Incorporated in 2011, Ajwa Projects is a multi-disciplinary industrial services company delivering end-to-end solutions across fabrication, erection, piping, pressure equipment, prefabricated structures, civil construction, and maintenance. The company specializes in turning project plans into real, functional industrial assets. The company manufacture technological frameworks, industrial buildings, girders, heavy modules, platforms, and crane girders that are critical for plant construction and infrastructure projects. They also fabricate specialised components such as dish ends, crowns, petals, and customised parts, including diesel engine components for railway applications that require a high degree of precision and strict compliance with industry standards.
Key Services:
- Fabrication: Manufacture and sell structural components, pressure vessels, boilers, tanks, ducts, and precision parts for various industries.
- Erection: On-site installation and integration of heavy structures, equipment, and piping systems with strict focus on safety and precision.
- Piping: Fabrication and installation of process and utility pipelines for chemicals, gases, steam, and fluids.
- Pressure Equipment: Fabrication, assembly, and erection of pressure vessels and related heavy-duty equipment.
- Civil Construction: Site development, foundations, industrial buildings, silos, tanks, and other civil works.
- Prefabricated Structures: Modular and portable buildings for industrial and commercial use.
- Maintenance & Mechanical Services: Preventive maintenance, PSV calibration, NDT testing, blasting & painting, and plant shutdown support.
The company caters to a wide range of industries such as oil & gas, petrochemicals, refineries, power generation, steel, heavy metals, cement, nuclear power, bridges, metro rail, bullet train infrastructure, and other industrial and infrastructure projects.
It has a workforce of over 557 skilled and semi-skilled professionals.
Competitive Strengths:
- Experienced management team
- Comprehensive Portfolio with Sectoral Diversity
- Strong and diverse Order Book: As of Sep 30, 2025, its order book stood at Rs 1,982.05 lakhs.
- Flexible Execution Model (On-Site and Off-Site)
- Integrated Fabrication and Erection Expertise
- Quality and Safety Framework
- Skilled Workforce and Operational Capability
| Purpose | Amount (₹ Cr) |
|---|---|
| Funding capital expenditure requirements towards acquisition of plant & machinery, transport vehicle/assets | ₹8 |
| Repayment or prepayment, in full or in part, of borrowings availed by Company | ₹9 |
| Working Capital Requirement | ₹4 |
| General Corporate Purposes | ₹4 |
| Metric | 30 Jun 2026 | 31 Mar 2026 | 31 Mar 2025 |
|---|---|---|---|
| Total Assets | 42 | 36 | 26 |
| Revenue | 12 | 49 | 37 |
| PAT | 2 | 5 | 3 |
| EBITDA | 2 | 9 | 6 |
| Net Worth | 19 | 18 | 12 |
| Reserves | 15 | 14 | 8 |
| Total Borrowing | 14 | 13 | 8 |
| Category | Sub (x) | Offered | Bid For |
|---|---|---|---|
| NII / HNI | — | 890,400 | — |
| Retail (RII) | — | 889,200 | — |
| Market Maker | — | 94,800 | — |
| Total | — | 1,874,400 | — |
* Amount calculated at upper price band (₹203) · ** Total includes all investor categories
- 1 Initiation of Refund 03 Nov 2026
- 2 Credit of Shares to Demat 03 Nov 2026
- The IPO P/E of 18x reflects a good valuation relative to typical market ranges.
- Pre-issue EPS of ₹14 compares to post-issue EPS of ₹11 after dilution.
This IPO has relatively lower interest or stretched valuation. Proceed with thorough research and caution.
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