SME
IPO ·
BSE SME
Ajwa Projects Ltd
Open
Industrial services firm doing fabrication, erection, piping, pressure equipment, civil construction and plant maintenance.
Issue details
Price band
₹203
Face value
₹10
Lot size
600 shares
Minimum investment
₹2,43,600
Issue size
₹38.05 Cr
Fresh issue
₹30.45 Cr
Offer for sale
₹7.60 Cr
Issue type
Fixed Price
Exchange
BSE SME
Key dates
Opens
28 Oct 2026
Closes
30 Oct 2026
UPI mandate cut-off
5:00 PM on 30 Oct 2026
Allotment
2 Nov 2026
Refunds
3 Nov 2026
Shares in demat
3 Nov 2026
Listing
4 Nov 2026
Subscription and listing
Subscription
0.87x
Listing price
Not listed yet
Registrar
KFin Technologies Ltd
Lead manager
Wealth Mine Networks Ltd
Subscription by category
NII
0.18x
Retail
1.57x
Total
0.87x
Grey market premium
Latest GMP
₹5
Est. listing price
₹208 (+2.5%)
Updated
30 Oct 2026
Unofficial grey market indication sourced via Chittorgarh. GMP is not regulated, can change quickly and is not a reliable guide to listing price. Not a recommendation.
Issue structure
Shares reserved per category and share of the total issue
NII
8,89,200
47.44%
Retail
8,90,400
47.50%
Market Maker
94,800
5.06%
Total
18,74,400
100.00%
Finaccle’s quick read
Apply for long term
Income up 32% and PAT up 65% in FY26 with ROE of 36.15% and D/E of 0.71, but FY25 growth was flat and post-issue P/E of 17.92x is on the full side.
A rules-based screen of growth, margins, debt and valuation, built from the offer document and data on Chittorgarh.com. It is for information only and is not investment advice or a recommendation to buy or sell. Read the RHP and speak to a SEBI-registered adviser before you apply.
About the company
Ajwa Projects is an industrial services contractor handling fabrication, erection, piping, pressure equipment, prefabricated structures, civil work and maintenance. It serves oil and gas, petrochemicals, power, steel, cement, nuclear and rail infrastructure projects. It has over 557 workers and FY26 total income of ₹48.56 Cr.
Founded
Promoters
Products and segments
Promoter holding
Financial performance
Period
PAT
ROE
36.15%
ROCE
34.75%
Debt / equity
0.71
PAT margin
11.20%
P/E post issue
17.92x
Market cap
₹111.65 Cr
Use of IPO money
Capex for plant and machinery, transport vehicles and assets
₹8.10 Cr
Repayment/prepayment of borrowings
₹9.35 Cr
Working capital
₹4.00 Cr
General corporate purposes
₹4.43 Cr
Strengths
✓
Long record since 2011 across many industrial sectors
✓
FY26 income up 32% and PAT up 65%
✓
Debt/equity under 1 at 0.71
✓
Mostly fresh issue
Risks to watch
!
Growth was flat in FY25 before the FY26 jump
!
Small order book of about ₹19.82 Cr as of Sep 2025
!
Post-issue P/E of 17.92x and P/B of 4.58x look full
!
OFS of about ₹7.60 Cr by selling shareholders
!
Project-based, working-capital-heavy contracting
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Last updated:
Information is compiled from exchange notices and the company’s offer document. It is for general information only and is not investment advice or a recommendation to apply. Read the prospectus before investing.