Annu Projects Limited
Company at a glance · Human reviewed · 26 Aug 2026
The business, in brief
Annu Projects Limited is an integrated engineering, procurement, and construction (EPC) company engaged in the design, development, implementation, operations, and maintenance of essential overhead and underground utilities infrastructure. The company primarily operates across telecom infrastructure, sewerage infrastructure, gas pipeline, and railway signalling verticals.
- Customer concentration
- 97.96% top 10 customers
- Total borrowings
- ₹52.54 cr Fiscal 2026
- Telecom infrastructure services including OFC laying, tower and cabling infrastructure installation, and O&M
- Sewerage infrastructure services including pipe laying, manhole construction, sewerage treatment plants, and pumping stations
- Gas pipeline services including MDPE pipe laying and GI house connections
- Railway signalling and communication system installation and maintenance
* Estimated date based on the standard exchange timeline. Unmarked dates are exchange-reported.
Calculated at the upper band of ₹99.00 per share. Amounts exclude blocked-funds variation.
Application field guide
Shares reserved for you
Estimate is possible allottees divided by applications. Where the exchange omits application counts, the floor assumes every bid used that category's minimum bid size. Final odds depend on valid applications and the basis of allotment.
Prospectus dossier
Numbers, plans & pressure points
A focused reading of the company's reported financials, planned use of proceeds, business strengths and material risks.
A multi-year view
Figures retain the units reported in the RHP| Fiscal year | Revenue | Profit after tax | Operating cash flow | Borrowings | Net worth |
|---|---|---|---|---|---|
| Fiscal 2026 | ₹241.25 cr | ₹33.03 cr | ₹-0.25 cr | ₹52.54 cr | ₹155.26 cr |
| Fiscal 2025 | ₹180.07 cr | ₹21.1 cr | ₹-35.38 cr | ₹22.27 cr | ₹122.06 cr |
| Fiscal 2024 | ₹153.98 cr | ₹17.39 cr | ₹8.21 cr | ₹19.69 cr | ₹68.93 cr |
01 Use of funds
Where the
money goes.
03stated objects
in the filing
Funding capital expenditure requirements of our Company for purchase of machinery or equipmentRHP p. 104
Funding working capital requirements of our CompanyRHP p. 104
General corporate purposesRHP p. 104
02 Growth case
What could drive
the business.
08signals found
in the filing
Established expertise in engineering, procurement and commissioning projects with special focus on underground and overhead utilities infrastructure.RHP p. 217
Project management with integrated execution capabilities.RHP p. 218
Strong Order Book.RHP p. 219
Strong and consistent financial performance.RHP p. 220
Experienced leadership and strong management team.RHP p. 221
Adoption and use of technology such as trenchless methodology and horizontal directional drilling.RHP p. 219
Government initiatives and infrastructure spending such as BharatNet Phase III, Namami Gange, and Swachh Bharat Mission.RHP p. 107
Increasing internet penetration, broadband subscriptions, and 4G/5G rollouts driving telecom infrastructure and OFC deployment.RHP p. 157
03 Risk factors
Read the downside first.
Selected material risks disclosed in the RHP. Read these before the upside case. This summary is not a substitute for the prospectus.
Revenue Concentration in Telecom and Sewerage Infrastructure Verticals
We derived more than 90.00% of our revenue from operations from our telecom infrastructure and sewerage infrastructure verticals during Fiscals 2026, 2025 and 2024, respectively. Any slowdown in telecom sector, sewerage sector or decrease in demand of any services provided by us could materially and adversely impact our business.
Dependence on Government Sector Entities for Revenue
We are dependent on and derived 57.09%, 64.99% and 60.88% of our revenue from operations, during Fiscals 2026, 2025 and 2024, respectively, from government sector entities based on competitive bidding that exposes us to risks inherent in doing business with them.
Dependence on Top Ten Customers
Our top 10 customers contributed to 97.96%, 98.25% and 95.90% of our revenue from operations during Fiscals 2026, 2025 and 2024, respectively. Any loss of any major customer may adversely impact revenue of our business.
Order Book May Not Translate into Future Revenue
Our current Order Book may not necessarily translate into or indicate our future revenue in its entirety. We had an Order Book of ₹ 9,386.53 million, ₹ 4,796.73 million and ₹ 7,077.65 million for Fiscals 2026, 2025 and 2024 respectively.
Geographical Concentration of Business
Our business is relatively concentrated in the States of Bihar, Jharkhand, Goa, West Bengal and Madhya Pradesh which contributed more than 70.00% of our revenue from operations for the Fiscals 2026, 2025 and 2024.
Long Trade Receivable Cycle
We have long trade receivable cycle. Long trade receivable cycles may impact our operations and may require us to obtain additional borrowings, impacting our profitability.
Working Capital Intensive Business
We operate in a working capital-intensive business, and our ability to sustain optimal working capital levels is critical to our operations. Any failure to effectively manage our working capital requirements could adversely impact our business prospects, operational results, and financial condition.
Reliance on Sub-contractors
We rely on our sub-contractors for timely execution of the projects. Failure on part of our sub-contractors may lead to delay in execution of the projects leading to invocation of bank guarantees by our customers and disputes with sub-contractors.
Fixed Rate EPC Contracts Risk
Most of our contracts are entered into on EPC & O&M - fixed rate basis. We may not be able to accurately estimate the cost in respect of the same. In case, we fail to accurately estimate the cost of the bids, it will impact our financials.
Variable Interest Rate Indebtedness
We have incurred indebtedness at variable interest rates, and our inability to obtain further financing or meet our obligations could adversely affect our business and financial performance. As on June 30, 2026, our total indebtedness was ₹ 1,455.72 million.
Live issue demand
The book, in motion
Exchange timestamp 26 Aug 2026, 5:00 pm · checked 26 Aug 2026, 9:05 pm