Annu Projects Ltd. has opened its initial public offering for subscription, with the EPC company seeking to raise up to ₹175.06 crore through an entirely fresh issue of shares.
The public issue opened on 25 August 2026 and will close on 28 August 2026. The price band has been fixed at ₹94–₹99 per share, while the company plans to list its equity shares on both BSE and NSE. BSE is the designated stock exchange for the offer.
The IPO comes as Annu Projects reports higher revenue, profitability and an expanded order book for FY26. At the same time, the company’s reliance on selected business segments, government clients and a concentrated customer base are among the disclosures investors may track during the subscription period.
Price band, lot size and issue details
The Annu Projects IPO comprises a fresh issue of up to 1.77 crore equity shares with a face value of ₹10 each. Since the issue has no offer-for-sale component, existing shareholders are not selling shares through the public offer.
At the upper end of the price band, the company aims to raise ₹175.06 crore. The market lot has been fixed at 151 shares, putting the minimum retail application amount at ₹14,949 at the cap price of ₹99 per share.
The issue is a book-built mainboard IPO. Investors can place bids until 28 August, with the UPI mandate deadline set at 5 pm on the final day of bidding.
| Annu Projects IPO detail | Information |
|---|---|
| IPO opening date | 25 August 2026 |
| IPO closing date | 28 August 2026 |
| Price band | ₹94–₹99 per share |
| Issue size at cap price | ₹175.06 crore |
| Issue type | Entirely fresh issue |
| Shares offered | Up to 1,76,83,000 |
| Market lot | 151 shares |
| Minimum retail investment | ₹14,949 |
| Proposed listing | BSE and NSE |
Working capital forms the largest use of funds
The planned use of IPO proceeds places working-capital requirements at the centre of the offer. Annu Projects has proposed to deploy ₹115 crore from the net proceeds towards working capital.
The company also plans to spend ₹15.408 crore on buying machinery and equipment. The balance of the net proceeds is intended for general corporate purposes, subject to finalisation of the issue price. As disclosed in the offer document, the allocation towards general corporate purposes will not exceed 25% of gross issue proceeds.
This deployment is material because EPC businesses generally require funds for project execution, supplier payments and receivables management. Annu Projects has disclosed a long trade-receivable cycle and fluctuating operating cash flows, making working-capital management an important operational measure after the IPO.
FY26 growth and order-book visibility
Annu Projects operates in the engineering, procurement and construction segment, with projects spanning telecom infrastructure, sewerage, gas pipelines and railway signalling. The company designs, develops, implements, operates and maintains overhead and underground utility infrastructure.
For FY26, revenue from operations increased to ₹241.25 crore from ₹180.07 crore in FY25. EBITDA rose to ₹50.19 crore from ₹32.19 crore, while profit after tax grew to ₹33.03 crore from ₹21.10 crore.
Margins also improved during the year. EBITDA margin increased to 20.81% in FY26 from 17.88% in the previous year, while PAT margin rose to 13.69% from 11.72%.
| Financial metric | FY26 | FY25 |
|---|---|---|
| Revenue from operations | ₹241.25 crore | ₹180.07 crore |
| EBITDA | ₹50.19 crore | ₹32.19 crore |
| Profit after tax | ₹33.03 crore | ₹21.10 crore |
| EBITDA margin | 20.81% | 17.88% |
| PAT margin | 13.69% | 11.72% |
| Order book | ₹938.65 crore | ₹479.67 crore |
The company’s order book stood at ₹938.65 crore in FY26, almost double the ₹479.67 crore reported in FY25. This provides visibility into potential future execution, although revenue conversion depends on project timelines, approvals, customer requirements and working-capital availability.
Annu Projects reported negative operating cash flow of ₹0.25 crore in FY26 despite growth in revenue and profit. Its total borrowings stood at ₹52.54 crore during the year.
EPC concentration and receivable-cycle risks
The company’s operating segments include telecom fibre networks, sewerage infrastructure, gas-pipeline projects and railway-signalling work. As of 30 June 2026, its ongoing projects covered Sikkim, West Bengal, Odisha, Jharkhand, Bihar, Madhya Pradesh, Kerala and Goa, along with the Andaman & Nicobar Islands.
More than 90% of revenue during FY24 to FY26 came from telecom and sewerage infrastructure. Government entities accounted for 57.09% of FY26 revenue, while the company’s top 10 customers contributed 97.96%.
More than 70% of FY26 revenue came from Bihar, Jharkhand, Goa, West Bengal and Madhya Pradesh. This concentration means project awards, payment schedules and execution conditions across a limited number of customers, sectors and states can materially influence financial performance.
The company, established in 2003 and headquartered in Vasant Kunj, New Delhi, has stated that it has laid over 26,200 km of optical-fibre cable and maintained more than 62,800 km of OFC network.
Application window and official checks
The development is currently limited to the primary market because Annu Projects has not yet listed and there is no listed share-price movement to assess. Subscription data, allotment details and eventual listing performance were not available when the issue opened.
Readers reviewing the IPO can refer to the official offer document for issue terms, financial information, risks and fund deployment. Investors require an active demat account to apply; those who do not have one may open demat account online through a registered intermediary.
Applications and issue details can also be accessed through a broker’s online trading platform, subject to applicable bidding and UPI-payment processes. Mefcom Capital Markets is the book-running lead manager, while KFin Technologies is the registrar.
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