Ajwa Projects IPO

Ajwa Projects was incorporated as Ajwa Projects Private Limited in March 2011 and converted into a public limited company in June 2025. It undertakes fabrication, piping, erection, pressure equipment, prefabricated structures, blasting and painting, maintenance and mechanical services, and civil construction. Its work converts client-approved plans into industrial assets through machining, welding, assembly, on-site installation, testing and handover.

The company serves oil and gas, petrochemicals, refineries, power, steel, heavy metals, cement, nuclear power, bridges, metro rail, bullet train and other industrial and infrastructure projects. It executes work both at its Surat workshop and at client sites. The workforce comprised 557 skilled, semi-skilled and supervisory personnel as of the RHP date. Major inputs such as steel and cement are generally supplied by clients or procured from nominated or client-approved vendors; ancillary materials are generally sourced near project sites.

FY26 revenue from operations was entirely domestic. Private customers contributed ₹48.22 crore, or 99.5% of revenue, while government customers contributed ₹0.20 crore, or 0.4%. Revenue was geographically concentrated in Gujarat, which contributed 93.9% in FY26, up from 67.9% in FY24. Bihar contributed 3.1%, Rajasthan 2.1%, Haryana 0.5%, Odisha 0.1%, Jharkhand 0.1% and Telangana 0.04% in FY26. The company has 27 active sites and completed 10 projects in FY26. Its top five and top ten customers accounted for 63.8% and 86.6% of FY26 revenue, respectively. As of October 5, 2026, it was executing more than 26 projects with an outstanding work-order value of ₹42.43 crore.