Annu Projects has 81% telecom order book led by BharatNet

Annu Projects Limited had a ₹1,018.39 crore order book as of September 2026, of which telecom represented 81.23%, while its BharatNet Package No. 16 middle-mile network contract in Kerala alone carried a ₹741.17 crore balance. The figures make progress on that Kerala telecom project central to the company’s near-term execution pipeline.

How concentrated is Annu Projects’ order book?

Annu Projects’ order book is concentrated in telecom, which accounted for ₹827.20 crore of the ₹1,018.39 crore total at September 30, 2026. Sewerage was the second-largest vertical at ₹149.22 crore, followed by railway signalling at ₹25.38 crore and gas pipeline at ₹16.59 crore. Telecom’s 81.23% mix contrasts with sewerage’s 14.65%, while the two smaller segments together made up 4.12%.

The company reported 30 ongoing projects with aggregate contract value of ₹1,987.90 crore, alongside the ₹1,018.39 crore order book. It also reported 365 completed projects over 21 fiscals, with completed-project value of ₹1,291.58 crore. The ongoing contract value is therefore higher than the reported order book by ₹969.51 crore.

Why does BharatNet Kerala matter most to Annu Projects?

BharatNet Package No. 16 in Kerala is Annu Projects’ largest order-book project at ₹741.17 crore, substantially ahead of every other disclosed contract. Its scope includes design, supply, construction, installation, upgradation, operation and maintenance of a BharatNet middle-mile network. The project’s order-book value is close to the ₹827.20 crore telecom total, making it the main disclosed source of telecom backlog.

The next four disclosed projects total ₹174.21 crore, compared with ₹741.17 crore for BharatNet Kerala. They comprise a Kerala sewerage-network contract at ₹68.70 crore, telecom maintenance and rework across six locations at ₹51.62 crore, a defence-network telecom contract across four locations at ₹33.25 crore, and a West Bengal storm-water pumping-station project at ₹20.64 crore. This gap shows that the largest project has a materially different scale from the rest of the disclosed top-five list.

What work supports Annu Projects’ telecom pipeline?

Annu Projects had completed 312 telecom infrastructure projects worth ₹859.20 crore over the 21 fiscals to September 30, 2026. Of that completed telecom value, private customers accounted for ₹564.18 crore across 295 projects, while government customers accounted for ₹295.02 crore across 17 projects. The historical project count was therefore predominantly private, even as the presentation lists customers including BSNL, Bharat Broadband Network, A2Z Infra and G R Infraprojects.

As of September 30, 2026, telecom had five ongoing projects with aggregate contract value of ₹1,482.42 crore, versus 14 ongoing sewerage projects valued at ₹451.78 crore. The telecom scope spans overhead and underground optical fibre cable, or OFC, laying, towers, cabling and network operations and maintenance, or O&M. Annu Projects said it had laid more than 26,200 kilometres of OFC and maintained more than 62,800 kilometres to date.

How do Annu Projects’ other verticals compare with telecom?

Sewerage is Annu Projects’ largest non-telecom order-book segment at ₹149.22 crore, but it remains below telecom’s ₹827.20 crore. The company had completed 20 sewerage projects worth ₹363.89 crore, including ₹355.22 crore from 17 government-customer projects and ₹8.66 crore from three private-customer projects. Its ongoing sewerage base comprised 14 projects worth ₹451.78 crore at September 30, 2026.

Gas pipeline and railway signalling together accounted for ₹41.97 crore of order book, against ₹149.22 crore in sewerage alone. Gas pipeline had seven ongoing projects worth ₹21.96 crore and an order book of ₹16.59 crore, while railway signalling had four ongoing projects worth ₹31.73 crore and an order book of ₹25.38 crore. The presentation states that all gas and railway projects are with government customers, unlike the overall order book, which was 81.18% private and 18.82% government by value.

What does Annu Projects’ revenue show about current execution?

Annu Projects reported revenue from operations of ₹35.65 crore in H1 FY27, according to management, alongside earnings before interest, tax, depreciation and amortisation, or EBITDA, of ₹7 crore and an EBITDA margin of 19.64%. The financial snapshot rounds H1 FY27 revenue to ₹36 crore, compared with ₹7 crore in H1 FY26, and shows profit before tax, or PBT, at ₹3 crore versus a ₹10 crore loss in the prior-year half.

Quarterly revenue was ₹20 crore in Q1 FY27 and ₹16 crore in Q2 FY27, compared with ₹4 crore in Q2 FY26. PBT was ₹2 crore in Q1 FY27 and ₹1 crore in Q2 FY27, after a ₹3 crore loss in Q2 FY26. These results show higher first-half revenue year on year, while the sequential revenue figure declined from Q1 to Q2 despite the ₹1,018.39 crore September order book.

What has Annu Projects’ management said about the second half of FY27?

Management said Annu Projects has traditionally been weighted towards the second half, with a larger share of execution and revenue realisation typically occurring then. Chairman and Managing Director Sanjay Kumar Sarraf said management expects momentum to strengthen in Q3 and to be particularly strong in Q4 FY27, as several projects progress towards execution. This is management’s stated expectation, rather than a disclosed revenue target.

Management also said the company plans to use capital access following its September 2026 BSE and NSE listing to strengthen execution capabilities, invest in machinery and meet working-capital requirements. Separately, management said Annu Projects is exploring adjacent renewable-energy opportunities through a memorandum of understanding with GEIE for the ₹44.3 crore JVVNL rooftop solar project.

Conclusion

Annu Projects’ September 2026 backlog was spread across four stated verticals, but its value was concentrated in telecom and, within telecom, in the ₹741.17 crore BharatNet Kerala contract. Sewerage provided the second-largest backlog at ₹149.22 crore, while railway signalling and gas pipeline together represented ₹41.97 crore. The company’s H1 FY27 revenue of ₹35.65 crore was higher than the ₹7 crore shown for H1 FY26.

The next item to watch is execution through Q3 and Q4 FY27, because management expects the second half to carry a larger share of project activity and revenue realisation. Progress on BharatNet Package No. 16, alongside working-capital and machinery spending following the September 2026 listing, will be relevant to whether the ₹1,018.39 crore order book converts into revenue as management anticipates.