Anawil Wire & Engineering
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 123.79×
- Big non-institutionalbNII · above ₹10 lakh
- 276.39×
- Small non-institutionalsNII · ₹2–10 lakh
- 112.38×
- Retail individualRII · up to ₹2 lakh
- 92.74×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 12 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 10 Aug 2026 | ₹58 | +21.48% | ₹17,600 | ₹328 | ₹23,200 |
| 09 Aug 2026 | ₹58 | +21.48% | ₹17,600 | ₹328 | ₹23,200 |
| 08 Aug 2026 | ₹62 | +22.96% | ₹18,800 | ₹332 | ₹24,800 |
| 07 Aug 2026 | ₹64 | +23.70% | ₹19,500 | ₹334 | ₹25,600 |
| 06 Aug 2026 | ₹66 | +24.44% | ₹20,100 | ₹336 | ₹26,400 |
| 05 Aug 2026 | ₹78 | +28.89% | ₹23,700 | ₹348 | ₹31,200 |
| 04 Aug 2026 | ₹80 | +29.63% | ₹24,300 | ₹350 | ₹32,000 |
| 03 Aug 2026 | ₹80 | +29.63% | ₹24,300 | ₹350 | ₹32,000 |
| 02 Aug 2026 | ₹90 | +33.33% | ₹27,400 | ₹360 | ₹36,000 |
| 01 Aug 2026 | ₹90 | +33.33% | ₹27,400 | ₹360 | ₹36,000 |
| 31 Jul 2026 | ₹60 | +22.22% | ₹18,200 | ₹330 | ₹24,000 |
| 30 Jul 2026 | ₹70 | +25.93% | ₹21,300 | ₹340 | ₹28,000 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 03 Aug 2026 – 05 Aug 2026
- Listing date
- 10 Aug 2026
- Face value
- ₹10 per share
- Price band
- ₹257 – ₹270
- Lot size
- 400 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹178 Cr
- Fresh issue
- ₹134 Cr 49,53,600 shares
- Offer for sale
- ₹35.12 Cr 13,00,800 shares
- Market cap at offer price
- ₹675 Cr
- Promoter holding
- 89.35% → 65.26% pre-issue → post-issue
- ISIN
- INE1J5V01013
- CIN
- U27320GJ2021PLC119254
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Hem Securities Ltd.
- Registered office
- Plot No. 201, Office No-1, Vibrant Business Park G.I.D.C, Vapi, Valsad, Pardi, Gujarat, India, 396191
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 12,50,800 | 28.56% | 26.56% |
| Anchor investor · within QIB | 18,75,600 | — | 39.82% |
| NII (HNI) | 9,38,400 | 21.43% | 19.92% |
| bNII > ₹10L · within NII | 6,25,600 | — | 13.28% |
| sNII < ₹10L · within NII | 3,12,800 | — | 6.64% |
| Retail (RII) | 21,89,600 | 50.00% | 46.49% |
| Employee | 0 | — | 0.00% |
| Market maker | 3,31,200 | — | 7.03% |
| Total issue | 47,10,000 | — | 100.00% |
Net offer to the public of 43,78,800 shares, out of a total issue of 47,10,000. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 400 shares per lot, in multiples, at ₹270
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 400 | ₹1,08,000 |
| S-HNI (min) | 2 | 800 | ₹2,16,000 |
| S-HNI (max) | 9 | 3,600 | ₹9,72,000 |
| B-HNI (min) | 10 | 4,000 | ₹10,80,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹270 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 18.58 | 14.65 |
| P/E (×) | 14.53 | 18.43 |
| Price to book (×) | 5.78 | — |
| Market cap | — | ₹675 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 40.92%
- ROCE
- 23.05%
- Debt / equity
- 1.43
- PAT margin
- 25.57%
- EBITDA margin
- 42.64%
- NAV per share
- ₹46.75
- Price to book
- 5.78
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Standalone ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 143.63 | 79.4 | 54.08 |
| Revenue from operations | 143.27 | 78.59 | 54.07 |
| Other income | 0.36 | 0.81 | 0.01 |
| Total expenses | 99.12 | 64.52 | 48.74 |
| Operating profit | 44.51 | 14.88 | 5.34 |
| Operating margin | 30.99% | 18.74% | 9.87% |
| Profit before tax | 44.5 | 14.88 | 5.34 |
| Profit after tax | 36.63 | 12.31 | 4.39 |
| PAT margin | 25.50% | 15.50% | 8.12% |
