Annu Projects IPO

The Annu Projects mainboard IPO is open between 25 Aug 2026 and 28 Aug 2026, offered at a price band of ₹94–99 per share, and is set to list on NSE and BSE. The IPO seeks to raise ₹175.06 crore. Retail investors bid in lots of 151 shares, a minimum application of ₹14,949.

Issue structure

The IPO is structured entirely as a fresh issue of ₹175.06 crore, so the full proceeds flow to the company to fund its stated objects of the issue.

Objects of the issue

Per the offer document, the company intends to deploy the net proceeds primarily toward funding working capital requirements of the company (₹115 crore), alongside funding capital expenditure requirements of company for purchase of machinery or equipment (₹15.41 crore). In all, 3 objects are disclosed — the full break-up is in the table above.

Financials

In FY2026, Annu Projects reported revenue of ₹244.59 crore and a net profit of ₹33.03 crore. Revenue grew from ₹155.42 crore in FY2024 to ₹244.59 crore in FY2026 (+57.0%). Net worth stood at ₹155.26 crore at the end of FY2026. At the upper band, that puts the issue at roughly 14.3× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.

Valuation

At the upper band, the issue is priced at 19.64× post-issue earnings and 3.88× book value, against a return on net worth of 21.27% and a debt-to-equity ratio of 0.34. These ratios come from the offer document and are for comparison, not a recommendation.

Peer comparison

The offer document names listed peers including Bondada Engineering and EMS, with a median peer P/E of about 19.9×. The issue's own post-issue P/E works out to 19.64×.

Promoters

The promoters of the company are <p>Sanjay Kumar Sarraf, Krishna Ranjan</p>. Promoter holding stands at 89.11% before the issue and comes down to 65.05% after listing.

Grey market premium (GMP)

In the unofficial grey market, Annu Projects shares are quoted at a premium of ₹4 implying an expected listing around ₹103, about +4.0% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.

What to weigh

When evaluating the Annu Projects IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.

About Annu Projects

Annu Projects Limited is an engineering, procurement, and construction (EPC) company. It is engaged in the design, development, implementation, operations and maintenance of essential overhead and underground utilities infrastructure across telecom infrastructure, sewerage infrastructure vertical and gas pipeline vertical. Key Verticals: Telecom Infrastructure: Surveying, designing, and installing cabling and tower infrastructures for communication, automation, and electronic security system. Its customers include Bharat Sanchar Nigam Limited, A2Z Infra Engineering Limited, Bharat Broadband Network Limited, G R Infraprojects Limited. Sewerage Infrastrucutre: Pipe laying, construction of manholes, construction of sewerage treatment plants, construction of pumping stations, and construction of structural facilities, etc. Gas Pipeline: Laying MDPE ranging from 20 mm to 125 mm in diameter, along with 38,300 GI house connections for domestic and commercial gas supply. Served customers, including Indraprastha Gas Limited, Gujarat Gas Limited and GAIL India Limited. As on March 31, 2025, it has 32 ongoing projects worth Rs 13,620.90 million, including 5 telecom infra projects, 14 sewerage, and 13 gas pipeline projects. Competitive Strengths Engineering, procurement and commissioning projects with special focus on underground and overhead utilities infrastructure Project management with integrated execution capabilities Strong order book Strong and consistent financial performance Experienced leadership and strong management team