Institutional Alpha Dossier

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Name: Ajwa Projects IPO DRHP & Primary Market Dataset (2026)
Creator: The FinReason
License: https://creativecommons.org/licenses/by-nc/4.0/

MAINBOARD SYNCING

GMP: ₹-

Est. Listing: Calculating...

IPO Execution Schedule (NSE / BSE Trading Calendar)

Bidding Opens - Issue Open

Bidding Closes - Closing Date

Basis of Allotment - Registrar Finalization

Exchange Listing - Secondary Debut

Issue Price Valuation

₹-

Upper Cap Price

Price Band Cap: Book Built / Fixed

Lot Size & Retail Matrix

- Shares

Minimum Market Lot

Min Capital: ₹-

Application Size: -

Quant Grade & Moat Score

FinReason Grade

★★★★★

FUNDAMENTALS & SPREAD

TBA Moat / 10

Proprietary Multi-Factor Moat Model

Underlying Moat Architecture & Risk Factors

💼 MINIMUM INVESTMENT

Capital Matrix

Retail (Min Lot) Up to ₹2 Lakhs Category

₹ 243600

HNI (Min Lot) sNII / High Net-Worth Tier

₹ 365400

HNI Capital Multiple: Institutional Lot Sizing

🍩 RESERVATION QUOTA (%)

Issue Allocation

100% Total Issue

Anchor 0%

Market Maker 5.06%

QIB 0%

NII / HNI 47.44%

Retail 47.5%

🏛️

Institutional Corporate Dossier

Ajwa Projects

COMPANY PROFILE & DNA

⏳

Incorporation / Founded

12-03-11

Active Vintage

📍

Corporate Headquarters

Surat, Gujarat

Registered Hub

👔 Leadership & Promoter Group

Key Management

Mr. Mohammad Khurshid Alam Khan, Mrs. Zarinabegum Khurshid Alam Khan, Mr. Riyaz Rafiq Padela

⚙️ Business Overview & Portfolio Core Offerings

Provider of industrial services including fabrication, piping, erection and civil construction

🎯 Target Market & End-Use Revenue Drivers

Fabrication, piping and civil construction for industrial and infrastructure projects

🛡️

★ Unique Selling Proposition (Core Economic Moat)

Integrated fabrication and erection expertise with flexible on-site and off-site execution capabilities

Objects of the Issue (Use of Proceeds & Allocation)

🎯 Objective 01 Capital Expenditure requirements towards acquisition of Equipment, transport vehicle/assets

₹ 8.10

Allocation

🎯 Objective 02 Repayment or prepayment, in full or in part, of borrowings availed by our Company

₹ 9.35

Allocation

🎯 Objective 03 Working capital requirement

₹ 4.00

Allocation

🎯 Objective 04 General Corporate Purpose

Balance

Allocation

Financial Performance & Multi-Year Trajectory

All Figures in ₹ Crores

Latest Total Income📊

₹- Top-Line

EBITDA Margin⚡

-% Operating

Net Profit (PAT) Margin📈

-% Bottom-Line

Debt / Net Worth🛡️

-x Leverage

📊 Income, EBITDA & Profit Growth Trajectory

Income EBITDA PAT Trend

🏛️ Balance Sheet: Net Worth vs Debt

Net Worth Borrowing

Particulars	Jun-26	FY26	FY25	FY24
Total Income	12.44	48.56	36.87	34.38
EBITDA	2.45	9.05	6.48	5.52
Profit After Tax (PAT)	1.56	5.42	3.28	2.95
Net Worth	19.27	17.71	12.29	8.9
Total Borrowing	13.84	12.52	7.96	10.85

Growth Engine & Compounding Velocity (KPIs)

Multi-Year Trajectory

📊 Total Sales (Revenue)

Growth

48.56 ₹ Cr

YoY Growth 31.70%

3-Year CAGR 18.84%

⚡ EBITDA (Op. Profit)

Growth

9.05 ₹ Cr

YoY Growth 39.76%

3-Year CAGR 28.05%

📈 Net Profit (PAT)

Growth

5.42 ₹ Cr

YoY Growth 65.17%

3-Year CAGR 35.67%

Capital Efficiency & Return Ratios (ROE vs ROCE)

Capital Allocation Audit

◈ ROE (Return on Equity) Calculating...

Current ROE

Current Period-%

3-Year Average-%

Last Year-%

◈ ROCE (Capital Employed) Calculating...

Current ROCE

Current Period-%

3-Year Average-%

Last Year-%

MetricMetric	Current (%)Curr%	Last Year (%)Last%	3-Yr Avg (%)3Y Avg	Trend StatusTrend
ROE (Return on Equity)ROE	30.62%	26.72%	30.15%	Good
ROCE (Capital Employed)ROCE	29.94%	31.98%	29.96%	Good

Forensic Analysis & Reality Check

Earnings Quality & Dilution Audit

-0.32 CFO / EBITDA

Cash Flow Conversion Efficiency

Checking...

Analyzing operating cash flow conversion...

