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Ajwa Projects IPO
Price Band
₹
Issue Size
₹38.05 Cr
Lot Size
600 shares
Min Investment
₹243,600
2 LOTS MIN
GMP
+₹10.0 (4.93%)
Issue Price
₹203.0
Subject to Sauda
₹4600
Paid only if allotted
Ajwa Projects IPO AI Summary
- Ajwa Projects IPO is upcoming on BSE SME in the Civil Construction sector.
- Subscription window: 28 Oct–30 Oct 2026, listing on 04 Nov 2026.
- Current GMP is +₹10.0 (4.93%) — unofficial and can change daily.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Important Dates
Subscription Status
IPO not open yet
Opens 28 Oct 2026 · in 2 days
Ajwa Projects IPO Grey Market Premium (GMP) Today
GMP
+₹10.0
GMP %
+4.93%
Est. Listing
₹213.0
Updated: 26 Oct 2026 23:30
GMP Trend (Last 2 Days)
TopFund Score — Listing Data Indicator
GMP is 4.9% above issue price
Subscription not open yet
No anchor allocation for this IPO
Similar IPOs (same sector & type) averaged 42.4% listing gain
A rules-based composite of GMP, subscription demand, anchor participation and comparable-IPO history — each weighted as shown above. Not a statistically validated probability, a guarantee of listing performance, or personalized investment advice.
Limitations: weights are fixed by TopFund, not backtested against outcomes; the "Historical Similar-IPO Performance" factor needs at least 3 comparable past listings and falls back to a broader, less specific cohort when this sector/type doesn't have enough; GMP and subscription data can change daily right up to listing day, so scores shown may already be stale — check the "as of" date above.
About the Company
Ajwa Projects is a multi-disciplinary industrial services company delivering end-to-end solutions across fabrication, erection, piping, pressure equipment, prefabricated structures, civil construction, and maintenance. The company specializes in turning project plans into real, functional industrial assets. Key Services: Fabrication: Manufacture and sell structural components, pressure vessels, boilers, tanks, ducts, and precision parts for various industries. Erection: On-site installation and integration of heavy structures, equipment, and piping systems with strict focus on safety and precision. Piping: Fabrication and installation of process and utility pipelines for chemicals, gases, steam, and fluids. Pressure Equipment: Fabrication, assembly, and erection of pressure vessels and related heavy-duty equipment. Civil Construction: Site development, foundations, industrial buildings, silos, tanks, and other civil works. Prefabricated Structures: Modular and portable buildings for industrial and commercial use. Maintenance & Mechanical Services: Preventive maintenance, PSV calibration, NDT testing, blasting & painting, and plant shutdown support. The company caters to a wide range of industries such as oil & gas, petrochemicals, refineries, power generation, steel, heavy metals, cement, nuclear power, bridges, metro rail, bullet train infrastructure, and other industrial and infrastructure projects. It has a workforce of over 550 skilled and semi-skilled professionals. Competitive Strengths: Experienced management team Comprehensive Portfolio with Sectoral Diversity Strong and diverse Order Book: As of Sep 30, 2025, its order book stood at Rs 1,982.05 lakhs. Flexible Execution Model (On-Site and Off-Site) Integrated Fabrication and Erection Expertise Quality and Safety Framework Skilled Workforce and Operational Capability
Company Financials (₹ Cr)
As of 2026-06-30
| Period Ended | 30 Jun 2026 | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|---|
| Assets | 41.97 | 36.37 | 25.57 | 25.00 |
| Total Income | 12.44 | 48.56 | 36.87 | 34.38 |
| Profit After Tax | 1.56 | 5.42 | 3.28 | 2.95 |
| EBITDA | 2.45 | 9.03 | 6.41 | 5.68 |
| NET Worth | 19.27 | 17.71 | 12.29 | 8.90 |
| Reserves and Surplus | 15.27 | 13.71 | 8.29 | 8.81 |
| Total Borrowing | 13.84 | 12.52 | 7.96 | 10.85 |
Key Ratios
EPS
₹13.56
NAV
₹44.28
ROE
36.15%
ROCE
34.75%
RoNW
36.15%
P/B Value
4.58
P/E Ratio
14.97
Market Cap
₹111.65 Cr
PAT Margin
11.20%
Debt/Equity
0.71
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Samay Project Services Ltd. | 26.02 | 22.64% | 9.52 | 4.77 | 4.77 |
