Annu Projects
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 1.72×
- Big non-institutionalbNII · above ₹10 lakh
- 3.09×
- Small non-institutionalsNII · ₹2–10 lakh
- 4.42×
- Retail individualRII · up to ₹2 lakh
- 2.56×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 14 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 02 Sept 2026 | -₹7 | -7.07% | ₹0 | ₹92 | ₹-1,057 |
| 01 Sept 2026 | -₹7 | -7.07% | ₹0 | ₹92 | ₹-1,057 |
| 31 Aug 2026 | -₹2 | -2.02% | ₹0 | ₹97 | ₹-302 |
| 30 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹99 | ₹0 |
| 29 Aug 2026 | ₹1 | +1.01% | ₹100 | ₹100 | ₹151 |
| 28 Aug 2026 | ₹1 | +1.01% | ₹100 | ₹100 | ₹151 |
| 27 Aug 2026 | ₹7 | +7.07% | ₹800 | ₹106 | ₹1,057 |
| 26 Aug 2026 | ₹4 | +4.04% | ₹500 | ₹103 | ₹604 |
| 25 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹99 | ₹0 |
| 24 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹99 | ₹0 |
| 23 Aug 2026 | ₹4 | +4.04% | ₹500 | ₹103 | ₹604 |
| 22 Aug 2026 | ₹4 | +4.04% | ₹500 | ₹103 | ₹604 |
| 21 Aug 2026 | ₹4 | +4.04% | ₹500 | ₹103 | ₹604 |
| 20 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹99 | ₹0 |
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
- 25 Aug 2026 – 28 Aug 2026
- Listing date
- 02 Sept 2026
- Face value
- ₹10 per share
- Price band
- ₹94 – ₹99
- Lot size
- 151 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹175 Cr
- Fresh issue
- ₹175 Cr 1,76,83,000 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹648 Cr
- Promoter holding
- 89.11% → 65.05% pre-issue → post-issue
- ISIN
- INE103001017
- CIN
- U45201DL2003PLC120995
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Mefcom Capital Markets Ltd.
- Registered office
- B-1, Plot No. 11, Local Shopping Complex, Vasant Kunj, South Delhi, New Delhi – 110070, India
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 | 17,68,300 | 10.00% | 10.00% |
| Anchor investor · within QIB | 0 | — | 0.00% |
| NII (HNI) | 70,73,200 | 40.00% | 40.00% |
| bNII > ₹10L · within NII | 47,15,467 | — | 26.67% |
| sNII < ₹10L · within NII | 23,57,733 | — | 13.33% |
| Retail (RII) | 88,41,500 | 50.00% | 50.00% |
| Employee | 0 | — | 0.00% |
| Market maker | 0 | — | 0.00% |
| Total issue | 1,76,83,000 | — | 100.00% |
Net offer to the public of 1,76,83,000 shares, out of a total issue of 1,76,83,000. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 151 shares per lot, in multiples, at ₹99
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 151 | ₹14,949 |
| Retail (max) | 13 | 1,963 | ₹1,94,337 |
| S-HNI (min) | 14 | 2,114 | ₹2,09,286 |
| S-HNI (max) | 66 | 9,966 | ₹9,86,634 |
| B-HNI (min) | 67 | 10,117 | ₹10,01,583 |
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
₹99 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.91 | 5.04 |
| P/E (×) | 14.33 | 19.64 |
| Price to book (×) | 3.88 | — |
| Market cap | — | ₹648 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 17.29%
- ROCE
- 29.00%
- Debt / equity
- 0.20
- PAT margin
- 11.72%
- EBITDA margin
- 17.88%
- NAV per share
- ₹25.53
- Price to book
- 3.88
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 | 244.59 | 182.35 | 155.42 |
| Revenue from operations | 241.25 | 180.07 | 153.98 |
| Other income | 3.34 | 2.29 | 1.44 |
| Total expenses | 198.42 | 154.14 | 131 |
| Operating profit | 46.17 | 28.21 | 24.42 |
| Operating margin | 18.88% | 15.47% | 15.71% |
| Profit before tax | 46.17 | 28.21 | 24.42 |
| Profit after tax | 33.03 | 21.1 | 17.39 |
| PAT margin | 13.50% | 11.57% | 11.19% |
| Balance sheet | |||
| Total assets | 341.82 | 233.37 | 161.34 |
| Current assets | 293.25 | 195.79 | 123.25 |
| Current liabilities | 171.47 | 106.83 | 88.06 |
| Total liabilities | 186.56 | 111.31 | 92.41 |
| Net worth | 155.26 | 122.06 | 68.93 |
| Current ratio | 1.71× | 1.83× | 1.40× |
| Return on equity | 21.27% | 17.29% | 25.23% |
| Cash flow | |||
| Operating cash flow | -0.25 | -35.38 | 8.21 |
| Investing cash flow | -23.44 | -1.41 | -3.92 |
| Financing cash flow | 26.11 | 34.28 | -3.99 |
| Net cash flow | 2.43 | -2.51 | 0.29 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Funding capital expenditure requirements for purchase of machinery or equipment ₹15.41 Cr
The company intends to enhance operational efficiency by procuring machinery or equipment including Horizontal Directional Drilling machines. The company continuously invests in procurement of plant and machinery essential for executing business operations, in alignment with total Order Book and management's projections of future requirements.
