Anawil order book targets Q1FY28 completion at Rs 395.6 crore

Anawil Wind and Engineering Ltd has a Rs 395.6 crore order book for 320 towers across eight customers, which it expects to execute by Q1FY28. Integrated supply represents 51% of the book, and Anawil separately reported letters of intent worth Rs 44.1 crore for 44 towers as of October 31, 2026.

What is in Anawil's current order book?

Anawil's current order book comprises 320 towers valued at Rs 395.6 crore across eight customers. The disclosed contracts cover wind turbine generator, or WTG, towers; SANY WTG towers; Envision WTG towers; wind mill towers; HH 140 towers; tubular towers; and tower sections, with the company expecting execution by Q1FY28.

The tower count includes both complete tower orders and smaller component or section assignments. Customer A has 95 SANY WTG towers, Customer D has 47 towers for other purposes, Customer E has 39 wind mill towers, and Customer G has 15 TT TOP and TT INT section units. The 320 units therefore do not represent a single standard tower specification or a uniform contract value per tower.

The customer-level values displayed in the presentation total Rs 395.7 crore, while the stated order-book headline is Rs 395.6 crore. The tower counts add to the reported 320, but the presentation provides no reconciliation for the Rs 10 lakh difference between the listed order values and the headline total.

How is Anawil's order book split by business model?

Anawil says integrated supply accounts for 51% of its Rs 395.6 crore order book, ahead of pure conversion at 25% and conversion plus internals at 24%. Integrated supply is thus the largest disclosed business model and exceeds each of the two other categories separately.

The two non-integrated categories together account for the remaining 49% of the book. The presentation does not disclose revenue recognition, pricing or margin terms by business model, so the 51% share identifies the type of work contracted rather than a comparison of profitability.

The mix is presented alongside a manufacturing footprint of 48.05 acres and installed capacity of 612 towers a year. The Koppal, Karnataka facility has capacity for 420 towers a year and a stated focus on tower-internals integration, while the Kutch, Gujarat facility has capacity for 192 towers a year.

Which customers account for Anawil's order book?

Customer A is Anawil's largest disclosed customer grouping, with 136 towers across three product lines and displayed orders worth Rs 200.4 crore. Its contracts comprise 38 WTG towers valued at Rs 134 crore, three wind turbine generator component tower orders valued at Rs 10.6 crore, and 95 SANY WTG towers valued at Rs 55.8 crore.

Other large assignments include Customer C's 10 Envision WTG towers worth Rs 58.3 crore, Customer D's 47 towers worth Rs 52.4 crore, and Customer E's 39 wind mill towers worth Rs 43.3 crore. Customer F has 43 towers across HH 140 and tubular tower products worth Rs 26.7 crore, meaning these five customer groupings account for 275 of the 320 disclosed units.

The remaining three customer groupings are smaller by the listed values and volumes. Customer B has 17 towers worth Rs 11.7 crore, Customer G has 15 tower-section units worth Rs 1.9 crore, and Customer H has 13 towers worth Rs 1 crore. Customer C's Rs 58.3 crore assignment for 10 towers also illustrates that order values vary materially by product and specification.

When does Anawil expect to execute its orders?

Anawil expects to execute its reported Rs 395.6 crore order book by Q1FY28. The presentation does not divide the 320-tower execution programme into quarterly production, dispatch or revenue milestones.

Separately, Anawil reported letters of intent, or LOIs, worth Rs 44.1 crore for 44 towers as of October 31, 2026. The company presented these LOIs as a recent order highlight rather than within the Rs 395.6 crore order-book total, and it did not disclose their execution timing or business-model mix.

Anawil manufactured 210 towers in FY26, compared with 135 in FY25 and 114 in FY24. Capacity utilisation rose from 38% in FY24 to 45% in FY25 and 48% in FY26; H1FY27 output was 107 towers versus 62 in H1FY26, although the presentation does not provide H1FY27 utilisation.

How could seasonality and capacity affect Anawil's execution?

Anawil says historically about 70% to 80% of annual revenue is generated in H2, from October through March, compared with about 20% to 30% in H1, from April through September. It attributes the pattern to weather, site accessibility, project readiness and logistics coordination for oversized towers.

H2 revenue increased from Rs 38 crore in FY24 to Rs 63 crore in FY25 and Rs 102 crore in FY26, while H1 revenue was Rs 16 crore, Rs 16 crore and Rs 41 crore respectively. H1FY27 revenue was Rs 154 crore, compared with Rs 41 crore in H1FY26, a level that differs from the lower-H1 pattern in the three preceding periods shown.

Koppal commenced operations in December 2022 and has capacity for 35 towers a month, or 420 annually. Kutch commenced operations in March 2026 and has capacity for 16 towers a month, or 192 annually, with approvals and production ramp-up underway; Gujarat and Karnataka together account for about 44% of India's stated 58.52 gigawatts of installed wind capacity.

Conclusion

Anawil's disclosed order book provides a defined manufacturing pipeline of Rs 395.6 crore and 320 towers through Q1FY28. Its 51% integrated-supply share is the largest business-model component, while Customer A is the biggest disclosed grouping at 136 towers and Rs 200.4 crore of displayed orders. Product mix and contract values vary substantially across the eight customers.

The next factors to watch are progress against the Q1FY28 execution target, any conversion or further detail on the Rs 44.1 crore of LOIs reported on October 31, 2026, and the Kutch facility's approvals and production ramp-up. Management's stated H2 revenue weighting also makes October-to-March dispatch conditions and customer site readiness relevant to the timing of execution.