Annu Projects drew 98% of Fiscal 2026 revenue from top 10 customers

Annu Projects drew 97.96% of revenue from operations in Fiscal 2026, or Rs 236.323 crore, from its top 10 customers. The concentration followed 98.25% in Fiscal 2025 and 95.90% in Fiscal 2024, showing that revenue across its infrastructure work remained tied to a narrowly defined customer group.

Why did Annu Projects draw 98% of Fiscal 2026 revenue from its top 10 customers?

Annu Projects drew 97.96% of Fiscal 2026 revenue from operations from its top 10 customers because the company recorded Rs 236.323 crore from those counterparties during the year. The five largest customers alone accounted for 84.33% of revenue from operations, or Rs 203.432 crore. A2Z Infra Engineering Limited was the largest contributor at Rs 64.197 crore, equal to 26.61%, followed by Bihar Urban Infrastructure Development Corporation Limited at Rs 55.670 crore, or 23.08%.

The customer table identifies revenue contribution rather than contract value or order book value. That distinction matters because revenue from operations reflects work recorded during Fiscal 2026, while an order book is the value of unexecuted work as of a stated date. The remaining five customers in the Fiscal 2026 top 10 contributed Rs 32.891 crore, or 13.63% of revenue from operations, leaving 2.04% from customers outside the top 10.

How has Annu Projects' customer concentration changed over three years?

Annu Projects' customer concentration stayed above 95% in Fiscal 2024, Fiscal 2025 and Fiscal 2026, rising by 2.06 percentage points between Fiscal 2024 and Fiscal 2026. The top-10 share increased from 95.90% in Fiscal 2024 to 98.25% in Fiscal 2025, before easing by 0.29 percentage points to 97.96% in Fiscal 2026. The Fiscal 2026 movement reduced the ratio slightly from the prior year but did not change the reliance on a limited customer base.

The rupee contribution of the top 10 increased in each period shown, from Rs 147.672 crore in Fiscal 2024 to Rs 176.928 crore in Fiscal 2025 and Rs 236.323 crore in Fiscal 2026. That was an increase of Rs 88.651 crore over two fiscal years. The figures do not establish that the same 10 customers generated all three years' revenue, because the disclosure includes unnamed customers in Fiscal 2024 and Fiscal 2025.

What does the Fiscal 2026 customer mix show about dependency?

Annu Projects' Fiscal 2026 mix shows that dependency extended beyond one customer but was concentrated among a small number of large accounts. The two largest customers represented 49.69% of revenue from operations, while the top five represented 84.33%. Sewerage & Infrastructural Development Corporation of Goa Limited contributed Rs 35.864 crore, G R Infraprojects Limited contributed Rs 29.983 crore, and Jharkhand Urban Infrastructure Development Corporation Limited contributed Rs 17.718 crore.

Several named customers recur in the three fiscal-year tables, although their rank and contribution changed. A2Z Infra Engineering Limited contributed 20.50% in Fiscal 2024, 20.35% in Fiscal 2025 and 26.61% in Fiscal 2026. Bihar Urban Infrastructure Development Corporation Limited contributed 15.29%, 25.49% and 23.08%, respectively. Annu Projects did not disclose the name of the customer contributing Rs 10.947 crore, or 6.08%, within the Fiscal 2025 top 10, citing unavailable consent and commercial sensitivity; Fiscal 2024 likewise included an unnamed Rs 6.014 crore, or 3.91%, contribution.

How does Annu Projects' order book add to concentration risk?

Annu Projects' June 30, 2026 order book was also concentrated in a small number of projects, with its five largest projects representing Rs 922.184 crore, or 91.76%, of the Rs 1,005.055 crore total. The largest project, the Bharatnet middle-mile network package in Kerala, represented Rs 746.923 crore, or 74.32%, of the order book. This is project concentration rather than evidence of concentration in a single customer, but it indicates that a limited set of projects makes up most unexecuted contracted work.

Annu Projects defines order book as potential revenue from the unexecuted portion of awarded projects, excluding applicable taxes. The company calculates it from the aggregate contract value of ongoing projects, adjusted for scope changes and reduced by work already executed; it does not include escalation or work related to escalation. The disclosure says the order book is not audited and does not necessarily indicate future earnings, while orders may be modified, cancelled, delayed, put on hold or not fully paid.

What conditions affect whether this revenue concentration persists?

Annu Projects' concentration can persist if it continues to win and execute work for major customers through its competitive bidding process. The company says it monitors government and private procurement platforms, shortlists tenders using technical viability, financial profitability, regulatory considerations and risk analysis, and then submits bids through an internal review process. Its projects typically take one to four years to complete, including the defect liability period, which is the contractual period during which construction defects must be rectified.

Contract terms also affect how much awarded work becomes reported revenue. Annu Projects says most contracts are reimbursable unit item-rate contracts, under which payment is based on contracted rates for specified items of work. Engineering, Procurement and Construction, or EPC, fixed-rate contracts instead use a predetermined price for the full scope, subject to customer-requested variations. Most contracts include price-variation or escalation clauses for inputs such as steel, cement, fuel and labour, but some do not, leaving cost increases unable to be passed through during project execution.

Conclusion

Annu Projects' three-year disclosure shows a revenue base dominated by a limited customer group, alongside an order book dominated by a limited project group. Top-10 customer revenue increased from Rs 147.672 crore in Fiscal 2024 to Rs 236.323 crore in Fiscal 2026, while the five largest projects represented 91.76% of the order book as of June 30, 2026.

The next point to watch is whether competitive bidding continues to produce awards from the existing major customers or other customers, and whether the June 30, 2026 order book converts into billed and collected work. Annu Projects states that orders can be modified, cancelled, delayed, put on hold or not fully paid, while completion certificates can depend on final inspection, testing and approval by relevant authorities.