Annu Projects IPO Recommendation: Apply or Avoid?

By Jagat Joshi
August 27, 2026

Annu Projects undertakes infrastructure development projects, such as laying sewerage lines, installing telecom towers, and constructing gas pipelines, primarily for government projects.

The IPO will be open for subscription on August 25, 2026, and close on August 28, 2026. Annu Projects is a Mainboard IPO with a price band set between ₹94 to ₹99 per share. As per the RHP, the company plans to raise around ₹175 crores through an Initial Public Offering (IPO).

Reviewer	Recommendation
IPOWatch	May Apply
Capital Market	May Apply
Swastika Investmart Ltd.	Apply
Dilip Davda	Not Rated
Motilal Oswal Financial Services Ltd.	Not Rated

Annu Projects is a diversified EPC (Engineering, Procurement and Construction) company that works on different types of infrastructure projects. It has laid thousands of kilometres of fiber optic, Sewerage, and Gas pipeline projects across 4 states of India.

For medium- to long-term investment, this IPO might be a good fit. Overall, investors should carefully evaluate the company’s fundamentals, strengths, risks, and growth prospects before making any investment decision.

Strengths:

The firm has over 20 years of experience executing EPC projects with a focus on Underground and overhead utilities infrastructure.
As of June 30, 2026, the Company’s order book stood at ₹1,005.06 crore.
Strong profitability track record, with revenue growing at a 25.16% CAGR from ₹153.98 crore in FY2024 to ₹241.25 crore in FY2026. The PAT also increased to ₹33.03 crore from ₹21.10 crore in the same year.
Annu Projects is backed by a strong management team and qualified, experienced Promoters with proven expertise in executing EPC contracts.

Weaknesses:

In FY26, the firm derives about 90% of its revenue from operations from its telecom infrastructure and sewerage infrastructure. Any slowdown in the telecom sector, sewerage sector, or decrease in the demand for these services can adversely impact the business and cash flow.
Around 57% of the company’s revenue came from government entities. If the government gives fewer projects, payment delays, changes in policies, or fails to secure awards for new projects can badly affect the company’s profit and revenue.
In FY26, about 97.96% of Annu’s revenue comes from the top 10 customers. Loss of any of such customers can negatively impact the company’s operations and financial condition.
70% of its business is concentrated in the States of Bihar, Jharkhand, Goa, West Bengal and Madhya Pradesh. Any negative development in these states can adversely affect the business and financial condition.

Disclaimer

Investors are advised to make their own decisions and apply entirely at their own risk. This article is written using information from the company’s RHP (Red Herring Prospectus) data and online sources. If you have any queries, kindly contact the IPO Watch Team.

Jagat Joshi

Founder of IPOWatch, brings nearly 15 years of experience in IPO analysis and market research. He provides complete coverage of upcoming IPOs, subscription trends, grey market premiums (GMP), and post-listing performance, along with easy-to-understand reviews, insights, and analysis. In his working journey, he has worked with various platforms and received expertise in stock market analysis and primary markets.