Ajwa Projects IPO: Overview

Ajwa Projects Limited, a company in the infrastructure sector, is raising funds through a BSE SME IPO. The issue opens on 28 October 2026 and closes on 30 October 2026. It is a fixed price issue at ₹203 per share, and the total issue size is about ₹38.05 crore.

This is an SME issue, so it works differently from a mainboard IPO. It has a large lot size, a high minimum investment and higher risk. Read the key details and the risks below before applying.

Ajwa Projects IPO: Key Details

Particulars	Details
Company	Ajwa Projects Limited
Sector	Infrastructure developers and operators
Exchange	BSE SME
Issue type	Fixed price issue
Face value	₹10 per equity share
Issue price	₹203 per share (single price, no band)
Total issue size	About ₹38.05 crore (18,74,400 shares)
Fresh issue	About ₹30.45 crore (15,00,000 shares)
Offer for sale	3,74,400 shares (about ₹7.60 crore)
Issue opens	28 October 2026
Issue closes	30 October 2026
Basis of allotment (tentative)	2 November 2026
Refunds and credit of shares (tentative)	3 November 2026
Listing (tentative)	4 November 2026 on BSE SME
Lot size	600 shares

Dates are tentative and can change.

Lot Size and Investment Amount

Category	Lots	Shares	Amount
Retail (minimum)	2	1,200	₹2,43,600
HNI / NII (minimum)	2	1,200	₹2,43,600

One lot is 600 shares, or ₹1,21,800. SME IPOs require a minimum of two lots, so the entry amount is much higher than in most mainboard IPOs.

Reservation

Category	Shares	Share of offer
QIB	None	0%
Non-Institutional Investors (NII/HNI)	8,90,400	47.5%
Retail Individual Investors	8,89,200	47.44%
Anchor	None	0%

The remaining 94,800 shares (about 5%) are not shown in the table I reviewed. In SME IPOs this portion is usually reserved for the market maker. Please confirm this in the RHP.

Shareholding

Group	Pre-issue	Post-issue
Promoter group	98.9%	65.12%
Public	1.1%	34.88%

After the IPO, the promoter group will still hold a majority stake of about 65%. The 18,74,400 shares on offer are about 34.88% of the post-issue capital, which implies roughly 53.7 lakh shares outstanding after the IPO. At ₹203 that is an estimated market capitalisation of about ₹109 crore (my calculation).

Objects of the Issue

I could not find the objects of the issue in the sources reviewed. Fresh issue proceeds in SME IPOs are typically used for items such as capital expenditure, working capital, repayment of borrowings and general corporate purposes. Take the exact allocation from the RHP. The company will not receive the proceeds from the offer for sale. They go to the selling shareholders.

About Ajwa Projects

Ajwa Projects is classified under infrastructure developers and operators. The sources I could find did not include a business description. The strengths listed by one source include quality control and customisation as per contractor needs, which suggests the company serves contractors and infrastructure projects. A source also notes that a significant portion of its revenue comes from Gujarat.

Add a description of the company's products, customers, facilities and history from the RHP before publishing.

Financial Performance

The figures below are as shown in one source, which labels them in ₹ million. Only the first column is explicitly tied to March 2025, so treat the year labels as indicative.

Particulars	Latest year (Mar 2025)	Previous year	Year before
Total revenue	36.87	34.38	28.80
EBITDA	6.73	5.80	2.00
Profit after tax	3.28	2.95	0.61
Total assets	26.29	25.66	19.29

Highlights (calculated):

• Revenue grew about 7% in the latest year and about 28% over the previous year.
• PAT rose from 0.61 to 3.28, an increase of more than five times over two years.
• EBITDA margin improved from about 6.9% to about 18.3%.
• PAT margin in the latest year is about 8.9%.

Important: these numbers are small for an issue of ₹38 crore. The source may have mislabelled the unit, and the figures may be in ₹ crore. The two readings give very different valuations, so check the units in the RHP before publishing any valuation comment.

Valuation

The sources did not give a P/E or EPS. Using my estimated market cap of about ₹109 crore:

• If the figures are in ₹ crore, PAT of ₹3.28 crore gives a P/E of roughly 33x.
• If they are in ₹ million, PAT is ₹0.33 crore and the P/E would be around 330x.

Verify the units and the post-issue share count in the RHP, then compare the P/E with listed infrastructure and construction-related peers.

Strengths

• Improving profitability. Reported EBITDA and PAT have both risen over the three periods shown.
• Quality focus. Quality control and customisation to contractor needs are cited as strengths.
• Promoter continuity. The promoter group will hold about 65% after the issue.
• Part fresh issue. About ₹30.45 crore of the issue goes to the company.

Risks

• SME risk. SME stocks are smaller and less liquid, with wider price swings, and can see sharp falls after listing.
• High entry cost. The minimum investment of ₹2,43,600 limits participation and concentrates risk.
• Geographic concentration. A large share of revenue comes from Gujarat.
• Customer and supplier concentration. The company depends on a limited number of customers and suppliers.
• Pending legal proceedings. The RHP lists legal matters to review.
• Leased premises. Operations rely on leased premises.
• Labour dependence. The business depends on labour availability.
• Trademark protection. Protection of its brand and intellectual property is limited.
• Offer for sale. About 20% of the issue by value is an OFS, so existing shareholders are selling.
• Small lead manager and fixed price. The issue is fixed price, so there is no price discovery through a book. Check the lead manager's track record.
• Valuation. If the P/E is high relative to peers, there may be little room for upside.

How to Apply for the IPO ?

• Login or Open demat account with JM Financial Services / JM PRO app: Open the JM PRO app or JM Financial Services website and log in with your credentials. 
• Locate the IPO Section: Navigate to the 'IPO' section on the platform. 
• Select IPO: Find and select the IPO from the list of open IPOs. 
• Enter the Lot Size: Specify the number of lots you want to bid for. 
• Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application. 
• Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN. 

How to Check the Allotment Status of the IPO?

Steps to check IPO allotment status on JM Pro app: 

• Log in to the JM Pro app. 
• Go to the IPO Section and then to IPO Orders. 
• Select the individual IPO that you had applied for and check the allotment status. 

JM Financial Services will notify you of your IPO allotment status via push notification and email