About the Business
Annu Projects Limited is an integrated Engineering, Procurement, and Construction (EPC) company specializing in the design, development, implementation, operations, and maintenance of 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 for clients such as BSNL, BBNL, A2Z Infra Engineering, and G R Infraprojects.
- Sewerage Infrastructure: Comprehensive construction of sewerage pipelines, treatment plants, manholes, pumping stations, and structural facilities.
- Gas Pipeline Distribution: MDPE pipe laying (20 mm to 125 mm diameter) with over 38,300 GI domestic/commercial connections for leaders like GAIL, IGL, and Gujarat Gas.
As of June 30, 2026, Annu Projects maintained a robust order book comprising 23 ongoing projects valued at ₹1,959.35 Cr (₹19,593.48 million) across telecom, sewerage, gas pipeline, and railway signalling sectors. The company’s promoters are Sanjay Kumar Sarraf and Krishna Ranjan.
Financial Overview
Annu Projects Ltd.’s revenue grew by 34% while Profit After Tax (PAT) surged by 56% between FY25 and FY26.
| Metric (₹ Cr) | FY 2026 | FY 2025 | FY 2024 |
|---|---|---|---|
| Total Income | ₹244.59 | ₹182.35 | ₹155.42 |
| EBITDA | ₹50.19 | ₹32.19 | ₹28.50 |
| PAT (Profit After Tax) | ₹33.03 | ₹21.10 | ₹17.39 |
| Net Worth | ₹155.26 | ₹122.06 | ₹68.93 |
| Reserves & Surplus | ₹107.45 | ₹74.25 | ₹66.39 |
| Total Borrowings | ₹52.54 | ₹22.27 | ₹19.69 |
| Total Assets | ₹341.82 | ₹233.37 | ₹161.34 |
Note: FY26 figures represent Restated Standalone data; prior years consolidated | Source: RHP Filings
Key Financial Metrics (FY26)
Issue Reservation
| Investor Category | Allocation Limit |
|---|---|
| Retail (RII) Shares Offered | Not less than 50% of the Issue |
| NII (HNI) Shares Offered | Not less than 40% of the Issue |
| QIB Shares Offered | Not more than 10% of the Issue |
Objects of the Issue
The gross proceeds of ₹175.06 Cr from the 100% fresh issue are proposed to be utilized as follows:
- Funding Working Capital Requirements of the Company ₹115.00 Cr
- Capital Expenditure for Purchase of Machinery and Equipment ₹15.41 Cr
- General Corporate Purposes Balance
Annu Projects Limited operates as a specialized EPC player in high-demand municipal utilities, city gas distribution, and telecom infrastructure. Backed by an order book of ₹1,959.35 Cr (over 8x FY26 revenues), revenue visibility remains strong.
The company has delivered solid margins (EBITDA margin of 20.81%, ROCE of 22.66%) and maintains manageable leverage (Debt/Equity of 0.34). Allocating ₹115 Cr directly into working capital provides the liquidity required to execute larger project cycles. At an upper price band of ₹99, the issue is priced at a post-issue P/E of 19.64x with a market capitalization of ₹648.38 Cr. Investors interested in utility EPC and infrastructure growth can review this issue.
