Ajwa Projects IPO Details: Key Dates, Price Band & Investment Overview

By Wealthova | Last Updated: October 26, 2026

Ajwa Projects Limited, an emerging player in the Indian civil construction and infrastructure development sector, is gearing up to make its primary market debut with an upcoming ₹38.05 Crore SME IPO. Operating as a specialized engineering solutions provider, the business focuses on integrated fabrication and erection expertise for complex on-site and off-site projects. The company actively caters to a vast domestic base, supported by a strong and diverse order book standing at ₹19.82 Crore. The subscription window for this fixed-price issue opens on October 28, 2026, and closes on October 30, 2026. The issue price is fixed at ₹203 per equity share. The ₹38.05 Crore offering is structured as a combination of a ₹30.45 Crore Fresh Issue (15.00 Lakh shares) and an Offer for Sale (OFS) of ₹7.60 Crore (3.74 Lakh shares) by existing selling shareholders. Retail investors must apply for a minimum of 2 lots (1,200 shares), requiring an investment of ₹2,43,600. The company plans to utilize the fresh capital primarily to rapidly repay outstanding corporate borrowings (₹9.35 Crore) and to fund capital expenditure for new plant, machinery, and transport assets (₹8.10 Crore). Set to list on the BSE SME platform, market participants are closely watching this fast-growing infrastructure enterprise, backed by a robust FY26 total revenue of ₹48.56 Crore and a solid net profit of ₹5.42 Crore. Below, we break down the financial health, industry risk factors, and our honest Smart Market Insights to help you decide if you should subscribe to this issue!

Ajwa Projects Limited is a specialized, multi-disciplinary civil construction and industrial engineering firm that provides comprehensive fabrication, erection, and mechanical construction services. Headquartered with a primary manufacturing workshop in Surat, Gujarat, the company has been executing complex infrastructure and industrial projects across India since its incorporation in 2011.

The core operations and service verticals of Ajwa Projects are defined by the following pillars:

• Industrial Fabrication & Structural Erection: The company specializes in heavy fabrication and the on-site erection of critical structural components, executing large-scale piping and pressure equipment installations for the infrastructure sector.
• Prefabricated Structures: Ajwa Projects designs and constructs modular and portable buildings tailored for both industrial and commercial applications, allowing for rapid, scalable on-site deployment.
• Maintenance & Mechanical Services: Beyond core construction, the company provides critical lifecycle services including preventive maintenance, PSV calibration, Non-Destructive Testing (NDT), blasting and painting, and comprehensive plant shutdown services.
• Execution-Driven Workforce: The company's project execution capabilities are backed by a robust, highly trained workforce comprising over 557 skilled and semi-skilled workers, allowing them to manage multiple concurrent project sites effectively.

The ₹38.05 Crore SME IPO is structured as a combination of a ₹30.45 Crore Fresh Issue and a ₹7.60 Crore Offer for Sale (OFS). While the OFS proceeds will go directly to the selling promoters, the net proceeds from the fresh issue will be retained by the company and strategically utilized for the following core objectives:

• Prepayment and Repayment of Borrowings (₹9.35 Crore): The infrastructure sector is highly capital-intensive, and the company plans to allocate the largest portion of its fresh capital to deleverage its balance sheet. Paying down these outstanding borrowings will significantly reduce annual interest expenses and immediately boost net profit margins.
• Capital Expenditure (₹8.10 Crore): To support its growing order book and scale its execution capabilities, Ajwa Projects will invest heavily in purchasing advanced plant machinery, heavy transportation vehicles, and other critical operational assets for its Surat workshop and pan-India project sites.
• Working Capital Requirements (₹4.00 Crore): A dedicated portion of the funds will be used to bridge the massive working capital gap inherent in large-scale infrastructure and fabrication contracts, ensuring smooth day-to-day operations and timely vendor payments.
• General Corporate Purposes (₹4.43 Crore): The remaining balance of the net proceeds will be utilized to cover routine corporate operations, strategic initiatives, and standard public issue expenses.