Annu Projects IPO is a book-built issue of ₹175.06 crores, comprising an entirely fresh issue of 1.77 crore shares. The IPO will open for subscription on Aug 25, 2026, and close on Aug 28, 2026. The allotment is expected to be finalized on Aug 31, 2026, with the shares scheduled to list on both NSE and BSE on Sep 2, 2026.
The price band is fixed at ₹94 to ₹99 per share, with a lot size of 151 shares. Retail investors need to invest a minimum of ₹14,949 for one lot at the upper price band. Mefcom Capital Markets Ltd. is the book-running lead manager, while Kfin Technologies Ltd. is the registrar to the issue.
For detailed information on the company’s business, financials, risk factors, and the proposed utilisation of proceeds, investors should refer to the Annu Projects IPO Red Herring Prospectus (RHP) before making an investment decision.
Company Overview
Annu Projects Limited is an engineering, procurement and construction (EPC) company engaged in the development, execution and maintenance of essential overhead and underground utility infrastructure. Its business operations cover telecom, sewerage and gas pipeline infrastructure.
In the telecom segment, the company undertakes surveying, designing and installation of cabling and tower infrastructure, along with communication, automation and electronic security systems. Its customers include Bharat Sanchar Nigam Limited, A2Z Infra Engineering Limited, Bharat Broadband Network Limited and G R Infraprojects Limited. Its sewerage infrastructure activities include pipe laying, manhole construction, sewage treatment plants, pumping stations and other structural works.
In the gas pipeline segment, Annu Projects undertakes the installation of MDPE pipelines ranging from 20 mm to 125 mm in diameter and has executed 38,300 GI house connections for domestic and commercial gas distribution. Its customers in this segment include Indraprastha Gas Limited, Gujarat Gas Limited and GAIL India Limited.
As of June 30, 2026, the company had 23 ongoing projects with a total value of ₹19,593.48 million. These included 4 telecom infrastructure projects, 14 sewerage projects, 4 gas pipeline projects and 1 railway signalling project.
IPO Details
| Particulars | Details |
|---|---|
| IPO Date | 25 to 28 Aug, 2026 |
| Allotment | Mon, Aug 31, 2026 |
| Listing Date | Wed, Sep 2, 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹94 to ₹99 |
| Lot Size | 151 Shares |
| Issue Type | Bookbuilding IPO |
| Sale Type | Fresh capital only |
| Total Issue Size | 1,76,83,000 shares (agg. up to ₹175 Cr) |
| Fresh Issue | 1,76,83,000 shares (agg. up to ₹175 Cr) |
| Shareholding Pre-Issue | 4,78,09,670 shares |
| Shareholding Post-Issue | 6,54,92,670 shares |
| Listing Exchange | BSE, NSE |
(Compiled from RHP and market updates)
Industry Context
- India’s EPC industry plays a critical role in infrastructure development, supporting projects across telecom, water, railways, transportation, energy and industrial sectors. The EPC model integrates engineering, procurement and construction under a single contractor, providing coordinated project execution.
- Infrastructure investment remains a key growth driver for the EPC sector, supported by government-led capital expenditure and initiatives such as Atmanirbhar Bharat, Make in India and the PLI scheme. The Union Budget FY27 allocated ₹12.20 lakh crore towards capital expenditure, reinforcing the focus on infrastructure-led growth.
- Telecom, railway and water infrastructure present significant opportunities, supported by programmes focused on digital connectivity, railway modernisation, water supply and sewerage development. Initiatives such as BharatNet, railway infrastructure programmes, AMRUT and Smart Cities are contributing to project opportunities in these areas.
- Government and private-sector clients form an important part of EPC demand, with projects ranging from railways, highways, airports and water systems to industrial facilities and renewable energy. PPP models also enable greater private-sector participation in large infrastructure projects.
