Severeconcentrationpage 23
Top 10 customers are 97.96% of revenue
Our top 10 customers contributed to 97.96%, 98.25% and 95.90% of our revenue from operations during Fiscals 2026, 2025 and 2024, respectively.
ListedMainboardEngineering - ConstructionANNU
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.
₹99
Issue price
₹61
Price now
−38.0%
Since issue price
2 Sept 2026
Listed on
2.93×Subscribed (final) · all exchanges
2.9 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What the prospectus says could go wrong
Read from the 462-page prospectus. Indian prospectuses list hundreds of risk factors, most of them generic boilerplate. These are the 14 specific to this company; 421 generic ones were skipped. Every one is quoted verbatim with its page, so you can check it against the document.
Severeconcentrationpage 20
Revenue over 90% from telecom + sewerage
We derive more than 90.00% of our revenue from operations from our telecom infrastructure and sewerage infrastructure verticals.
Severefinancialpage 27
Contingent liabilities equal 64.97% of net worth
the total contingent liabilities, including those arising from business operations, amounted to ₹1,008.66 million, equivalent to 64.97% of the Company's Net Worth.
Severefinancialpage 70
Profits largely on paper - negative operating cash flow
Net Cash Flow/ (Used in) from Operating Activities (2.47) (353.78) 82.05
Severeoperationalpage 24
₹9,185.5 mn single-consortium BharatNet order execution risk
our Company has recently achieved a strategic milestone by receiving a work order aggregating to ₹ 9,185.50 million (including GST) from G R Infraprojects Limited pursuant to a work order dated March 10, 2026, as part of a consortium under BharatNet Phase III
Severepromoterpage 40
Promoter conflict at Terragon Techno Machines
Our Promoters, Directors and Key Managerial Personnel of our Company i.e., Sanjay Kumar Sarraf and Krishna Ranjan are also Directors on the board of Terragon Techno Machines Private Limited, which is also engaged in the business of import and trading of equipment and machinery.
Severeoperationalpage 41
Malda-Farakka OFC project stuck on RoW since 2018
There has been one instance of an inordinate delay in securing the RoW for our Malda TE-NTPC Farakka via Khejuriaghat OFC route project in the State of West Bengal, India, this project was awarded to us on October 22, 2018 and the principal employer has still not been able to obtain RoW till date for this project.
Severeregulatorypage 42
Untraceable records, CSR shortfalls, stamp-duty notice
We have not been able to trace certain corporate records and secretarial forms filed by our Company... our Company also failed to spend the CSR funds aggregating to ₹ 1.86 million and ₹ 1.81 million, in respect Fiscal 2021 and Fiscal 2022... our Company has also received a notice dated June 23, 2026 from the Office of the Collector of Stamps (HQ), Government of NCT of Delhi, alleging non-payment/short payment of stamp duty
Severeoperationalpage 35
History of project short-closure and termination
Bharat Sanchar Nigam Limited vide its letter bearing reference no. BSNLCO-MMP/18(19)/1/2021-MMP dated January 07, 2022, short closed the project without providing any justification... ITI Limited, vide its letter dated January 28, 2026, terminated the contract awarded to A2Z Infra Engineering Limited... Any adverse outcome arising from the termination of the principal contract, non-renewal thereof, or disruptions in the execution of the project may adversely affect our revenues, cash flows, business operations and financial condition.
Severeoperationalpage 50
Fatal workplace incident at Goa sewerage site
one of our employees, employed as a supervisor at a project site for sewerage works at Goa, India, received injuries in the course of the employment and demised at the project site on February 1, 2023
Severefinancialpage 46
Entire debt at variable interest rate
As on June 30, 2026, our total indebtedness was ₹ 1,455.72 million which included fund and non-fund-based facilities at variable rate of interest.
Highfinancialpage 28
Trade receivable cycle stretched to 237 days
Trade receivable days in proportion of revenue from operations 237 ... Long trade receivable cycles may impact our operations and may require us to obtain additional borrowings
Highpromoterpage 53
Promoter group holds 89.11% pre-IPO
As on date of this Red Herring Prospectus, our Promoters and certain members of our Promoter Group hold 42,600,890 Equity Shares representing 89.11% of the pre-issued, subscribed and paid-up Equity Share capital of our Company.
Highconcentrationpage 21
57-65% of revenue from government competitive bids
We are dependent on and derived 57.09%, 64.99% and 60.88% of our revenue from operations, during Fiscals 2026, 2025 and 2024, respectively, from government sector entities based on competitive bidding
Extracted from the issuer’s own prospectus and ranked by how specific and material each risk is to this company. Severity is our assessment of the disclosure, not a prediction — and nothing here is a recommendation to apply to this issue.
What’s in court
The issuer’s own summary of outstanding legal proceedings — SEBI requires this table in every prospectus. Counts and amounts are as disclosed.
| Against | Criminal | Tax | Other material | Amount at stake |
|---|---|---|---|---|
| The company | 1 | 8 | 1 | ₹2.1 Cr |
| Promoters | 0 | 3 | 0 | ₹0.0 Cr |
| Directors | 0 | 3 | 0 | ₹0.1 Cr |
| Group companies | 0 | 0 | 0 | — |
case₹2.0 Crpage 386
Tax proceedings against Company: 2 direct tax cases (₹1.04M) + 6 indirect tax cases (₹18.73M) = ₹19.77M aggregate ascertainable; footnote notes further interest/penalties of ₹75.36M may arise
case₹0.4 Crpage 386
Company filed compounding application to RoC under Section 454 for CSR non-compliance of Section 135 — failed to spend ₹1.86M (FY21) and ₹1.81M (FY22), amounts subsequently transferred in FY26; matter pending
case₹0.1 Crpage 386
Company filed Section 138 NI Act complaint (Oct 2017) against Trishul Telecom Pvt Ltd for cheque dishonour; pending before JMFC Patiala House, Delhi
casepage 385
Company received notice dated June 23, 2026 from Office of Collector of Stamps (HQ), Govt of NCT of Delhi alleging non-payment/short payment of stamp duty on share allotment (Form PAS-3 SRN AA9862592); matter at preliminary stage, no final order
casepage 388
FIR 0553/2025 at Ashok Vihar Police Station, Delhi against KMP Mayank Agarwal (and three others) under IPC sections 498A, 406 and 34 in a matrimonial dispute; pending adjudication
All amounts originally stated in ₹ million in the prospectus; converted to ₹ crore at 1 crore = 10 million. 'Company' bucket criminal count is a proceeding filed BY the Company; there are zero criminal proceedings against the Company. 'Other' for Company excludes the CSR compounding application (filed proactively by the Company, not adversarial). No consolidated grand total of litigation amounts is stated in the prospectus.. Outstanding means unresolved — a listed case is an exposure, not a verdict.
Source documents
What the issuer and the exchanges published. Everything else on this tab is read out of these.
Prospectus on SEBI ↗
The full prospectus — business, financials, risk factors and litigation.
Bidding centres ↗
Where physical applications could be submitted.
Basis of issue price (peer ratios) ↗
The issuer's own "basis of issue price": the earnings multiples it is asking for, and the peer companies it chose to compare itself against.
Red Herring Prospectus ↗
The full prospectus — business, financials, risk factors and litigation.