Annu Projects Limited (originally incorporated in New Delhi on June 19, 2003, as Annu Infra Construct (India) Private Limited, renamed Annu Projects Private Limited in 2020, and converted into a public company in July 2024) is a diversified engineering, procurement, and construction (EPC) and project management enterprise. The company operates a highly integrated business model focused on the design, development, implementation, operations, and maintenance of essential overhead and underground utilities infrastructure. Over more than two decades, the company has built its core value proposition around providing end-to-end execution capabilities, which span initial survey, engineering design, raw material procurement, trenchless civil work, network integration, and long-term operations and maintenance (O&M) contracts.
The company's primary business verticals comprise telecom infrastructure (surveying, designing, and installing overhead/underground optical fiber networks and telecom towers), sewerage infrastructure (laying sewer lines, constructing manholes, storm water drainage, sewage pumping stations, and sewage treatment plants), city gas pipeline distribution networks (laying medium-density polyethylene pipes and constructing Galvanized Iron house connections), and a newly added vertical in railway signaling and telecommunications. The underlying business model is order-based and highly demand-driven; the company secures long-term contracts through competitive government bidding processes or private subcontracts. In order to qualify for and win complex, high-value contracts, Annu Projects frequently forms strategic, project-specific joint ventures and consortium agreements.
The key client segments served by the company are heavily weighted toward government customers and public sector undertakings (PSUs), which accounted for 86.96% of its active contracts as of June 30, 2026. In the telecom infrastructure vertical, key clients include Bharat Sanchar Nigam Limited (BSNL) and Bharat Broadband Network Limited (BBNL), alongside private infrastructure players like G R Infraprojects Limited and A2Z Infra Engineering. In the sewerage and gas distribution domains, the company executes major projects for various state urban development bodies, such as the Bihar Urban Infrastructure Development Corporation Limited (BUIDCO), Jharkhand Urban Infrastructure Development Company Limited (JUIDCO), Madhya Pradesh Urban Development Company Limited, the Sewerage & Infrastructural Development Corporation of Goa Limited, and gas utilities like GAIL India Limited, Indraprastha Gas Limited (IGL), and Gujarat Gas.
Geographically, Annu Projects operates across eleven states in India (Bihar, Jharkhand, Gujarat, Goa, Haryana, Madhya Pradesh, Odisha, Mizoram, Uttar Pradesh, West Bengal) and the Union Territory of Delhi. However, the business exhibits a strong geographic concentration, with more than 70.00% of its operating revenues derived from five key states: Bihar, Jharkhand, Goa, West Bengal, and Madhya Pradesh.
In terms of manufacturing assets, Annu Projects Limited does not operate any manufacturing plants or facilities. Instead of a factory-based footprint, the company's core asset capability is its privately owned fleet of 558 heavy machines and specialized equipment as of June 30, 2026. This modern fleet—including horizontal directional drilling (HDD) machines, excavators, splicing machines, digitrak systems, and optical time-domain reflectometers (OTDR)—represents a written down book value of Rs 223.21 million (equivalent to 9.25% of operational revenue in Fiscal 2026). By owning its machinery and utilizing local maintenance workshops for quick turnarounds, the company avoids the contractual uncertainties and higher costs associated with leasing equipment from third parties. For specific construction projects, such as storm water systems, the company also maintains specialized on-site machinery, including a ready-mix concrete plant in Muzaffarpur with a capacity of 30 cubic meters per hour.
A critical operational highlight of the company is its technology-driven execution strategy. Rather than relying on traditional open-cut excavation, the company utilizes advanced trenchless horizontal directional drilling (HDD) for laying underground telecom fiber and utility pipelines in high-density urban zones, significantly reducing surface disruption, environmental impact, and execution timelines. The company does not run an independent research and development (R&D) unit; instead, it focuses on continuous process optimization and quality control. Its strict operational frameworks are backed by ISO 9001:2015 (Quality Management) and ISO 45001:2018 (Occupational Health & Safety) certifications, ensuring all civil and electro-mechanical works strictly align with rigid municipal and industrial standards.
As per financial performance, Annu Projects Limited has posted total income / net profits of Rs 155.42 Cr / Rs 17.39 Cr (FY24), Rs 182.35 Cr / Rs 21.10 Cr (FY25) and Rs 244.59 Cr / Rs 33.03 Cr (FY26). So as per previous financials data, the company has shown robust top-line and net profit expansion with its operational revenue expanding at a 2-year CAGR of 25.17% and PAT at a CAGR of 37.82%, although this profitability is highly illiquid as 3-year cumulative operating cash flow remained deeply negative at Rs -27.42 Crore due to trade receivables and unbilled contract assets consuming all liquidity, while its total outstanding borrowings expanded from Rs 19.69 Crore in FY24 to Rs 52.54 Crore in FY26 to fund its highly capital-intensive projects. Company has an average EPS of Rs 5.68 and average RoNW of 20.60% for the last three fiscals. Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 3.05 as per NAV of Rs 32.48 as on 31.03.26. Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 1.96. If we attribute the latest earnings of FY24, FY25, and FY26 to the expanded equity base post-issue, then the asking price is at a Post-Issue P/E of around 37.29, 30.72, and 19.63 respectively. As per RHP, a comparison between listed peers shows that competitors such as Bondada Engineering trade at 16.60x P/E, Suyog Telematics at 16.11x, Likhitha Infrastructure at 23.17x, and EMS Limited at 24.65x, which positions Annu Projects' cap P/E of 19.63x at a reasonable valuation middle ground that balances its strong return ratios with elongated debtor cycle risks.
On BRLM's front, Mefcom Capital Markets Limited is associated with this IPO, and Mefcom Capital Markets Limited has handled 1 IPO in the last three fiscal years. (As On 20.08.26)
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