Annu Projects IPO

Mainboard • Equity • Fresh capital only

LISTEDMAINBOARDEquity

Annu Projects

Price band

₹94 – ₹99

Lot size

151 shares

Min investment

₹14,949

Issue size

₹175.06 Cr

About the company

Annu Projects Limited is an engineering, procurement and construction company, usually called an EPC company. It designs, builds, runs and maintains the utility infrastructure that goes overhead and underground, and works in three main areas. In telecom infrastructure it surveys, designs and installs cabling and tower infrastructure for communication, automation and electronic security systems. Its customers here include Bharat Sanchar Nigam Limited, A2Z Infra Engineering, Bharat Broadband Network Limited and G R Infraprojects. In sewerage infrastructure it lays pipes and builds manholes, sewerage treatment plants, pumping stations and related structures. In gas pipelines it lays MDPE pipe from 20 mm to 125 mm in diameter and has done 38,300 GI house connections for domestic and commercial gas supply, for customers such as Indraprastha Gas, Gujarat Gas and GAIL India. As on 30 June 2026 the company had 23 ongoing projects worth about Rs 1,959.35 crore. These were made up of 4 telecom infrastructure projects, 14 sewerage projects, 4 gas pipeline projects and 1 railway signalling project.

Annu Projects Limited is an EPC company building overhead and underground utility infrastructure across telecom, sewerage and gas pipeline work. As on 30 June 2026 it had 23 ongoing projects worth about Rs 1,959 crore, serving customers such as BSNL, Bharat Broadband Network, GAIL, Indraprastha Gas and Gujarat Gas.

IPO details

Issue price: ₹99
Price band: ₹94 – ₹99
Face value: ₹10
Lot size: 151
Min investment: ₹14,949
Issue size: ₹175.06 Cr
Sale type: Fresh capital only
Listing on: BSE, NSE
BSE scrip code: 7909
NSE symbol: ANNU.NS

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	151	₹14,949
Retail (Max)	13	1,963	₹1,94,337
S-HNI (Min)	14	2,114	₹2,09,286
B-HNI (Min)	67	10,117	₹10,01,583

Investor reservation

CATEGORY	RESERVED
QIB	Not more than 10% of the Issue
Retail	Not less than 50% of the Issue
NII	Not less than 40% of the Issue

Objects of the issue

1Funding capital expenditure requirements of Company for purchase of machinery or equipment15.41

2Funding working capital requirements of the Company115.00

3General Corporate Purposes

Financials

Rs. Crore • restated

METRIC	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	341.82	233.37	161.34
Total Income	244.59	182.35	155.42
Profit After Tax	33.03	21.10	17.39
EBITDA	50.19	32.19	28.50
NET Worth	155.26	122.06	68.93
Reserves and Surplus	107.45	74.25	66.39
Total Borrowing	52.54	22.27	19.69

Key performance indicators

P/E Ratio

19.64

EPS (₹)

5.04

RoE

21.27%

RoCE

22.66%

RoNW

21.27%

PAT Margin

13.69%

EBITDA Margin

20.81%

Debt / Equity

0.34

NAV (₹)

32.47

✓ Strengths

• FY2026 was a strong year. Total income grew 34% from Rs 182.35 crore to Rs 244.59 crore and profit after tax grew 56% from Rs 21.10 crore to Rs 33.03 crore.

• Growth has been consistent. Income rose every year from Rs 155.42 crore in FY2024, and profit from Rs 17.39 crore over the same period.

• The order book is large compared to yearly sales. It had 23 ongoing projects worth about Rs 1,959.35 crore as on 30 June 2026, against total income of Rs 244.59 crore in FY2026.

• Return ratios are good, with RoCE of 20.59% and RoNW of 17.29%.

• The work is spread over three different verticals, telecom, sewerage and gas pipelines, plus one railway signalling project, so it is not dependent on one type of work.

• Its customers are large and established, including BSNL, Bharat Broadband Network, GAIL India, Indraprastha Gas, Gujarat Gas and G R Infraprojects.

• At the upper band of Rs 99 the P/E is about 19.64 times on an EPS of Rs 5.04, which is moderate for the growth shown.

• Net worth more than doubled in two years, from Rs 68.93 crore in FY2024 to Rs 155.26 crore in FY2026.

⚠ Risks

• Borrowing rose sharply, more than doubling from Rs 22.27 crore in FY2025 to Rs 52.54 crore in FY2026.

• The FY2026 figures are on a standalone basis while the earlier years are consolidated, as noted on the offer document, so the three years are not strictly comparable.

• Most of the fresh money, Rs 115 crore out of an issue of Rs 175.06 crore, goes into working capital. EPC work blocks a lot of money in unbilled work and retention money.

• Most customers are government bodies and public sector companies, where payments are often slow and are decided by budget cycles.

• This is a tender driven business. Work has to be won afresh each time on price, so a full order book today does not guarantee the same margin tomorrow.

• The order book leans heavily on sewerage work, 14 of the 23 ongoing projects, so it depends on government spending on urban water and sanitation continuing.

• EPC contracts carry execution risk. Delays, land or permission problems and cost overruns are common and can turn a profitable contract into a loss.

• Promoter holding will come down from 89.11% to 65.05% after the issue.

Promoters & holding

Sanjay Kumar Sarraf and Krishna Ranjan

Pre-issue promoter holding

89.11%

Post-issue promoter holding

65.05%

Data refreshed 07 Nov 2026, 05:03 pm IST. GMP is unofficial market sentiment, not investment advice.