Annu Projects Ltd IPO

Annu Projects Ltd IPO closed on 28 Aug 2026. Allotment 31 Aug 2026, listing 2 Sept 2026. Price band ₹94–₹99, lot 151 shares, GMP +₹0 (0%). Track allotment on Allotly.

About Annu Projects Ltd

Annu Projects Limited is an EPC company engaged in the design, development, implementation, operation and maintenance of overhead and underground utility infrastructure. Its business is divided into four verticals: telecom infrastructure, sewerage infrastructure, gas pipelines and railway signalling. The telecom business includes surveying, designing and installing cabling and tower infrastructure and laying optical fibre cable networks. Its sewerage activities include pipe laying, construction of manholes, sewage treatment plants, pumping stations and stormwater drainage systems. The gas pipeline vertical involves laying MDPE pipelines and GI house connections for domestic and commercial gas supply. The company has also undertaken railway signalling projects. Established in 2003, the company operates across multiple states in India and executes projects through direct contracts…

Strengths

• The company has completed 362 projects across telecom infrastructure, sewerage infrastructure and gas pipeline verticals over the last 21 fiscals as of June 30, 2026. Its completed projects include work across Bihar, Jharkhand, Gujarat, Goa, Haryana, Madhya Pradesh, Odisha, Uttar Pradesh, West Bengal, Sikkim and Delhi.
• The company had an order book of Rs 1,005.05 crore as of June 30, 2026, covering 23 ongoing projects. Telecom infrastructure accounted for Rs 833.28 crore, or 82.91%, of the order book, while sewerage infrastructure accounted for Rs 150.36 crore, or 14.96%.
• The company claims to have a fleet of 558 plant and machinery as of June 30, 2026. This includes horizontal directional drilling machines, excavators, splicing machines, Digitrak machines, OTDR machines and HDPE pipe welding machines, allowing it to undertake multiple projects using owned equipment.
• The company has experience in large-scale optical fibre network projects. It claims to have contributed to nearly 6,000 km of OFC rollout under the Network for Spectrum Project and restored approximately 1,200 km of OFC under the same project, along with approximately 2,732 km under BharatNet Phase I.
• The company has emerged as the L1 bidder for Package No. 16 of the BharatNet Phase III project in Kerala through a consortium with G R Infraprojects Limited and SRIT India Private Limited. Its scope is estimated at approximately Rs 918.55 crore, including GST, covering OFC infrastructure activities and maintenance services.
• The company has reported growth in revenue and profit over the three years from FY24 to FY26. Revenue from operations increased from Rs 153.98 crore in FY24 to Rs 180.07 crore in FY25 and Rs 241.25 crore in FY26, while PAT increased from Rs 17.39 crore to Rs 21.10 crore and Rs 33.03 crore over the same period.
• The company is ISO 9001:2015-certified for quality management systems and ISO 45001:2018-certified for occupational health and safety management systems. These certifications relate to its quality management and occupational health and safety processes.

Risks

• The company derives a significant portion of its revenue from its telecom infrastructure and sewerage infrastructure verticals. These two verticals contributed Rs 227.19 crore (94.17%), Rs 171.19 crore (95.07%), and Rs 140.62 crore (91.32%) to revenue from operations in FY26, FY25, and FY24, respectively. Slowdown in these sectors, reduction in government-approved projects, changes in sector-specific policies or budgets, or lower demand for the company’s services could adversely affect its business, results of operations and cash flows.
• The company derives a significant portion of its revenue from government customers, including the Central government, state government and public sector undertakings. Government customers contributed Rs 137.72 crore (57.09%), Rs 117.03 crore (64.99%) and Rs 93.74 crore (60.88%) to revenue from operations in FY26, FY25 and FY24, respectively. As of June 30, 2026, 20 of its 23 ongoing contracts (86.96%) were from government customers. Any reduction in government project awards or budgetary allocations, changes in government policies, delays in payments or project implementation, or failure to secure new contracts through competitive bidding could adversely affect the company’s business, results of operations, cash flows and profitability.
• The company is significantly dependent on its top 10 customers, which contributed Rs 236.32 crore (97.96%), Rs 176.93 crore (98.25%) and Rs 147.67 crore (95.90%) of revenue from operations in FY26, FY25 and FY24, respectively. Any loss of a major customer due to factors such as unsuccessful bids, disputes, policy changes, delayed requirements, work stoppages, mergers or adverse financial conditions of customers could adversely affect the company’s business, profitability and cash flows.
• The company’s business is concentrated in Bihar, Jharkhand, Goa, West Bengal and Madhya Pradesh, which contributed more than 70.00% of its revenue from operations during FY26, FY25 and FY24. Any adverse political, economic or regulatory developments, slowdown in infrastructure activity or reduction in infrastructure projects in these states could adversely affect the company’s business, results of operations and financial condition.
• The company may incur losses, contractual penalties or liquidated damages if it fails to meet project timelines or contract specifications. It sought extensions for 30, 25 and 16 projects in FY26, FY25, and FY24, respectively, and paid liquidated damages of Rs 0.09 crore (0.04%), Rs 0.85 crore (0.47%) and Rs 4.21 crore (2.73%) of revenue from operations during the same periods. Failure to obtain extensions or complete projects within agreed timelines could also result in disputes or forfeiture of performance guarantees.
• Annu Projects has contingent liabilities amounting to Rs 100.87 crore as of March 31, 2026, equivalent to 64.97% of its net worth. If any of these liabilities materialise, including those relating to disputed tax matters, claims, letters of credit and bank guarantees, it could adversely affect the company’s business operations, financial position, cash flows and overall financial performance.
• The company has experienced negative cash flows from operating activities of Rs 35.38 crore and Rs 0.25 crore in FY25 and FY26, respectively, primarily due to increases in trade receivables, direct tax payments and inventory build-up. It also recorded negative cash flows from investing activities of Rs 23.44 crore, Rs 1.41 crore and Rs 3.92 crore in FY26, FY25 and FY24, respectively, mainly due to purchases of property, plant and equipment and fixed deposits placed as bank margin money. Continued fluctuations in cash flows could adversely affect the company’s ability to fund its operations and implement its growth plans.
• The company is significantly dependent on its top 10 suppliers, with purchases from these suppliers amounting to Rs 36.29 crore (67.92%), Rs 50.50 crore (69.23%) and Rs 33.87 crore (72.48%) of total purchases in FY26, FY25 and FY24, respectively. Any loss of a major supplier, delayed supplies, deterioration in a supplier’s financial position or inability to negotiate acceptable purchase terms could disrupt procurement and adversely affect the company’s operations and financial condition.
• The company has a long trade receivable cycle, with outstanding trade receivables increasing to Rs 156.77 crore (64.98% of revenue from operations) in FY26 from Rs 80.41 crore (44.66%) in FY25 and Rs 58.04 crore (37.69%) in FY24. Trade receivable days also increased from 138 days in FY24 to 163 days in FY25 and 237 days in FY26, primarily due to delays in receiving payments from government customers. Sustained delays or failure to recover these receivables could strain the company’s cash flows, increase its working capital requirements and require additional borrowings, thereby adversely affecting its profitability and financial condition.
• The company has total outstanding borrowings of Rs 145.57 crore as of June 30, 2026. Any failure to service these borrowings or meet the related repayment obligations could adversely affect the company’s business operations, financial condition and cash flows, while continued reliance on borrowings may also increase its financing costs.

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