Annu ProjectsIPO Review — Financials, Valuation & Peers
A data-only look at the Annu Projects IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 155.42 | 17.39 | 28.5 | 68.93 | 161.34 | 19.69 | — |
| FY 2025 | 182.35 | 21.1 | 32.19 | 122.06 | 233.37 | 22.27 | — |
| FY 2026 | 244.59 | 33.03 | 50.19 | 155.26 | 341.82 | 52.54 | 6.91 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 14.33x
- P/E (post-issue)
- 19.64x
- RoNW
- 21.27%
- RoE
- 21.27%
- RoCE
- 22.66%
- Debt / Equity
- 0.34
- EPS (pre-issue)
- ₹6.91
- EPS (post-issue)
- ₹5.04
- EBITDA Margin
- 20.81%
- PAT Margin
- 13.69%
- P/BV
- 3.88x
- NAV / share
- ₹32.47
- Market Cap
- ₹648.38 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | Statements |
|---|---|---|---|---|---|
| Annu Projects | 6.91 | 32.48 | — | 21.27% | Standalone |
| Bondada Engineering | 18.28 | 62.35 | 16.6x | 28.82% | Consolidated |
| EMS | 16.3 | 190.03 | 24.65x | 8.62% | Consolidated |
| Likhitha Infrastructure | 9.94 | 104.47 | 23.17x | 9.37% | Consolidated |
| Suyog Telematics | 54.7 | 42.5 | 16.11x | 12.88% | Standalone |
Peer group as disclosed in the offer document, figures as of 31 Mar 2024. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: <p>Sanjay Kumar Sarraf, Krishna Ranjan</p>
- Holding (pre-issue)
- 89.11%
- Holding (post-issue)
- 65.05%
- Dilution
- 24.06%
Analysis in brief
Margin and return profile
Away from the price multiples, the offer document also discloses the shape of the underlying business. Annu Projects operates at an EBITDA margin of 20.81% and a net (PAT) margin of 13.69% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 22.66% and a return on equity (RoE) of 21.27%. At the upper band, the post-issue market capitalisation works out to about ₹648.38 crore. These are offer-document figures for the latest reported period (as of 31 Mar 2026); they describe the business as disclosed, not how the stock will trade.
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.
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.
Frequently asked questions
- Who are the promoters of Annu Projects and what is their holding?
- The promoters are <p>Sanjay Kumar Sarraf, Krishna Ranjan</p>. Promoter holding is 89.11% before the issue and 65.05% after listing.
- What is the P/E ratio of the Annu Projects IPO?
- At the upper price band, the Annu Projects IPO is valued at 14.33× pre-issue earnings and 19.64× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Annu Projects IPO?
- The net proceeds go primarily toward funding working capital requirements of the company, among 3 disclosed objects.