Anup Engineering has ₹390 crore in FY28 orders already booked

Anup Engineering has about ₹390 crore of its ₹941 crore pending order book booked for FY28 as of 6 November, giving disclosed visibility beyond FY27. The FY28 allocation is roughly 41% of the backlog, including letters of intent, while domestic orders total ₹630 crore, or 67% of the total.

How much of Anup Engineering’s order book is booked for FY28?

About ₹390 crore of Anup Engineering’s ₹941 crore pending order book is booked for FY28, according to its FY27 outlook presentation. The company identifies the ₹941 crore figure as pending orders including letters of intent, or LOI, as of 6 November, while separately stating that roughly ₹390 crore is assigned to FY28. It does not disclose a quarter-by-quarter delivery schedule or the financial-year allocation of the remaining backlog.

The ₹941 crore pending book exceeds Anup Engineering’s FY26 annual sales of ₹822 crore by ₹119 crore. This is a comparison of disclosed scale rather than a revenue forecast, because backlog may await execution and includes LOI. Anup Engineering reported consolidated revenue of ₹308 crore in H1 FY27, providing a reported half-year sales reference against the pending order pipeline.

How is Anup Engineering’s ₹941 crore order book split?

Heat exchangers are Anup Engineering’s largest pending-order category at ₹553 crore, or 59% of the ₹941 crore total, followed by vessels at ₹258 crore, or 27%. Together, the two categories account for ₹811 crore and 86% of disclosed product backlog, leaving ₹130 crore across towers and reactors, storage tanks and silos, and centrifuges and other products.

The backlog mix differs from reported H1 FY27 revenue, although heat exchangers remained the largest category in both measures. Heat exchangers contributed ₹157 crore, or 51%, of H1 FY27 revenue of ₹308 crore, compared with 59% of pending orders. Vessels generated ₹113 crore, or 37%, of H1 FY27 revenue, compared with 27% of pending orders, meaning heat exchangers have a larger share of work awaiting execution than of first-half sales.

Anup Engineering’s market split was ₹630 crore of domestic orders and ₹311 crore of exports, equivalent to 67% and 33% of the ₹941 crore total. Domestic orders therefore exceeded exports by ₹319 crore. Management said this distribution suggests a pickup in domestic demand; that is management’s interpretation of the order-book mix rather than a separately reported measure of market growth.

What new orders is Anup Engineering pursuing after FY27?

Anup Engineering reported an inquiry pipeline of ₹1,200 crore across oil and gas, fertilizer, thermal power and clean-energy storage. Management said these inquiries provide opportunities in coming months to secure its stated 20% growth plan for next year. The ₹1,200 crore figure is an inquiry pipeline, not part of the ₹941 crore pending order book, and should not be treated as booked work or scheduled revenue.

Thermal power is one of the sectors management highlighted as a multi-year opportunity. Management said large thermal-power projects are on the cards and that the segment is poised for growth for at least three years, with Anup Engineering’s existing presence providing an opportunity. The presentation does not disclose a thermal-power order value within either the ₹941 crore order book or the ₹1,200 crore inquiry pipeline.

Clean-energy storage is another stated area of focus, particularly in the United States. Management said it was seeing traction in clean-energy storage projects and expected this business to account for about 20% of Anup Engineering’s revenue next year. That 20% is management’s expectation, not a reported revenue contribution for H1 FY27, when consolidated revenue was ₹308 crore.

What execution and product priorities has Anup Engineering set for FY27?

Anup Engineering’s stated FY27 priority is to stabilise current operations, improve execution, consolidate activity and mitigate risk while carrying a ₹941 crore pending order book. Management linked this emphasis to volatile global business conditions arising from wars and geopolitics. The presentation does not quantify the financial effect of those conditions, but it identifies execution and risk management as operating priorities for the current year.

Product development is a second priority for FY27. Management expects to add five proprietary equipment products to Anup Engineering’s product list during the year, with the stated aim of creating a more specialised position and improving entry into tier-one vendor lists. The existing H1 FY27 revenue mix included ₹21 crore from centrifuges and other products, or 7% of ₹308 crore total revenue, alongside ₹11 crore from tanks and silos and ₹7 crore from towers and reactors.

The balance-sheet figures reported as of 30 September 2026 provide additional context for this execution phase. Total assets were ₹924 crore, down from ₹958 crore at March 2026, while net worth was ₹678 crore compared with ₹691 crore. Long-term borrowings declined to ₹22 crore from ₹34 crore, and short-term borrowings, net of cash and liquid investments, declined to ₹53 crore from ₹61 crore.

Conclusion

Anup Engineering’s disclosure combines a ₹941 crore pending order book with about ₹390 crore booked for FY28, extending visibility beyond the current year. The backlog is concentrated in heat exchangers and vessels, which together represent 86% of pending orders, and is weighted towards domestic customers at 67% of the total.

The next points to watch are whether the ₹1,200 crore inquiry pipeline converts into orders, whether thermal-power opportunities develop over the at-least-three-year period management identified, and whether clean-energy storage approaches management’s expected 20% revenue contribution next year. Execution of the ₹941 crore backlog and the planned addition of five proprietary products during FY27 are also disclosed milestones.