AJWA PROJECTS LIMITED
કંપની શું કરે છે: The company undertakes fabrication, installation, construction and maintenance work for industrial and infrastructure customers. It earns revenue from project contracts and related services, including support for operating facilities.
લેખક IPO Milega Research · પ્રકાશિત
FY2025 revenue was ₹36.73 crore, with net profit of ₹4.75 crore using the extracted profit figure.
- GMP (અનઓફિશિયલ)
- +18.72%
- શેર દીઠ ₹38
- સબ્સ્ક્રાઇબ્ડ
- 0.07x
- અત્યાર સુધી કુલ
- રિટેલ ચાન્સ
- 100%
- 1માંથી 1
GMP અનઓફિશિયલ ગ્રે માર્કેટ સંકેત છે. GMP અપડેટ 28 Oct, 12:05 IST.
- પ્રાઇસ બેન્ડ
- ₹203
- લોટ સાઇઝ
- 1200 શેર
- ઓછામાં ઓછું રોકાણ
- ₹2,43,600
- ઇશ્યૂ સાઇઝ
- Approx 38.05 Crores
- ઓપન28 Oct 2026
- બંધ30 Oct 2026
- એલોટમેન્ટ2 Nov 2026
- લિસ્ટિંગ4 Nov 2026
ઓવરવ્યૂ
હાલના સબ્સ્ક્રિપ્શન આંકડા પરથી અંદાજેલું. તમારી અરજીની સાઇઝ માટે ગણવા કેટેગરી પર ટેપ કરો.
- QIB
- 0x
- NII
- 0.01x
- રિટેલ
- 0.13x
₹241 (+18.72%)
GMP ટ્રેન્ડ
અનઓફિશિયલ ગ્રે માર્કેટ ભાવ, સમય IST માં
પૈસા ક્યાં જાય છે
- કંપનીને
- ₹29 Cr
- નવો ઇશ્યૂ
- વેચનાર શેરહોલ્ડરોને
- ₹8 Cr
- ઓફર ફોર સેલ
- પ્લાન્ટ, મશીનરી અને પરિવહન સંપત્તિઓ માટે મૂડી ખર્ચ₹8.1 Cr21%
- કંપનીએ લીધેલી અમુક લોનની ચુકવણી અથવા સમય પહેલાં ચુકવણી₹9.35 Cr24%
- વર્કિંગ કેપિટલની જરૂરિયાતો₹4 Cr10%
- સામાન્ય કોર્પોરેટ હેતુઓ₹4.43 Cr12%
- ઇશ્યૂ સંબંધિત ખર્ચ₹4.57 Cr12%
- ઓફર ફોર સેલ: વેચનાર શેરહોલ્ડરોને જાય છે₹8 Cr21%
બહારની રિંગ: અંદાજિત ગેઇન
સ્કોર કેવી રીતે બને છે
કુલ સ્કોર આ પાંચની સરેરાશ છે, બિડિંગ બંધ થયા પછી QIB માંગથી થોડો બદલાય છે.
- ફાઇનાન્શિયલ્સ6.0
- પરફોર્મન્સ7.0
- ફ્લેક્સિબિલિટી7.0
- ટાઇમિંગ5.0
- જોખમ4.0
Revenue and profit grew over FY2023–FY2025, and the ₹19.82 crore order book supports near-term execution. Debt repayment from issue proceeds may ease financing pressure. Growth moderated in FY2025, while geographic and customer concentration, working-capital needs, and uneven cash flows limit fundamental upside. No valuation data is available to support a higher estimate.
ખૂબીઓ5
- Executed projects across fabrication, erection and installation, including the Chenab Rail Bridge, Mumbai Trans Harbour Link, refinery, power, steel and nuclear-related assignments.
- Reported 10 completed projects and 13 active sites at June 30, 2025.
- Had more than 26 projects in execution and a certified balance work order value of ₹19.82 crore as of September 30, 2025.
- Maintained ISO 9001:2015 quality management and ISO 45001:2018 occupational health and safety certifications.
- Reduced the debt-equity ratio from 1.30 in FY2023 to 0.65 in FY2025, while the current ratio improved from 1.12 to 1.75.
ચિંતાઓ5
- Geographic concentration: Gujarat generated about 79% of revenue in the quarter ended June 2025 and FY2024-25, with significant activity around Surat.
