Archive · 25 Aug 2026
Annu Projects IPO Opens Amid Mixed Broker Views
Annu Projects is a company that builds and maintains utility infrastructure.
Its IPO opened for investors today.
The company works in telecom, sewerage and gas pipelines.
Some brokerages like the IPO because the company has grown quickly and has many orders to complete.
Other analysts are more careful because the company depends heavily on some customers and government contracts.
They are also concerned that money may remain tied up in the business for a long time.
The IPO money will help buy equipment and support daily operations.
The shares are expected to list on both BSE and NSE on September 2.
Its grey market premium suggests only a small possible gain when the shares list.
Annu Projects’ IPO opened with a price valuation of 19.6 times FY26 earnings at the upper band.
BP Equities and Ventura recommended subscribing, while SBI Securities assigned a neutral rating.
The company plans to use IPO proceeds for machinery, working capital and general corporate purposes.
Annu Projects reported FY26 revenue of Rs 244.59 crore and net profit of Rs 33.03 crore.
Grey market premium stood at Rs 2-4 per share, implying a potential 2-4% listing gain.
- Who
- Annu Projects, a New Delhi-based engineering, procurement and construction company, and the brokerages reviewing its IPO.
- What
- Annu Projects opened its IPO, with analysts offering subscribe or neutral recommendations.
- When
- The IPO opened today; the shares are scheduled to list on Wednesday, September 2.
- Where
- The company is based in New Delhi, and its shares are scheduled to list on BSE and NSE.
- Why
- The company is raising funds for machinery or equipment, working capital and general corporate purposes.
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Neutral and Monitor
Growth and valuation
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BP Equities, Ventura and Anand Rathi recommended subscribing, citing faster revenue growth, profitability, capital efficiency, order visibility and a valuation they considered reasonable or suitable for long-term investors.
Neutral and Monitor
SBI Securities said the valuation was broadly in line with peers but assigned a neutral rating because the issue appeared fully priced at the upper band.
Earnings quality
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Supportive analysts pointed to the company’s execution track record, healthy earnings growth and fleet of more than 558 machines, which supports in-house project execution.
Neutral and Monitor
SBI Securities highlighted high customer concentration, dependence on government contracts and a stretched working-capital cycle as risks to the quality and durability of earnings.
Growth prospects
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Ventura cited the unexecuted order book, expansion of the railway signalling vertical and equipment purchases as potential growth drivers.
Neutral and Monitor
Cautious analysts preferred to monitor cash-flow generation and execution consistency after listing before taking a stronger view.
- Business
- Engineering, procurement and construction services for telecom, sewerage and gas pipeline infrastructure.
- FY26 revenue
- Rs 244.59 crore.
- FY26 net profit
- Rs 33.03 crore.
- FY26 EBITDA margin
- 20.8%.
- Post-issue valuation
- 19.6 times FY26 earnings at the upper price band.
- Grey market premium
- Rs 2-4 per share, indicating a possible 2-4% listing gain.
- Share reservation
- 10% for QIBs, 40% for NIIs and 50% for retail investors.