| Balance sheet | |||
| Total assets | 291.62 | 114.42 | 89.64 |
| Current assets | 144.77 | 53.43 | 25.82 |
| Current liabilities | 103.29 | 35.12 | 21.94 |
| Total liabilities | 202.11 | 74.34 | 61.87 |
| Net worth | 89.51 | 40.08 | 27.77 |
| Current ratio | 1.40× | 1.52× | 1.18× |
| Return on equity | 40.92% | 30.71% | 15.81% |
| Cash flow | |||
| Operating cash flow | 18.44 | 9.66 | 8.89 |
| Investing cash flow | -97.27 | -7.01 | -6.96 |
| Financing cash flow | 80.3 | -2.6 | -1.97 |
| Net cash flow | 1.47 | 0.05 | -0.04 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Repayment and/or Pre-payment of borrowings ₹115 Cr
The company proposes to utilize funds for repayment and/or pre-payment, in full or part, of borrowings availed from banks and financial institutions to reduce outstanding indebtedness and debt servicing costs.
2 General Corporate Purpose —
The company intends to deploy the balance net proceeds towards general corporate purposes including funding growth opportunities, strategic initiatives, meeting business expenses, servicing borrowings, brand building and marketing expenses.
1 of 2 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
Selling shareholders
Existing holders selling into the offer — these proceeds go to the seller, not to the company
| Seller | Capacity | Shares offered | Avg. cost |
|---|---|---|---|
| Nimish Kumar Rameshchandra Vashi | Promoter | 13,00,800 | ₹7.26 |
1 seller offering 13,00,800 shares.
About Anawil Wire & Engineering
Anawil Wire and Engineering Limited (AWEL), incorporated in January 2021 and converted to public company in March 2025, is engaged in the business of manufacturing windmill towers – critical structural components that support wind turbine generators. The company commenced commercial operations in April 2021 initially focusing on weldmesh and boiler accessories, before strategically pivoting to wind energy infrastructure in 2023. The company operates two manufacturing facilities: one in Koppal, Karnataka (20.75 acres) with capacity of 420 towers annually and one in Kutch, Gujarat (commenced March 2026) with capacity of 192 towers annually, for a total installed annual capacity of 612 towers. The company manufactures tubular steel towers up to 140 meters in height, fabricated in five cylindrical sections using Mild Steel plates with longitudinal and circumferential welding processes. As of March 31, 2026, the company achieved revenues of ₹14,326.69 lakhs, EBITDA of ₹6,108.90 lakhs (42.64% margin), and PAT of ₹3,662.83 lakhs (25.57% margin), with strong growth trajectory from FY 2024-25 revenues of ₹7,858.86 lakhs.
Management
Nimish Kumar Rameshchandra Vashi
MD
Ayush Nimish Vashi
CEO
Bhavin Navinchandra Desai
Director
Strengths
As stated in the offer document
In-house manufacturing facility with stringent quality control mechanism
The company is ISO 9001:2015, ISO 14001:2015, ISO 14001:2018 and ISO 3834-2:2021 certified for manufacture of windmill towers & components. Manufacturing operations are carried out at 48.05 acres facility with extensive quality control mechanisms including hardness tester, ultrasonic flaw detector, and other testing equipment.
Strong Order Book
The company has orders in hand from 6 customers aggregating to ₹35,981.72 lakhs as of March 31st, 2026, providing visibility on future revenues and representing estimated contract value of unexecuted portion of existing work orders.
