Ajwa Projects IPO: dates, price band, lot size and GMP
Ajwa Projects IPO opens 28 – 30 Oct 2026 on the SME, price band ₹203, lot 600 shares, no GMP reported yet. Allotment 2 Nov, listing 4 Nov.
Listing date: Ajwa Projects IPO is scheduled to list on 4 Nov on BSE SME.
Updated 24 Oct 2026, 11:02 IST. Unofficial grey-market figures, dated.
BuyUnlistedShares tracks 217 IPOs on its calendar; the Ajwa Projects IPO has a price band of ₹203, a lot of 600 shares and no grey-market premium reported yet as of 24 Oct 2026.
Key details
| Board | SME |
|---|---|
| Issue dates | 28 – 30 Oct 2026 |
| Price band | ₹203 |
| Lot size | 600 shares |
| Issue size | ₹38.05 Cr |
| Fresh issue | ₹28.53 Cr |
| Offer for sale | ₹7.6 Cr |
| Subscription | — |
| Registrar | Kfin Technologies Ltd. |
| Lead managers | Wealth Mine Networks Ltd. |
| Status | Upcoming |
Timeline
- Issue opens: 28 Oct
- Issue closes: 30 Oct
- Allotment: 2 Nov
- Refunds: 3 Nov
- Demat credit: 3 Nov
- Listing: 4 Nov
Issue details
| Face value | ₹10 |
|---|---|
| Issue type | Fixed Price Issue |
| Listing at | BSE SME |
| Market cap at the upper band | ₹111.65 Cr |
| P/E (pre-issue) | 14.97x |
| P/E (post-issue) | 17.92x |
| Fresh issue (shares) | 14,05,200 |
| Offer for sale (shares) | 3,74,400 |
| Total shares offered | 17,79,600 |
| Promoter holding pre-issue | 98.9% |
| Promoter holding post-issue | 65.12% |
| Promoters | Mohammad Khurshid Alam Khan, Zarinbegum Khurshid Alam Khan, Riyaz Rafiq Padela |
| Lead managers | Wealth Mine Networks Ltd. |
| Registrar phone | 040-79615565 |
| Registrar email | ajwa.ipo@kfintech.com |
| Company website | ajwaprojects.com |
Lot sizes by investor category
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (minimum) | 2 | 1,200 | ₹2,43,600 |
| Retail (maximum) | 2 | 1,200 | ₹2,43,600 |
| sNII (minimum) | 3 | 1,800 | ₹2,43,600 |
| bNII (minimum) | 3 | 1,800 | ₹10,96,200 |
Reservation
| Category | Share of issue | Shares offered | Basis |
|---|---|---|---|
| NII (HNI) | 50% | 8,90,400 | 50% of the Net offer |
| Retail | 50% | 8,89,200 | 50% of the Net offer |
| Market Maker | 5.3% | 94,800 |
Key ratios as of 31 Mar 2026
| EPS (pre-issue) | ₹13.56 |
|---|---|
| EPS (post-issue) | ₹11.33 |
| P/E (pre-issue) | 14.97x |
| P/E (post-issue) | 17.92x |
| RoNW | 36.15% |
| RoCE | 34.75% |
| RoE | 36.15% |
| PAT margin | 11.2% |
| EBITDA margin | 18.66% |
| Price / book | 4.58x |
| NAV per share | ₹44.28 |
| Debt / equity | 0.71 |
| Market cap (upper band) | ₹111.65 Cr |
Financials (₹ Cr)
| Metric | 30 Jun 2026 | FY26 | FY25 | FY24 | FY26 vs FY25 |
|---|---|---|---|---|---|
| Assets | 41.97 | 36.37 | 25.57 | 25 | +42.2% |
| Total Income | 12.44 | 48.56 | 36.87 | 34.38 | +31.7% |
| Profit After Tax | 1.56 | 5.42 | 3.28 | 2.95 | +65.2% |
| EBITDA | 2.45 | 9.03 | 6.41 | 5.68 | +40.9% |
| NET Worth | 19.27 | 17.71 | 12.29 | 8.9 | +44.1% |
| Reserves and Surplus | 15.27 | 13.71 | 8.29 | 8.81 | +65.4% |
| Total Borrowing | 13.84 | 12.52 | 7.96 | 10.85 | +57.3% |
About Ajwa Projects
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:
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.
