Ajwa Projects

UPCOMING

IPO Date: 28 Oct - 30 Oct 2026

Listing Date: 4 Nov 2026

Price Range

₹203 per share

Issue Size

38 Cr

Min Investment

₹2,43,600

2 lots minimum (SEBI rule for SME)

Min Application

1200 Shares

600 per lot × 2

View IPO Document

Schedule of Ajwa Projects

Issue open date
28 Oct 2026
Issue close date
30 Oct 2026
UPI mandate deadline
30 Oct 2026 (5 PM)
Allotment finalization
2 Nov 2026
Share credit
3 Nov 2026
Listing date
4 Nov 2026
Mandate end date
14 Nov 2026

Issue size

Funds Raised in the IPO	Amount
Overall	38 Cr
Fresh Issue	15 Cr
Offer for Sale	3.74 Cr

Allotment Details^New

Allotment Timeline	Details
Allotment Date	2 Nov 2026
Allotment Link	{Link}

Grey Market Premium

New

Grey Market Premium (GMP) is the premium at which the shares are traded in the grey market. It gives a fair idea about the listing price of the IPO shares. The GMP can be positive or negative based on the demand and supply of the shares in the grey market.

Date	IPO Price	GMP	Est. Listing Price
26 Oct 2026Latest	-	-	-

Performance Ajwa Projects

Issue Price	Listing Gain	Current Market Price	P/L
₹203 per share	....	....	....

About Ajwa Projects

Ajwa Projects Limited is an industrial engineering and construction company headquartered in Surat, Gujarat, specializing in fabrication, mechanical engineering, and industrial project execution. Its services include structural steel fabrication, piping, equipment erection, pressure vessels, prefabricated structures, civil construction, and industrial maintenance. The company serves industries such as oil and gas, refineries, power generation, steel, cement, and infrastructure. Its operations combine workshop-based fabrication with on-site installation and project execution. Originally established as M.K. Enterprise in 1981, the business was incorporated as Ajwa Projects Private Limited in 2011 and converted into a public limited company in June 2025.

Founded in	1981
Managing director	Mohammad Khurshid Alam Khan
Parent organization

Financial Overview

Strengths

1
Experienced Promoter and Management. The company's leadership has extensive experience in industrial fabrication and project execution, supporting technical expertise, project management, and customer relationships.
2
Integrated Industrial Services. Its capabilities span fabrication, piping, equipment erection, pressure equipment installation, civil construction, and maintenance, allowing it to undertake multiple stages of industrial projects.
3
Established Industry Experience. Business operations dating back to 1981 provide a long operating history and experience serving industrial and infrastructure customers.
4
Order Book and Expansion Opportunities. The company reported an order book of approximately ₹42.43 crore, providing visibility into future project execution and potential revenue generation. Its planned investment in plant, machinery, and transport assets may also strengthen execution capacity.

Risks

1
High Customer Concentration. The top 10 customers contributed approximately 86.65% of revenue in FY2026, while the largest customer accounted for around 19.05%. Losing major customers or receiving fewer orders could significantly affect revenue.
2
Geographical Concentration. Approximately 93.96% of FY2026 revenue came from Gujarat, exposing the company to regional economic conditions, industrial investment cycles, and project delays.
3
Negative Operating Cash Flow. The company reported negative operating cash flow in FY2026. Continued cash-flow pressure could affect working capital, supplier payments, and the funding of ongoing projects.
4
Legal and Compliance Exposure. Outstanding legal proceedings, historical discrepancies in statutory records, and delays in statutory filings or payments could result in financial penalties, additional expenses, or reputational damage.

Subscription Figures

Category	Subscription (No. of times)
Qualified Institutional Buyers (QIBs)	N/A
Non-Institutional Investors (NIIs)	N/A
Retail Individual Investors (RIIs)	N/A
Employee	N/A
Total	N/A