| Atmastco Ltd. | 59.15 | 13.93% | 15.97 | 7.33 | 7.33 |
| Ajwa Projects Ltd. This IPO | 44.28 | 36.15% | 14.97 | 13.56 | 13.56 |
Promoters
Mohammad Khurshid Alam Khan, Zarinbegum Khurshid Alam Khan, Riyaz Rafiq Padela
Objects of the Issue
# | Issue Objects | Est Amt (₹ Cr.) 1 | Funding capital expenditure requirements towards acquisition of plant & machinery, transport vehicle/assets | 8.10 2 | Repayment or prepayment, in full or in part, of borrowings availed by Company | 9.35 3 | Working Capital Requirement | 4.00 4 | General Corporate Purposes | 4.43 | Total | 25.88
IPO Evaluation
Generated 24 Oct 2026Revenue Trend
Total income was ₹34.38 Cr in the period ending 31 Mar 2024, rising to ₹36.87 Cr by 31 Mar 2025, then increasing significantly to ₹48.56 Cr by 31 Mar 2026. However, the most recent figure of ₹12.44 Cr as of 30 Jun 2026 is a 9-month figure, not a full year, so isn't directly comparable.
Profit Trend
Profit after tax was ₹2.95 Cr in the period ending 31 Mar 2024, increasing to ₹3.28 Cr by 31 Mar 2025, and further rising to ₹5.42 Cr by 31 Mar 2026. The most recent profit after tax figure of ₹1.56 Cr as of 30 Jun 2026 is also a 9-month figure, not a full year, so isn't directly comparable.
Valuation
Ajwa Projects is priced at a P/E ratio of 14.97 at the issue price. This is compared to peers like Samay Project Services Ltd. trading at a P/E of 9.52 and Atmastco Ltd. at 15.97.
Grey Market Premium, Explained
The grey market refers to the unofficial trading of shares before they are listed on the stock exchange. This market can provide insights into the expected demand for an IPO based on the trading price of shares before the official listing.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their investment goals and risk tolerance. It's essential to consider the company's fundamentals and market conditions.
Who May Want to Wait
Investors with a low risk tolerance or those seeking guaranteed returns might consider avoiding IPOs like this, as they can be subject to market fluctuations and inherent uncertainties.
Listing Gains — The Risk
Listing-day gains can be unpredictable. While some IPOs may experience a rise in share price on their first day of trading, others may not. Factors influencing these movements include market sentiment, demand for the shares, and overall economic conditions.
This evaluation is generated from Ajwa Projects's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Ajwa Projects IPO GMP today?
Ajwa Projects IPO GMP today is +₹10.0 (4.93%). GMP is an unofficial grey-market indicator and can change daily.
When does Ajwa Projects IPO open and close?
Ajwa Projects IPO opens on 28 October 2026 and closes on 30 October 2026.
When does Ajwa Projects IPO list on the stock exchange?
Ajwa Projects IPO is scheduled to list on 04 November 2026, with an estimated listing price of ₹213.0 based on current GMP.
What is the lot size for Ajwa Projects IPO?
The lot size for Ajwa Projects IPO is 600 shares, requiring a minimum investment of ₹243,600 (2 lots).
What is the TopFund Listing Data Indicator for Ajwa Projects?
Ajwa Projects's Listing Data Indicator score is 42/100 (Moderate signal), a weighted composite of GMP strength, subscription demand, anchor investor interest and how similar past IPOs performed on listing. It's a rules-based summary of public market data, not a statistically validated probability, a guarantee, or personalized investment advice.
What is the issue price of Ajwa Projects?
The issue price of Ajwa Projects is ₹203.0.
What is the minimum investment required?
The minimum investment required is ₹243,600 for a lot size of 600 shares.
When is the IPO open for subscription?
The IPO is open for subscription from October 28, 2026, to October 30, 2026.
What is the listing date for Ajwa Projects?
The listing date for Ajwa Projects is November 4, 2026.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected premium or discount at which shares may trade in the grey market before listing.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
28 Oct 2026
Close
30 Oct 2026
Allotment
02 Nov 2026
Listing
04 Nov 2026
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