Annu Projects Kerala BharatNet package is 73% of order book

At September 30, 2026, Annu Projects Limited's Rs 741.17 crore Kerala BharatNet Package No. 16 accounted for about 73% of its Rs 1,018.39 crore order book. The telecom contract was the largest disclosed project and represented about 90% of the company's Rs 827.20 crore telecom backlog, making its execution central to the order-book profile.

How concentrated is Annu Projects' order book?

Annu Projects' order book is concentrated in the Rs 741.17 crore Kerala BharatNet middle-mile network contract, which equals about 72.78% of the Rs 1,018.39 crore total disclosed at September 30, 2026. This is a calculation from the reported project and total order-book figures. The scope includes design, supply, construction, installation, upgradation, operation and maintenance of BharatNet Package No. 16.

Excluding the Kerala BharatNet package, Annu Projects had Rs 277.22 crore of order book across its other telecom, sewerage, gas-pipeline and railway-signalling work. The company reported 30 ongoing projects with aggregate contract value of Rs 1,987.90 crore as of September 2026. However, the presentation does not state the Kerala package's completion percentage, its contract timetable or its share of that aggregate ongoing-project value.

How does the Kerala BharatNet package compare with other projects?

The Kerala BharatNet package was about 10.8 times the Rs 68.70 crore second-largest project in Annu Projects' order book, a Kerala sewerage-network contract. It also exceeded the combined Rs 105.51 crore order book of the third- and fourth-largest projects: a multi-state optical fibre cable, or OFC, maintenance assignment and a defence-network OFC contract.

The five largest projects totalled Rs 915.38 crore, or about 89.88% of Annu Projects' total order book, based on the disclosed September 2026 figures. The two Kerala projects together represented Rs 809.87 crore, or about 79.53% of backlog. The sewerage contract covers construction, testing and commissioning of sewer networks, manholes, chambers, laterals and pumping mains, showing that Kerala features in both the first- and second-ranked orders.

Which vertical carries Annu Projects' order-book concentration?

Telecom infrastructure carries the concentration, with Rs 827.20 crore of order book, or 81.23% of Annu Projects' total at September 30, 2026. The Kerala BharatNet package alone equals about 89.60% of telecom backlog, leaving Rs 86.03 crore in the vertical's other disclosed orders. This calculation links the package value to the reported telecom order-book total.

Sewerage was the next-largest vertical at Rs 149.22 crore, less than one-fifth of telecom's Rs 827.20 crore. Railway signalling and gas pipeline combined accounted for Rs 41.97 crore, or 4.12% of the order book. Over the last 21 fiscals, telecom completed-project value was Rs 859.20 crore and sewerage completed-project value was Rs 363.89 crore, while the September 2026 backlog mix was more heavily weighted toward telecom.

How broad is Annu Projects' active project portfolio?

Annu Projects had 30 ongoing projects across four verticals at September 30, 2026, but telecom led their value. Five telecom projects had aggregate contract value of Rs 1,482.42 crore, against 14 sewerage projects worth Rs 451.78 crore, seven gas-pipeline projects worth Rs 21.96 crore and four railway-signalling projects worth Rs 31.73 crore.

Sewerage had the highest project count at 14 of 30, while telecom's five projects accounted for the largest disclosed aggregate value. The presentation says all gas-pipeline and railway-signalling projects are with government customers. Across the full order book, however, the customer mix was 81.18% private and 18.82% government, and the source does not identify the customer or customer category for the Kerala BharatNet package.

What does Annu Projects expect from FY27 execution?

Management said Annu Projects has historically been weighted toward the second half of the financial year, when a larger share of project execution and revenue realisation typically occurs. Management expects momentum to strengthen in the third quarter and be particularly strong in the fourth quarter of FY27. It identified timely execution, operating-capability strengthening and financial discipline as priorities.

For H1 FY27, management reported revenue from operations of Rs 35.65 crore, earnings before interest, tax, depreciation and amortisation of Rs 7 crore, and an earnings before interest, tax, depreciation and amortisation margin of 19.64%. The financial snapshot rounds H1 FY27 revenue to Rs 36 crore, versus Rs 7 crore in H1 FY26, and shows profit before tax of Rs 3 crore against a Rs 10 crore loss. These disclosures do not allocate revenue to the Kerala package.

Telecom generated Rs 28.72 crore of the four verticals' reported H1 FY27 revenue, compared with Rs 2.02 crore from sewerage, Rs 2.25 crore from gas pipeline and Rs 1.51 crore from railway signalling. Management said the September 2026 listing provided access to capital to strengthen execution capabilities, invest in machinery and meet working-capital requirements. The presentation does not provide a package-specific funding requirement or delivery milestone for BharatNet Package No. 16.

Conclusion

Annu Projects' September 2026 backlog was dominated by one Kerala telecom contract: the Rs 741.17 crore BharatNet package represented about 73% of total order book and about 90% of telecom backlog. Telecom also led both the Rs 827.20 crore backlog by vertical and the Rs 28.72 crore H1 FY27 revenue reported across the operating segments.

The next disclosed point to watch is management's expectation of stronger activity in Q3 and particularly Q4 FY27, supported by its focus on execution capability, machinery and working capital. The source does not disclose a completion schedule or progress percentage for the Kerala BharatNet package, leaving project-level execution updates as an unresolved matter.