- POSITIVE
Annual Revenue Ajwa Projects Mar-2026 Annual Revenue is Rs 49 Cr which is growth of 31.7% YoY.
- POSITIVE
Annual Net Profit Ajwa Projects Mar-2026 Annual Net Profit is Rs 5 Cr which is growth of 65.2% YoY.
Ajwa Projects Ltd. IPO Details
Ajwa Projects was incorporated on March 12, 2011. The company provides a wide range of industrial services, including fabrication, piping, erection, pressure equipment, prefabricated structures, blasting and painting, maintenance, mechanical services, and civil construction. It converts approved plans into functional industrial assets, supporting the development and maintenance of industrial and infrastructure facilities across various sectors
| Bidding Dates |
|---|
| 28 Oct 2026 - 30 Oct 2026 |
| Subscription |
|---|
| 1.12x Oversubscribed |
| Check Allotment Status |
|---|
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹243,600 | 2 | 2 | 600 | 1.9 M | ₹203 | 65.12 % | ₹380.5 M | RHP DOC |
Ajwa Projects IPO SUBSCRIPTION STATUS
30 Oct '26Total1.12x
Retail Individual Investor1.83x
HNI (NII) Investors0.4x
Qualified Institutional Buyers-
Ajwa Projects IPO overall subscription rate was 1.12 times the total available shares
Ajwa Projects IPO retail subscription rate was 1.83 times in the retail segment
Ajwa Projects IPO non-institutional investor subscription rate was 0.4 times in the non-institutional investor category
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 50% | 50% | - |
30 Oct 2026 (Day 3) | 1.83x | 0.4x | - |
29 Oct 2026 (Day 2) | 1.49x | 0.27x | - |
28 Oct 2026 (Day 1) | 0.61x | 0.13x | - |
Ajwa Projects FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| Q1FY27 | 12.4 | 1.6 | -1.0 | -1.1 | 19.7% |
| FY26 | 48.4 | 5.4 | -2.9 | -3.2 | 18.7% |
| FY25 | 36.7 | 3.3 | 4.2 | 4.1 | 17.5% |
| FY24 | 34.3 | 2.9 | -1.2 | -1.7 | 16.6% |
Ajwa Projects IPO SUBSCRIPTION STATUS DETAILS
Ajwa Projects has 1.9 M shares on offer
Ajwa Projects IPO offer price is ₹203
Ajwa Projects IPO minimum Investment is ₹243600
Ajwa Projects IPO issue size is ₹ 380.5 M
Ajwa Projects has a minimum lot size of 600 Shares per application
Ajwa Projects NUMBER OF SHARES ON OFFER
Total1.9 M
Fresh Issue1.5 M
Offer for Sale374.4 K
Post Issue Promoter Holding %65.12 %
Ajwa Projects IPO IMPORTANT DATES
| Issue Open Date | 28 Oct 2026 |
| Issue close Date | 30 Oct 2026 |
| Allotment Date | 02 Nov 2026 |
| Refund Date | 03 Nov 2026 |
| Demat Account Credit Date | 03 Nov 2026 |
| Listing Date | 04 Nov 2026 |
| Listing on Exchange(s) | BSE |
| Ajwa Projects Allotment Status | Exchange/ Registrar |
Ajwa Projects IPO subscription opens on 28 Oct 2026, and closes on 30 Oct 2026
IPO allotment for Ajwa Projects is expected to be finalized on Monday, 02 Nov 2026
