Ajwa Projects Limited IPO
Ajwa Projects Limited IPO is open till 30 Oct 2026. Price band ₹203–₹203, lot 600 shares, GMP +₹2 (0.99%). Check dates and allotment, and apply for your whole family on Allotly.
| Status | Open |
|---|---|
| Category | SME · BSE |
| Price band | ₹203–₹203 |
| Lot size | 600 shares |
| Minimum investment | ₹2,43,600 |
| Issue size | ₹38.05 Cr |
| GMP | +₹2 (0.99%) |
| Open date | 28 Oct 2026 |
| Close date | 30 Oct 2026 |
| Allotment date | 2 Nov 2026 |
| Listing date | 4 Nov 2026 |
| Registrar | KFin Technologies Limited |
About Ajwa Projects Limited
Ajwa Projects Limited provides industrial engineering, fabrication, erection, piping, maintenance, and civil construction services. The company undertakes structural fabrication work involving industrial buildings, girders, platforms, heavy modules, and other steel structures. It also manufactures equipment such as pressure vessels, boilers, heat exchangers, tanks, chimneys, ducts, and specialised industrial components. The company's services include installing and assembling industrial structures, equipment, and piping systems. It also undertakes civil construction activities, including site preparation, earthworks, foundations, factory buildings, and supporting infrastructure. The company also provides prefabricated structures, mechanical maintenance, non-destructive testing, sandblasting, and industrial painting services. Ajwa Projects serves industries including oil and gas…
Strengths
- As of October 5, 2026, Ajwa Projects Limited was executing more than 26 projects, with an outstanding order book valued at Rs 42.43 crore.
- The company has witnessed consistent growth in revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 34.26 crore in FY24 to Rs 36.73 crore in FY25 and Rs 48.42 crore in FY26, while PAT increased from Rs 2.95 crore to Rs 3.28 crore and Rs 5.42 crore, respectively.
- The company claims to have a flexible execution model that allows it to undertake fabrication activities at its workshops as well as directly at client project sites. Its operations cover structural fabrication, piping, pressure equipment, erection, and civil construction works.
- The company is ISO 9001:2015 certified for quality management systems and ISO 45001:2018 certified for occupational health and safety management systems.
- The company has undertaken projects across industries such as oil and gas, refineries, petrochemicals, steel, power, cement, fertilisers, bridges, metro rail, and bullet train infrastructure.
- The company claims to have a workforce of 557 personnel, including skilled, semi-skilled, and supervisory staff, deployed across its fabrication facilities and client project sites.
Risks
- The company, its promoters, and directors are involved in certain ongoing legal proceedings. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
- The company's top 10 customers contributed Rs 12.22 crore (98.52%), Rs 41.96 crore (86.65%), Rs 28.66 crore (78.03%), and Rs 29.67 crore (86.58%) to its revenue from operations for the period ended June 30, 2026, and FY26, FY25, and FY24, respectively. Any failure to retain these customers or a reduction in business from them could adversely affect the company's revenue and financial performance.
- The company's revenue is geographically concentrated in Gujarat, which contributed Rs 11.94 crore (96.24%), Rs 45.50 crore (93.96%), Rs 29.48 crore (80.26%), and Rs 23.27 crore (67.91%) to its revenue from operations for the period ended June 30, 2026, and FY26, FY25, and FY24, respectively. Any adverse developments in Gujarat could significantly affect the company's operations and financial performance.
- The company recorded negative cash flows from operating activities amounting to Rs 0.98 crore, Rs 2.88 crore, and Rs 1.17 crore for the period ended June 30, 2026, FY26, and FY24, respectively, primarily due to increased inventories and trade receivables. It also recorded negative cash flows from investing activities amounting to Rs 0.15 crore, Rs 0.36 crore, Rs 0.12 crore, and Rs 1.22 crore for the period ended June 30, 2026, and FY26, FY25, and FY24, respectively. Additionally, it recorded negative cash flow from financing activities amounting to Rs 4.50 crore in FY25. If cash outflows continue to exceed inflows, the company may face liquidity challenges in the future.
- As of June 30, 2026, the company had outstanding financial indebtedness of Rs 13.84 crore, comprising secured and unsecured borrowings. Any failure to service these borrowings or comply with the restrictive covenants under its financing agreements could adversely affect its operations and financial position.
- The company's top 10 suppliers accounted for Rs 3.33 crore (66.24%), Rs 2.94 crore (80.21%), Rs 12.92 crore (58.66%), and Rs 5.15 crore (67.16%) of its total cost of materials consumed in FY24, FY25, FY26, and six months ending September 2026, respectively. The company also depends on client-nominated vendors for several raw materials. Any disruption in supplies could delay project execution and increase procurement costs.
- The company has experienced delays and discrepancies in statutory filings with the Registrar of Companies, including 26 instances of delayed filings. Some delays extended to 474 days, and any recurrence of such non-compliance could result in penalties or regulatory action.
- The company has experienced delays in filing returns and depositing statutory dues relating to GST, TDS, provident fund, professional tax, and ESIC. Although the company states that no related dues remain outstanding as of the prospectus date, any future non-compliance could result in penalties and additional financial liabilities.