Ajwa ProjectsIPO Review — Financials, Valuation & Peers
A data-only look at the Ajwa Projects IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 34.38 | 2.95 | 5.68 | 8.9 | 25 | 10.85 | — |
| FY 2025 | 36.87 | 3.28 | 6.41 | 12.29 | 25.57 | 7.96 | — |
| FY 2026 | 48.56 | 5.42 | 9.03 | 17.71 | 36.37 | 12.52 | — |
| Jun 2026 (interim) | 12.44 | 1.56 | 2.45 | 19.27 | 41.97 | 13.84 | 13.56 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March. Interim periods cover part of a year and are not comparable to the full-year rows.
KPIs & Valuation
- P/E (pre-issue)
- 14.97x
- P/E (post-issue)
- 17.92x
- RoNW
- 8.42%
- RoE
- 8.42%
- RoCE
- 7.56%
- Debt / Equity
- 0.72
- EPS (pre-issue)
- ₹13.56
- EPS (post-issue)
- ₹11.33
- EBITDA Margin
- 19.71%
- PAT Margin
- 12.55%
- P/BV
- 4.21x
- NAV / share
- ₹48.17
- Market Cap
- ₹111.65 Cr
As of 30 Jun 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| Ajwa Projects | 13.56 | 44.28 | 14.97x | 36.15% | 4.61x | Restated |
| Atmastco Ltd. | 7.33 | 59.15 | 15.97x | 13.93% | 1.98x | — |
| Samay Project Services Ltd. | 4.77 | 26.02 | 9.52x | 22.64% | 1.73x | — |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: <p>Mohammad Khurshid Alam Khan, Zarinbegum Khurshid Alam Khan, Riyaz Rafiq Padela</p>
- Holding (pre-issue)
- 98.9%
- Holding (post-issue)
- 65.12%
- Dilution
- 33.78%
Analysis in brief
Margin and return profile
Away from the price multiples, the offer document also discloses the shape of the underlying business. Ajwa Projects operates at an EBITDA margin of 19.71% and a net (PAT) margin of 12.55% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 7.56% and a return on equity (RoE) of 8.42%. At the upper band, the post-issue market capitalisation works out to about ₹111.65 crore. These are offer-document figures for the latest reported period (as of 30 Jun 2026); they describe the business as disclosed, not how the stock will trade.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward repayment or prepayment, in full or in part, of borrowings availed by company (₹9.35 crore), alongside funding capital expenditure requirements towards acquisition of plant & machinery, transport vehicle/assets (₹8.1 crore). In all, 4 objects are disclosed.
Financials
In FY2026, Ajwa Projects reported revenue of ₹12.44 crore and a net profit of ₹1.56 crore. Revenue declined from ₹34.38 crore in FY2024 to ₹12.44 crore in FY2026 (-64.0%). Net worth stood at ₹19.27 crore at the end of FY2026. At the upper band, that puts the issue at roughly 15.0× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 17.92× post-issue earnings and 4.21× book value, against a return on net worth of 8.42% and a debt-to-equity ratio of 0.72. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Atmastco Ltd. and Samay Project Services Ltd., with a median peer P/E of about 12.7×. The issue's own post-issue P/E works out to 17.92×.
Promoters
The promoters of the company are <p>Mohammad Khurshid Alam Khan, Zarinbegum Khurshid Alam Khan, Riyaz Rafiq Padela</p>. Promoter holding stands at 98.9% before the issue and comes down to 65.12% after listing.
Frequently asked questions
- What is the reservation split in the Ajwa Projects IPO?
- Of the total shares offered, retail investors get 49.97%, non-institutional investors 50.03%.
- Who are the promoters of Ajwa Projects and what is their holding?
- The promoters are <p>Mohammad Khurshid Alam Khan, Zarinbegum Khurshid Alam Khan, Riyaz Rafiq Padela</p>. Promoter holding is 98.9% before the issue and 65.12% after listing.
- What is the P/E ratio of the Ajwa Projects IPO?
- At the upper price band, the Ajwa Projects IPO is valued at 14.97× pre-issue earnings and 17.92× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Ajwa Projects IPO?
- The net proceeds go primarily toward repayment or prepayment, in full or in part, of borrowings availed by company, among 4 disclosed objects.