Ajwa Projects IPO: ₹203 Price, Dates, GMP & Review
Ajwa Projects Limited opens its BSE SME IPO today, 28 October 2026. The Surat-based industrial services company is raising ₹38.05 crore at a fixed price of ₹203 per share, with bidding open until 30 October and listing scheduled for 4 November 2026. Here are the dates, issue details, financials, grey market premium (GMP) and an honest review.
Ajwa Projects IPO at a Glance
| Detail | Information |
|---|---|
| IPO open / close | 28 October – 30 October 2026 |
| Issue price | ₹203 per share (fixed price issue) |
| Face value | ₹10 per share |
| Total issue size | ₹38.05 crore (18,74,400 shares) |
| Fresh issue | ₹30.45 crore (15,00,000 shares) |
| Offer for sale | ₹7.60 crore (3,74,400 shares) |
| Lot size | 600 shares |
| Minimum investment (retail) | 2 lots = 1,200 shares = ₹2,43,600 |
| Listing platform | BSE SME |
| Lead manager | Wealth Mine Networks Private Limited |
| Registrar | KFin Technologies Limited |
| Market maker | Prabhat Financial Services (94,800 shares) |
Important Dates
| Event | Date |
|---|---|
| IPO opens | 28 October 2026 |
| IPO closes | 30 October 2026 |
| Allotment finalisation | 2 November 2026 |
| Refunds / demat credit | 3 November 2026 |
| Listing on BSE SME | 4 November 2026 |
What Does Ajwa Projects Do?
Ajwa Projects is an industrial services and infrastructure execution company based in Surat, Gujarat. It converts approved engineering plans into working industrial assets, covering structural and equipment fabrication, piping, erection, pressure equipment, prefabricated structures, blasting and painting, maintenance and mechanical services, and civil construction.
Its fabrication work includes pressure vessels, boilers, heat exchangers, tanks, ducts, chimneys and custom components for oil and gas, refineries, steel, power, cement, chemicals and infrastructure projects. Its civil and erection work has also supported bridges, metro rail and railway infrastructure. Past assignments cited in the prospectus include work associated with the Chenab Rail Bridge, the Mumbai Trans Harbour Link and the Sardar Sarovar Dam.
As of 5 October 2026, the company reported a balance order book of ₹42.43 crore across more than 26 projects, and as of 30 June 2026 it employed 557 people. Promoters are Mohammad Khurshid Alam Khan, Zarinabegum Khurshid Alam Khan and Riyaz Rafiq Padela.
Where Will the IPO Money Go?
The proposed use of the net fresh-issue proceeds, as disclosed in the offer documents, is:
- ₹8.10 crore — capital expenditure on equipment and transport vehicles/assets
- ₹9.35 crore — repayment or prepayment of borrowings from banks and financial institutions
- ₹4.00 crore — working capital requirements
- ₹4.43 crore — general corporate purposes
The offer for sale of ₹7.60 crore goes to the selling shareholders, not to the company.
Ajwa Projects Financials
| Period | Total revenue | Profit after tax | PAT margin |
|---|---|---|---|
| FY2024 | ₹34.38 crore | ₹2.95 crore | ~8.6% |
| FY2025 | ₹36.87 crore | ₹3.28 crore | ~8.9% |
| FY2026 | ₹48.56 crore | ₹5.42 crore | ~11.2% |
| Q1 FY2027 | ₹12.44 crore | ₹1.56 crore | ~12.5% |
Revenue grew about 32% in FY2026 while profit jumped about 65%, lifting margins — a healthy trajectory, though investors should note the growth comes off a small base and project-based revenue can be lumpy. Return on net worth was 36.15% in FY2026 and return on capital employed 34.75%, as compiled from the prospectus.
Ajwa Projects IPO GMP Today
Grey-market trackers reported a GMP of around ₹38 per share on the morning of 28 October 2026, implying an estimated listing price near ₹241 against the ₹203 issue price — roughly an 18–19% premium. GMP is unofficial, unregulated and can change quickly; it is not a guaranteed listing price. Some trackers had no GMP quote for this issue, so treat the ₹38 figure as a market-reported indication only, not a confirmed value.
Ajwa Projects IPO Review: Strengths and Risks
Strengths
- Improving financials: revenue and profit both rose sharply in FY2026, with margins expanding to about 11–12%.
- Diversified end-user sectors — oil and gas, refineries, steel, power, cement and infrastructure — rather than dependence on a single client type.
- Visible pipeline: a ₹42.43 crore order book across 26+ projects as of early October 2026.
- End-to-end execution model, from workshop fabrication in Surat to on-site erection and maintenance.
Risks to watch
- Valuation looks full: the post-issue P/E works out to about 20.6x FY2026 earnings, above the prospectus peers Atmastco (about 16.0x) and Samay Project Services (about 9.5x).
- Small scale and SME liquidity: a ₹38 crore issue with a ₹2.43 lakh minimum retail ticket means the stock can be volatile after listing.
- Project execution risk: delays, cost overruns or client concentration in industrial contracting can hit margins quickly.
- Working-capital intensity: contracting businesses typically tie up cash in receivables and work in progress.
Bottom line: Ajwa Projects offers a growing, profitable industrial-services story at a premium valuation. The reported GMP points to a positive listing expectation, but the high retail ticket and SME volatility make this a stock to size carefully rather than chase on grey-market sentiment alone. This article is for information only and is not investment advice.
How to Check Ajwa Projects IPO Allotment
After allotment is finalised on 2 November 2026, investors can check their status on the registrar KFin Technologies' IPO allotment portal or on the BSE SME website, using their application number, PAN or demat details. Shares are expected to be credited on 3 November 2026, ahead of the 4 November listing.
FAQs
When does the Ajwa Projects IPO open and close?
The IPO opens on 28 October 2026 and closes on 30 October 2026.
What is the Ajwa Projects IPO price?
It is a fixed-price issue at ₹203 per share.
What is the Ajwa Projects IPO lot size and minimum investment?
One lot is 600 shares; retail investors must apply for a minimum of 2 lots (1,200 shares), costing ₹2,43,600.
When will Ajwa Projects list?
The shares are scheduled to list on BSE SME on 4 November 2026.
What is the Ajwa Projects IPO GMP?
Trackers reported around ₹38 on 28 October morning, implying roughly ₹241 — but GMP is unofficial and subject to change.
Who are the lead manager and registrar?
Wealth Mine Networks is the lead manager and KFin Technologies is the registrar.
Conclusion
Ajwa Projects' IPO brings a small but growing Surat industrial-services company to BSE SME at ₹203 a share. Strong FY2026 growth, a ₹42 crore order book and a positive grey-market indication are on the plus side; a premium valuation versus peers and SME volatility are the counterweights. Investors should weigh the fundamentals against the ₹2.43 lakh minimum ticket before applying.
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