Annu Projects reports Rs 35.65 crore H1 FY27 revenue versus Rs 7 crore

Annu Projects Limited reported revenue from operations of Rs 35.65 crore in H1 FY27, versus Rs 7 crore in H1 FY26, and recorded Rs 7.00 crore of EBITDA and Rs 2.29 crore of profit after tax. Telecom supplied 80.56% of first-half sales, while management expects stronger momentum in Q3 and especially Q4 FY27.

What drove Annu Projects' H1 FY27 revenue increase?

Telecom project execution lifted Annu Projects' H1 FY27 revenue from operations to Rs 35.65 crore, compared with Rs 7 crore in H1 FY26. The company's financial snapshot also shows a shift to profit before tax, or PBT, of Rs 3 crore in H1 FY27 from a PBT loss of Rs 10 crore in H1 FY26; its detailed profit and loss statement puts H1 FY27 PBT at Rs 3.35 crore.

Earnings before interest, tax, depreciation and amortisation, or EBITDA, calculated by Annu Projects excluding other income, was Rs 7.00 crore in H1 FY27 on total income of Rs 36.91 crore. Profit after tax, or PAT, was Rs 2.29 crore, with a PAT margin of 6.42% and earnings per share of Rs 0.45. Other income was Rs 1.27 crore in the half-year and is excluded from the stated EBITDA calculation.

The H1 FY27 EBITDA margin of 19.64% was below the 20.81% reported for FY26, while the 6.42% PAT margin was below FY26's 13.69%. The periods are not directly comparable because FY26 covers a full year, but the disclosed first-half margins were lower than the latest annual figures despite the rise in H1 revenue.

How did Annu Projects perform in Q2 FY27?

Annu Projects' Q2 FY27 revenue from operations declined sequentially to Rs 15.74 crore from Rs 19.91 crore in Q1 FY27. EBITDA fell to Rs 2.94 crore from Rs 4.06 crore, and the EBITDA margin moved to 18.68% from 20.39%, showing that Q1 generated the larger share of the Rs 35.65 crore first-half revenue.

PBT was Rs 1.11 crore in Q2 FY27, compared with Rs 2.24 crore in Q1, while PAT was Rs 1.01 crore against Rs 1.27 crore. Construction expense rose to Rs 15.60 crore from Rs 10.94 crore, while employee-benefit expense was Rs 1.41 crore compared with Rs 1.49 crore. The presentation does not attribute the quarterly changes to a particular project or expense item.

Q2 FY27 was nevertheless ahead of Q2 FY26, when the financial snapshot records revenue of Rs 4 crore and a PBT loss of Rs 3 crore. Q2 FY27 earnings per share were Rs 0.19, below Rs 0.27 in Q1 FY27, in line with the sequential movement in PAT.

How dependent is Annu Projects on telecom revenue?

Annu Projects derived 80.56% of H1 FY27 revenue from telecom, compared with 41.50% in FY26, making telecom its dominant reported segment during the half-year. Sewerage represented 5.68% of H1 FY27 revenue, down from 52.67% in FY26, while gas pipeline accounted for 6.30%, compared with 4.03%.

Others represented 7.46% of H1 FY27 revenue, compared with 1.80% in FY26. Annu Projects says others in H1 FY27 includes machine-trading sales and railway-signalling revenue, whereas railway signalling had no FY26 revenue. The mix therefore changed through a much larger telecom contribution and a substantially lower sewerage share.

Telecom also accounted for Rs 827.20 crore of Annu Projects' Rs 1,018.39 crore order book as of September 30, 2026. Sewerage represented Rs 149.22 crore, railway signalling Rs 25.38 crore and gas pipeline Rs 16.59 crore. The presentation distinguishes revenue already recognised from the order book, which is work still to be executed, and does not provide a future revenue allocation for these balances.

What supports Annu Projects' stronger second-half expectation?

Management bases its expectation on an order book of Rs 1,018.39 crore across 30 ongoing projects with aggregate contract value of Rs 1,987.90 crore as of September 30, 2026. It says the business has traditionally been weighted towards the second half, when more project execution and revenue realisation occur, and expects momentum to strengthen in Q3 and be particularly strong in Q4 FY27.

The largest disclosed order is the Rs 741.17 crore BharatNet Package No. 16 middle-mile telecom-network project in Kerala. Its scope covers design, supply, construction, installation, upgradation, operation and maintenance. Other large projects include a Rs 68.70 crore Kerala sewerage network and a Rs 51.62 crore telecom maintenance and optical-fibre-cable package spanning West Bengal, Odisha, Sikkim, Bihar, Jharkhand and Andaman and Nicobar.

Management also disclosed a memorandum of understanding with GEIE for a Rs 44.30 crore JVVNL rooftop-solar project. Its plans include delivering ongoing projects led by BharatNet Kerala, expanding in existing and new states, and building positions in renewables, solar and railway signalling. These are management plans rather than reported H1 FY27 revenue contributions.

What changed in Annu Projects' balance sheet and collections focus?

Annu Projects' total assets increased to Rs 442.31 crore on September 30, 2026, from Rs 341.82 crore on March 31, 2026, while total equity rose to Rs 312.95 crore from Rs 155.26 crore. Current assets increased to Rs 391.20 crore from Rs 292.36 crore, including inventories of Rs 35.28 crore compared with Rs 6.15 crore at the March year-end.

Trade receivables declined to Rs 142.11 crore from Rs 156.77 crore, and unbilled revenue fell to Rs 59.27 crore from Rs 76.81 crore. Cash and cash equivalents increased to Rs 23.72 crore from Rs 2.77 crore, while other bank balances rose to Rs 89.56 crore from Rs 6.81 crore. Management's stated priorities include timely milestone billing and faster receivable recovery to turn reported profit into cash.

Current borrowings fell to Rs 15.38 crore at September 30 from Rs 38.80 crore at March 31, while non-current borrowings increased to Rs 16.75 crore from Rs 13.74 crore. Management also described Annu Projects' September 2026 listing on BSE and NSE as providing access to capital for execution capability, machinery investment and working-capital requirements.

Conclusion

Annu Projects increased H1 FY27 revenue to Rs 35.65 crore from Rs 7 crore in H1 FY26 and returned to reported pre-tax profit, but Q2 revenue of Rs 15.74 crore was below Q1's Rs 19.91 crore. The first-half revenue profile was concentrated in telecom, which produced 80.56% of sales and represented Rs 827.20 crore of the September 2026 order book.

The next development to watch is whether management's expected Q3 and particularly Q4 FY27 acceleration converts the Rs 1,018.39 crore order book into revenue, billing and collections. Progress on BharatNet Kerala, recovery of the Rs 142.11 crore trade-receivable balance and execution of the Rs 44.30 crore rooftop-solar memorandum of understanding are the specific disclosed matters to monitor.