IPO listing for Ajwa Projects will be on BSE on Wednesday, 04 Nov 2026
Ajwa Projects Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Ajwa Projects Ltd. | 203 | 111.6 | 20.6 | 0.3 | 2.3 | 30.6 | 14.9 | 48.6 | 31.7 | 5.4 | 65.2 | 9.9 | 65.2 |
| Larsen & Toubro Ltd. | 3871.7 | 544733.6 | 30.5 | 3.4 | 1.8 | 14.7 | 3.6 | 291635 | 12.2 | 16084 | 7 | 127 | 8.9 |
| GMR Airports Ltd. | 86.9 | 91778.6 | 183.4 | 0.6 | 5.7 | -5.9 | 0.3 | 15200.8 | 40.3 | 175.5 | 144.7 | 0.5 | 327.9 |
| Rail Vikas Nigam Ltd. | 179.7 | 37461.6 | 41.6 | -1.7 | 1.8 | 8.9 | 4 | 21187.4 | 1.3 | 874.7 | -31.7 | 4.3 | -24.5 |
| Cemindia Projects Ltd. | 1265 | 23329.5 | 38.8 | 0.8 | 2.3 | 24.9 | 8.4 | 10237.5 | 11.9 | 597.7 | 60.3 | 32.6 | 46.8 |
| Kalpataru Projects International Ltd. | 1337.7 | 22844.2 | 20.1 | 0.3 | 0.8 | 13.4 | 3.8 | 27247.9 | 21.8 | 1040 | 77.6 | 66.5 | 60.9 |
Quarterly
Annual
Balance Sheet
Ratios
Cash Flow
Ajwa Projects annual results: revenue, profit, P&L, and margins as of Mar 2026 – 11 year history
Nested row level
Base Level
Reporting Type
Standalone
Cell Data
Actual
Table Settings
YoY & New to Old
CAGR Columns
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Nested row level
Base Level
Export
| Indicator | Graph | CAGR 3 Yrs | CAGR 5 Yrs | Mar '26 | Mar '25 | Mar '24 | Mar '23 | Mar '22 | Mar '21 | Mar '20 |
|---|---|---|---|---|---|---|---|---|---|---|
19.1% | 31.6% | 48.6 | 36.9 | 34.4 | 28.8 | 22.8 | 12.3 | 13.7 | ||
Operating Exp. Ann. | 13.6% | 28.2% | 39.1 | 29.5 | 28.6 | 26.7 | 21.3 | 11.3 | 12.7 | |
Operating Profit Ann. | 66.9% | 59.5% | 9.3 | 7.3 | 5.7 | 2 | 1.5 | 0.9 | 0.9 | |
OPM Ann. % | 39.5% | 22.4% | 19.17% | 19.65% | 16.52% | 7.06% | 6.35% | 6.98% | 6.31% | |
14.1% | 28.1% | 41.1 | 31.5 | 30.2 | 27.7 | 21.9 | 11.9 | 13.3 | ||
EBITDA Ann. | 64.8% | 56.5% | 9.4 | 7.4 | 5.8 | 2.1 | 1.5 | 1 | 1 | |
EBITDA Ann. margin % | 38.9% | 19.9% | 19.44% | 20.03% | 16.86% | 7.26% | 6.65% | 7.86% | 7.27% | |
Interest Ann. | 26% | 26.2% | 1.6 | 1.7 | 1.4 | 0.8 | 0.5 | 0.5 | 0.4 | |
Depr. | 58.7% | 32% | 0.4 | 0.3 | 0.2 | 0.1 | 0.2 | 0.1 | 0.2 | |
PBT Ann. | 84.2% | 79.7% | 7.5 | 4.8 | 4.2 | 1.2 | 0.9 | 0.4 | 0.4 | |
Tax Ann. | 71% | 58.5% | 2 | 1.5 | 1.2 | 0.4 | 0.4 | 0.2 | 0.1 | |
89% | 93.3% | 5.4 | 3.3 | 3 | 0.8 | 0.6 | 0.2 | 0.3 | ||
Net Profit Ann. | 89% | 93.3% | 5.4 | 3.3 | 3 | 0.8 | 0.6 | 0.2 | 0.3 | |
NPM Ann. % | 61% | 45.9% | 11.19% | 8.93% | 8.78% | 2.68% | 2.41% | 1.69% | 2.13% | |
EPS Adj. latest Ann. | 91.9% | 90% | 9.9 | 6 | 5.5 | 1.4 | 1 | 0.4 | 0.5 |
*All financials are in INR Cr and price data in INR
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Total Rev. Ann.
1Y CHG
31.7%
2Y CAGR
18.9%
3Y CAGR
19.1%
5Y CAGR
31.6%
Net Profit Ann.
1Y CHG
63.6%
2Y CAGR
34.2%
3Y CAGR
89%
5Y CAGR
93.3%
Operating Exp. Ann.
