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Ajwa Projects Limited

SME IPOClosedRefund & credit todayCivil Construction / Industrial Services

Price band₹203per share · face value ₹10

Minimum investment₹1,21,8001 lot · 600 shares at lower band

IPO dates28 Oct – 30 OctListing 4 Nov

GMP UNOFFICIAL₹1▲ +0.49%Est. listing price ₹204Subscription PUBLIC1.12xModestDay 3 so far · as of 4:50 PM, 30 Oct 2026

Reviewed by our team. This analysis was prepared from the offer document on 26 Oct 2026. Figures can contain errors; check them against the offer document before relying on them. It is information, not investment advice.

Valuation

At the upper price band of ₹203

INVESTORTRACK ANALYSIS

P/E (FY26 EPS)15.0x15.0x at lower band

P/B4.6xBook value ₹44.28 / share

EPS (FY26)₹13.6FY25: ₹8.4

Market cap₹111.65 CrPost-issue, at ₹203

Issue valuation34.1%Issue size ÷ market cap

Ajwa Projects Limited peer comparison

From the offer document’s own listed-peer table

OFFICIAL IPO DATA

Comparison with listed industry peers: EPS, NAV, P/E, RoNW and revenue
Company	EPS basic	EPS diluted	NAV	P/E	RoNW	Revenue (₹ Cr)
Ajwa Projects LimitedThis IPOFinancial statements · Restated	₹13.6	₹13.6	₹44.3	15.0x	36.1%	₹48.42
Atmastco LimitedFinancial statements · Consolidated	₹7.3	–	₹59.1	16.0x	13.9%	₹292.62
Samay Project Services Limited

The Offer Price of ₹203 per equity share represents a P/E ratio of 14.97 based on FY26 restated basic EPS of ₹13.56, compared to peer P/E ratios ranging from 9.52 to 15.97.

Ajwa Projects IPO in context

How the size of this issue compares with every IPO in our archive

INVESTORTRACK ANALYSIS

How big the issue is

At ₹38 Cr, Ajwa Projects is a larger issue than 50% of the 202 SME IPOs in our archive that state an issue size (the median is ₹38 Cr).

How IPOs of a similar size listed

Of 104 SME IPOs in our archive with an issue of ₹25 Cr to ₹50 Cr (listed 2025 to date), 57% opened above the issue price and 32% below. The median opening gain was +2.59%, and the middle half ranged from −2.45% to +13.66%.

This describes how past issues opened, not what this IPO will do: one issue can land far outside the range, the opening price says nothing about what happens afterwards, and past results are not a forecast.

Next tabOffer details · ₹38.05 Cr