Annu Projects Ltd IPO

Infrastructure Developers & Operators

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Price Band

₹94 – ₹99

Lot Size

151

Minimum Bid Quantity

151

Minimum Investment

₹14949

Issue Size

₹175.06Cr

Opens

2026-08-25

Closes

2026-08-28

Listing

02-09-2026

Subscription Status

Qualified Institutional Buyers

1.72 x

Non-Institutional Investor

3.54 x

Retail Individual Investor

2.62 x

Total

2.9 x

IPO Details

Issue Type

EQUITY

Face Value

₹10

Tick Size

1

ISIN

INE103001017

Pre-Apply Available

No

Daily Bidding Time

10:00:00 - 17:00:00

About the Company

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, subcontracts, and project-specific joint ventures or consortiums. As of June 30, 2026, it had completed 362 projects and had 23 ongoing projects. It also owned more than 558 machines and pieces of equipment and had 469 permanent employees.

Pros

  • • 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.

Cons

  • • 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.

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