Anawil Wire and Engineering Ltd IPO
Steel
Price Band
₹257 – ₹270
Lot Size
400
Minimum Bid Quantity
800
Minimum Investment
₹216000
Issue Size
₹177.81Cr
Opens
2026-08-03
Closes
2026-08-05
Listing
10-08-2026
Subscription Status
Qualified Institutional Buyers
164.59 x
Non-Institutional Investor
172.7 x
Retail Individual Investor
103.9 x
Total
138.56 x
IPO Details
Issue Type
EQUITY
Face Value
₹10
Tick Size
1
ISIN
INE1J5V01013
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Anawil Wire & Engineering Limited is engaged in the manufacturing of windmill towers for the wind energy sector. The company primarily fabricates tubular steel wind turbine towers using heavy and precision steel components that are customised to buyer requirements. It commenced commercial operations in 2021 with the fabrication of weldmesh, boiler accessories, and paper machinery parts and shifted its focus to windmill tower manufacturing in 2023. The company manufactures windmill towers in multiple sections for transportation and installation at project sites and primarily supplies these to original equipment manufacturers (OEMs) of wind turbine generators and companies in the renewable energy sector. Anawil Wire & Engineering operates two manufacturing facilities located in Koppal, Karnataka, and Kutch, Gujarat, spread across 48.05 acres with a combined annual production capacity of 612 windmill towers. The facilities are equipped with testing and inspection equipment for manufacturing and quality control processes.
Pros
- • The company claims to have two manufacturing facilities with integrated quality control systems. Its facilities in Koppal, Karnataka, and Kutch, Gujarat, span 48.05 acres with a combined annual manufacturing capacity of 612 windmill towers. The company also claims to use in-house testing and inspection equipment, including ultrasonic flaw detectors, magnetic particle inspection instruments, spectrometers, hardness testers, and coating adhesion testers, to support its quality control process.
- • The company is certified under multiple international quality and manufacturing standards. It is ISO 9001:2015 certified for quality management systems, ISO 14001:2015 and ISO 14001:2018 certified for environmental management systems, and ISO 3834-2:2021 certified for quality requirements for the fusion welding of metallic materials in the manufacture of windmill towers, components, and heavy structures.
- • The company had an order book of Rs 359.82 crore as of March 31, 2026. The outstanding order book comprised 379 windmill towers across six customers, providing revenue visibility for projects scheduled for completion through FY27.
Cons
- • The company’s revenue is largely dependent on its tower manufacturing and fabrication business. Tower manufacturing and fabrication contributed Rs 135.19 crore (94.36%), Rs 78.54 crore (99.95%), and Rs 43.92 crore (81.23%) to the company’s revenue from operations in FY26, FY25, and FY24, respectively. Any decline in demand for windmill towers, increased competition, technological changes, fluctuations in raw material prices, or adverse regulatory changes could negatively impact the company’s revenue, operations, and financial performance.
- • The company’s business is subject to seasonal fluctuations, with demand for windmill towers typically lower during the monsoon period. Revenue generated during the April-September period stood at Rs 41.37 crore (28.88%), Rs 15.54 crore (19.77%), and Rs 15.95 crore (29.50%) in FY26, FY25, and FY24, respectively, while the October-March period contributed the remaining 71.12%, 80.23%, and 70.50% of annual revenue. Any prolonged adverse weather conditions or delays in project execution during the monsoon season could negatively impact the company’s revenue, profitability, and cash flows.
- • The company’s revenue is heavily concentrated in Karnataka. The state contributed Rs 134.49 crore (93.87%), Rs 78.54 crore (99.95%), and Rs 43.92 crore (81.23%) to the company’s revenue from operations in FY26, FY25, and FY24, respectively. Any adverse political, economic, regulatory, social, or natural developments in Karnataka, or the company’s inability to diversify its presence into other geographies, could negatively impact its business, operations, and financial performance.
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