1Y CHG
32.5%
2Y CAGR
16.9%
3Y CAGR
13.6%
5Y CAGR
28.2%
Ajwa Projects INFORMATION ON IPO ISSUE
About Ajwa Projects
Ajwa Projects was incorporated on March 12, 2011. The company provides a wide range of industrial services, including fabrication, piping, erection, pressure equipment, prefabricated structures, blasting and painting, maintenance, mechanical services, and civil construction. It converts approved plans into functional industrial assets, supporting the development and maintenance of industrial and infrastructure facilities across various sectors
Object of the Issue
- Capital expenditure requirements towards acquisition of equipment, transport vehicle/assets
- Funding towards repayment or prepayment, in full or in part, of borrowings availed by the company from banks and financial institutions
- Funding working capital requirement
- General corporate purposes
Ajwa Projects - PROMOTERS
| Name |
|---|
| Mohammad Khurshid Alam Khan |
| Zarinabegum Khurshid Alam Khan |
| Riyaz Rafiq Padela |
Ajwa Projects - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Mohammad Khurshid Alam Khan | Chairman & Managing Director |
| Zarinabegum Khurshid Alam Khan | Whole-Time Director |
| Riyaz Rafiq Padela | Executive Director |
| Rizwan Mazib Khan | Non-Executive Director |
| Mihirkumar Atulbhai Sojitra | Independent Director |
| Vidhi Ankit Pala | Independent Director |
Ajwa Projects Book Running Lead Manager
Wealth Mine Networks Limited
info@wealthminenetworks.com
Ajwa Projects Registrar to the Offer
KFin Technologies Limited
ajwa.ipo@kfintech.com
Ajwa Projects Strengths
Integrated services
The company provides fabrication, piping, erection, pressure equipment, prefabricated structures, maintenance, mechanical services and civil construction across various project stages. It serves diverse sectors, including oil and gas, refineries, petrochemicals, steel, power, cement, fertilizers, nuclear, bridges, metro rail and bullet train infrastructure
Strength
Flexible project execution
The company undertakes projects in its fabrication workshops or directly at client sites, depending on project requirements. This flexibility enables it to handle diverse assignments, from off-site prefabricated modules to large-scale civil and erection works
Strength
Quality
The company integrates fabrication and on-site erection to deliver end-to-end project execution, ensuring operational readiness. It follows strict quality and safety procedures, including inspections, testing and ISO 9001:2015 and ISO 45001:2018 certified management systems, to ensure reliability, compliance and workplace safety
Strength
Ajwa Projects Risks
Labour intensive
The company relies on skilled and unskilled workers for fabrication, erection, piping, civil and maintenance activities, making labour availability and retention critical to its operations. Labour shortages, rising wages, attrition or disputes may cause project delays, increase costs and adversely affect its business, financial condition and results of operations
Risk
Counterparty credit risk
The company faces the risk of delayed payments or defaults from clients, as payments depend on project milestones, certifications and agreed credit terms. Such delays or defaults may strain cash flows, affect working capital and profitability, and adversely impact its financial condition and results of operations
Risk
Regulatory risks
The company requires various statutory licences, registrations and approvals to operate its business and execute projects, which may need periodic renewal or modification. Failure to obtain, renew or maintain these approvals, including those related to its proposed name change, may result in penalties, operational disruptions and adverse effects on its revenue and financial condition
Risk
IPO FAQs
This IPO consists of an offer for sale of up to Rs 7.6 crore, of 374,400 shares. It also consists of a fresh issue of Rs 30.4 crore.
The promoters of the company are Mohammad Khurshid Alam Khan, Zarinabegum Khurshid Alam Khan and Riyaz Rafiq Padela.
The category allocation of qualified institutional buyers is 0.0%, the category allocation of non individual investors or high networth individuals is 50.0% and for retail investors it is 50.0%.
The price band of the IPO is Rs 203.0 - 203.0.
The IPO application opens on Oct 28, 2026 and closes on Oct 30, 2026.
The minimum lot size for the IPO is 1200. The maximum lot size for the IPO is 1200.
For all category investors, the minimum application amount for this IPO is Rs. 243,600.0, the maximum value for this IPO is Rs 243,600.0.
This IPO will be allotted on Nov 02, 2026.
The refund will be credited to your account on Nov 03, 2026.
The allotted shares will be credited to your demat on Nov 03, 2026.
Ajwa Projects Ltd.’s shares will list on the stock exchanges on Nov 04, 2026.