A provider of diversified industrial services opens its Rs 38.05 crore BSE SME issue on October 28
Ajwa Projects Ltd (APL) provides a diversified portfolio of industrial services spanning fabrication, piping, erection, pressure equipment, prefabricated structures, blasting & painting, maintenance & mechanical services, and civil construction works — undertaking the core execution and manufacturing activities that convert approved plans into functional industrial assets.
Fabrication is central: APL machines, welds and assembles steel and structural components into finished parts per client specs. In structural fabrication, it makes technological frameworks, industrial buildings, girders, heavy modules, platforms and crane girders; in equipment fabrication, pressure vessels, boilers, heat exchangers, tanks, chimneys, ducts, ladles and blast-furnace components for process industries (steel, power, oil & gas, refineries). It also fabricates specialised components (dish ends, crowns, petals, and diesel-engine components for railway applications).
Beyond fabrication, APL provides erection services (on-site installation, alignment and integration of fabricated structures, equipment and piping), piping services (fabrication and erection of process/utility piping for fluids, gases, steam and chemicals), and civil construction works (site preparation, earthworks, concreting, heavy-machinery foundations, superstructures, silos and tanks). Its end-markets include oil & gas, refineries, power plants, steel plants, bridges and large infrastructure.
As of June 30, 2026, it had 658 employees, and (per the RHP) a balance order value of Rs 4,243.45 lakh across 26+ projects as of October 5, 2026.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | October 28, 2026 |
| Issue Closes | October 30, 2026 |
| Listing | BSE SME |
| Listing Date | November 4, 2026 |
| Issue Type | Fixed Price |
| Price | Rs 203 per share |
| Face Value | Rs 10 |
| Issue Size | Rs 38.05 crore (18,74,400 shares) |
| Fresh Issue | Rs 30.45 crore (15,00,000 shares) |
| Offer for Sale | Rs 7.60 crore (3,74,400 shares) |
| Lot Size | 600 shares (min 2 lots = 1,200 shares / Rs 2,43,600) |
| QIB / NII / Retail | 0% / 50% / 50% |
| Lead Manager | Wealth Mine Networks Ltd. |
| Market Maker | Prabhat Financial Services Ltd. |
| Registrar | KFin Technologies Ltd. |
The issue is majority fresh (Rs 30.45 crore) with a Rs 7.60 crore OFS. Proceeds: Rs 4.00 crore for working capital, Rs 9.35 crore for repayment/prepayment of borrowings, Rs 8.10 crore for capex on equipment and transport vehicles/assets, and Rs 4.43 crore for general corporate purposes (Rs 4.57 crore for the IPO process). It constitutes 34.08% of post-IPO capital; implied market cap ~Rs 111.65 crore. The company issued a 19:1 bonus in December 2024.
Price Band Analysis
At the fixed price of Rs 203, the issue is valued at a P/E of about 17.92x on FY27-annualised earnings and 20.59x on FY26, with a P/BV of 4.21 (June 30, 2026 NAV of Rs 48.17), easing to 2.25x on the post-IPO NAV of Rs 90.40. Average EPS was Rs 10.83 and average RoNW 35.02% over three fiscals. Listed peers Atmastco (P/E ~15.97x) and Samay Project Services (~9.52x) trade lower.
GMP Watch
The Ajwa Projects IPO GMP is minimal at Rs 10 (~5% premium) as of the days before opening (from ₹0 earlier) — implying an estimated listing near Rs 213 over the Rs 203 price. GMP is unofficial, unregulated and SEBI-unendorsed, and can move before listing.
Financial Performance
| Particulars (Rs cr) | FY24 | FY25 | FY26 | Q1-FY27 |
|---|---|---|---|---|
| Total Income | 34.38 | 36.87 | 48.56 | 12.44 |
| Net Profit (PAT) | 2.95 | 3.28 | 5.42 | 1.56 |
| PAT Margin (%) | 8.60 | 8.94 | 11.20 | 12.55 |
| RoCE (%) | 35.63 | 31.19 | 34.75 | 7.56 |
Total income grew from Rs 34.38 crore (FY24) to Rs 48.56 crore (FY26), with PAT rising from Rs 2.95 crore to Rs 5.42 crore, and Rs 1.56 crore in Q1-FY27. PAT margins improved to ~11–12.5%, and RoCE has held in the 31–36% band annually. Rising trade receivables are a concern. No dividend history.
Conclusion
Ajwa Projects brings a diversified industrial-services business to the SME board — fabrication, piping, erection, pressure equipment and civil construction for steel, power, oil & gas, refineries and infrastructure, with a Rs 42.43 crore order book, growing financials and healthy return ratios.
Set against that are a sharp FY26 jump in a competitive, fragmented segment, rising trade receivables, and a tiny post-IPO equity base (Rs 5.50 crore) that signals a longer wait for mainboard migration — alongside a 0% QIB structure and a minimal grey market.
