Estimated reading time: 6 minutes
Thank you for reading this post, Please install our onetrader.in web application for regular updates!
Annu Projects Limited is set to enter the Indian primary market with a mainboard IPO of approximately ₹175.06 crore. The company operates in the engineering, procurement and construction, or EPC, sector and focuses on essential infrastructure projects across telecom infrastructure, sewerage infrastructure and gas pipelines. The IPO will open for subscription on August 25, 2026, and close on August 28, 2026, with the shares expected to list on the BSE and NSE on September 2, 2026.
Annu Projects IPO Details
| IPO Details | Information |
|---|---|
| Company Name | Annu Projects Limited |
| IPO Type | Mainboard IPO |
| IPO Open Date | August 25, 2026 |
| IPO Close Date | August 28, 2026 |
| Price Band | ₹94 – ₹99 per share |
| Face Value | ₹10 per share |
| Issue Size | Approx. ₹175.06 crore |
| Fresh Issue | 1,76,83,000 Equity Shares |
| Offer for Sale | Nil |
| Lot Size | 151 Shares |
| Minimum Investment | ₹14,949 |
| Listing | BSE & NSE |
| Basis of Allotment | August 31, 2026 |
| Refund Date | September 1, 2026 |
| Demat Credit | September 1, 2026 |
| Expected Listing Date | September 2, 2026 |
| Business | EPC & Infrastructure |
| Key Segments | Telecom, Sewerage & Gas Pipelines |
What Does Annu Projects Do?
Annu Projects was established in 2003 and is an EPC company involved in the design, development, implementation, operation and maintenance of overhead and underground utility infrastructure. Its three major business verticals are telecom infrastructure, sewerage infrastructure and gas pipelines. The company works on projects involving optical-fibre networks, telecom infrastructure, sewerage pipelines and treatment facilities, gas pipeline networks and related utility infrastructure.
In the telecom segment, Annu Projects has developed experience in surveying, designing and installing cabling and related infrastructure. The company states that it has laid more than 25,000 kilometres of optical-fibre cable networks and has undertaken maintenance of more than 50,000 kilometres of OFC networks across multiple states and union territories. Its sewerage business covers pipe laying, manholes, sewage treatment plants, pumping stations and associated infrastructure, while its gas-pipeline business includes pipeline laying and supporting infrastructure.
Why Is the IPO Important?
The entire IPO is a fresh issue, making the use of proceeds particularly relevant for investors. According to current IPO disclosures, approximately ₹15.41 crore is planned for capital expenditure involving machinery and equipment, while around ₹115 crore is intended for working-capital requirements. The remaining proceeds are proposed to be used for general corporate purposes.
Also Read: Symbiotec Pharmalab IPO 2026: Price, Date, GMP, Financials & Review
The working-capital requirement is important because EPC companies often have significant amounts of money tied up in projects and receivables. Annu Projects has historically worked on government-related and infrastructure contracts, where payment cycles can be lengthy. Better access to working capital could allow the company to execute a larger project pipeline without relying excessively on external borrowing.
Annu Projects Financial Performance
Annu Projects has shown strong improvement in revenue and profitability over the past few years. Consolidated revenue from operations increased from ₹111.56 crore in FY2022 to ₹130.95 crore in FY2023 and ₹153.98 crore in FY2024. During the same period, EBITDA increased from ₹10.55 crore to ₹15.26 crore and then ₹28.61 crore. Profit after tax increased from ₹3.52 crore in FY2022 to ₹7.19 crore in FY2023 and ₹17.39 crore in FY2024.
The latest available IPO-related financial information shows further growth. Revenue increased to approximately ₹182.35 crore in FY2025, with PAT of around ₹21.10 crore. For FY2026, current IPO disclosures report revenue of approximately ₹244.59 crore and PAT of around ₹33.03 crore. Investors should verify these figures against the final RHP and audited financial statements before making an investment decision.
The company’s profitability metrics are also notable. Current FY2026 figures indicate an EBITDA margin of approximately 20.81%, PAT margin of around 13.69%, ROE of approximately 21.27% and ROCE of about 22.66%. These numbers indicate that Annu Projects has been able to maintain relatively healthy profitability despite operating in the competitive EPC industry.