- Compliance and tax exposure: the company has a history of delayed or inaccurate statutory filings and late statutory payments. Direct or indirect tax claims were ₹62.07 lakh at June 2025, compared with ₹7.02 lakh at March 2025.
- Liquidity and counterparty risk: project receivables, a 59-to-120-day working-capital cycle, negative cash flows in some periods, and delayed client payments may strain funding.
- Project execution and growth risk: competitive bidding, order delays or cancellations, labour availability, cost increases, and multi-site execution could affect timelines and margins.
- Debt and funding risk: ₹797.18 lakh of outstanding debt includes variable-rate facilities, restrictive covenants, and guarantees from promoters or directors.
શેર કોને મળે છે
- QIB50%
- NII15%
- રિટેલ35%
- રિટેલ ન્યૂનતમ2,43,6002 લોટ, 1200 શેર
- રિટેલ મહત્તમ2,43,6002 લોટ, 1200 શેર
- HNI ન્યૂનતમ3,65,4003 લોટ, 1800 શેર
| અરજી | લોટ સાઇઝ | શેર | રકમ |
|---|---|---|---|
| રિટેલ ન્યૂનતમ | 2 | 1200 | 2,43,600 |
| રિટેલ મહત્તમ | 2 | 1200 | 2,43,600 |
| HNI ન્યૂનતમ | 3 | 1800 | 3,65,400 |
ટાઇમિંગ
5.0/10The issue is a fixed-price SME offer of approximately ₹38.05 crore, sized below the threshold requiring a monitoring agency. Full underwriting and planned market making provide structural support for execution and trading. However, the offer details provide no evidence of supportive sector demand, broader investor appetite, or a company-specific catalyst that would make this an especially advantageous time to raise capital.
- બજારમાં આવવાનો સમય
- The company has progressed to a public issue with underwriting and market-making arrangements, supporting readiness to access the SME market. The disclosed details do not show that the timing captures a particular market opportunity.
- એલોટમેન્ટ કેવી રીતે થાય છે
- Basis of allotment finalized and shares credited to demat
- બજારનો માહોલ
- સામાન્ય
- બજારમાં આવવાનો સમય
- 5.0
- ક્યાં લિસ્ટ થશે
- BSE SME
મુખ્ય માઇલસ્ટોન
- 28 Oct 2026IPO Opens
- 30 Oct 2026IPO Closes
- 2 Nov 2026Basis of Allotment
- 3 Nov 2026Refunds Initiated
- 3 Nov 2026Credit to Demat Account
- 4 Nov 2026Listing Date
ફાઇનાન્શિયલ્સ
6.0/10- આવક
- ₹48.56 Cr
- +31.7%
- ટેક્સ પછીનો નફો
- ₹5.42 Cr
- +65.2%
- નેટ માર્જિન
- 11.2%
- +2.3 પોઇન્ટ
- સંપત્તિ
- ₹36.37 Cr
- +42.2%
- રિટર્ન ઓન ઇક્વિટી
- 30.99%
- ડેટ ટુ ઇક્વિટી
- 0.58
- કરન્ટ રેશિયો
- 1.79
- આવક CAGR
- 13.04%
- ROCE
- 7.56%
- રિટર્ન ઓન નેટ વર્થ
- 8.42%
- શેર દીઠ NAV (₹)
- 48.17
- પ્રાઇસ ટુ બુક
- 4.21
નાણાકીય પરફોર્મન્સનો ટ્રેન્ડ
રકમ ₹ કરોડમાંFY2025 revenue was ₹36.73 crore, with net profit of ₹4.75 crore using the extracted profit figure. Revenue and profit have risen over the period, while operating cash flow has varied and customer sales are concentrated. Borrowings were ₹7.97 crore at June 30, 2025; the IPO allocates funds to repay or prepay borrowings.
Total borrowings were ₹7.97 Cr at June 30, 2025. The company proposes to use ₹8.08 Cr of net proceeds for repayment or prepayment of borrowings. The stated allocation is subject to final utilisation.
નવો ઇશ્યૂ કંપનીને જાય છે. OFS વેચનાર શેરહોલ્ડરોને જાય છે.
Promoters Mohammad Khurshid Alam Khan and Zarinabegum Khurshid Alam Khan, each offering up to 1,87,500 shares.
The company is raising fresh capital for plant and machinery, transport assets, working capital, repayment or prepayment of borrowings and general corporate purposes. The two promoter shareholders are selling shares in the OFS; a specific reason for their sale is not stated.
