Annu Projects H1 revenue reaches Rs 35.65 crore, returns profit

Annu Projects Limited returned to profit in H1 FY27, reporting revenue from operations of Rs 35.65 crore against Rs 7 crore in H1 FY26 and profit after tax of Rs 2.29 crore. The prior-year half recorded a Rs 10 crore loss before tax, while H1 FY27 profit before tax reached Rs 3.35 crore.

What drove Annu Projects’ H1 FY27 turnaround?

Annu Projects’ turnaround reflected higher reported revenue and a move into profit before tax. Revenue from operations increased to Rs 35.65 crore in H1 FY27 from Rs 7 crore in H1 FY26, while profit before tax changed from a Rs 10 crore loss to a Rs 3.35 crore profit over the same periods.

Total income was Rs 36.91 crore in H1 FY27, including Rs 1.27 crore of other income. Earnings before interest, tax, depreciation and amortisation, or EBITDA, which Annu Projects calculates excluding other income, was Rs 7 crore and the EBITDA margin was 19.64%.

Depreciation and amortisation totalled Rs 2.05 crore, while finance cost was Rs 2.87 crore in H1 FY27. Tax expense of Rs 1.07 crore reduced the Rs 3.35 crore profit before tax to Rs 2.29 crore of profit after tax, producing a 6.39% profit-after-tax margin.

The H1 FY27 EBITDA margin of 19.64% was below the 20.81% reported for full-year FY26, and the 6.39% profit-after-tax margin was below FY26’s 13.69%. These are not like-for-like periods, but they set the first-half result against the annual margins disclosed by Annu Projects.

How did Annu Projects’ Q2 FY27 compare with Q1?

Annu Projects reported lower revenue and profit in Q2 FY27 than in Q1 FY27. Revenue from operations was Rs 15.74 crore in Q2, compared with Rs 19.91 crore in Q1, while EBITDA declined to Rs 2.94 crore from Rs 4.06 crore.

Q2 FY27 profit before tax was Rs 1.11 crore, versus Rs 2.24 crore in Q1, and profit after tax was Rs 1.01 crore against Rs 1.27 crore. The EBITDA margin fell to 18.68% in Q2 from 20.39% in Q1, whereas the profit-after-tax margin was broadly unchanged at 6.41% and 6.38%, respectively.

The year-on-year Q2 comparison was materially different: Annu Projects’ financial snapshot shows Rs 4 crore of revenue and a Rs 3 crore loss before tax in Q2 FY26. Management said execution and revenue realisation have traditionally been weighted towards the second half, and expects momentum to strengthen in Q3 and be particularly strong in Q4 FY27 as projects move towards execution.

Which business segments shaped Annu Projects’ revenue and order book?

Annu Projects became telecom-led in H1 FY27, with telecom contributing 80.56% of revenue, compared with 41.50% in FY26. Sewerage’s share fell to 5.68% in H1 FY27 from 52.67% in FY26, marking a shift from a sewerage-led annual mix to a telecom-led first-half mix.

Gas pipeline represented 6.30% of H1 FY27 revenue, up from 4.03% in FY26, and other revenue rose to 7.46% from 1.80%. The company said the H1 FY27 other category includes machine-trading sales and railway-signalling revenue, while railway signalling recorded no revenue in FY26.

The Rs 1,018.39 crore order book at September 30, 2026 was also weighted towards telecom, at Rs 827.20 crore. Sewerage accounted for Rs 149.22 crore, railway signalling Rs 25.38 crore and gas pipeline Rs 16.59 crore.

The largest project was the BharatNet Package No. 16 middle-mile network in Kerala, with an order book of Rs 741.17 crore. Annu Projects also listed a Kerala sewerage project with Rs 68.70 crore of order book and telecom work across West Bengal, Odisha, Sikkim, Bihar, Jharkhand and Andaman and Nicobar with Rs 51.62 crore.

What changed in Annu Projects’ financial position?

Annu Projects’ total assets rose to Rs 442.31 crore at September 30, 2026 from Rs 341.82 crore at March 31, 2026. Current assets increased to Rs 391.20 crore from Rs 292.36 crore, while total equity increased to Rs 312.95 crore from Rs 155.26 crore.

Cash and cash equivalents increased to Rs 23.72 crore from Rs 2.77 crore, and other bank balances rose to Rs 89.56 crore from Rs 6.81 crore. Inventories increased to Rs 35.28 crore from Rs 6.15 crore during the same six-month period.

Trade receivables declined to Rs 142.11 crore at September 30 from Rs 156.77 crore at March 31, and unbilled revenue fell to Rs 59.27 crore from Rs 76.81 crore. These reductions occurred alongside management’s stated plan to accelerate milestone billing and receivable recovery.

Current liabilities declined to Rs 109.98 crore from Rs 171.47 crore. Current borrowings fell to Rs 15.38 crore from Rs 38.80 crore, although non-current borrowings increased to Rs 16.75 crore from Rs 13.74 crore.

What will Annu Projects focus on in H2 FY27?

Annu Projects entered H2 FY27 with 30 ongoing projects, an order book of Rs 1,018.39 crore and aggregate contract value of Rs 1,987.90 crore, according to management. Its stated near-term priorities are delivering projects on time and within budget, led by BharatNet Kerala, and improving milestone billing and collections.

Management also plans to deepen work in existing states, enter new states and develop renewables, solar engineering, procurement and construction, and railway signalling. It cited a memorandum of understanding with GEIE for a Rs 44.30 crore JVVNL rooftop solar project as an adjacent opportunity.

Annu Projects listed on the BSE and NSE in September 2026. Management said the listing provides access to capital for execution capability, machinery investment and working-capital needs, rather than disclosing a numerical revenue or profit forecast for FY27.

Conclusion

Annu Projects reported a sharp H1 FY27 recovery, with revenue rising to Rs 35.65 crore and profit after tax reaching Rs 2.29 crore after the prior-year half’s Rs 10 crore loss before tax. The result coincided with a telecom-heavy revenue mix, a Rs 7 crore EBITDA result, higher cash and bank balances, and lower receivables and unbilled revenue.

The next items to watch are management’s expectation for stronger Q3 and particularly Q4 FY27 execution, delivery of the 30 ongoing projects, and progress on billing and receivable recovery. BharatNet Kerala execution, the Rs 1,018.39 crore order book and the disclosed solar and railway-signalling expansion plans will also shape subsequent reporting.