- Project execution capabilities are becoming increasingly important in the competitive EPC market, with clients evaluating contractors on technical expertise, financial strength, regulatory compliance, cost efficiency, timely delivery and ability to adopt modern technologies. EPC contracts also place significant responsibility on contractors for project costs, timelines and performance.
Business Strengths
- The company undertakes EPC projects focused on underground and overhead utility infrastructure, covering telecom, sewerage and gas pipeline projects.
- The company manages project activities across planning, procurement, execution and commissioning for its infrastructure projects.
- As of June 30, 2026, the company had 23 ongoing projects with a total value of ₹19,593.48 million across telecom, sewerage, gas pipeline and railway signalling projects.
- The company reported growth in revenue and profit in FY2026, with revenue from operations increasing to ₹2,412.48 million and profit after tax rising to ₹330.27 million.
- The company is led by a management team with experience across its infrastructure and project execution activities.
Business Risks
- A significant portion of business comes from government entities and large infrastructure companies, making revenue vulnerable to changes in tendering activity, project approvals and public spending.
- EPC projects typically require substantial working capital to fund procurement and execution. Delays in customer payments or milestone-based collections could put pressure on liquidity and cash flows.
- The company operates in a competitive infrastructure market where projects are often awarded through bidding processes. Intense competition may lead to pricing pressure and lower project margins.
- Future growth depends on securing new projects and maintaining a healthy order book. Any slowdown in new order awards or cancellation of existing projects could adversely affect revenue visibility and business performance.
- Delays in construction, procurement or commissioning can increase project costs and expose the company to contractual penalties, performance obligations and potential margin pressure.
Financial Performance
Annu Projects Ltd. – Financials (₹ in Million)
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
|---|---|---|---|
| Revenue from Operations | 2,412.48 | 1,800.66 | 1,539.82 |
| Total Income | 2,445.87 | 1,823.54 | 1,554.17 |
| EBITDA | 501.94 | 321.92 | 285.04 |
| Profit / (Loss) After Tax (PAT) | 330.27 | 211.04 | 173.87 |
| PAT Margin (%) | 13.69% | 11.72% | 11.29% |
| Return on Capital Employed (ROCE) (%) | 22.66% | 20.59% | 29.95% |
| Return on Equity (%) | 21.27% | 17.29% | 25.23% |
(Source: RHP)
Key Ratios & Metrics
| KPI | Mar 31, 2026 | Mar 31, 2025 |
|---|---|---|
| Return on Equity (ROE) | 21.27% | 17.29% |
| Return on Capital Employed (ROCE) | 22.66% | 20.59% |
| Debt-to-Equity Ratio | 0.34 | 0.20 |
| Return on Net Worth (RoNW) | 21.27% | 17.29% |
| PAT Margin | 13.69% | 11.72% |
| EBITDA Margin | 20.81% | 17.88% |
| Net Asset Value (NAV per share) | ₹32.47 | ₹25.53 |
(Source: RHP)
Objects of the Offer
- Funding the purchase of machinery and equipment to support business operations.
- Meeting the company’s working capital requirements.
- Supporting general corporate and business purposes.
Conclusion
Annu Projects enters the IPO market with an established presence in telecom, sewerage and gas pipeline infrastructure, supported by a diversified project portfolio, integrated EPC capabilities and a healthy order book. The company’s experience in executing utility infrastructure projects, along with its established relationships with government entities and leading infrastructure players, provides a foundation for continued business growth.
Its experienced management team and consistent financial performance are additional positives, while the growing focus on utility development and infrastructure expansion in India could create further opportunities.
Overall, investors should evaluate the company’s business model, financial performance, industry outlook, competitive positioning, valuation, and risk factors in detail, and carefully review the Red Herring Prospectus (RHP) before making an informed investment decision.
Disclaimer: Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. This content is purely for informational purposes only and should not be considered as investment advice or a recommendation. Securities quoted are for illustration purposes only and not recommendatory. Investors are requested to do their own due diligence before investing.
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