Ajwa Projects IPO 2026: GMP Today, Price, Subscription Status and Listing Date

Ajwa Projects IPO 2026: Latest Updated

Ajwa Projects Limited is launching its SME IPO from October 28 to October 30, 2026. The company plans to raise approximately ₹38.05 crore through a fixed-price issue at ₹203 per share. The shares are expected to list on the BSE SME platform on November 4, 2026.

The issue consists of a fresh issue of 15 lakh shares worth ₹30.45 crore and an offer for sale of 3.744 lakh shares worth approximately ₹7.60 crore. The fresh issue proceeds will help the company purchase equipment and transport assets, repay borrowings, meet working capital requirements and support general corporate purposes.

Ajwa Projects works in industrial engineering, fabrication, piping, erection, mechanical maintenance and civil construction. Its services support projects across industries such as oil and gas, power, steel, cement and infrastructure.

Ajwa Projects IPO Details

At the fixed issue price of ₹203, one lot of 600 shares costs ₹1,21,800. The minimum application is two lots, or 1,200 shares, requiring ₹2,43,600. Investors should confirm the applicable bidding categories and requirements before applying.

Ajwa Projects IPO GMP Today

The grey market premium (GMP) is an unofficial indicator of investor sentiment before an IPO lists on the stock exchange.

As of October 26, 2026, no reliable GMP quotation was available for Ajwa Projects IPO.

Because the issue has not yet opened for public subscription, investors should be cautious about unverified claims regarding the grey market premium. GMP can change quickly and does not guarantee the eventual listing price or any profit.

Ajwa Projects IPO Subscription Status

Ajwa Projects IPO is scheduled to open on October 28, 2026. As of October 26, public subscription bidding has not started, so subscription figures are not yet available.

Once bidding begins, investors can follow demand from the applicable investor categories, including qualified institutional buyers and non-institutional investors. The issue's allocation structure should be checked in the official offer documents.

Subscription figures can provide information about demand, but they should not be used as the sole basis for an investment decision.

About Ajwa Projects Limited

Ajwa Projects Limited provides industrial engineering and construction services. Its work includes structural fabrication, piping, equipment erection, installation, prefabricated structures, pressure equipment and mechanical maintenance.

The company undertakes work connected with industrial plants, infrastructure projects and other engineering facilities. Its customers operate in sectors such as oil and gas, power, steel, cement, nuclear infrastructure, metro projects and rail-related infrastructure.

The business relies on project contracts, engineering capabilities, timely execution and effective management of labour, materials and equipment. Its performance can therefore be influenced by the timing of new orders, project completion schedules, customer payments and cost control.

Ajwa Projects IPO Financial Performance

Ajwa Projects reported growth in revenue and profit over the last three financial years.

Revenue increased by approximately 31.8% in FY2026 compared with FY2025. Net profit rose by around 65.2% over the same period.

For the quarter ended June 2026, the company reported revenue of approximately ₹12.41 crore and net profit of ₹1.56 crore.

The reported figures show improving profitability, but investors should also examine the company's cash flow, borrowings, project receivables and working capital requirements. Engineering and construction businesses may report accounting profits while still facing cash-flow pressure because of delayed customer payments.

Objectives of the Ajwa Projects IPO

The company intends to use the net proceeds from the fresh issue for the following purposes:

Capital expenditure: Approximately ₹8.10 crore is planned for acquiring equipment, machinery and transport assets to support project execution.

Repayment of borrowings: Around ₹9.35 crore is intended for repayment or prepayment of certain outstanding borrowings.

Working capital: Approximately ₹4 crore will support working capital requirements arising from business operations.

General corporate purposes: The remaining eligible proceeds will be used for general corporate needs and other permitted expenses.

The OFS portion will provide an exit opportunity for existing promoter shareholders. Those proceeds will go to the selling shareholders rather than directly to the company.

Growth Opportunities for Ajwa Projects

Industrial infrastructure demand: Investment in industrial facilities and infrastructure may generate demand for fabrication, piping, erection and engineering services.

Multiple industry exposure: Serving industries such as power, steel, cement and oil and gas can provide opportunities across different project categories.

Equipment investment: Planned purchases of machinery and transport assets could improve the company's project execution capacity.

Improving financial performance: Recent growth in revenue and profit may provide a platform for expansion if the company continues to secure and execute profitable contracts.

Debt management: Using part of the IPO proceeds to reduce borrowings could help improve financial flexibility, depending on future business requirements.

These opportunities depend on contract wins, execution efficiency, competitive pricing and timely receipt of customer payments.

Risks of Investing in Ajwa Projects IPO

Before applying, investors should consider the following risks:

• Project concentration: Revenue may fluctuate depending on the timing and size of engineering contracts.

• Working capital pressure: Projects may require upfront spending on materials, labour and equipment before customers make payments.

• Execution risk: Delays, cost overruns or technical problems can reduce project profitability.

• Competition: The company competes with other engineering, fabrication and construction service providers.

• Borrowings: Debt repayment remains an important consideration for the company's financial position.

• Customer and sector exposure: Reduced investment in industrial or infrastructure projects could affect order inflows.

• SME share liquidity: Shares listed on the SME platform can experience greater volatility and may have lower trading liquidity than large-cap shares.

• Valuation: Investors should assess the fixed issue price against earnings, net worth, listed peers and future growth prospects.

Investors should read the Red Herring Prospectus and its risk disclosures before making an investment decision.

Ajwa Projects IPO Important Dates

These dates reflect the reported IPO schedule and may be subject to official updates.

Ajwa Projects IPO: Final Overview

Ajwa Projects IPO is a ₹38.05 crore SME offering at a fixed price of ₹203 per share. The company provides engineering, fabrication, piping and construction services to industrial and infrastructure customers.

Its reported FY2026 revenue of ₹48.42 crore and net profit of ₹5.42 crore indicate growth compared with the previous year. The IPO is intended to strengthen operating capacity, reduce certain borrowings and fund working capital.

However, investors should carefully assess project execution risks, working capital needs, customer payment cycles and the valuation implied by the issue price. No reliable GMP quotation was available as of October 26, 2026, so potential listing gains cannot be estimated confidently.

Investors should review the official offer documents and their own risk tolerance before deciding whether to apply.