Anup Engineering oil and gas made 57% of H1 FY27 business

Anup Engineering reported oil and gas at 57% of business share in the first half of financial year 2027 (H1 FY27), while exports generated Rs 149 crore, or 49%, of the stated Rs 308 crore consolidated revenue bifurcation. Heat exchangers were the largest product category at Rs 157 crore, or 51%.

How concentrated was Anup Engineering's H1 FY27 industry mix?

Anup Engineering's H1 FY27 industry mix was led by oil and gas, which accounted for 57% of business share. Power and energy was the next-largest disclosed industry at 12%, followed by chemicals and silos at 11%, petrochemicals at 10%, fertilizers at 9% and hydrogen at 7%.

Oil and gas was 45 percentage points larger than power and energy, the second-largest disclosed category at 12%. This establishes a substantial concentration in the oil-and-gas industry within the presentation's stated business-share measure, although the source does not provide rupee revenue amounts for individual industries.

The six disclosed industry shares total 106%, rather than 100%. Anup Engineering does not explain this difference or state whether categories overlap, so the sector shares should not be treated as mutually exclusive allocations of the Rs 308 crore revenue-bifurcation total.

The industry presentation also differs slightly from the financial-indicators table. Consolidated revenue from operations was Rs 307.6 crore in H1 FY27, while the product and market bifurcation tables each state Rs 308 crore. The Rs 0.4 crore difference is not explained in the presentation.

Which products generated Anup Engineering's H1 FY27 revenue?

Heat exchangers generated the largest share of Anup Engineering's H1 FY27 product revenue, at Rs 157 crore or 51% of the stated Rs 308 crore total. Vessels followed with Rs 113 crore, or 37%, meaning these two categories accounted for 88% of the displayed product mix.

Centrifuge and others contributed Rs 21 crore, tank and silos contributed Rs 11 crore, and towers and reactors contributed Rs 7 crore. The listed product amounts add to Rs 309 crore, although the presentation reports a Rs 308 crore total and percentages adding to 100%; it gives no reason for the Rs 1 crore difference.

The pending order book disclosed as on 06 November was more weighted to heat exchangers than reported H1 revenue. Heat exchangers made up Rs 553 crore, or 59%, of the Rs 941 crore order book, compared with their 51% share of H1 FY27 product revenue; vessels represented Rs 258 crore, or 27%, of the order book versus 37% of H1 revenue.

How was Anup Engineering's H1 FY27 revenue divided between markets?

Anup Engineering reported Rs 149 crore of export revenue in H1 FY27, equal to 49% of the stated Rs 308 crore total, compared with Rs 145 crore, or 47%, from the domestic market. A separately labelled category in the presentation contributed Rs 13 crore, or 4%.

Exports exceeded domestic revenue by Rs 4 crore in the H1 FY27 market table. The three disclosed market amounts total Rs 307 crore rather than the stated Rs 308 crore, while their displayed percentages total 100%; Anup Engineering provides neither a geographical split of exports nor an explanation of the Rs 1 crore difference.

The market composition of the order book was different from recognised H1 revenue. As on 06 November, domestic orders were Rs 630 crore, or 67%, of the Rs 941 crore pending order book, while exports were Rs 311 crore, or 33%, indicating a more domestic-weighted backlog than the 49% export share in H1 FY27 revenue.

How did Anup Engineering's H1 FY27 financial performance change?

Anup Engineering's consolidated revenue from operations declined 24.5% year on year to Rs 307.6 crore in H1 FY27, while earnings before interest, tax, depreciation and amortisation (EBITDA) declined 70.6% to Rs 27 crore. In H1 FY26, revenue from operations was Rs 407.5 crore and EBITDA was Rs 91.8 crore.

EBITDA margin declined to 8.8% in H1 FY27 from 22.5% in H1 FY26. Management attributed the margin outcome to lower revenue and under-absorption of fixed costs, and said elevated geopolitical tensions had contributed to a 6% increase in raw-material costs.

The second quarter of FY27 showed a sequential improvement from the first quarter. Revenue from operations was Rs 182.4 crore in Q2 FY27, up 45.7% from Rs 125.2 crore in Q1 FY27, while EBITDA rose to Rs 17.5 crore from Rs 9.5 crore and the EBITDA margin increased to 9.6% from 7.6%.

The quarter remained below the comparable prior-year period. Q2 FY27 revenue was 21.5% below Rs 232.3 crore in Q2 FY26, and EBITDA was 66.0% below Rs 51.5 crore. As at 30 September 2026, long-term borrowings were Rs 22 crore versus Rs 34 crore at March 2026, while short-term borrowings, net of cash and liquid investments, were Rs 53 crore versus Rs 61 crore.

What disclosed developments could influence Anup Engineering's FY27 mix?

Anup Engineering's disclosed Rs 941 crore pending order book could affect the mix of future revenue because heat exchangers represented Rs 553 crore, or 59%, and domestic orders represented Rs 630 crore, or 67%, as on 06 November. The presentation does not provide a schedule for converting this order book into revenue.

Management said it had secured orders exceeding Rs 150 crore for thermal power plants, involving critical heat exchangers, and three orders for proprietary licensed products. It also said three technical and site-services executions were in progress and that this vertical was on track for about Rs 50 crore of revenue during the year.

Conclusion

Anup Engineering's H1 FY27 disclosure shows oil and gas as its largest industry exposure at 57% of business share, alongside a near-even market split in which exports generated Rs 149 crore and domestic business generated Rs 145 crore. Product revenue was concentrated in heat exchangers and vessels, which together represented 88% of the stated Rs 308 crore total, while consolidated revenue from operations fell 24.5% year on year to Rs 307.6 crore.

The next disclosures to watch are execution of the Rs 941 crore pending order book as on 06 November, including Rs 553 crore of heat exchangers and Rs 311 crore of exports, and progress on the more than Rs 150 crore of thermal-power orders. Management's stated target of about Rs 50 crore in annual technical and site-services revenue is another disclosed measure for tracking FY27 development.