Annu Projects IPO
Annu Projects IPO is a mainboard IPO raising ₹175 Cr at ₹94 – ₹99 a share. It listed on 2 Sept 2026 at ₹72, −27.3% against its issue price of ₹99, and trades at ₹61 today (−38.0% since issue). It was subscribed 2.93× in total.
2.9 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Established in 2003, the company is an EPC contractor that designs, builds and maintains overhead and underground utilities infrastructure in India across four verticals: telecom (laying optical fibre cable / OFC networks and tower infrastructure), sewerage (pipe laying, sewage treatment plants, pumping stations), gas pipeline (MDPE/ GI pipe laying for city gas distribution), and railway signalling (newest vertical, first project won recently). It works mainly for government agencies, public-sector units and large private contractors on a direct or sub-contract basis. (Amounts stated in the prospectus in ₹ million; 1 million = 0.1 crore.)
How it earns
Revenue is earned from executing Engineering, Procurement and Construction (EPC) contracts on a fixed-price / turnkey basis, plus long-term operations & maintenance (O&M) of networks after construction; in FY26, 52.67% of revenue came from sewerage, 41.50% from telecom, 4.03% from gas pipelines and 1.80% from other trading/real-estate income.
Who buys
Government and PSU customers dominate. Named clients include Bharat Sanchar Nigam Limited (BSNL), Bharat Broadband Network Limited (BBNL), G R Infraprojects Limited, A2Z Infra Engineering Limited, Indraprastha Gas Limited, Gujarat Gas Limited, GAIL India Limited, Sewerage Infrastructure Development Corporation of Goa Limited, Madhya Pradesh Urban Development Company Limited, Bihar Urban Infrastructure Development Corporation Limited and Jharkhand Urban Infrastructure Development Company Limited. Sewerage projects are typically funded by World Bank, Asian Development Bank, Central/State Governments under Namami Gange and Swachh Bharat Mission. No customer-concentration percentages are disclosed in the text.
Scale
Completed 362 projects over the last 21 fiscal years (as on June 30, 2026) with a Total Contract Value of ₹12,796.08 million (₹1,279.61 crore); 23 ongoing projects with Total Contract Value of ₹19,593.48 million (₹1,959.35 crore); owned fleet of 558+ machinery; 469 permanent employees as on June 30, 2026 (FY26: 473; FY25: 264; FY24: 269); project offices across 11 Indian locations (Delhi, Kolkata, Goa, Siliguri, Muzaffarpur, Patna, Bhubaneshwar, Ranchi, Gangtok, Port Blair, Bhopal).
What it says sets it apart
- Owned fleet of 558+ plant and machinery as of June 30, 2026 (incl. horizontal directional drilling machines, excavators, splicing machines, digitrak, OTDR, HDPE pipe welding machines), reducing dependence on third-party equipment hire; 204 in-house splicing machines for OFC work.
- Order Book of ₹10,050.55 million (₹1,005.06 crore) as of June 30, 2026 across 23 ongoing projects, with a Book-to-Bill ratio of 3.89x in FY26 — including a newly-won BharatNet Phase-III Package in Kerala worth ~₹9,185.50 million (incl. GST) in consortium with G R Infraprojects and SRIT India.
- Demonstrated execution in difficult terrain: installed OFC at elevations of 8,000–15,000 feet in East Sikkim for the NFS Project and contributed to ~6,000 km of OFC rollout across five states and A&N Islands.
- Diversified revenue base across telecom, sewerage and gas-pipeline EPC, plus entry into railway signalling, reducing dependence on a single sector.
- ISO 9001:2015 and 45001:2018 certified quality and safety systems; trenchless-technology-driven execution using HDD machines to minimise surface disruption.
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs99 / stated EPS Rs6.91 (FY26 (Financial Year ended March 31, 2026) diluted EPS, restated). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (Mixed: FY2026 Standalone (restated standalone), FY2025 and FY2024 Consolidated (restated consolidated) — presentation varies because the subsidiary was divested on April 1, 2024, so only Standalone financials were prepared for FY2026). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| FY2026 | ₹241 Cr+34% | ₹33 Cr+56% | 13.7% | ₹155 Cr | ₹53 Cr |
| FY2025 | ₹180 Cr+17% | ₹21 Cr+21% | 11.7% | ₹122 Cr | ₹22 Cr |
| FY2024 | ₹154 Cr | ₹17 Cr | 11.3% | ₹69 Cr | ₹20 Cr |
How its cohort has done
63 mainboard issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
How the book finished
The category split is the number worth reading, not the total.
Non-institutional: 3.55× their allocation. QIB: 1.72×.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
What could go wrong
All 14risks & documents →From the register read out of the issuer’s own prospectus — each item is quoted verbatim with its page on the risks tab.
Led by Mefcom Capital Markets Limited — median −8.4% across the 5 of its issues we can price. All lead managers →
What happens when
Next: the UPI mandate expires on 9 Oct 2026.
What to watch
- Priced at 14.3× earnings — 28% below the median of the peers the issuer itself names.
- The register's top risk: Top 10 customers are 97.96% of revenue (prospectus page 23).
- Its cohort's record: median +33.9% since issue price, 27% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track ANNU PROJECTS LIMITED
Results, orders, board decisions and every other filing — summarised and sent to your WhatsApp the minute they are out.
Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.