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HomeIPOAnnu Projects
Annu Projects

Annu Projects

Open Date

Aug 25, 2026

Close Date

Aug 28, 2026

listed

Min Investment

₹14,949

Lot Size

151 Shares

Issue Size

₹175.06 Cr

Price Range

₹94 - ₹94

Listing Date

Sep 2, 2026

IPO Doc

RHP PDF

About Annu Projects

Annu Projects Limited is an engineering, procurement, and construction (EPC) firm. The company is into the designing, developing, implementing, operations and maintenance of necessary overhead and underground utilities infrastructure in the field of telecom infrastructure, sewerage infrastructure vertical and gas pipeline vertical. Verticals: Telecom Infrastructure: Surveys, designing, and installation of cabling and tower infrastructure for communication, automation, and electronic security systems. The company serves customers like Bharat Sanchar Nigam Limited, A2Z Infra Engineering Limited, Bharat Broadband Network Limited, G R Infraprojects Limited. Sewerage Infrastructure: Pipelining, manhole construction, sewage treatment plant construction, pumping station construction, and construction of structural facilities, etc Gas Pipeline: Laying MDPE pipes of different sizes starting from 20mm to 125mm diameter along with 38,300 GI house connections for domestic and commercial gas pipelines. Customers include Indraprastha Gas Limited, Gujarat Gas Limited and GAIL India Limited. As on March 31, 2025, the company has 32 projects under process worth Rs 13,620.90 million, which include 5 telecom infrastructure, 14 sewerage and 13 gas pipeline projects.

Checklist Quality Analysis

Revenue Growth

Company Valuation

Earning Expansion

The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily.

₹7(-7.07%)GMP
7.07%Prediction Listing Gain

Grey Market Premium (GMP) Trend

Annu Projects IPO - Issue Objectives

The company will use ₹15.41 crore to purchase machinery or equipment for business operations. The company will use ₹115 crore for working capital requirements of the company. Part of the IPO proceeds will be used for general corporate purposes and issue expenses

Capital expenditure

8.8%

Working capital expenditure

65.6%

General corporate purposes

25.5%

1

Capital expenditure

The company will use ₹15.41 crore to purchase machinery or equipment for business operations.

8.80%
2

Working capital expenditure

The company will use ₹115 crore for working capital requirements of the company.

65.60%
3

General corporate purposes

Part of the IPO proceeds will be used for general corporate purposes and issue expenses

25.50%

IPO Subscription Status

QIB
1.72x
NII
3.55x
Individual
2.68x
Total
2.93x

Times subscribed by category (bars capped at 10x for readability). Dashed line marks 1.0x (fully subscribed).

Financials of Annu Projects

In Cr.

About Strength & Risks

Why this IPO looks interesting

Key positives investors may want to consider before applying.

01

Diversified EPC portfolio

The company is engaged in EPC activities across telecom infrastructure, sewerage infrastructure, gas pipeline and railway signalling verticals. It has a record of 362 completed projects over the last 21 years, with a combined total contract value of ₹1,279 crore.

02

Strong order book

The company’s order book stood at ₹1,005 crore across 23 ongoing projects, together with a Book-to-Bill Ratio of 3.89x, as on June 30, 2026.

03

Operational infrastructure and equipment

The company owns more than 558 machines and equipment, which includes horizontal directional drilling machines, excavators, splicing machines, digitrak machines, OTDR machines and HDPE pipe welding machines.

04

Established customer relationships with multiple clients

The company caters to government and public sector customers such as BSNL, Madhya Pradesh Urban Development Company Limited, Bihar Urban Infrastructure Development Corporation Limited and Jharkhand Urban Development Company Limited.

05

Strategic geographic expansion

The company has set up offices in Delhi, Kolkata, Goa, Siliguri, Muzaffarpur, Patna, Bhubaneswar, Ranchi, Gangtok, Andaman and Nicobar Islands and Bhopal to increase its presence in multiple geographies.

06

BharatNet success

The company emerged as the L1 bidder in consortium with G R Infraprojects Limited and SRIT India Private Limited for Package No. 16 in Kerala under the BharatNet Phase-III project. The project has an estimated order book value of ₹9,185.50 million, representing approximately 81% of the total contract value.

What investors should watch closely

Risk factors and possible pressure points around the offer.

01

High exposure to government customers

57.09% of FY26 revenue is received from government customers, while 20 of the 23 ongoing contracts as of June 30, 2026 were with government customers. Government contracts typically have limited scope for negotiation, onerous contractual terms, and are exposed to delays in approvals/payments, policy changes and budgetary allocations.

02

Very high customer concentration

The top 10 customers accounted for ₹2,363 million or 97.96% of revenue from operations, with A2Z Infra Engineering Limited and Bihar Urban Infrastructure Development Corporation Limited being the largest contributors at 26.61% and 23.08% respectively.

03

High dependence on telecom and sewerage infrastructure

94.17% of FY26 revenue was derived from telecom infrastructure and sewerage infrastructure, leaving limited diversification across business verticals.

04

Execution risk

The June 2026 order book is more than double the FY26 order book, primarily due to the large BharatNet Phase III award. The company itself states that it cannot assure timely execution of this order.

05

Project delays can result in margin erosion

The company sought extensions for 30 projects in FY26, compared with 25 in FY25 and 16 in FY24. It also paid liquidated damages of ₹9.0 lakhs in FY26, ₹85.2 lakhs in FY25 and ₹4.23 crore in FY24. Delays can increase project costs and trigger contractual penalties.

06

Working-capital intensity

Trade receivables increased to ₹156.77 crore in FY26 from ₹80.41 crore in FY25, while receivable days increased sharply to 237 days from 163 days. Along with unbilled revenue of ₹76.81 crore, the elevated working-capital requirement could constrain liquidity.

07

Geographic concentration remains high

Bihar, Jharkhand, Goa, West Bengal and Madhya Pradesh together contributed more than 70% of revenue during the reported periods.

Contact Details

Annu Projects

B-1, Plot No. 11, Local Shopping Complex Vasant Kunj, South Delhi, New Delhi, 110070

+911140114238
cs@annuprojects.com
http://www.annuprojects.com/

Annu Projects IPO - FAQs

Annu Projects IPO is a Mainboard IPO. The issue is priced at 94-₹99. The minimum order quantity is 151 Shares. The IPO opens on 25 Aug, and closes on 28 Aug. TBA is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

IPO Timeline

  • Pre Apply2026-08-24
  • Bidding Starts2026-08-25
  • Bidding Ends2026-08-28
  • Allotment Finalisation2026-08-31
  • Release of Funds2026-08-31
  • Demat Transfer2026-09-01
  • Listing2026-09-02

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