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Annu Projects IPO 2026: Price Band, GMP, Dates, Financials, Review and Should You Apply?

Annu Projects IPO is set to open for subscription on August 25, 2026, and will remain open until August 28, 2026. The company has fixed the IPO price band at Rs.94 to Rs.99 per equity share and plans to raise approximately Rs.175.06 crore through a fresh issue of 1.7683 crore equity shares.

Annu Projects Limited is an engineering, procurement and construction (EPC) company that has been operating in the infrastructure sector for more than two decades. The company is involved in telecom infrastructure, sewerage infrastructure, gas pipeline projects and railway signalling. With a sizeable order book and strong improvement in its FY2026 financial performance, the Annu Projects IPO has attracted attention from investors looking for exposure to India's infrastructure and utility spending.

However, investors should not look at the IPO only from the perspective of revenue growth and order book. The company operates in a working-capital-intensive EPC industry, where project execution, receivables, cash flows and margins are equally important. This makes the IPO interesting, but not without risks.

Annu Projects IPO Details

At the upper price band of Rs.99, investors will need Rs.14,949 to apply for one lot of 151 shares. Since the IPO is entirely a fresh issue, the money raised will go to the company rather than existing shareholders through an Offer for Sale.

Annu Projects IPO Timeline

What Does Annu Projects Do?

Annu Projects Limited was incorporated in 2003 and has more than 20 years of experience in executing infrastructure projects. The company operates primarily as an EPC contractor and undertakes projects involving the construction and installation of utility infrastructure.

Its business is spread across telecom infrastructure, sewerage infrastructure, gas pipelines and railway signalling. This gives the company exposure to several infrastructure segments rather than relying entirely on one type of project.

The telecom infrastructure business includes activities such as fibre-optic cable laying, trenching, ducting and underground utility installation. The company has also developed capabilities in horizontal directional drilling, which allows utilities to be installed underground with relatively limited surface disruption.

Sewerage infrastructure is another major part of the company's business. Annu Projects executes projects related to sewer networks and associated underground infrastructure. With increasing government spending on urban infrastructure, wastewater management and sanitation, this segment could provide opportunities for future growth.

The company is also involved in gas pipeline infrastructure and railway signalling, giving it additional exposure to India's expanding energy and transportation infrastructure.

Annu Projects Business and Revenue Mix

Sewerage and telecom infrastructure form the majority of Annu Projects' revenue. In FY2026, sewerage infrastructure contributed approximately 52.7% of revenue, while telecom infrastructure contributed around 41.5%. Gas pipelines accounted for roughly 4% of revenue.

This business mix gives Annu Projects some diversification, although investors should remember that all these activities remain closely linked to infrastructure spending and EPC project execution. Winning new tenders, completing projects on schedule and collecting payments from customers are therefore critical to the company's profitability.

The company claims to have executed more than 26,200 km of utility infrastructure, highlighting the experience it has accumulated over its operating history.

Annu Projects Financial Performance

The company's financial performance has improved considerably over the last three financial years. Revenue increased from Rs.153.98 crore in FY2024 to Rs.180.07 crore in FY2025 and further to Rs.241.25 crore in FY2026. This represents approximately 34% growth in revenue during FY2026.

The most encouraging aspect of the financial performance is that profitability has grown faster than revenue. EBITDA increased from Rs.32.19 crore in FY2025 to Rs.50.19 crore in FY2026, while profit after tax increased from Rs.21.10 crore to Rs.33.03 crore.

The EBITDA margin consequently improved from 17.88% to 20.81%, while the PAT margin increased from 11.72% to 13.69%. If the company can maintain these margins while expanding its order book, earnings growth could remain strong.

However, investors should not automatically assume that FY2026's margin expansion will continue indefinitely. EPC margins can fluctuate depending on project mix, commodity prices, execution timelines and competitive bidding.

Annu Projects Order Book

One of the biggest attractions of the Annu Projects IPO is its order book.

The company's order book stood at approximately Rs.938.65 crore as of FY2026, compared with Rs.479.67 crore in FY2025. This represents a significant increase and provides considerable revenue visibility for the coming years.

