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Anand Rathi Report
Annu Projects IPO: Here are the 10 key things to know before investing
1.IPO Dates
The Annu Projects IPO opens for subscription today August 25, and closes for subscription on Aug 28, 2026. The shares will be listed on both the National Stock Exchange and the BSE on Sep 02.
2. Price Band
An EPC company of essential overhead and underground utilities infrastructure across telecom infrastructure, sewerage infrastructure vertical, gas pipeline vertical and railway signalling vertical, Annu Projects has fixed the IPO price band at Rs 94 to Rs 99 per equity share, with a face value of Rs 10 each.
3. IPO Size
Annu Projects is a boot-built main board issue aiming to raise Rs 175 crore, comprising only of fresh issue of around 1.77 crore shares at the upper end of the price band. There is no offer-for-sale (OFS) component, meaning the proceeds from the issue will go to the company.
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4. Lot size and minimum investment
Investors can bid for a minimum lot of 151 equity shares. At the upper price band of Rs 99 per share, the minimum investment for one lot works out to Rs 14,949.
5. Object of the issue
The company plans to utilise the proceeds from the fresh issue for funding capital expenditure requirements, including the purchase of machinery or equipment, meeting working capital requirements and general corporate purposes.
6. BRLM
Mefcom Capital Markets Ltd. is the book running lead manager to the Annu Projects IPO, while KFin Technologies Ltd. is the registrar to the offer.
7. Peer Comparison
Likhitha Infrastructure, Bondada Engineering, Suyog Telematics are the other listed peers in the sector.
8. Financial Performance
- The company reported revenue from operations of Rs 241.2 crore in FY26, up from Rs 180.1 crore in FY25 and Rs 154 crore in FY24.
- Ebitda increased to Rs 50.2 crore in FY26 from Rs 32.2 crore in FY25, while consolidated profit after tax rose to Rs 33 crore from Rs 21.1 crore.
- Ebitda margin improved to 20.8% from 17.9%, while PAT margin increased to 13.7% from 11.7%.9.
9. Key strengths
- Established expertise in engineering, procurement and commissioning projects with special focus on underground and overhead utilities
- infrastructure.
- Project management with integrated execution capabilities.
- Strong order book
Key Strategies
- Strengthening their presence and expand into new geographies across India.
- Leveraging core competencies in project execution and expand into other verticals within the infrastructure development spaces
- Continue to focus on efficient cost management in relation to project execution.
10. Key risks
Annu Projects has significant business concentration risks. More than 90% of revenue has historically come from its telecom and sewerage infrastructure businesses, while government entities contributed 57.09% of FY26 revenue.
Customer concentration is also high, with the company's top 10 customers accounting for 97.96% of FY26 revenue. The report also flags risks related to order execution, geographical concentration, contractual penalties and supplier concentration
Valuation
At the upper price band, Annu Projects is valued at an implied P/E multiple of 19.6 times FY26 earnings. Anand Rathi believes the IPO appears fully priced at the upper band, but has still recommended a “Subscribe – Long Term” rating.
Click on the attachment to read the full IPO report:
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