Annu Projects
- Issue price
- ₹ 99
- Issue size
- ₹ 175.06 Cr.
- Min. investment
- ₹ 14,949
- Listing price
- ₹ 72
- Subscribed
- 2.93x
- Lot size
- 151 shares
- P/E
- 19.64
- RoNW
- 21.27%
- RoCE
- 22.66%
- Debt / Equity
- 0.34
- PAT margin
- 13.69%
- EBITDA margin
- 20.81%
- RoE
- 21.27%
- EPS
- ₹ 5.04
- NAV
- ₹ 32.47
- Promoter stake
- 65.05%
About
Annu Projects Limited is an engineering, procurement and construction company, usually called an EPC company. It designs, builds, runs and maintains the utility infrastructure that goes overhead and underground, and works in three main areas. In telecom infrastructure it surveys, designs and installs cabling and tower infrastructure for communication, automation and electronic security systems. Its customers here include Bharat Sanchar Nigam Limited, A2Z Infra Engineering, Bharat Broadband Network Limited and G R Infraprojects. In sewerage infrastructure it lays pipes and builds manholes, sewerage treatment plants, pumping stations and related structures. In gas pipelines it lays MDPE pipe from 20 mm to 125 mm in diameter and has done 38,300 GI house connections for domestic and commercial gas supply, for customers such as Indraprastha Gas, Gujarat Gas and GAIL India. As on 30 June 2026 the company had 23 ongoing projects worth about Rs 1,959.35 crore. These were made up of 4 telecom infrastructure projects, 14 sewerage projects, 4 gas pipeline projects and 1 railway signalling project.
Timeline
- doneOpens25 Aug
- doneCloses28 Aug
- doneAllotment31 Aug
- doneRefunds31 Aug
- doneDemat credit1 Sep
- doneListing2 Sep
Grey market premium (GMP)
GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.
- Highest
- ₹ 7 on 27 Aug 2026
- Lowest
- ₹ −7 on 1 Sep 2026
- First quoted
- ₹ 4 on 21 Aug 2026
Subscription
How many times each investor group bid for its share, as of 02 Sep 2026, 06:30 PM IST.
How much to apply for
The smallest and largest bids for each kind of investor at the upper price band.
| Retail (Min) | 1 | 151 | ₹ 14,949 |
| Retail (Max) | 13 | 1,963 | ₹ 1,94,337 |
| S-HNI (Min) | 14 | 2,114 | ₹ 2,09,286 |
| B-HNI (Min) | 67 | 10,117 | ₹ 10,01,583 |
Company overview
Financials
| Assets | 341.82 | 233.37 | 161.34 |
| Total Income | 244.59 | 182.35 | 155.42 |
| Profit After Tax | 33.03 | 21.1 | 17.39 |
| EBITDA | 50.19 | 32.19 | 28.5 |
| NET Worth | 155.26 | 122.06 | 68.93 |
| Reserves and Surplus | 107.45 | 74.25 | 66.39 |
| Total Borrowing | 52.54 | 22.27 | 19.69 |
Strengths
- FY2026 was a strong year. Total income grew 34% from Rs 182.35 crore to Rs 244.59 crore and profit after tax grew 56% from Rs 21.10 crore to Rs 33.03 crore.
- Growth has been consistent. Income rose every year from Rs 155.42 crore in FY2024, and profit from Rs 17.39 crore over the same period.
- The order book is large compared to yearly sales. It had 23 ongoing projects worth about Rs 1,959.35 crore as on 30 June 2026, against total income of Rs 244.59 crore in FY2026.
- Return ratios are good, with RoCE of 20.59% and RoNW of 17.29%.
- The work is spread over three different verticals, telecom, sewerage and gas pipelines, plus one railway signalling project, so it is not dependent on one type of work.
- Its customers are large and established, including BSNL, Bharat Broadband Network, GAIL India, Indraprastha Gas, Gujarat Gas and G R Infraprojects.
- At the upper band of Rs 99 the P/E is about 19.64 times on an EPS of Rs 5.04, which is moderate for the growth shown.
- Net worth more than doubled in two years, from Rs 68.93 crore in FY2024 to Rs 155.26 crore in FY2026.
Risks
- Borrowing rose sharply, more than doubling from Rs 22.27 crore in FY2025 to Rs 52.54 crore in FY2026.
- The FY2026 figures are on a standalone basis while the earlier years are consolidated, as noted on the offer document, so the three years are not strictly comparable.
- Most of the fresh money, Rs 115 crore out of an issue of Rs 175.06 crore, goes into working capital. EPC work blocks a lot of money in unbilled work and retention money.
- Most customers are government bodies and public sector companies, where payments are often slow and are decided by budget cycles.
- This is a tender driven business. Work has to be won afresh each time on price, so a full order book today does not guarantee the same margin tomorrow.
- The order book leans heavily on sewerage work, 14 of the 23 ongoing projects, so it depends on government spending on urban water and sanitation continuing.
- EPC contracts carry execution risk. Delays, land or permission problems and cost overruns are common and can turn a profitable contract into a loss.
- Promoter holding will come down from 89.11% to 65.05% after the issue.
What the money is for
| Funding capital expenditure requirements of Company for purchase of machinery or equipment | 15.41 |
| Funding working capital requirements of the Company | 115 |
| General Corporate Purposes | — |
Promoters
- Sanjay Kumar Sarraf
- Krishna Ranjan
Registrar, lead managers and documents
- Listing on
- BSE, NSE
- Face value
- ₹ 10 a share
- Registrar
- KFin Technologies Limited
- Red herring prospectus (RHP)
- Open
- Basis of allotment
- Open
IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.
Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.