IPO Overview
Established in 2003, Annu Projects Limited is an integrated Engineering, Procurement, and Construction (EPC) company specialising in the design, development, implementation, operations, and maintenance of essential overhead and underground utility infrastructure across India. The company operates across three critical infrastructure verticals — Telecom Infrastructure (surveying, designing, and installing fiber optic cabling and tower networks), Sewerage Infrastructure (construction of sewerage pipelines, treatment plants, manholes, and pumping stations), and Gas Pipeline Distribution (MDPE pipe laying with over 38,300 domestic and commercial connections). Key clients include BSNL, BBNL, A2Z Infra Engineering, GAIL, Indraprastha Gas, and Gujarat Gas.
The company is launching a ₹175.06 crore Mainboard IPO comprising entirely a fresh issue of up to 1.77 crore equity shares, with no offer-for-sale component. The price band is set at ₹94 to ₹99 per share, with a lot size of 151 shares, making the minimum retail investment approximately ₹14,949. The IPO opens on 25 August 2026 and closes on 28 August 2026, with listing expected on BSE and NSE on 2 September 2026.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – Mainboard |
| Listing Exchange | BSE & NSE |
| IPO Open Date | 25 August 2026 |
| IPO Close Date | 28 August 2026 |
| Allotment Date | 31 August 2026 (Expected) |
| Refund Initiation | 31 August 2026 |
| Credit to Demat | 1 September 2026 |
| Listing Date | 2 September 2026 (Tentative) |
| Price Band | ₹94 – ₹99 per share |
| Face Value | ₹10 per share |
| Lot Size | 151 shares |
| Minimum Investment (Retail) | ₹14,949 (1 lot = 151 shares) |
| Maximum Investment (Retail) | ₹1,94,337 (13 lots = 1,963 shares) |
| Issue Size | ₹175.06 crore |
| Fresh Issue | 1,76,83,000 shares (₹175.06 crore) |
| Offer For Sale (OFS) | Nil |
Note: The entire IPO is a fresh issue — no offer-for-sale component. All proceeds will go directly to the company.
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~10% |
| Non-Institutional Investors (NII/HNI) | ~40% |
| Retail Individual Investors (RII) | ~50% |
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. The entire IPO is a fresh issue, with no offer-for-sale component, meaning no promoter exit is taking place. All funds raised will flow directly to the company.
Objects of the Issue (Fund Utilization)
Nearly 66% of the IPO proceeds will fund working capital requirements, reflecting the cash-intensive nature of EPC operations. The remaining funds will be used for capital expenditure and general corporate purposes.
- Purchase of machinery and equipment — Capital expenditure for enhancing execution capabilities
- Working capital requirements — ₹115 crore (approx.)
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Manager: Mefcom Capital Markets Limited
- Registrar to the Issue: KFin Technologies Limited
Promoters & Management
The promoters of Annu Projects are Mr. Sanjay Kumar Sarraf and Mr. Krishna Ranjan.
As of 30 June 2026, the company employed 469 permanent employees and maintained a fleet of 558 owned machines and equipment, supporting strong in-house execution capacity.
Company Details
Annu Projects Limited is an EPC company that designs, builds, runs, and maintains utility infrastructure overhead and underground, working across three main areas. In telecom infrastructure, it surveys, designs, and installs cabling and tower infrastructure for communication, automation, and electronic security systems. Customers 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 completed 38,300 GI house connections for domestic and commercial gas supply for customers such as Indraprastha Gas, Gujarat Gas, and GAIL India.
Sectors / Verticals:
- Telecom Infrastructure (OFC network deployment, tower infrastructure, restoration & maintenance)
- Sewerage Infrastructure (pipe laying, sewage treatment plants, pumping stations)
- Gas Pipeline Distribution (MDPE pipe laying, domestic & commercial gas connections)
- Railway Signalling (newly added vertical)
Key Capabilities:
- Over 21 fiscal years of project execution experience, having completed 362 projects, with 7 regional institutes and in-house equipment fleet of 558 machines as of 30 June 2026.
- Laid more than 26,200 km of OFC networks and maintained over 62,800 km of OFC infrastructure across India.
- In-house equipment fleet and group manufacturing capability enhance execution control and cost efficiency.
Registered Office: B-1, Plot No. 11, Local Shopping Complex, Vasant Kunj, South Delhi, New Delhi – 110070
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY25 | ₹182.35 | ₹21.10 |
| FY26 | ₹244.59 | ₹33.03 |
Key Financial Metrics
- Revenue grew 34% and PAT rose 56% between FY25 and FY26 — reflecting strong execution momentum.
- EBITDA margin of 20.81% and ROCE of 22.66% in FY26, with a manageable debt-to-equity ratio of 0.34.
- At the upper price band of ₹99, the post-issue P/E stands at 19.64x with a market capitalisation of ₹648.38 crore.
- As of June 30, 2026, the order book stood at approximately ₹1,959.35 crore across 23 ongoing projects — providing over 8x revenue visibility based on FY26 revenues.
Company Strengths
- Strong and growing order book of approximately ₹1,959 crore as of June 30, 2026, backed by BharatNet-related work, railway signalling opportunities, and government infrastructure mandates.
- Diversified operations across telecom, sewerage, gas pipelines, and railway signalling — reducing over-dependence on any single sector.
- Consistent revenue and profit growth — 34% revenue growth and 56% PAT growth in FY26 over FY25
- Entire IPO is a fresh issue — zero promoter exit; all proceeds directed to business expansion and working capital
- Established long-term relationships with government and large infrastructure-sector customers such as BSNL, BBNL, GAIL, IGL, and Gujarat Gas.
- Over two decades of execution experience with 362 completed projects and an owned fleet of 558 machines enhancing operational self-sufficiency.
Key Risks & Challenges
- Heavy reliance on competitive government tenders — project wins are not guaranteed and depend on bidding outcomes, which introduces revenue uncertainty.
- Nearly 66% of IPO proceeds earmarked for working capital, reflecting the capital-intensive and cash cycle-heavy nature of EPC operations. Timely collection of receivables from government clients is critical.
- Customer payment delays from government clients are a persistent risk in EPC businesses, and can impact liquidity and working capital cycles.
- Project execution risk — delays in mobilisation, labour availability, equipment deployment, or regulatory approvals can impact project margins
- Telecom accounted for 82.9% of the order book as of June 30, 2026 — indicating significant concentration in a single vertical despite operational diversification.
- Recent entry into the railway signalling vertical means limited track record in this segment, adding execution uncertainty
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.