0.0x (Paper Profit) 70%+ Institutional Benchmark 1.0x+ (Strong Cash)

⚡ Pre-IPO vs Post-IPO Forensic Impact Meters Post-Issue Trajectory

Parameter	Pre-IPO	Post-IPO	View
Debt / Equity	0.71	0.09	Low
EPS (₹)	13.56	11.33	Diluting
ROE (%)	30.62%	11.26%	Moderate
ROCE (%)	29.94%	14.60%	Moderate
P/E (Valuation)	14.97	17.92	Reasonable

⏳ Debtor Days Trend (Receivables Cycle)

Analyzing...

FY24

→

FY25

117

→

FY26

155

Lower receivable days indicate faster cash collection from clients.

⚠️ Contingent Liabilities Off-Balance Sheet

₹ 0.05 Cr

*Potential hidden obligations & legal/tax claims

Company NameComp	Revenue (Cr)Rev	P/E RatioP/E	ROCE (%)ROCE	ROE (%)ROE	OPM (%)OPM
Ajwa Projects Limited IPO CANDIDATE	48.56	17.92 (Ask)	29.94%	11.26% (Post Issue)	18.64%
Atmastco Limited	292.62	15.97	15.59%	13.93%	6.51%
Samay Project Services Limited	50.16	9.52	23.47%	22.64%	13.71%
NA	0	0	0	0	0
NA	0	0	0	0	0
NA	0	0	0	0	0

Strategic SWOT Analysis & Risk-Reward Matrix

4-Quadrant Institutional Assessment

▲ Positive Catalysts (Strengths + Opportunities): 8 Factors ▼ Risk Vectors (Weaknesses + Threats): 8 Factors

Strengths Internal Competitive Moat

4 Drivers

Experienced management team with strong execution capabilities
Established track record in industrial fabrication erection
Long standing relationships with key industrial clients
Quality control standards with flexible project execution

Weaknesses Internal Operational Constraints

4 Factors

High working capital requirements for project execution
Customer concentration risk with top client revenue
Dependence on third party quotations for capex
Absence of long term contracts with customers

Opportunities External Growth Tailwinds

4 Vectors

Expansion in infrastructure power and steel sectors
Scaling operations through fresh ipo proceeds deployment
Growing demand for industrial piping and fabrication
Geographical diversification into new industrial markets

Threats & Risks External Macro & Sector Headwinds

4 Risks

Intense competition in civil and industrial construction
Volatility in raw material prices impacting margins
Risk of delays in client payment realization
Regulatory changes and environmental compliance requirements

Top 10 Anchor Investors & Smart-Money Allocation

INSTITUTIONAL BOOK

Top 10 Anchor Commitment

₹- Cr

Smart-Money Quality Score

- / 5.0 ★ Marquee Conviction

SEBI Anchor Lock-In Schedule

30D (50%) • 90D (50%) Mandatory Lock-In

Anchor Book Allocation Pending Exchange Filing

Institutional anchor investor bidding & allocation disclosures are officially filed with NSE/BSE 1 working day prior to the IPO opening date.

Rank	Marquee Anchor Institution	Smart-Money Grade	Amount Invested	Anchor Share (%)

Score 7/10 (Base 4, Sector +1, Co +4, Risk -2) | SECTOR MOAT: Fabrication market growing at 9% CAGR supported by government infrastructure spending and industrial capex | COMPANY MOAT: Technical pre-qualification barriers, outstanding FY26 ROCE of 34.75% and ROE of 36.15%, expanding EBITDA margins reaching 11.20%, supported by Rs 42.43 Cr order book | KEY RISKS: Top 5 client concentration at 63.89% and negative CFO of Rs -2.88 Cr with 155 debtor days | VERDICT: Niche engineering contractor with strong return metrics balanced by working capital intensity. 0 5.06

IPO Subscription & Book-Building Demand Matrix

NSE / BSE Book-Building Feed

Aggregate Book Subscription

-x

Syncing Book...

Analyzing category-wise oversubscription & allotment odds... QIB vs Retail Spread

0.0x (Unfilled) 1.0x (Full Cover) 10x (Strong) 50x (High Demand) 100x+ (Blockbuster)

QIB Quota Qualified Institutional Buyers

Smart Money

-x Institutional Book

Inst. Conviction: Evaluating

NII / HNI Quota sNII (₹2L-10L) & bNII (₹10L+)

HNI Desk

-x Non-Institutional

HNI Competition Ratio: -

Retail (RII) Quota Individual Investors (Up to ₹2L)

SEBI Lottery

-x Retail Book

Retail Allotment Odds: -

Ajwa Projects IPO: Key Issue Details, GMP & DRHP Quantitative Summary

Below is the institutional primary market dataset for Ajwa Projects (SME IPO) compiled from official offer documents (DRHP/RHP) and exchange filings:

IPO Name	Ajwa Projects
Status	✅ Active
Rating	TBA
Price	₹ 203
Lot/Size	600
Dates Short	28 Oct - 30 Oct
Open Date	28-10-26
Close Date	30-10-26

Disclaimer: All data, moat scores, and indicative grey market figures are algorithmic and informational compilations for educational study only. The FinReason does not provide Buy/Sell/Subscribe/Avoid recommendations.

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💼 MINIMUM INVESTMENT

🍩 RESERVATION QUOTA (%)

IPO Subscription & Book-Building Demand Matrix

Ajwa Projects IPO: Key Issue Details, GMP & DRHP Quantitative Summary

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