The order book is nearly four times the company's FY2026 revenue of Rs.241.25 crore. On the surface, this provides a strong growth opportunity.

However, investors need to understand that an order book is not the same as revenue or cash flow. Projects still have to be executed, bills need to be raised and payments need to be collected. Delays or cost overruns can reduce the profitability of projects even when the order book appears strong.

Therefore, the sustainability of this order book and the company's ability to execute it efficiently will be among the most important factors to monitor after listing.

How Will Annu Projects Use IPO Funds?

Annu Projects plans to use the IPO proceeds primarily for working capital and purchasing machinery and equipment.

The allocation towards working capital is particularly important. Out of the IPO proceeds, Rs.115 crore is earmarked for working capital requirements.

This highlights the capital-intensive nature of the company's EPC business. Infrastructure contractors often have to spend money on labour, materials, subcontractors and project execution before receiving the full payment from customers.

The IPO should therefore strengthen the company's liquidity position and help it execute its growing order book. At the same time, investors should keep an eye on whether the additional working capital translates into stronger operating cash flows.

Annu Projects IPO Valuation

At the upper price band of Rs.99, Annu Projects would have an estimated market capitalisation of around Rs.648 crore. Based on FY2026 EPS of Rs.6.91, the IPO is valued at approximately 14.3 times FY2026 earnings.

The valuation does not appear excessively aggressive when considered alongside the company's recent growth. Revenue grew by around 34% in FY2026, while PAT increased by more than 56%.

The company's FY2026 NAV is approximately Rs.32.48 per share, putting the price-to-book ratio at around 3.05 times at the upper price band.

On a purely valuation basis, the IPO looks reasonably priced. The bigger question is whether the company can maintain its recent earnings growth and improve its cash conversion.

Annu Projects IPO GMP Today

As of August 20, 2026, a meaningful grey market premium has not yet developed for the Annu Projects IPO.

Investors should also remember that GMP is an unofficial indicator and can change rapidly before listing. It should not be treated as a substitute for fundamental analysis.

For long-term investors, Annu Projects' earnings growth, order book, valuation and cash-flow position are far more important than the GMP.

Strengths of Annu Projects IPO

Annu Projects has several factors working in its favour. The company has a long operating history, a large order book and exposure to multiple infrastructure segments. Its FY2026 financial performance has also improved significantly, with strong growth in revenue, EBITDA and net profit.

The company's order book of Rs.938.65 crore provides substantial potential revenue visibility compared with its current annual revenue. The IPO proceeds should also strengthen the company's working-capital position and provide additional resources for executing projects.

The valuation is another positive factor. At around 14.3 times FY2026 earnings at the upper price band, the IPO does not appear to be priced at an extreme premium considering the company's recent earnings growth.

Risks Associated With Annu Projects IPO

The biggest concern is the company's working-capital requirement. Although Annu Projects has reported strong accounting profits, its cash-flow profile has historically been weaker.

The company has experienced elevated debtor days. An Infomerics rating report noted that debtor days increased to 222 days in FY2025 from 182 days in FY2024. The operating cycle also increased from 96 days to 139 days.

This matters because EPC companies can report revenue and profits before actually receiving the corresponding cash. If receivables continue to remain high, the company may require additional borrowing or working capital to finance growth.

Another concern is operating cash flow. The company's restated operating cash flow was negative Rs.2.47 crore in FY2026, following negative Rs.353.78 crore in FY2025. While this can partly reflect the timing of project-related working capital movements, investors should closely monitor whether operating cash flow improves going forward.

The company also operates in a competitive tender-based industry. Winning projects often requires competitive pricing, which can put pressure on margins. Project delays, cost overruns, regulatory approvals and changes in infrastructure spending can also affect financial performance.

Annu Projects IPO Peer Comparison

Annu Projects identifies companies such as Likhitha Infrastructure, Bondada Engineering, EMS and Suyog Telematics among its listed peers.

Rather than comparing these companies solely on P/E, investors should consider order-book quality, margins, debt, receivable days, cash conversion and return ratios.

