Annu Projects IPO
ANNU · BSE, NSE · Mainboard · Engineering - Construction
Overview
Updated 12 days agoAnnu Projects Limited is an engineering, procurement, and construction (EPC) company specializing in telecom, sewerage, and gas pipeline infrastructure. The company is launching an IPO to raise funds for capital expenditure and working capital requirements.
The red bar is the price band. GMP-implied price is an unofficial grey-market number, not a forecast.
How much to apply
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 151 | ₹14,949 |
| Retail (max) | 13 | 1,963 | ₹1,94,337 |
| sNII (min) | 14 | 2,114 | ₹2,09,286 |
| bNII (min) | 67 | 10,117 | ₹10,01,583 |
At the upper band. The amount is blocked in your bank account through UPI, not paid, until allotment.
Final subscription
As of 31 Oct, 16:42 ISTTimes the shares on offer were bid for, by investor category. Above 1x means the category is fully booked.
Listing performance
Latest price updated 5 hr ago.
Issue details
| Status | Listed |
| Exchange | BSE, NSE |
| Segment | Mainboard |
| Sector | Engineering - Construction |
| Price band | ₹94–99 |
| Final issue price | ₹99.00 |
| Face value | ₹10 per share |
| Lot size | 151 shares |
| Minimum investment | ₹14,949 |
| Issue size | ₹175 Cr |
| P/E at upper band | 14.3x |
| Registrar | KFin Technologies Limited |
| Lead managers | Mefcom Capital Markets Limited |
| NSE symbol | ANNU |
| ISIN | INE103001017 |
Shareholder quota and promoter holding
Company & business
Annu Projects Limited, formerly known as Annu Projects Private Limited, is an integrated EPC company focused on infrastructure development across telecom, sewerage, and gas pipeline sectors. The company provides end-to-end execution capabilities, including design, engineering, material procurement, project management, and on-site construction. It has a significant presence in several Indian states and serves both government and private sector clients. The company's business model is project-dependent, and it relies on competitive bidding to secure contracts.
Objects of the issue — how the money will be used
- Funding capital expenditure requirements for purchase of machinery or equipment (₹15.41 Cr)
- Funding working capital requirements (₹115 Cr)
- General corporate purposes
Key strengths
- Established expertise in engineering, procurement, and commissioning projects with a focus on utility infrastructure.
- Project management with integrated execution capabilities.
- Strong and consistent financial performance.
- Experienced leadership and management team.
- Strong order book providing revenue visibility.
Key risks
- High concentration of revenue from telecom and sewerage infrastructure verticals.
- Significant dependence on government customers, exposing the company to risks inherent in government contracts.
- Long trade receivable cycles impacting working capital and liquidity.
- Dependence on a limited number of suppliers for raw materials.
- Geographic concentration of business in specific Indian states.
- Risks related to sub-contractor performance and potential for liquidated damages.
- Limited operational track record in the gas pipeline vertical.
Promoters
Sanjay Kumar Sarraf, Krishna Ranjan
Decoded from the RHP with AI on 01-Nov-2026. Check the offer document before you apply.
Financials (restated, ₹ crore)
| Period | Revenue | Expenses | Profit after tax | Assets | Net worth | Borrowings |
|---|---|---|---|---|---|---|
| FY24 | 153.98 | -- | 17.39 | 161.34 | 68.93 | 19.69 |
| FY25 | 180.07 | -- | 21.10 | 233.37 | 122.06 | 22.27 |
| FY26 | 241.25 | -- | 33.03 | 341.82 | 155.26 | 52.54 |
Key performance indicators · FY26
Peers & valuation
Listed peers as chosen by the issuer in the offer document (Basis for Issue Price).
| Company | Revenue (₹ Cr) | EPS (₹) | P/E | RoNW % | NAV (₹) |
|---|---|---|---|---|---|
| Annu Projects this issue | 241.3 | 6.91 | 14.3x | 21.27 | 32.48 |
| Likhitha Infrastructure Limited | 456.7 | 9.94 | 23.2 | 9.37 | 104.47 |
| Bondada Engineering Limited | 2,842.8 | 18.28 | 16.6 | 28.82 | 62.35 |
| EMS Limited | 732.8 | 16.30 | 24.7 | 8.62 | 190.03 |
| Suyog Telematics Limited | 221.9 | 54.70 | 16.1 | 12.88 | 42.50 |
This issue is priced at 14.3x P/E against a peer median of 19.9x: a discount of 28%. A measurement, not a verdict.
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Offer documents and the issuer, exchange, registrar and SEBI pages for this issue.