Well-positioned to capture growth opportunities
The company is well positioned to benefit from rising demand for windmill towers with manufacturing capabilities, execution expertise, and reputation for delivering high-quality products. Limited number of qualified suppliers enhances competitive advantage with annual capacity of 612 towers and 48.17% capacity utilization.
Strategically Located Manufacturing Facility resulting in Operational Efficiency
Manufacturing facilities are strategically located in Koppal, Karnataka, and Kutch, Gujarat, spread across 48.05 acres along major highways. Proximity to wind energy development zones enables effective service to client requirements while reducing transit times and coordination efforts.
Risk factors
As stated in the offer document
Limited Operating History and Promoter Experience
The company was incorporated in January 2021 and commenced windmill tower operations only in 2023, providing limited operating history. The promoters have over two decades of business experience but lack prior significant experience in the wind energy infrastructure segment, which may adversely affect growth prospects and competitive positioning.
Revenue Concentration in Single Business Segment
The company derives 94.36%, 99.95% and 81.23% of total revenue from Tower Manufacturing and Fabrication for fiscal years 2026, 2025 and 2024 respectively. This heavy dependence on a single business segment exposes the company to significant risks from demand reduction, increased competition, technology changes, and regulatory shifts.
Customer Concentration Risk
The company's top five customers accounted for 78.75%, 88.57% and 85.70% of revenue from operations for fiscal years 2026, 2025 and 2024 respectively. The company has no long-term agreements with customers, making it vulnerable to order cancellations, payment delays, and loss of major customers.
Geographic Revenue Concentration
The company derives over 93.87%, 99.55% and 81.23% of revenue from Karnataka region for fiscal years 2026, 2025 and 2024 respectively. This concentration exposes the business to significant regional risks including policy changes, economic downturns, natural calamities, and infrastructure constraints in Karnataka.
Supplier Dependence and Geographic Concentration
The company's top 10 suppliers represented 90.11%, 80.19% and 72.44% of total purchases for fiscal years 2026, 2025 and 2024 respectively. Additionally, procurement is concentrated in Gujarat, Karnataka and Maharashtra (97.76%, 97.07% and 89.25% respectively), creating supply chain vulnerability.
Under-utilization of Manufacturing Capacity
The company's capacity utilization was only 8.04% for Gujarat plant and 41.74% for Karnataka plant in fiscal 2026. Under-utilization leads to operational inefficiencies, higher per-unit costs, and delays in recovering investments, adversely affecting profitability and financial condition.
Company Analysis
from RHPAnawil Wire and Engineering Limited manufactures tubular steel windmill towers for the renewable energy sector, operating manufacturing facilities in Karnataka and Gujarat with capacity to produce 612 towers annually.
Anawil Wire and Engineering Limited (AWEL), incorporated in January 2021 and converted to public company in March 2025, is engaged in the business of manufacturing windmill towers – critical structural components that support wind turbine generators. The company commenced commercial operations in April 2021 initially focusing on weldmesh and boiler accessories, before strategically pivoting to wind energy infrastructure in 2023. The company operates two manufacturing facilities: one in Koppal, Karnataka (20.75 acres) with capacity of 420 towers annually and one in Kutch, Gujarat (commenced March 2026) with capacity of 192 towers annually, for a total installed annual capacity of 612 towers. The company manufactures tubular steel towers up to 140 meters in height, fabricated in five cylindrical sections using Mild Steel plates with longitudinal and circumferential welding processes. As of March 31, 2026, the company achieved revenues of ₹14,326.69 lakhs, EBITDA of ₹6,108.90 lakhs (42.64% margin), and PAT of ₹3,662.83 lakhs (25.57% margin), with strong growth trajectory from FY 2024-25 revenues of ₹7,858.86 lakhs.