At approximately 14.3 times FY2026 earnings, Annu Projects appears reasonably valued. However, the discount or premium it deserves compared with established peers will ultimately depend on whether it can consistently execute its growing order book and convert reported profits into cash.

Annu Projects IPO Review – Should You Apply?

The Annu Projects IPO presents an interesting combination of strong earnings growth, a large order book and a relatively reasonable valuation.

At Rs.99 per share, the company is valued at approximately 14.3 times FY2026 earnings. For a company that has delivered strong revenue and profit growth and has an order book of nearly Rs.939 crore, the valuation is not unreasonable.

The problem is cash flow.

Investors should not overlook the fact that the company needs substantial working capital to support its growth and has experienced high receivable days. The negative operating cash flow reported in recent years is something that deserves serious monitoring.

Therefore, Annu Projects looks more suitable for investors who are willing to take a medium- to long-term view of the infrastructure sector rather than investors looking only for a quick listing gain.

Our View on Annu Projects IPO

Annu Projects IPO appears fundamentally interesting at the upper price band, but investors should approach it with a medium-risk perspective.

The company's strong FY2026 growth and large order book are genuine positives, while its working-capital requirements and cash-flow profile are the major concerns.

At approximately 14.3x FY2026 earnings, the valuation provides a reasonable entry point if the company can sustain earnings growth and improve cash conversion.

For listing-gain investors, the absence of a meaningful GMP as of August 20 makes the listing outlook difficult to judge. For long-term investors, however, the IPO deserves consideration, particularly if subscription data and GMP remain supportive during the issue period.

Annu Projects IPO Rating: 3.5/5

The key factor to watch after listing will not simply be revenue growth. Investors should focus on operating cash flow, receivable days, debt and execution of the Rs.938.65 crore order book. If these improve alongside earnings, the company's long-term investment case becomes considerably stronger.

Frequently Asked Questions About Annu Projects IPO

What is the Annu Projects IPO price band?

The Annu Projects IPO price band has been fixed at Rs.94 to Rs.99 per equity share.

When will the Annu Projects IPO open?

The IPO will open for subscription on August 25, 2026.

When will the Annu Projects IPO close?

The IPO will close on August 28, 2026.

What is the Annu Projects IPO lot size?

The minimum lot size is 151 shares.

What is the minimum investment required for Annu Projects IPO?

At the upper price band of Rs.99, investors need Rs.14,949 to apply for one lot.

How much is Annu Projects raising through the IPO?

The company is raising approximately Rs.175.06 crore through a fresh issue of 1.7683 crore equity shares.

Is Annu Projects IPO an OFS or fresh issue?

The IPO consists entirely of a fresh issue. There is no Offer for Sale component.

What does Annu Projects Limited do?

Annu Projects is an EPC infrastructure company involved in telecom infrastructure, sewerage infrastructure, gas pipelines and railway signalling projects.

What is the Annu Projects IPO GMP?

As of August 20, 2026, a meaningful GMP has not yet been established. GMP can change significantly during the IPO period and should not be used as the sole basis for an investment decision.

What is the expected listing date of Annu Projects IPO?

The expected listing date is September 2, 2026, subject to the IPO schedule remaining unchanged.

Final Verdict

Annu Projects IPO is an interesting infrastructure IPO with a strong FY2026 financial performance and a sizeable order book. The company has grown its revenue from Rs.180.07 crore in FY2025 to Rs.241.25 crore in FY2026, while PAT increased from Rs.21.10 crore to Rs.33.03 crore. At the same time, its order book expanded to Rs.938.65 crore.

At the upper price band of Rs.99, the company is valued at approximately 14.3 times FY2026 earnings, which appears reasonable given the recent growth.

But investors should not ignore the company's working-capital requirements and cash-flow concerns. The ability to convert its order book into actual revenue and then convert that revenue into cash will determine whether the current valuation proves attractive over the long term.

Overall, Annu Projects IPO looks reasonably priced and fundamentally promising, but it is not a low-risk IPO. Investors with a medium- to long-term horizon may consider the issue after evaluating the final subscription numbers, GMP and market conditions, while listing-focused investors should wait for stronger signals before taking a view.