Ajwa Projects IPO

GMP History

Financial Performance

As disclosed by Ajwa Projects in its offer document.

Strengths and risks

Taken from Ajwa Projects's own offer document — not Arthneeti's assessment.

• ✓As of October 5, 2026, Ajwa Projects Limited was executing more than 26 projects, with an outstanding order book valued at Rs 42.43 crore.
• !The company, its promoters, and directors are involved in certain ongoing legal proceedings. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
• ✓The company has witnessed consistent growth in revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 34.26 crore in FY24 to Rs 36.73 crore in FY25 and Rs 48.42 crore in FY26, while PAT increased from Rs 2.95 crore to Rs 3.28 crore and Rs 5.42 crore, respectively.
• !The company's top 10 customers contributed Rs 12.22 crore (98.52%), Rs 41.96 crore (86.65%), Rs 28.66 crore (78.03%), and Rs 29.67 crore (86.58%) to its revenue from operations for the period ended June 30, 2026, and FY26, FY25, and FY24, respectively. Any failure to retain these customers or a reduction in business from them could adversely affect the company's revenue and financial performance.

About Ajwa Projects

Ajwa Projects Limited provides industrial engineering, fabrication, erection, piping, maintenance, and civil construction services. The company undertakes structural fabrication work involving industrial buildings, girders, platforms, heavy modules, and other steel structures. It also manufactures equipment such as pressure vessels, boilers, heat exchangers, tanks, chimneys, ducts, and specialised industrial components. The company's services include installing and assembling industrial structures, equipment, and piping systems. It also undertakes civil construction activities, including site preparation, earthworks, foundations, factory buildings, and supporting infrastructure. The company also provides prefabricated structures, mechanical maintenance, non-destructive testing, sandblasting, and industrial painting services. Ajwa Projects serves industries including oil and gas, refineries, power generation, steel, cement, chemicals, and transportation infrastructure. The company operates a workshop facility at Ichchapore GIDC in Surat, Gujarat, and carries out fabrication and installation activities at client project sites.