Objects of the Issue
- Repayment and/or Pre-payment, in full or part, of borrowing availed by our Company ₹11,500.00 lakhs p.78
- General Corporate Purpose [●] (to be finalized upon determination of offer price, not to exceed 15% of fresh offer or ₹10 crores, whichever is lower) p.84
Issue Structure
- Total Issue
- ₹[●] lakhs (comprising Fresh Issue of ₹[●] lakhs and Offer for Sale of ₹[●] lakhs)
- Fresh Issue
- 52,84,800 Equity Shares of face value of ₹10 each at an Offer Price of ₹[●] per equity share aggregating ₹[●] lakhs
- Offer for Sale
- 13,00,800 Equity Shares of face value of ₹10 each by Promoter Selling Shareholder (Nimish Kumar Rameshchandra Vashi) at an Offer Price of ₹[●] per equity share aggregating ₹[●] lakhs
- Price Band
- ₹[●] to ₹[●] per equity share (to be announced 2 working days prior to bid opening)
- Lot Size
- [●] equity shares (to be finalized)
- Face Value
- ₹10 per equity share
Business Model
Contract manufacturing model: The company receives customer orders for windmill towers with client-specified designs and technical requirements. Clients supply raw materials (steel plates, flanges, assemblies, paint) while AWEL handles design verification, manufacturing, quality inspection, and delivery on ex-works basis. Revenue is recognized upon work completion and client approval. The company operates at approximately 48% capacity utilization as of FY 2026. With an order book of ₹35,981.72 lakhs as of March 31, 2026 (representing 379 towers), the company generates revenue primarily through manufacturing and fabrication (99.43% of FY 2026 revenue) with minor trading activities (0.57%).
Business Segments
SWOT Analysis
- • ISO certified manufacturing with stringent quality controls(p.116)
- • Established order book providing revenue visibility(p.118)
- • Strategic geographic location near key wind energy markets(p.119)
- • Strong profitability and returns on capital(p.117)
- • In-house manufacturing with quality control mechanisms(p.118)
- • Limited operating history in wind energy sector(p.24)
- • Promoters lack prior experience in wind energy industry(p.24)
- • High concentration on single business segment(p.25)
- • Revenue concentrated in single state(p.25)
- • Heavy dependence on few customers(p.25)
- • Promoter selling significant shareholding(p.74)
- • Low capacity utilization at existing facility(p.119)
- • Dependence on few suppliers(p.26)
- • No long-term supply agreements(p.26)
- • Significant outstanding litigation(p.28)
- • Corporate compliance discrepancies(p.29)
- • Massive growth in India's renewable energy capacity target(p.112)
- • Huge untapped wind energy potential in key states(p.119)
- • Rising electricity demand driving capacity additions(p.113)
- • Government policy support for wind energy(p.104)
- • Limited number of qualified suppliers in the market(p.119)
- • Increasing FDI in renewable energy sector(p.113)
- • Capacity expansion opportunities(p.119)
- • Dependence on seasonal and cyclical wind energy demand(p.25)
- • Potential increase in competition as market grows(p.129)
- • Reliance on third-party transportation providers(p.36)
- • Exposure to manufacturing facility risks(p.34)
- • Risk of equipment breakdown affecting production(p.34)
- • Limited insurance coverage for certain risks(p.34)
- • Exposure to raw material price volatility(p.25)
- • Dependence on government renewable energy policies(p.22)
- • Slowing renewable energy sector investment cycles(p.40)
- • Natural calamity risks affecting wind sector(p.42)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Nimish Kumar Rameshchandra Vashi | Promoter/Chairman & Managing Director | 88.38% | 69.70% |
| Ayush Nimish Vashi | Promoter/Whole-Time Director | 0.48% | 0.38% |
| Bhavin Navinchandra Desai | Promoter/Non-Executive Director | 0.48% | 0.38% |
| Bijal Nimesh Vashi | Promoter/Non-Executive Director | Negligible | Negligible |
| Vipul Rameshchandra Vashi | Promoter Group | Negligible | Negligible |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.