જોખમ
4.0/10આ સ્કોરને સેફ્ટી રેટિંગ તરીકે વાંચો: 10/10 એટલે સૌથી ઓછું જોખમ, 1/10 એટલે સૌથી વધુ.
જોખમો ક્યાં છે
- નાણાકીય જોખમો6
- બજારનાં જોખમો4
- કામકાજનાં જોખમો5
- રેગ્યુલેટરી જોખમો5
Risks are elevated by Gujarat revenue concentration, repeated statutory filing delays, working-capital and collection exposure, project execution uncertainty, and limited share-market liquidity.
કંપની આને કેવી રીતે સંભાળે છે
The company has engaged qualified compliance personnel, introduced due-date alerts and reviews, filed delayed forms, paid applicable late charges, and uses receivable checks and project controls.
નાણાકીય જોખમો6
- Negative cash flows in some periods and working-capital needs may require external funding.
- Receivable concentration and delayed milestone-based collections may weaken liquidity and profitability.
- Outstanding debt, variable interest rates, covenants, and promoter or director guarantees create financing risk.
- Capital expenditure estimates are based on quotations; procurement delays or cost increases could affect expansion plans.
- The company will not receive Offer for Sale proceeds; use of Fresh Issue proceeds is subject to execution and monitoring risks.
- Direct or indirect tax claims were ₹62.07 lakh at June 2025; dividend payments are not assured.
બજારનાં જોખમો4
- Revenue concentration in Gujarat, particularly around Surat, exposes the company to regional disruption and economic or political changes.
- Projects are competitively awarded and may be delayed, modified, or cancelled.
- Demand and operating conditions may be affected by Indian and global economic conditions, interest rates, infrastructure constraints, and commodity prices.
- No established trading market exists; share prices and liquidity may fluctuate, and circuit breakers or surveillance measures may restrict trading.
કામકાજનાં જોખમો5
- Labour shortages, attrition, wage increases, disputes, or work stoppages may delay projects and raise costs.
- Growth across projects and geographies may strain management, workforce, controls, and execution capacity.
- Misconduct, negligence, fraud, safety failures, or quality errors by employees and contractors could cause losses, penalties, or client claims.
- The company depends on promoters, directors, and senior personnel, and operates from leased premises subject to renewal.
- Trademark and logo registrations are pending, creating risks of misuse and costly enforcement.
રેગ્યુલેટરી જોખમો5
- Past delays, discrepancies, and omissions in company filings and statutory payments may lead to penalties or regulatory action.
- Required licences and approvals may not be renewed or obtained on time or may be suspended.
- Changes in laws, tax rules, labour requirements, and foreign exchange controls may raise costs or restrict financing.
- Promoter control, related-party dealings, and similar promoter-group business interests may create conflicts; listed-company compliance will add obligations.
- Offer proceeds deployment is based on management estimates; changes to disclosed objects require shareholder approval.
પરફોર્મન્સ
7.0/10Ajwa Projects provides project-based fabrication, erection, piping, pressure equipment, civil construction and maintenance services across industrial and infrastructure sectors. Revenue and profitability grew over FY2023-FY2025, with higher margins in FY2024 and FY2025. Execution is supported by a 557-person workforce, workshop equipment, quality systems and a ₹19.82 crore order book. Customer and supplier concentration, working-capital requirements and uneven operating cash flow remain important risks.
- ભૂતકાળનો ગ્રોથ
- Revenue rose from ₹28.75 crore in FY2023 to ₹34.27 crore in FY2024 and ₹36.73 crore in FY2025, a two-year CAGR of about 13%. Reported growth slowed from 19.20% in FY2024 to 7.20% in FY2025. PAT increased from ₹0.61 crore to ₹2.95 crore and ₹3.28 crore over the same years. June 2025 quarter revenue was ₹12.12 crore and PAT was ₹1.38 crore; these figures are not annualised., Revenue CAGR of approximately 13% from FY2023 to FY2025; annual growth slowed in FY2025.
- બજાર સાથે સરખામણી
- No named peer-company financial or operating comparisons are provided. The prospectus cites expected annual growth of 9% for India’s structural steel fabrication market over five years. Ajwa’s FY2025 revenue growth of 7.20% was below that cited market rate, following 19.20% growth in FY2024. Its multi-sector project capability and integrated fabrication and erection model support its competitive position, while bidding competition is based on execution, quality, safety, timing and price.
