Annu Projects IPO

About Annu Projects IPO

The Annu Projects IPO, a mainboard IPO, opens on Tuesday, August 25, 2026 and closes on Friday, August 28, 2026. The allotment of shares will take place on Monday, August 31, 2026. The credit of shares to the demat account will take place on Tuesday, September 1, 2026. The initiation of refunds will take place on Monday, August 31, 2026. The listing of shares will take place on Wednesday, September 2, 2026.

The offer consists of a fresh issue component. The fresh issue will include 17,683,000 shares aggregating up to ₹175 crore.

The equity shares offered through the IPO are proposed to be listed on the BSE and the NSE.

Annu Projects IPO’s price band is set at ₹94 to ₹99 per share. The lot size for an application is 151 shares. The minimum amount of investment required by a retail investor is ₹14,949 (151 shares) based on the upper price band.

Annu Projects is a diversified engineering, procurement, and construction company focused on overhead and underground utilities infrastructure. It operates across the telecom infrastructure, sewerage infrastructure, gas pipeline, and railway signalling verticals. The company serves public sector undertakings and government customers across multiple Indian states.

Objectives of Annu Projects IPO

• Funding capital expenditure requirements of the company for purchase of machinery or equipment.
  
• Funding working capital requirements of the company.
  
• General corporate purposes.
  

Industry Outlook

India’s infrastructure spending is rising. The telecommunication sector is expected to grow at a CAGR of 8% to 9% over the next three years, supported by rising data demand, fibre rollout, and 5G backbone build-out. Broadband adoption has scaled sharply. The broadband subscriber base grew at a CAGR of 6.43%, from 743.20 million in March 2020 to 1,080.15 million in May 2026. Public programmes anchor much of this demand. Under BharatNet Phase III, projects worth approximately ₹2.73 lakh crore have been sanctioned to extend optical fibre connectivity to gram panchayats and villages nationwide. Adjacent utility segments are also expanding. The Transmission Line market is expected to grow at a CAGR of 9.00% from 2024 to 2028, widening the addressable base for engineering, procurement, and construction contractors. Annu Projects operates across telecom, sewerage, and gas pipeline infrastructure, which places it within the set of contractors able to bid for these government-funded mandates.

About Annu Projects Limited

Annu Projects was established in 2003. It designs, develops, implements, operates, and maintains overhead and underground utilities infrastructure across four verticals: telecom infrastructure, sewerage infrastructure, gas pipeline, and railway signalling. Its footprint is deepest in fibre. The company has laid more than 26,200 kilometres of optical fibre cable network and maintains more than 62,800 kilometres of OFC networks. It has also laid more than 298 kilometres of sewerage pipes and more than 537 kilometres of MDPE pipe. Scale is supported by owned equipment. As on June 30, 2026, the company owned a fleet of more than 558 plant and machinery units and held an order book of ₹1,005.06 crore. Its projects span Bihar, Jharkhand, Gujarat, Goa, Haryana, Madhya Pradesh, Odisha, Uttar Pradesh, West Bengal, and the Union Territory of Delhi.

Strengths of Annu Projects

• The company has over two decades of expertise in engineering, procurement, and commissioning of overhead and underground utilities infrastructure across the telecom, sewerage, and gas pipeline verticals.
• The company owned a fleet of more than 558 plant and machinery units as on June 30, 2026, including horizontal directional drilling machines, splicing machines, and OTDR machines that support in-house execution.
• The company has laid more than 26,200 kilometres of optical fibre cable network and maintains more than 62,800 kilometres of OFC networks in its telecom infrastructure vertical.
• The company serves recognised public sector customers, including Bharat Sanchar Nigam Limited, Bihar Urban Infrastructure Development Corporation Limited, and Jharkhand Urban Infrastructure Development Company Limited.

Risks of Annu Projects Limited

• The company derived more than 90% of its revenue from operations from the telecom and sewerage infrastructure verticals across FY24 to FY26, so a slowdown in either sector would directly reduce revenue.
• Government sector entities accounted for 57.09%, 64.99%, and 60.88% of revenue from operations in FY 26, FY 25, and FY 24, exposing the Company to public-sector bidding, budgeting, and payment cycles.
• The top ten customers contributed 97.96%, 98.25%, and 95.90% of revenue from operations in FY 26, FY 25, and FY 24, creating high customer-concentration risk if any major client is lost.
• Business is concentrated in Bihar, Jharkhand, Goa, West Bengal, and Madhya Pradesh, which together contributed more than 70% of revenue, making the Company vulnerable to adverse regional developments.

Anchor Investor Bidding Date

Anchor investor allocation is not applicable for this Issue.

IPO Registrar and Book Running Lead Managers

Registrar Details
KFin Technologies Limited
Email: annuprojects.ipo@kfintech.com
Phone: +91 49 6716 2222

Book Running Lead Manager
Mefcom Capital Markets Limited

Annu Projects Contact Details
B-1, Plot No. 11, Local Shopping Complex, Vasant Kunj,
South Delhi, New Delhi – 110070, India.
Email: cs@annuprojects.com
Phone: +91 11 40114238 / 37

Annu Projects Business Model

The company earns its revenue through the execution of engineering, procurement, and construction (EPC) and operations and maintenance (O&M) contracts for utilities infrastructure. Revenue is generated primarily under EPC & O&M fixed-rate contracts, which produced ₹1,180.71 crore of contract revenue across 50 contracts as on 31 March 2026, alongside item-rate contracts. The customer base is concentrated in central and state government entities and public sector undertakings, with the balance from private clients. Its four verticals — telecom infrastructure, sewerage infrastructure, gas pipeline, and railway signalling — provide diversified revenue streams anchored by government-funded infrastructure programmes.

Annu Projects Growth Trajectory

Annu Projects Limited’s Total Income for FY26 was ₹244.59 crore, whereas in FY25 and FY24 it was ₹182.35 crore and ₹155.42 crore, respectively.

The Profit After Tax for FY26 was ₹33.03 crore, whereas in FY25 and FY24 it was ₹21.10 crore and ₹17.39 crore, respectively.

Their EBITDA for FY26 was ₹50.19 crore, whereas in FY25 and FY24 it was ₹32.19 crore and ₹28.50 crore, respectively.

Annu Projects Market Position

Annu Projects operates across eleven states and the Union Territory of Delhi, with project experience spanning telecom, sewerage, and gas pipeline infrastructure. As of 31 March 2026, the company’s Total Income, Profit After Tax, and EBITDA were ₹244.59 crore, ₹33.03 crore, and ₹50.19 crore, respectively.

How to apply for Annu Projects IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.