Also Read: Hy-Tech Engineers IPO 2026: Price, Date, GMP, Financials & Review
Strong Order Book Provides Revenue Visibility
One of the most important positives for Annu Projects is its order book. A March 2026 credit-rating report indicated an order book of approximately ₹1,300.09 crore as of February 28, 2026, equivalent to around 7.22 times FY2025 total operating income. The company also had two L1 orders under process worth approximately ₹150 crore, providing additional potential revenue visibility.
A strong order book can provide visibility for future revenue, but investors should remember that an order book does not automatically translate into profits. Execution speed, project margins, working-capital requirements, government approvals and timely customer payments remain important factors.
Key Strengths
Annu Projects benefits from more than two decades of experience in utility infrastructure and has diversified its operations across telecom, sewerage and gas pipelines. This diversification gives the company exposure to several infrastructure themes rather than relying entirely on one segment. Its established project-execution capabilities, experienced management and strong order book are additional positives.
The company’s financial growth is another positive factor. Revenue and PAT have increased substantially over recent years, while EBITDA margins have improved from 9.45% in FY2022 to 18.58% in FY2024 and around 20.81% based on FY2026 figures reported in current IPO disclosures.
Also Read: Gaja Capital IPO 2026: Key Details, Growth Potential and Risks
Key Risks
The biggest risks are linked to the nature of the EPC business. Annu Projects depends on winning new contracts through competitive bidding, meaning a slowdown in tender opportunities or failure to secure new projects could affect future revenue. Project delays, cost overruns, adverse weather, difficult terrain and dependence on subcontractors can also affect profitability and execution.
Working capital is another important risk. A credit-rating report highlighted an elevated debtor period of 222 days in FY2025, compared with 182 days in FY2024. The report noted that the company’s exposure to government-related projects contributes to longer receivable cycles. If receivables remain elevated, the company may require additional working capital or borrowing to support growth.
Competition is also significant because the EPC and infrastructure industry contains several established players. Annu Projects must continuously win contracts while maintaining margins and executing projects efficiently.
Annu Projects IPO Valuation
At the upper price band of ₹99, the IPO implies a market capitalisation of approximately ₹648 crore. Based on the reported FY2026 EPS of around ₹6.91, the implied price-to-earnings ratio is approximately 14.3 times. This valuation appears more moderate than many high-growth IPOs, although investors should compare Annu Projects with listed EPC and infrastructure companies while considering differences in scale, order books, margins and balance-sheet strength.
Also Read: Skyways Air Services IPO 2026 — India’s No. 1 Air Freight Forwarder Goes Public
The valuation becomes more interesting if the company can sustain its recent revenue and profit growth. However, investors should avoid extrapolating FY2026 growth indefinitely because EPC earnings can fluctuate depending on project execution and order timing.
Should You Invest in Annu Projects IPO?
Annu Projects IPO offers exposure to India’s infrastructure expansion through a diversified EPC business covering telecom, sewerage and gas pipelines. Its strong order book, improving profitability, experienced management and relatively moderate IPO valuation are important positives.
At the same time, the company operates in a competitive and project-dependent industry where execution delays, long receivable cycles and dependence on government and infrastructure contracts can affect cash flows. The success of the IPO will therefore depend not only on revenue growth but also on the company’s ability to convert its order book into profitable projects while maintaining healthy cash flows.
The Onetrader view is that Annu Projects is an interesting infrastructure IPO with strong recent financial growth and substantial order-book visibility. The valuation at ₹99 appears worth examining, but investors should pay close attention to working capital, receivables, project execution and future order inflows before making an investment decision.
Also Read: Gaja Alternative Asset Management IPO 2026
Investors should read the latest Red Herring Prospectus and verify the final financial and IPO details before applying.
Disclaimer: This article is for educational and informational purposes only and should not be considered investment advice or a recommendation to apply for the Annu Projects IPO. IPO investments carry market and business risks. Investors should conduct their own research and consult a qualified financial professional where appropriate.
