Anawil targets 612 towers as Kutch plant ramps up production

Anawil Wire and Engineering Limited is targeting higher utilisation of 612-tower annual capacity after its Kutch, Gujarat, facility began operations in March 2026, adding 192 towers a year. In first-half fiscal year 2027 (H1FY27), it produced 107 towers versus 62 a year earlier, and fiscal year 2026 (FY26) utilisation was 48%.

How much annual tower capacity does Anawil now have?

Anawil has installed annual capacity for 612 wind turbine towers across two facilities: 420 towers at Koppal, Karnataka, and 192 towers at Kutch, Gujarat. Koppal’s stated monthly capacity is 35 towers, while Kutch is designed for 16 towers a month, giving Anawil combined monthly capacity of 51 towers.

Koppal began operations in December 2022 and is the larger site, representing 420 of the 612 towers of combined annual capacity. Kutch began operations in March 2026 and represents the remaining 192 towers; the presentation says approvals and production ramp-up are underway at the Gujarat plant.

The two certified facilities span 48.05 acres and can make customised wind turbine towers up to 140 metres. Anawil describes its product as fabricated tubular steel towers for onshore projects, produced in multiple sections with flanged connections and designs aligned with original equipment manufacturer requirements.

How has Anawil's tower production and utilisation changed?

Anawil increased tower production to 210 in FY26 from 135 in FY25 and 114 in FY24, while reported capacity utilisation increased from 38% in FY24 to 45% in FY25 and 48% in FY26. Output therefore rose by 96 towers between FY24 and FY26, while utilisation increased by 10 percentage points.

In H1FY27, tower production rose by 45 units year on year from 62 in H1FY26 to 107. Anawil notes that the first half is usually seasonally softer than the second half for tower production, making the H1FY27 volume increase the relevant current-period indicator as Kutch enters its ramp-up phase.

The presentation identifies higher utilisation, increased production volumes and operational efficiencies as the mechanisms intended to raise use of the 612-tower footprint. It does not provide a specific future utilisation target, a Kutch production run-rate, or a date by which the 192-tower capacity is expected to operate at a particular level.

What is Anawil doing to improve revenue per tower?

Anawil is seeking greater value addition by increasing its focus on Conversion + Internals and Integrated Supply contracts, rather than relying only on Pure Conversion work. In H1FY27, Integrated Supply accounted for 64% of Rs 154.0 crore revenue, compared with 21% for Pure Conversion, 11% for Conversion + Internals and 4% for accessories and scrap.

Under Pure Conversion, the customer supplies material and Anawil manufactures the tower; the company states revenue per tower is Rs 50–60 lakh and earnings before interest, tax, depreciation and amortisation (EBITDA) per tower is Rs 25–30 lakh. Conversion + Internals adds in-house internals and carries stated revenue of Rs 1.0–1.1 crore per tower, with EBITDA of Rs 35–40 lakh per tower.

Integrated Supply includes raw-material procurement as well as tower manufacturing. Anawil states this model has revenue of Rs 3.0–3.5 crore per tower and EBITDA of Rs 40–50 lakh per tower, but an approximate EBITDA margin of 14–16%, compared with 44–50% in Pure Conversion, because material costs are included in the revenue base.

This business-mix change coincided with H1FY27 revenue of Rs 154.0 crore, exceeding FY26 revenue of Rs 143.3 crore. H1FY27 EBITDA was Rs 36.1 crore, up from Rs 10.1 crore in H1FY26, but the EBITDA margin moved to 23.4% from 24.5%; Anawil attributes the percentage-margin moderation to material-intensive Integrated Supply work and initial Kutch operating expenses.

What order visibility supports Anawil's capacity ramp-up?

Anawil reported an order book of Rs 395.6 crore covering 320 towers as of October 31, 2026, alongside letters of intent (LOIs) worth Rs 44.1 crore for 44 towers. The company expects to execute the reported order book by Q1FY28, providing its disclosed schedule for manufacturing activity beyond H1FY27.

Integrated Supply makes up 51% of the order book by value, compared with 25% for Pure Conversion and 24% for Conversion + Internals. This order composition is less weighted to Integrated Supply than the 64% share of H1FY27 revenue, while the combined Conversion + Internals and Pure Conversion share is 49% of orders versus 32% of H1FY27 revenue.

The order book is spread across eight customers. The largest disclosed line item is 38 wind turbine generator towers worth Rs 134.0 crore, while another customer order covers 95 SANY wind turbine generator towers worth Rs 55.8 crore; the presentation does not identify the customers by name.

Anawil’s manufacturing locations are in Karnataka and Gujarat, which together accounted for approximately 43.9% of India’s installed wind capacity as of August 31, 2026. India had 58.52 gigawatts of installed wind capacity on that date, including 16.72 gigawatts in Gujarat and 8.97 gigawatts in Karnataka.

Conclusion

Anawil’s March 2026 Kutch start-up has lifted installed manufacturing capacity to 612 towers annually, while production rose to 107 towers in H1FY27 from 62 a year earlier. The expansion is paired with a shift toward Integrated Supply and Conversion + Internals contracts, which increase stated revenue and absolute EBITDA per tower but produce different percentage-margin outcomes because of their varying material content.

The next disclosed execution marker is completion of the Rs 395.6 crore, 320-tower order book by Q1FY28, supplemented by Rs 44.1 crore of LOIs for 44 towers as of October 31, 2026. Investors can watch reported production and utilisation as Kutch approvals and ramp-up continue, as Anawil has not disclosed a utilisation target or a timetable for reaching Kutch’s 192-tower annual capacity.