Objects of the issue
- Funding capital expenditure requirements towards acquisition of plant & machinery, transport vehicle/assets — ₹8.1 Cr
- Repayment or prepayment, in full or in part, of borrowings availed by Company — ₹9.35 Cr
- Working Capital Requirement — ₹4 Cr
- General Corporate Purposes — ₹4.43 Cr
Net proceeds: ₹25.88 Cr
Peer comparison
| Company | EPS (Basic) | EPS (Diluted) | NAV (₹ per share) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Ajwa Projects Ltd. (issuer) | 13.56 | 13.56 | 44.28 | 14.97x | 36.15% | 4.61 | Restated |
| Atmastco Ltd. | 7.33 | 7.33 | 59.15 | 15.97x | 13.93% | 1.98 | — |
| Samay Project Services Ltd. | 4.77 | 4.77 | 26.02 | 9.52x | 22.64% | 1.73 | — |
Notes: The figures of Ajwa Projects Limited are based on financial statements as restated as on March 31, 2026. Considering the nature and size of business of the Company, the peers are not strictly comparable. However same have been included for broad comparison. Current Market Price (CMP) and PE ratio is taken at the closing price of peer group scrips as on October 6th, 2026.. The figures for the peer group are based on the standalone audited financials for the year ended March 31, 2026.
Risk factors (as disclosed by the company)
- Certain delays, discrepancies and Omissions have been detected in our statutory records, as well as in records related to — the submission of returns to the concerned Registrar of Companies.
- There are certain discrepancies and non-compliances noticed in filing of returns and deposit of statutory dues with the taxation and other statutory… — may result in the imposition of penalties, which could adversely impact our financials.
- Our Company had negative cash flows in the past years, details of which are given below. Sustained negative cash flow could impact our growth and business — As per our Restated Financial Statements, our Company has recorded negative cash flows from certain activities in previous periods.
- Our Registered Office and Workshop premises from where we operate are on lease basis and not owned by us — Below are the details of the Registered Office and Workshop premises: Sr.
- We may not be able to protect our trademark "AJWA PROJECTS" and from infringement — We have applied for the registration of the “AJWA PROJECTS” brand name as a trademark under the Trade Marks Act, 1999 in India.
- Our ability to attract, retain and manage skilled and unskilled labour is critical to our operations, and any shortage — Our business operations are labour-intensive and depend significantly on the availability of both skilled and unskilled workforce, including welders, fitters, riggers, operators, and construction…
- Our Promoter Group Entities have objects similar to our Company — Our Promoter Group Entity, M/s M K Enterprise, a proprietorship concern of our Promoter Mrs.
- If we fail to acquire, renew, or sustain the statutory and regulatory licenses, registrations, and approvals necessary for the operation of our business — We require specific statutory and regulatory licenses, registrations, and approvals to conduct our business and execute our projects, some of which are granted for a limited duration and must be…
From the DRHP (risk factors pages 29–40). Headings shortened; the wording is the company’s. Not a recommendation.
Offer documents: DRHP (PDF)
Track this issue
- Ajwa Projects IPO GMP today and trend
- Ajwa Projects IPO subscription status, day by day
- Ajwa Projects IPO allotment status and how to check
Frequently asked questions
When does the Ajwa Projects IPO open and close?
The issue is scheduled for 28 – 30 Oct 2026.
What is the Ajwa Projects IPO price band?
The price band is ₹203 per share with a lot size of 600 shares.
How big is the Ajwa Projects IPO?
The total issue size is ₹38.05 Cr, of which ₹28.53 Cr is a fresh issue and ₹7.6 Cr an offer for sale.
When will Ajwa Projects list?
The tentative listing date is 4 Nov on the SME platform.
How do I apply for the Ajwa Projects IPO?
Apply through your broker or bank using ASBA or UPI within the issue window; the amount stays blocked in your account until allotment. BuyUnlistedShares does not take applications; it tracks the issue and the unlisted price before it.
Sources
- Draft red herring prospectus (DRHP), Ajwa Projects · as filed with SEBI · bsesme.com
- Registrar allotment page, Kfin Technologies Ltd. · allotment 2 Nov · ipostatus.kfintech.com
- BSE SME issues page · listing 4 Nov · bsesme.com
- Ajwa Projects company website · ajwaprojects.com
- BuyUnlistedShares IPO record: GMP, subscription and allotment, dated daily · as of 24 Oct 2026 · buyunlistedshares.com
How to cite this page: BuyUnlistedShares, “Ajwa Projects IPO”, https://buyunlistedshares.com/ipo/ajwa-projects-ipo, as of 24 Oct 2026.
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Indicative reference price, dated. BuyUnlistedShares is India's premium unlisted shares desk, run by Gayatri Financial Synergy LLP. In the market since 2002. Data as of 24 Oct 2026.
Guides for IPO applicants and pre-IPO holders
- The risks of buying unlisted and pre-IPO shares in India
- Unlisted Shares Lock-In Period: What Every Investor Must Know (2026)
- What Happens to Your Unlisted Shares After the IPO? Lock-In Periods Explained
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