Ajwa Projects Ltd
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About
Incorporated in 2011, Ajwa Projects is
a multidisciplinary industrial service
company delivering solutions across
fabrication, erection, piping, pressure
equipment, prefabricated structures,
civil construction, and maintenance.[1]
Key Points
- Market Cap ₹ 112 Cr.
- Current Price ₹
- High / Low ₹ /
- Stock P/E 29.9
- Book Value ₹
- Dividend Yield %
- ROCE 35.4 %
- ROE 35.2 %
- Face Value ₹ 10.0
Pros
- Company has reduced debt.
- Company has a good return on equity (ROE) track record: 3 Years ROE 30.5%
Cons
- Company has high debtors of 162 days.
- Company's cost of borrowing seems high
- Working capital days have increased from 34.6 days to 84.3 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
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Quarterly Results
Figures in Rs. Crores
Profit & Loss
Figures in Rs. Crores
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| 12.18 | 22.76 | 28.75 | 34.27 | 36.56 | |
| 11.31 | 21.31 | 26.81 | 28.59 | 29.32 | |
| Operating Profit | 0.87 | 1.45 | 1.94 | 5.68 | 7.24 |
| OPM % | 7.14% | 6.37% | 6.75% | 16.57% | 19.80% |
| 0.11 | 0.07 | 0.06 | 0.12 | -0.51 | |
| Interest | 0.48 | 0.45 | 0.81 | 1.41 | 1.67 |
| Depreciation | 0.14 | 0.15 | 0.20 | 0.28 | 0.31 |
| Profit before tax | 0.36 | 0.92 | 0.99 | 4.11 | 4.75 |
| Tax % | 44.44% | 40.22% | 38.38% | 28.22% | 30.95% |
| 0.21 | 0.55 | 0.61 | 2.95 | 3.28 | |
| EPS in Rs | 1.17 | 3.06 | 3.39 | 16.39 | 8.20 |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 17% |
| TTM: | 7% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 89% |
| TTM: | 26% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 23% |
| 3 Years: | 31% |
| Last Year: | 35% |
Balance Sheet
Figures in Rs. Crores
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| Equity Capital | 0.09 | 0.09 | 0.09 | 0.09 | 4.00 |
| Reserves | 5.13 | 5.68 | 5.86 | 8.81 | 8.29 |
| 4.50 | 5.32 | 7.75 | 10.85 | 7.96 | |
| 4.35 | 4.64 | 5.59 | 5.91 | 6.04 | |
| Total Liabilities | 14.07 | 15.73 | 19.29 | 25.66 | 26.29 |
| 0.66 | 0.61 | 0.81 | 1.33 | 1.53 | |
| CWIP | 0.00 | 0.02 | 0.71 | 0.46 | 0.00 |
| Investments | 0.82 | 0.86 | 0.77 | 1.56 | 1.74 |
| 12.59 | 14.24 | 17.00 | 22.31 | 23.02 | |
| Total Assets | 14.07 | 15.73 | 19.29 | 25.66 | 26.29 |
Cash Flows
Figures in Rs. Crores
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| 0.61 | -0.53 | 0.08 | -1.07 | 4.23 | |
| 1.28 | -0.07 | -0.75 | -1.33 | -0.23 | |
| -1.45 | 0.37 | 1.62 | 1.69 | -4.45 | |
| Net Cash Flow | 0.44 | -0.23 | 0.94 | -0.71 | -0.45 |
| Free Cash Flow | 0.45 | -0.65 | -0.77 | -1.60 | 4.18 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 89% | -10% | 24% | 2% | 78% |
Ratios
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| Debtor Days | 185.50 | 103.76 | 86.84 | 82.12 | 162.13 |
| Inventory Days | 92.60 | 392.51 | 106.31 | ||
| Days Payable | 159.13 | 205.25 | 83.87 | ||
| Cash Conversion Cycle | 185.50 | 103.76 | 20.31 | 269.38 | 184.58 |
| Working Capital Days | 48.55 | 27.42 | -1.65 | 21.09 | 84.26 |
| ROCE % | 13.17% | 14.52% | 33.00% | 35.35% |
Documents
Annual reports
No data available.
Business Overview[1]
Ajwa Projects Limited is an industrial
fabrication, erection, and construction
services company that caters to industrial
and infrastructure projects. It provides
services across multiple stages of
project execution, from fabrication
and civil construction to on-site
installation, commissioning, and
maintenance.
Its operations span industries such as
oil and gas, refineries, petrochemicals,
steel, power generation, cement, nuclear
power, bridges, metro rail and bullet train infrastructure. The company undertakes
projects based on client requirements
rather than manufacturing standardised
products for mass sale.[2]