projects reported total income of ₹34.38 crore in FY2024, ₹36.87 crore in FY2025 and ₹48.56 crore in FY2026. Profit after tax increased from ₹2.95 crore in FY2024 to ₹3.28 crore in FY2025 and ₹5.42 crore in FY2026. For the quarter ended June 30, 2026, the company reported total income of ₹12.44 crore and profit after tax of ₹1.56 crore.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| 30 June 2026 | 12.44 | 1.56 | 41.97 | 19.27 |
| FY2026 | 48.56 | 5.42 | 36.37 | 17.71 |
| FY2025 | 36.87 | 3.28 | 25.57 | 12.29 |
| FY2024 | 34.38 | 2.95 | 25.00 | 8.90 |
KPIs & Valuation
Ajwa Projects reported FY2026 earnings per share of ₹13.56 on a pre-issue basis. Published valuation data indicates a pre-issue P/E of 14.97x and a post-issue P/E of 20.58x. The company reported FY2026 RoNW of 36.15%, ROCE of 34.75%, a PAT margin of 11.20% and an EBITDA margin of 18.66%.
Objects of the Issue
Ajwa Projects proposes to use the net proceeds from the fresh issue for capital expenditure, repayment or prepayment of borrowings, working-capital requirements and general corporate purposes. The offer-for-sale proceeds will be received by the selling shareholders and will not form part of the company's fresh-issue proceeds.
- The fresh issue is ₹30.45 crore. The net proceeds available for the stated objects are lower after accounting for issue-related expenses and other applicable adjustments.
Promoters, Lead Managers & Registrar
Ajwa Projects Limited is promoted by Mohammad Khurshid Alam Khan, Zarinabegum Khurshid Alam Khan and Riyaz Rafiq Padela. Wealth Mine Networks Limited is the lead manager to the issue, while KFin Technologies Limited is the registrar.
Promoters
Lead Managers (BRLM)
Registrar
| Name | KFin Technologies Limited |
|---|---|
| Phone | +91 40 6716 2222 |
| ajwa.ipo@kfintech.com | |
| Website | https://www.kfintech.com/ |
Ajwa Projects IPO Review
Ajwa Projects enters the SME IPO market with a track record of operations dating back to 2011 and reported total income of ₹48.56 crore and profit after tax of ₹5.42 crore for FY2026. The financial figures indicate that the company has remained profitable, while its net worth increased to ₹17.71 crore as of March 31, 2026. Investors should consider these results alongside the company's borrowing levels, cash-flow requirements and the project-based nature of its operations.
The proposed use of fresh-issue proceeds includes ₹8.10 crore for capital expenditure, ₹9.35 crore for repayment or prepayment of borrowings and ₹4.00 crore for working capital. Debt reduction could support the company's financial position, while investment in equipment and transport assets may support operational requirements. The company has also allocated a portion of the proceeds to general corporate purposes.
At an issue price of ₹203 per share, the IPO is valued at approximately 14.97 times FY2026 pre-issue earnings and 20.58 times post-issue earnings based on the published valuation data. Investors should compare these multiples with relevant listed companies, examine the final offer document and consider the risks associated with project execution, working-capital requirements, borrowing costs and SME-market liquidity before making an investment decision. This review is informational and does not constitute a buy or sell recommendation.
How to Apply
Investors can apply for Ajwa Projects IPO through the ASBA process using a bank account or through an eligible broker or investment platform that supports IPO applications. The application must meet the lot-size and investor-category requirements. The IPO is scheduled to open on October 28, 2026, and close on October 30, 2026.
Through UPI
-
Log in to your stockbroker's app or website.
-
Open the IPO section.
-
Select Ajwa Projects IPO.
-
Enter the number of lots you wish to apply for, subject to the applicable investor-category limits.
-
Confirm the bid price of ₹203 per share.
-
Enter your valid UPI ID.
-
Submit the IPO application.
-
Open your UPI app when the mandate request arrives.
-
Approve the mandate using your UPI PIN before the deadline.
-
The application amount will be blocked in your bank account. If shares are allotted, the required amount will be debited; otherwise, the blocked amount will be released.
Prospectus & Documents
Investors should review the company's offer documents for the full details of the business, financial information, issue structure, risks and proposed use of proceeds. The company's investor-relations page provides access to IPO-related documents and disclosures.
Last updated Oct 26, 2026.