Anawil Wire & Engineering IPO

Anawil Wire and Engineering Limitedanawilvapi.in

ListedSMEIndustrialsNSE Emerge

Price band: ₹257 – ₹270
Issue size: ₹178 Cr
Lot size: 400 sh
Bidding: 3 – 5 Aug
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

Anawil Wire and Engineering fabricates tubular steel towers for onshore wind turbines at two plants, in Koppal (Karnataka) and Kutch (Gujarat), and the record describes six customers as making up its entire order book of Rs 359.82 crore at 31 March 2026. Revenue from operations was Rs 54.07 crore in FY24, Rs 78.59 crore in FY25 and Rs 143.27 crore in FY26 — rises of 45.35% and then 82.30% — with profit after tax of Rs 4.39 crore, Rs 12.31 crore and Rs 36.63 crore across the same three years. The Rs 177.81 crore issue at a band of Rs 257 to Rs 270 comprised Rs 142.69 crore of fresh issue and Rs 35.12 crore of offer for sale, and the record states Rs 115 crore of the fresh issue was earmarked to repay borrowings, which stood at Rs 128.25 crore at 31 March 2026. The issue was subscribed 149.21 times overall; it listed on 10 August 2026 at Rs 329.65 against an issue price of Rs 270 and last traded at Rs 389.55 on 23 October 2026.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

85Exceptional

IPOVista score

Broadly well-balanced

63% of the scoring model was backed by disclosed data for Anawil Wire & Engineering, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2021 · Vapi, Valsad, Gujarat · 95 employees

Anawil Wire and Engineering makes the steel towers that hold up wind turbines. Each tower is a tubular structure rolled from heavy mild-steel plates, welded longitudinally and circumferentially, and shipped in sections — commonly five — to be bolted together at the project site. Towers run to about 140 metres. The buyers are wind-turbine generator OEMs and renewable-energy developers rather than end users: six customers made up the entire order book of ₹359.82 crore at 31 March 2026, and the top five supplied 78.75% of FY26 revenue from operations. The company began commercial work in April 2021 fabricating weldmesh and assembling boiler accessories and paper-machinery parts, then moved into wind towers in 2023. It runs two plants, at Koppal in Karnataka and Kutch in Gujarat, across 48.05 acres, with combined capacity of 612 towers a year.

Revenue is per-tower fabrication billed to a handful of OEMs: ₹143.27 crore from operations in FY26, against ₹78.59 crore in FY25 and ₹54.07 crore in FY24. Mild-steel plate and consumables are the largest cash cost, ₹47.32 crore in FY26, but the plants dominate the rest — ₹32.44 crore of other expenses, ₹11.30 crore of depreciation and ₹5.95 crore of finance cost. That is the constraint: capacity is fixed, heavy and debt-funded. Anawil produced 210 towers in FY26 against 612 of annual capacity, a 48.17% utilisation, and carried ₹128.25 crore of borrowings against ₹89.51 crore of net worth. ₹115 crore of the fresh issue was earmarked to repay borrowings.

The company on paper

Legal name: Anawil Wire and Engineering Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 2 Jan 2021
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U27320GJ2021PLC119254
Sector: Industrials · Tubular steel towers for onshore wind turbines
Employees: 95
Registered office: Vapi, Valsad, Gujarat
Promoters: Nimish Kumar Rameshchandra Vashi, Ayush Nimish Vashi, Bhavin Navinchandra Desai, Bijal Nimesh Vashi
Promoter holding, pre-issue: 89.3%
Promoter holding, post-issue: 65.3%
Website: anawilvapi.in

The numbers

Financial performance

Revenue has compounded at 62.8% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

80% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹143 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹35.12 Cr
Total issue size: ₹178 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —
Market maker portionSME issues require a market maker to provide two-way quotes: 3,31,200

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 24.1% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription149.21×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹270.00
Listed at: ₹329.65
Listing gain: up 22.1%
Since listing: up 25.3%
Against the issue price: up 53.0%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 800
At cut-off price: ₹270.00
Amount blocked: ₹2,16,000