2 Funding working capital requirements ₹115 Cr
The company proposes to utilize funds towards funding incremental working capital requirements to support business operations including participation in BharatNet Phase III project and strategic expansion into Railway Signalling & Telecom sector. The funding will lead to consequent increase in profitability and achieving proposed targets as per business plan.
3 General corporate purposes —
The company proposes to deploy funds towards general corporate purposes including expense requirements, funding growth opportunities, meeting corporate contingencies and expenses incurred in ordinary course of business, strategic initiatives and other purposes as approved by Board from time to time.
1 of 3 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.
About Annu Projects
Established in 2003, Annu Projects Limited is engaged in the design, development, implementation, operations and maintenance of essential overhead and underground utilities infrastructure. The company operates across multiple verticals: telecom infrastructure (having laid more than 26,200 kms of optical fibre cable networks and maintaining over 62,800 km), sewerage infrastructure (298+ kms of sewerage pipes with treatment plants and pumping stations), gas pipeline (537+ kms of MDPE pipes and 38,300 GI pipes across four states), and railway signalling. The company serves both public sector undertakings and private parties on a direct contract, sub-contract, and joint venture basis. Revenue is highly concentrated among top 10 customers (97.96% in FY2026) and geographically concentrated in Bihar, Jharkhand, Goa, West Bengal, and Madhya Pradesh (70%+ of revenue).
Management
Sanjay Kumar Sarraf
MD
Krishna Ranjan
CEO
Rajan
COO
Nalini Shastri Vanjani
Director
Strengths
As stated in the offer document
Established expertise in engineering, procurement and commissioning projects with special focus on underground and overhead utilities infrastructure
The company has developed project execution proficiency over two decades with diversified revenue generation capabilities from telecom infrastructure, sewerage infrastructure and gas pipeline verticals. The company owns a fleet of more than 558 plant and machinery enabling efficient project execution while maintaining control over quality.
Project management with integrated execution capabilities
The company's growth is attributable to its business model of careful selection and execution of projects, facilitating optimum efficiency and improved profitability. The company has implemented project management skills for planning, monitoring, and execution which enhance resource optimization and cost control.
Strong Order Book
The company is one of the diversified companies in the EPC sector with an Order Book of ₹ 10,050.55 million as on June 30, 2026. The company had Order Book of ₹ 9,386.53 million, ₹ 4,796.73 million and ₹ 7,077.65 million during Fiscals 2026, 2025, and 2024 respectively with Book-to-Bill Ratio of 3.89 times, 2.66 times and 4.60 times.
Strong and consistent financial performance
The company has consistent record track of profitability since Fiscal 2024. Revenue from operations has grown at a CAGR of 25.16% from ₹ 1,539.82 million in Fiscal 2024 to ₹ 2,412.48 million in Fiscal 2026, achieving PAT Margin of 13.69% and return on equity of 21.27% in Fiscal 2026.
Experienced leadership and strong management team
The company's management team is well qualified and experienced in execution of EPC contracts. The company is led by qualified and experienced Promoters, Sanjay Kumar Sarraf and Krishna Ranjan, each having more than two decades of experience in the civil sector.
Risk factors
As stated in the offer document
Revenue Concentration in Telecom and Sewerage Infrastructure
The company derives more than 90% of its revenue from operations from telecom infrastructure and sewerage infrastructure verticals during Fiscals 2026, 2025 and 2024. Any slowdown in these sectors or decrease in demand could materially and adversely impact the company's business operations and financial performance.
