Anawil Wire & Engineering Limited IPO Overview
Incorporated in 2021, Anawil Wire & Engineering Limited manufactures wind turbine towers and specialised heavy steel fabricated structures for India’s renewable energy sector. The company commenced its commercial operations in April 2021, initially focusing on the fabrication of weld mesh and assembly of boiler accessories and paper machinery parts. Building on this foundation and leveraging expertise in steel fabrication, it strategically shifted into the wind energy sector in 2023. The company operates two manufacturing facilities in Koppal, Karnataka, and Kutch, Gujarat, spread across 48.05 acres with a combined annual production capacity of 612 windmill towers. Production increased from 114 towers in FY24 to 210 towers in FY26, while capacity utilisation improved from 38.0% to 48.2% over the same period.
The company is now launching its SME IPO on the NSE SME platform. The company aims to raise approximately ₹177.81 crore via IPO, comprising a fresh issue of ₹142.69 crore and an offer for sale of 13,00,800 equity shares. The IPO is priced at a band of ₹257 to ₹270 per share. The IPO opens on 3 August 2026 and closes on 5 August 2026, with listing expected on 10 August 2026 on the NSE SME Emerge platform.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | NSE SME Emerge |
| IPO Open Date | 3 August 2026 |
| IPO Close Date | 5 August 2026 |
| Allotment Date | 6 August 2026 (Expected) |
| Refund Initiation | 7 August 2026 |
| Credit to Demat | 7 August 2026 |
| Listing Date | 10 August 2026 (Tentative) |
| Price Band | ₹257 – ₹270 per share |
| Face Value | ₹10 per share |
| Lot Size | 800 shares |
| Minimum Investment (Retail) | ₹2,16,000 (1 lot = 800 shares) |
| Issue Size | ₹177.81 crore |
| Fresh Issue | 52,84,800 shares (₹142.69 crore) |
| Offer For Sale (OFS) | 13,00,800 shares |
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | 31,26,400 shares (~50%) |
| Non-Institutional Investors (NII/HNI) | 9,38,400 shares (~15%) |
| Retail Individual Investors (RII) | 21,89,600 shares (~35%) |
| Market Maker | 3,31,200 shares (Reserved) |
OFS / Selling Shareholders
The IPO issue comprises a total of 65.84 lakh shares, with 52.84 lakh as a fresh issue and 13 lakh through an offer for sale (OFS). The company will not receive any proceeds from the OFS, as those funds go to the selling shareholders.
Selling shareholders are from the promoter group — Nimish Kumar Rameshchandra Vashi, Ayush Nimish Vashi, Bhavin Navinchandra Desai, and Bijal Nimesh Vashi.
Objects of the Issue (Fund Utilization)
Proceeds from the fresh issue will be used primarily for repayment/prepayment of borrowings amounting to ₹5,400 lakh, capital expenditure of ₹988.99 lakh towards installation of additional plant and machinery, and for general corporate purposes.
- Repayment / prepayment of existing borrowings — ₹54 crore
- Capital expenditure for additional plant and machinery — ₹9.89 crore
- General corporate purposes — remaining proceeds
Note: The company will not receive any proceeds from the OFS portion.
Lead Managers & Registrar
- Book Running Lead Manager: Hem Securities Ltd.
- Registrar to the Issue: Bigshare Services Pvt. Ltd.
- Market Maker: Hem Finlease Pvt. Ltd.
Promoters & Management
The promoters of the company are Nimish Kumar Rameshchandra Vashi, Ayush Nimish Vashi, Bhavin Navinchandra Desai, and Bijal Nimesh Vashi. The company is led by an experienced, promoter-led management team focused on operational efficiency, quality manufacturing, and long-term customer relationships.
Company Details
Anawil Wire & Engineering Limited is engaged in the business of manufacturing windmill towers, with a primary focus on the fabrication of towers from heavy and precision steel components customized to meet the specific requirements of clients in the wind energy sector. These towers are generally fabricated as tubular steel structures consisting of multiple cylindrical sections. These sections are rolled from heavy steel plates, longitudinally and circumferentially welded, and joined through flanges and bolts during erection at the project site.
Sectors Served:
- Renewable Energy (Wind Power)
- Heavy Steel Fabrication
- Infrastructure Engineering
Key Products:
- Tubular Steel Windmill Towers (up to 140 metres height)
- Heavy Fabricated Steel Structures
- Precision Steel Components for Wind Energy OEMs
Key Capabilities:
- Two manufacturing facilities in Koppal, Karnataka, and Kutch, Gujarat, spread across 48.05 acres with a combined annual production capacity of 612 windmill towers.
- Strong expertise in windmill towers and heavy fabrication, and established industry linkages with renewable energy OEMs.
- Advanced fabrication, welding, testing, and quality control infrastructure
Order Book:
- Order book stood at ₹359+ crore as of March 31, 2026, providing strong near-term revenue visibility.
Certifications:
- ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, and ISO 3834-2:2021 — certified for manufacturing windmill towers and heavy fabricated structures.
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY25 | ₹79.40 | ₹12.31 |
| FY26 | ₹143.63 | ₹36.63 |
Key Financial Metrics
- Revenue increased by 81% and PAT rose by 198% between FY25 and FY26 — reflecting strong execution and improving operating leverage.
- Strong EBITDA margins, healthy return ratios, and improving net worth highlight efficient execution and robust profitability.
- GMP (Grey Market Premium): ₹50 per share (as of listing date)
- As of March 31, 2025, total borrowings stood at ₹5,510.88 lakh — high debt load which the company plans to reduce using IPO proceeds.
Company Strengths
- Operates in one of India’s fastest-growing infrastructure segments — manufacturing wind turbine towers for the renewable energy industry, backed by strong government policy push.
- Exceptional financial growth in FY26 — revenue up 81% and PAT up 198% — reflecting strong business execution and operating leverage.
- Healthy order book of ₹359+ crore as of March 2026, providing strong near-term revenue and earnings visibility.
- Two strategically located manufacturing facilities across Karnataka and Gujarat with combined capacity of 612 towers per year
- Strong quality credentials — certified under ISO 9001, ISO 14001, ISO 45001, and ISO 3834-2
- Post-IPO balance sheet expected to be significantly stronger with planned debt repayment reducing finance costs
Key Risks & Challenges
- Business is vulnerable to commodity price fluctuations, particularly steel and related raw material inputs — the primary cost driver for windmill tower manufacturing.
- Boosted margins from FY25 onwards raise concern about sustainability of profitability going forward — issue appears aggressively priced based on recent financial data.
- Young company with limited track record: The company entered the wind energy sector only in 2023, giving it a very short operating history in its current core business.
- OFS component means some IPO proceeds go to promoters rather than the company
- SME IPO liquidity risk — limited secondary market trading volumes on the NSE SME Emerge platform
- High dependence on a concentrated segment — any slowdown in wind energy project installations in India could directly impact order inflows and revenues
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
