Annu Projects IPO

Annu Projects Limited is a New Delhi engineering, procurement and construction contractor that builds overhead and underground utility networks for government bodies and larger contractors. It runs four verticals: telecom infrastructure — surveying, designing and laying optical fibre cable plus tower and cabling work; sewerage infrastructure — pipe laying, manholes, sewage treatment plants and pumping stations; gas pipelines — MDPE pipe from 20 mm to 125 mm diameter and galvanised iron house connections; and railway signalling, where it won its first contract. Customers named in the prospectus include Bharat Sanchar Nigam, Bharat Broadband Network, GAIL (India), Indraprastha Gas, Gujarat Gas and G R Infraprojects. As on June 30, 2026 it employed 469 permanent staff and had 23 ongoing projects across eight states and one union territory.

Revenue is contract income from fixed-scope projects won mostly through competitive government tendering; government sector entities accounted for 57.09% of revenue from operations in Fiscal 2026. That revenue was ₹2,412.48 million, of which sewerage contributed 52.67% and telecom 41.50%. Costs are materials and bought-in construction work — construction expense of ₹1,072.88 million and material consumption of ₹464.61 million — leaving a 27.69% gross margin and a 20.81% EBITDA margin. The binding constraint is cash rather than margin: trade receivables ran to ₹1,567.70 million, or 237 receivable days against 163 a year earlier, and ₹1,150.00 million of issue proceeds was earmarked for working capital.