Heavy Dependence on Government Customers and Competitive Bidding
The company derived 57.09%, 64.99% and 60.88% of revenue from government sector entities during Fiscals 2026, 2025 and 2024 respectively, based on competitive bidding. This exposes the company to risks inherent in government business including payment delays, aggressive bidding competition, and potential contract modifications or terminations.
Customer Concentration Risk
The company's top 10 customers contributed 97.96%, 98.25% and 95.90% of revenue from operations during Fiscals 2026, 2025 and 2024 respectively. Loss of any major customer could significantly impact revenue, business operations and financial condition.
Order Book Execution Uncertainty
The company had an Order Book of ₹9,386.53 million, ₹4,796.73 million and ₹7,077.65 million for Fiscals 2026, 2025 and 2024 respectively. Current orders may be modified, cancelled, delayed or not fully paid, which could adversely affect business and financial condition.
Geographic Concentration Risk
The company's business is concentrated in Bihar, Jharkhand, Goa, West Bengal and Madhya Pradesh, which contributed more than 70% of revenue during Fiscals 2026, 2025 and 2024. Any adverse development in these regions may adversely affect business operations and financial condition.
Project Delays and Liquidated Damages
The company paid ₹0.90 million, ₹8.52 million and ₹42.07 million towards liquidated damages during Fiscals 2026, 2025 and 2024 respectively due to project delays. Continued imposition of penalties could materially affect business operations and financial performance.
Significant Contingent Liabilities
As of March 31, 2026, the company's total contingent liabilities amounted to ₹1,008.66 million, equivalent to 64.97% of net worth. If these contingent liabilities materialize, they could adversely impact business operations and financial position.
Company Analysis
from RHPAnnu Projects Limited is an EPC (Engineering, Procurement, and Construction) company specializing in design, development, implementation, operations and maintenance of overhead and underground utilities infrastructure across telecom, sewerage, gas pipeline, and railway signalling sectors.
Established in 2003, Annu Projects Limited is engaged in the design, development, implementation, operations and maintenance of essential overhead and underground utilities infrastructure. The company operates across multiple verticals: telecom infrastructure (having laid more than 26,200 kms of optical fibre cable networks and maintaining over 62,800 km), sewerage infrastructure (298+ kms of sewerage pipes with treatment plants and pumping stations), gas pipeline (537+ kms of MDPE pipes and 38,300 GI pipes across four states), and railway signalling. The company serves both public sector undertakings and private parties on a direct contract, sub-contract, and joint venture basis. Revenue is highly concentrated among top 10 customers (97.96% in FY2026) and geographically concentrated in Bihar, Jharkhand, Goa, West Bengal, and Madhya Pradesh (70%+ of revenue).
Objects of the Issue
- Funding capital expenditure requirements of our Company for purchase of machinery or equipment ₹154.08 million p.5
- Funding working capital requirements of our Company ₹1,150.00 million p.5
- General corporate purposes p.5
Issue Structure
- Total Issue
- Up to 17,683,000 Equity Shares of face value of ₹10 each aggregating up to ₹[●] million
- Fresh Issue
- Up to 17,683,000 Equity Shares of face value of ₹10 each aggregating up to ₹[●] million
- Offer for Sale
- Not Applicable
- Face Value
- ₹10 per Equity Share
Business Model
Project-based EPC model: The company designs, executes, and maintains infrastructure projects for telecom, sewerage, gas pipeline, and railway signalling sectors. Revenue is generated through engineering, procurement, and construction contracts with public sector undertakings and private entities, supplemented by operations and maintenance services for completed projects.
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Sanjay Kumar Sarraf | Promoter | 60.78% | — |
| Krishna Ranjan | Promoter | 26.86% | — |
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.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2024
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Annu Projects THIS ISSUE | 6.91 | 32.48 | 19.64, computed at the offer price | 3.88, computed at the offer price | 21.27% |
| 9.94 | 104.47 | 23.17 | — | 9.37% | |
| 18.28 | 62.35 | 16.60 | — | 28.82% | |
| 16.30 | 190.03 | 24.65 | — | 8.62% | |
| 54.70 | 42.50 | 16.11 | — | 12.88% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.