Annu Projects

· BSE open

Closes in 3 days · 28 Aug 2026

₹0

GMP* · 25 Aug, 01:20 pm

Price Band

₹94 – ₹99

Issue Size

₹175 Cr

1 lot at upper band

₹14,949

Lot Size

151

Open

25 Aug 2026

28 Aug 2026

Allotment

—

Listing

02 Sept 2026

Scheduled dates

Open

25 Aug 2026
Close

28 Aug 2026
Refund

31 Aug 2026
Demat credit

01 Sept 2026
Listing

02 Sept 2026

GMP Trend*

Daily grey market premium (₹). Unofficial.

Latest GMP: ₹0 6 sessions

Subscription (times)

Latest per-category subscription · as of 25 Aug, 01:20 pm IST.

QIB 0.00x

NII 0.07x

BHNI 0.02x

SHNI 0.17x

RII 0.17x

Total 0.11x

About Annu Projects

The company is engaged in the design, development, implementation, operations and maintenance of essential overhead and underground utilities infrastructure across telecom infrastructure, sewerage infrastructure vertical, gas pipeline vertical and railway signalling vertical. Established in 2003, the company is one of the diversified companies in the EPC sector, involved in fields ranging from fiber optics to sewerage projects and also undertakes gas pipeline projects. The company has gained expertise in laying the overhead and underground utilities infrastructure, having laid more than 26,200 kms of optical fibre cable networks and maintenance of more than 62,800 km of OFC networks in telecom infrastructure, more than 298 kms of sewerage pipes, construction and maintenance of sewerage treatment plant, construction of pumping stations, laying of house service connections in the sewerage infrastructure vertical, and more than 537 kms of MDPE laying of 20 mm to 125 mm diameter, 38,300 number of Galvanized Iron Pipes for domestic gas connections in the gas pipeline vertical across 4 states in India.

www.annuprojects.com ↗

Strengths

Established expertise in engineering, procurement and commissioning projects with special focus on underground and overhead utilities infrastructure

The company has developed project execution proficiency over two decades with diversified revenue generation capabilities from telecom infrastructure, sewerage infrastructure and gas pipeline verticals. The company owns a fleet of more than 558 plant and machinery enabling efficient project execution while maintaining control over quality.
Project management with integrated execution capabilities

The company's growth is attributable to its business model of careful selection and execution of projects, facilitating optimum efficiency and improved profitability. The company has implemented project management skills for planning, monitoring, and execution which enhance resource optimization and cost control.
Strong Order Book

The company is one of the diversified companies in the EPC sector with an Order Book of ₹ 10,050.55 million as on June 30, 2026. The company had Order Book of ₹ 9,386.53 million, ₹ 4,796.73 million and ₹ 7,077.65 million during Fiscals 2026, 2025, and 2024 respectively with Book-to-Bill Ratio of 3.89 times, 2.66 times and 4.60 times.
Strong and consistent financial performance

The company has consistent record track of profitability since Fiscal 2024. Revenue from operations has grown at a CAGR of 25.16% from ₹ 1,539.82 million in Fiscal 2024 to ₹ 2,412.48 million in Fiscal 2026, achieving PAT Margin of 13.69% and return on equity of 21.27% in Fiscal 2026.
Experienced leadership and strong management team

The company's management team is well qualified and experienced in execution of EPC contracts. The company is led by qualified and experienced Promoters, Sanjay Kumar Sarraf and Krishna Ranjan, each having more than two decades of experience in the civil sector.

Risk Factors

Revenue Concentration in Telecom and Sewerage Infrastructure

The company derives more than 90% of its revenue from operations from telecom infrastructure and sewerage infrastructure verticals during Fiscals 2026, 2025 and 2024. Any slowdown in these sectors or decrease in demand could materially and adversely impact the company's business operations and financial performance.
Heavy Dependence on Government Customers and Competitive Bidding

The company derived 57.09%, 64.99% and 60.88% of revenue from government sector entities during Fiscals 2026, 2025 and 2024 respectively, based on competitive bidding. This exposes the company to risks inherent in government business including payment delays, aggressive bidding competition, and potential contract modifications or terminations.
Customer Concentration Risk

The company's top 10 customers contributed 97.96%, 98.25% and 95.90% of revenue from operations during Fiscals 2026, 2025 and 2024 respectively. Loss of any major customer could significantly impact revenue, business operations and financial condition.
Order Book Execution Uncertainty

The company had an Order Book of ₹9,386.53 million, ₹4,796.73 million and ₹7,077.65 million for Fiscals 2026, 2025 and 2024 respectively. Current orders may be modified, cancelled, delayed or not fully paid, which could adversely affect business and financial condition.
Geographic Concentration Risk

The company's business is concentrated in Bihar, Jharkhand, Goa, West Bengal and Madhya Pradesh, which contributed more than 70% of revenue during Fiscals 2026, 2025 and 2024. Any adverse development in these regions may adversely affect business operations and financial condition.
Project Delays and Liquidated Damages

The company paid ₹0.90 million, ₹8.52 million and ₹42.07 million towards liquidated damages during Fiscals 2026, 2025 and 2024 respectively due to project delays. Continued imposition of penalties could materially affect business operations and financial performance.
Significant Contingent Liabilities

As of March 31, 2026, the company's total contingent liabilities amounted to ₹1,008.66 million, equivalent to 64.97% of net worth. If these contingent liabilities materialize, they could adversely impact business operations and financial position.

Objects of the Issue

Funding capital expenditure requirements for purchase of machinery or equipment
The company intends to enhance operational efficiency by procuring machinery or equipment including Horizontal Directional Drilling machines. The company continuously invests in procurement of plant and machinery essential for executing business operations, in alignment with total Order Book and management's projections of future requirements.

15.41 crores
Funding working capital requirements
The company proposes to utilize funds towards funding incremental working capital requirements to support business operations including participation in BharatNet Phase III project and strategic expansion into Railway Signalling & Telecom sector. The funding will lead to consequent increase in profitability and achieving proposed targets as per business plan.

115.00 crores
General corporate purposes
The company proposes to deploy funds towards general corporate purposes including expense requirements, funding growth opportunities, meeting corporate contingencies and expenses incurred in ordinary course of business, strategic initiatives and other purposes as approved by Board from time to time.

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	244.59	—	33.03	—	341.82	155.26	-0.25
31/03/2025	182.35	+17.3%	21.10	+21.3%	233.37	122.06	-35.38
31/03/2024	155.42	—	17.39	—	161.34	68.93	8.21

Units: crores

Issue Details

Face Value: ₹10
P/E: 19.60
ROCE: 34.00%
Shares / Lot: 151
Minimum Bid: 151 shares
Refund: 31 Aug 2026
Credit to Demat: 01 Sept 2026
ISIN: INE103001017
CIN: U45201DL2003PLC120995
Registrar: Kfin Technologies Ltd.
Lead Managers: Mefcom Capital Markets Ltd.
Registered Office: B-1, Plot No. 11, Local Shopping Complex, Vasant Kunj, South Delhi, New Delhi – 110070, India

RHP ↗DRHP ↗

Management

Sanjay Kumar SarrafMD

Krishna RanjanCEO

RajanCOO

Nalini Shastri VanjaniDirector

* 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.