- ભવિષ્યની શક્યતા
- Prospects depend on converting the current order book into revenue, expanding into underpenetrated North-Eastern and Southern states, and winning work linked to infrastructure and industrial investment. The company has also stated that offer proceeds will be used in part to repay loans. No company-specific revenue or earnings forecast is stated.
- કામકાજમાં સાતત્ય
- The company was incorporated in 2011 and has listed projects completed across several years. Its operating model spans multiple services and sectors, with 13 active sites reported at June 2025. Execution and cash generation can vary with project timing: operating cash flow was negative in FY2024 before turning positive in FY2025. The top 10 customers contributed 78.03% of FY2025 revenue, and the top 10 suppliers accounted for 80.21% of materials consumed.
- અનુભવ
- Promoter Mohammad Khurshid Alam Khan has over 25 years of fabrication and construction experience. Promoter Zarinabegum Khurshid Alam Khan has more than 18 years of operations experience. The promoters oversee client relationships and business development.
- ટ્રેક રેકોર્ડ
- The company has operated since 2011 and lists completed work across industrial and infrastructure sectors over multiple years. The reported results show higher revenue and PAT over FY2023-FY2025, though operating cash flow has been uneven and customer relationships remain concentrated.
મુખ્ય સિદ્ધિઓ
- 01Executed projects across fabrication, erection and installation, including the Chenab Rail Bridge, Mumbai Trans Harbour Link, refinery, power, steel and nuclear-related assignments.
- 02Reported 10 completed projects and 13 active sites at June 30, 2025.
- 03Had more than 26 projects in execution and a certified balance work order value of ₹19.82 crore as of September 30, 2025.
- 04Maintained ISO 9001:2015 quality management and ISO 45001:2018 occupational health and safety certifications.
- 05Reduced the debt-equity ratio from 1.30 in FY2023 to 0.65 in FY2025, while the current ratio improved from 1.12 to 1.75.
ફ્લેક્સિબિલિટી
7.0/10The company serves oil and gas, refineries, power, steel, cement, nuclear, bridges, and metro rail through fabrication, erection, piping, civil works, and maintenance. It has executed projects across multiple Indian states, but Gujarat generated about 80% of FY2025 revenue, and exports were negligible.
FY2025 revenue was ₹36.73 crore and PAT was ₹3.28 crore; the current ratio was 1.75 and debt-equity ratio was 0.65. Operating cash flow was ₹4.23 crore in FY2025 after a ₹1.07 crore outflow in FY2024. The business remains working-capital intensive, and the company plans to use offer proceeds for debt repayment and working capital.
Work can be fabricated at the workshop or at client sites, with erection and other services delivered across multiple locations. A 557-person workforce, project-based contract labour, and 13 active sites support deployment flexibility. Planned equipment and vehicle purchases may reduce reliance on rentals and external transport.
Ajwa Projects has a broad industrial-services portfolio, a flexible workshop and site-based delivery model, and experience across several sectors and states. Financial metrics improved, though working-capital demands, customer concentration, and reliance on domestic projects constrain flexibility.
- પ્રોડક્ટનું વૈવિધ્ય
- Services span structural and equipment fabrication, erection, piping, pressure equipment, prefabricated structures, civil construction, blasting and painting, and maintenance. This breadth covers several stages of industrial project execution and asset upkeep.
- ભવિષ્યમાં ઢળવાની ક્ષમતા
- Potential is supported by an order book of ₹19.82 crore as of September 30, 2025, plans to enter underpenetrated regions, and proposed investment in machinery and transport assets. Debt reduction may improve financial flexibility. Geographic and customer concentration, long receivable cycles, and execution-related working-capital needs remain constraints.
આ પેજનો ડેટા IPO Milega રિસર્ચ ટીમે મેન્યુઅલી રિવ્યૂ કર્યો છે. આ રોકાણની સલાહ નથી, અને કોઈપણ રોકાણના નિર્ણયથી થતા નુકસાનની જવાબદારી IPO Milega લેતું નથી. સિક્યોરિટીઝ માર્કેટમાં રોકાણ બજારના જોખમને આધીન છે. રોકાણ કરતાં પહેલાં પૂરા પ્રોસ્પેક્ટસ સહિત બધા સંબંધિત દસ્તાવેજો ધ્યાનથી વાંચો.