One lot is 400 shares at ₹1,08,000. This issue requires a minimum of 2 lots, so the smallest application is ₹2,16,000. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~1.0%

chance of one lot, per application

Retail subscription: 104.22×
Applicants per share available: 104.2× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹329.65

listed at, 22.1% against the issue price

Issue price: ₹270.00
Premium said: —
If allotted 400 shares: ₹23,860

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Revenue from operations rose from Rs 54.07 crore in FY24 to Rs 78.59 crore in FY25 and Rs 143.27 crore in FY26, rises of 45.35% and then 82.30%. Profit after tax over the same years went from Rs 4.39 crore to Rs 12.31 crore and then Rs 36.63 crore, rises of 180.41% and 197.56%, so profit after tax grew faster than revenue in both of the years the record allows to be compared.
The profit-after-tax margin was 8.12% in FY24 (Rs 4.39 crore on Rs 54.07 crore), 15.66% in FY25 (Rs 12.31 crore on Rs 78.59 crore) and 25.57% in FY26 (Rs 36.63 crore on Rs 143.27 crore), higher in each of the two years on record that have a prior year to compare with. EBITDA margins across the same three years were 41.09%, 38.15% and 42.64% (Rs 22.22 crore, Rs 29.98 crore and Rs 61.09 crore on those revenue figures).
The record puts the order book at Rs 359.82 crore at 31 March 2026, which is 2.51 times FY26 revenue from operations of Rs 143.27 crore. Net worth over the three years on record was Rs 27.77 crore, Rs 40.08 crore and Rs 89.51 crore.

What to weigh against it

The record states that six customers made up the entire order book of Rs 359.82 crore at 31 March 2026, and that the top five customers supplied 78.75% of FY26 revenue from operations of Rs 143.27 crore.
Total borrowings were Rs 51.86 crore at FY24, Rs 55.11 crore at FY25 and Rs 128.25 crore at FY26, against net worth of Rs 27.77 crore, Rs 40.08 crore and Rs 89.51 crore — 1.87, 1.38 and 1.43 times respectively, so the ratio fell between FY24 and FY25 and rose between FY25 and FY26. FY26 finance cost was Rs 5.95 crore.
The record states the company produced 210 towers in FY26 against a combined annual capacity of 612 towers across the two plants, which cover 48.05 acres. FY26 costs named in the record are Rs 47.32 crore of mild-steel plate and consumables (33.03% of Rs 143.27 crore of revenue), Rs 32.44 crore of other expenses, Rs 11.30 crore of depreciation and Rs 5.95 crore of finance cost.
Rs 35.12 crore of the Rs 177.81 crore issue was an offer for sale rather than fresh capital, the balance Rs 142.69 crore being the fresh issue. Promoter holding goes from 89.35% before the issue to 65.26% after, a fall of 24.09 percentage points.

Easy to miss in the prospectus

Borrowings, which were Rs 128.25 crore at 31 March 2026, against the Rs 115 crore of the fresh issue that the record states was earmarked for their repayment — that earmark is 89.67% of the 31 March 2026 figure.
Customer concentration: the top five customers at 78.75% of FY26 revenue from operations, and six customers accounting for the whole Rs 359.82 crore order book at 31 March 2026.
Towers produced against stated capacity: 210 in FY26 against 612 towers a year across the Koppal and Kutch plants.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

Red Herring ProspectusThe document the issue was bid on. Carries the price band and the dates.Opens on anawilvapi.in

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: Hem Securities Limited
RegistrarAllotment status is checked on the registrar's own site: Bigshare Services Private Limited

How these figures were checked

Reconciled to Anawil Wire & Engineering's own prospectus and to exchange disclosures, then cross-checked against 8 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: SME platform
Opens: 3 Aug 2026
Closes: 5 Aug 2026
Allotment: 6 Aug 2026
Lists: 10 Aug 2026
Revenue (FY26): ₹143 Cr
Profit (FY26): ₹36.63 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.