All IPOs 
Anawil Wire & Engineering
SME · NSE listed
+22.09%
Listing gain
Price Band
₹257 – ₹270
Issue Size
₹178 Cr
1 lot at upper band
₹1,08,000
Lot Size
400
Open
03 Aug 2026
Close
05 Aug 2026
Allotment
—
Listing
10 Aug 2026
Scheduled dates
- Open03 Aug 2026
- Close05 Aug 2026
- Refund07 Aug 2026
- Demat credit07 Aug 2026
- Listing10 Aug 2026
Listing Performance
Listing Price
₹329.65
Listing Gain
+22.09%
Day Close
—
Current (LTP)
— (—)
GMP Trend*
Daily grey market premium (₹). Unofficial.
Latest GMP: ₹58 12 sessions
Subscription (times)
Latest per-category subscription · as of 05 Aug, 06:56 pm IST.
QIB 164.56x
NII 233.36x
BHNI 288.90x
SHNI 122.29x
RII 104.22x
Total 149.13x
About Anawil Wire & Engineering
The company is engaged in manufacturing windmill towers, focusing on fabrication of towers from heavy and precision steel components customized for wind energy sector clients. The company commenced commercial operations in April 2021, initially focusing on weldmesh fabrication and boiler accessories, before strategically shifting to wind energy sector in 2023. The company operates two manufacturing facilities in Koppal, Karnataka and Kutch, Gujarat, spread across 48.05 acres with annual capacity of 612 towers, serving marquee customers including Original Equipment Manufacturers of Wind Turbine Generators and renewable energy companies.
www.anawilvapi.in ↗Strengths
- In-house manufacturing facility with stringent quality control mechanismThe company is ISO 9001:2015, ISO 14001:2015, ISO 14001:2018 and ISO 3834-2:2021 certified for manufacture of windmill towers & components. Manufacturing operations are carried out at 48.05 acres facility with extensive quality control mechanisms including hardness tester, ultrasonic flaw detector, and other testing equipment.
- Strong Order BookThe company has orders in hand from 6 customers aggregating to ₹35,981.72 lakhs as of March 31st, 2026, providing visibility on future revenues and representing estimated contract value of unexecuted portion of existing work orders.
- Well-positioned to capture growth opportunitiesThe company is well positioned to benefit from rising demand for windmill towers with manufacturing capabilities, execution expertise, and reputation for delivering high-quality products. Limited number of qualified suppliers enhances competitive advantage with annual capacity of 612 towers and 48.17% capacity utilization.
- Strategically Located Manufacturing Facility resulting in Operational EfficiencyManufacturing facilities are strategically located in Koppal, Karnataka, and Kutch, Gujarat, spread across 48.05 acres along major highways. Proximity to wind energy development zones enables effective service to client requirements while reducing transit times and coordination efforts.
Risk Factors
- Limited Operating History and Promoter ExperienceThe company was incorporated in January 2021 and commenced windmill tower operations only in 2023, providing limited operating history. The promoters have over two decades of business experience but lack prior significant experience in the wind energy infrastructure segment, which may adversely affect growth prospects and competitive positioning.
- Revenue Concentration in Single Business SegmentThe company derives 94.36%, 99.95% and 81.23% of total revenue from Tower Manufacturing and Fabrication for fiscal years 2026, 2025 and 2024 respectively. This heavy dependence on a single business segment exposes the company to significant risks from demand reduction, increased competition, technology changes, and regulatory shifts.
- Customer Concentration RiskThe company's top five customers accounted for 78.75%, 88.57% and 85.70% of revenue from operations for fiscal years 2026, 2025 and 2024 respectively. The company has no long-term agreements with customers, making it vulnerable to order cancellations, payment delays, and loss of major customers.
- Geographic Revenue ConcentrationThe company derives over 93.87%, 99.55% and 81.23% of revenue from Karnataka region for fiscal years 2026, 2025 and 2024 respectively. This concentration exposes the business to significant regional risks including policy changes, economic downturns, natural calamities, and infrastructure constraints in Karnataka.
- Supplier Dependence and Geographic ConcentrationThe company's top 10 suppliers represented 90.11%, 80.19% and 72.44% of total purchases for fiscal years 2026, 2025 and 2024 respectively. Additionally, procurement is concentrated in Gujarat, Karnataka and Maharashtra (97.76%, 97.07% and 89.25% respectively), creating supply chain vulnerability.
- Under-utilization of Manufacturing CapacityThe company's capacity utilization was only 8.04% for Gujarat plant and 41.74% for Karnataka plant in fiscal 2026. Under-utilization leads to operational inefficiencies, higher per-unit costs, and delays in recovering investments, adversely affecting profitability and financial condition.
Objects of the Issue
- Repayment and/or Pre-payment of borrowingsThe company proposes to utilize funds for repayment and/or pre-payment, in full or part, of borrowings availed from banks and financial institutions to reduce outstanding indebtedness and debt servicing costs.115.00 crores
- General Corporate PurposeThe company intends to deploy the balance net proceeds towards general corporate purposes including funding growth opportunities, strategic initiatives, meeting business expenses, servicing borrowings, brand building and marketing expenses.
Financial Snapshot
Annual values as reported in the offer document.
| Year end | Revenue | Rev. growth | Profit | Profit growth | Assets | Equity | Operating cash flow |
|---|---|---|---|---|---|---|---|
| 31/03/2026 | 143.63 | +80.9% | 36.63 | +197.6% | 291.62 | 89.51 | 18.44 |
| 31/03/2025 | 79.40 | +46.8% | 12.31 | +180.4% | 114.42 | 40.08 | 9.66 |
| 31/03/2024 | 54.08 | — | 4.39 | — | 89.64 | 27.77 | 8.89 |
Units: crores
Issue Details
- Face Value
- ₹10
- P/E
- 14.53
- ROCE
- 23.05%
- Shares / Lot
- 400
- Minimum Bid
- 800 shares
- Refund
- 07 Aug 2026
- Credit to Demat
- 07 Aug 2026
- ISIN
- INE1J5V01013
- CIN
- U27320GJ2021PLC119254
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead Managers
- Hem Securities Ltd.
- Registered Office
- Plot No. 201, Office No-1, Vibrant Business Park G.I.D.C, Vapi, Valsad, Pardi, Gujarat, India, 396191
Management
Nimish Kumar Rameshchandra VashiMD
Ayush Nimish VashiCEO
Bhavin Navinchandra DesaiDirector
* Grey Market Premium is unofficial, indicative data from unregulated grey-market dealers. It is not published by NSE, BSE, SEBI or the issuer, and is not a forecast of the listing price.