| 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.
