Ajwa Projects Limited (formerly known as Ajwa Projects Private Limited) is an established industrial service provider engaged in a diversified portfolio of engineering and execution services spanning structural fabrication, process piping, heavy erection, pressure equipment installation, prefabricated structures, surface preparation (blasting & painting), plant maintenance & mechanical services, and civil construction works. Incorporated in March 2011, the company operates as an integrated execution partner converting client-approved engineering designs into functional industrial and infrastructure assets. Its underlying business model is project-based and execution-intensive, offering both off-site workshop manufacturing and on-site field deployment under a flexible dual-execution framework.
The company caters to a wide spectrum of capital-intensive process industries and public infrastructure verticals, including oil & gas, petrochemicals, petroleum refineries, power generation, steel, heavy metals, cement, fertilizer, nuclear power, bridges, metro rail, and high-speed bullet train infrastructure. Its target customer base primarily comprises large industrial conglomerates, engineering contractors, and government/public sector entities. Revenue is highly concentrated among key clients, with the top 1 customer accounting for 26.49% and the top 5 customers contributing 85.40% of operational revenue for the three months ended June 30, 2026. Geographically, while the company has executed projects across states such as Gujarat, Maharashtra, Haryana, Rajasthan, Odisha, Bihar, and Chhattisgarh, its operations remain heavily concentrated in Gujarat, which accounted for 93.96% of total revenue from operations in Fiscal 2026 and 96.24% in Q1 FY27.
Regarding manufacturing and workshop infrastructure, the company operates a dedicated fabrication workshop located at Plot No. ACP-1, Ichchapore, GIDC, Choryashi, Surat, Gujarat, India, alongside its registered office in Surat. The Ichchapore facility is equipped with industrial fabrication sheds, open assembly yards, blasting and priming bays, painting areas, heavy EOT cranes, CNC plasma cutting machinery, and hydraulic plate bending equipment. In terms of installed capacity and exact capacity utilization figures, the RHP explicitly states that these metrics are not applicable to the company, as its operations are entirely project-driven and job-specific rather than operating as a conventional factory-based manufacturing unit with fixed rated throughput limits.
Operationally, the company relies on an experienced workforce of 557 permanent personnel (including engineers, quality control supervisors, and skilled technical workers) supplemented by contract labor to manage project sites. While dedicated formal R&D capabilities or standalone research facilities are not maintained, operational excellence is driven by comprehensive quality and safety management systems certified under ISO 9001:2015 (Quality Management System) and ISO 45001:2018 (Occupational Health and Safety Management). Quality assurance includes stage-wise non-destructive testing (NDT), hydrostatic pressure testing, and trial calibration runs. As of October 05, 2026, the company maintained an unexecuted order book value of ₹42.43 Crore across 26 active project sites.
Financially, Ajwa Projects Limited reported total income and net profits of ₹34.38 Cr and ₹2.95 Cr (FY24), ₹36.87 Cr and ₹3.28 Cr (FY25), ₹48.56 Cr and ₹5.42 Cr (FY26), and ₹12.44 Cr and ₹1.56 Cr (Q1 FY27). The company has demonstrated steady growth, with revenue expanding at an 18.82% CAGR and net profit growing at a 35.66% CAGR between FY24 and FY26. Total debt stood at ₹10.85 Cr in FY24, ₹12.52 Cr in FY26, and ₹13.84 Cr in Q1 FY27; however, the Debt-to-Equity ratio improved from 1.22x to 0.72x over the same period due to net worth expansion. The company maintains an average EPS of ₹10.83 and an average RoNW of 35.02% over the last three fiscals.
Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 4.21 (NAV of ₹48.17 as of June 30, 2026). Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 2.25. Attributing historical earnings to the expanded post-issue equity base, the asking price reflects a Post-Issue P/E of approximately 37.87 (FY24), 34.00 (FY25), 20.59 (FY26), and 17.92 (TTM). A comparison with listed peers shows that Atmastco Limited trades at a P/E of 10.2x and Samay Project Services Limited trades at 11.8x, indicating that Ajwa Projects Limited is commanding a valuation premium relative to its listed sector competitors.
The issue is managed by Wealth Mine Networks Limited, which has handled 7 public issues to date. Out of its last seven managed IPOs, five listed below the issue price, while the remaining two listed at or above it. As of October 27, 2026, seven of these recent issues are trading below their issue price. KFin Technologies Limited is acting as the Registrar to the Offer.
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