Annu Projects Ltd.
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Overview
Annu Projects Limited is a diversified EPC contractor (incorporated in 2003) focused on building and maintaining overhead and underground utilities infrastructure across four verticals—telecom (OFC and related works), sewerage (networks, pumping stations and STPs), city gas distribution (MDPE/GI pipelines and house connections) and, more recently, railway signalling/telecom works. The company executes projects for government bodies, PSUs and private contractors, supports execution with a large owned equipment fleet, and also undertakes O&M for certain networks and systems over multi-year terms.
Opening Date
Aug 25, 2026
Closing Date
Aug 28, 2026
Listing Date
Sep 02, 2026
IPO Type
Mainboard
IPO Status
Closed
Issue Size
175.06 Cr
Fresh Issue
175.06 Cr
Offer for Sale
0 Cr
Price Band
₹94 - ₹99
Lot Size
151
IPO Timeline
Financials
Revenue
Profit After Tax (PAT)
Use of IPO funds
Key Performance Indicator
P/E Ratio
14.33
EPS
6.91
ROE
21.27%
ROCE
22.66%
RONW
21.27%
Debt to Equity Ratio
0.34
PAT Margin
13.69%
EBITDA Margin
20.81%
P/B
3.88
Bull vs Bear
Bull case
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Large order book can give multi-year revenue visibility, which helps planning and reduces dependence on winning every new tender each quarter.
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Owning a big equipment fleet can lower dependence on rentals, helping control project timing and quality when schedules get tight.
- •
Experience across telecom and sewerage reduces reliance on one project type, so slowdowns in one area may be partly offset by the other.
Bear case
- •
More than 90.00% revenue comes from telecom and sewerage, so a policy change or slowdown there could hit growth and stability.
- •
Government customers form 57.09% of revenue, so payment delays or contract changes can strain cash and increase borrowing costs.
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Top 10 customers give 97.96% revenue, so losing one large customer could quickly reduce earnings and idle teams and equipment.
Net takeaway
The long-term story is a project contractor riding India’s telecom and sewage build-out, helped by a large order book and owned equipment. But the business is concentrated: most revenue comes from two verticals, many contracts are government-linked, and customers are few. So cash flow can swing if payments delay or projects pause. One thing to monitor over time is trade receivable days and working-capital needs versus borrowings.
