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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Funding capital expenditure requirements
Acquisition of plant and machinery, transport vehicles and other assets
Repayment or prepayment of borrowings
Repayment or prepayment, in full or in part, of certain borrowings availed by the company
Working capital requirements
Funding the working capital needs of the business
General corporate purposes
General corporate activities and business operational requirements
(₹ in Crore)
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Ajwa Projects Limited is an industrial engineering and construction services enterprise based in Surat, Gujarat. Founded in 2011, the company specializes in comprehensive mechanical and civil solutions, including heavy structural steel fabrication, industrial erection, process and utility piping systems, pressure vessel assembly, and prefabricated modular structures. It also provides scheduled plant turnaround and ongoing mechanical maintenance support for industrial facilities. The company executes complex industrial packages for high-demand sectors such as oil and gas refining, petrochemicals, thermal and nuclear power generation, steel, cement, and public infrastructure developments, including metro rail and high-speed rail networks. Its manufacturing capabilities encompass technological structures, heavy modules, girders, and customized components such as pressure equipment and precision parts. The business operates with a dedicated workforce of more than 550 technical and semi-skilled personnel, deploying specialized mobile crews to project locations across regions. Ajwa Projects operates through a hybrid delivery model that combines off-site workshop fabrication with on-site assembly, erection, and testing at client facilities. Contracts are typically awarded through competitive commercial bidding and executed against specific milestone schedules. Proceeds from the public offering are earmarked for capital investments in modern plant machinery and transport equipment, debt repayment to optimize the balance sheet, and enhanced working capital to support expanding industrial project commitments.
No anchor investors added yet.
Source: RHP • Analysis provided for informational purposes
Last Updated: 27 October 2026, 7:18 PM
Comprehensive industrial services portfolio
The company delivers end-to-end solutions spanning steel fabrication, structural erection, process piping, pressure equipment, and plant maintenance across multiple major industries.
Experienced promoter management and execution capability
With over a decade of operational history, the leadership team brings proven technical expertise and established client relationships in managing complex fabrication and erection contracts.
Diversified sectoral exposure
Serving vital sectors including oil and gas, power, steel, cement, nuclear energy, and railway infrastructure helps reduce single-industry cyclical dependency.
Trained technical workforce
The organization maintains a dedicated technical workforce of over 550 skilled and semi-skilled personnel capable of executing on-site installations and shop fabrication.
Customer concentration risk
A substantial portion of total revenue is derived from a limited set of key industrial clients, making the business vulnerable to contract cancellations or reduced demand from major accounts.
Geographic concentration in Gujarat
A significant share of revenue is generated from projects within Gujarat, exposing the business to regional industrial slowdowns or localized operational disruptions.
Increasing borrowings and working capital intensity
Total debt has expanded in recent periods, and extended project execution cycles and receivable collection timelines require substantial working capital.
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Raw material cost volatility and supply risks
Operations rely on consistent supplies of steel and related fabrication materials, and supply chain interruptions or price fluctuations could erode project margins.
Pending legal proceedings
The company, its promoters, and directors are involved in certain ongoing legal proceedings, and any adverse rulings could impact operations and financial standing.