Annu Projects

Annu Projects Limited, formerly known as Annu Infra Construct (India) Private Limited, was established in 2003. Over the course of more than two decades, the company has evolved from a private entity into a diversified infrastructure player with deep expertise in essential utility services.

The core business model revolves around the implementation and operation of critical infrastructure. The company has successfully diversified its revenue streams across three primary verticals: telecom infrastructure, sewerage systems, and gas pipelines, ensuring it is not overly dependent on a single sector.

With over 20 years of operational experience, the company has built a robust track record in executing complex infrastructure projects. This long-term presence in the industry has allowed them to establish strong technical capabilities in both overhead and underground utility management.

Operationally, the company focuses on essential utility services that are critical for urban development and communication. Its ability to handle multiple verticals allows it to capture diverse government and private contracts within the infrastructure space.

The company is led by its promoters, Sanjay Kumar Sarraf and Krishna Ranjan, who have guided the firm's growth from its inception in 2003 to its current scale of operations.

The Annu Projects IPO is a Mainboard issue seeking to raise approximately ₹175 crore. The entire proceeds come from a fresh issue of 1,76,83,000 equity shares, with no Offer for Sale (OFS) component. The price band is set at ₹94 to ₹99 per share, with a minimum retail lot size of 151 shares requiring an investment of ₹14,949. The issue opens on August 25, 2026, and closes on August 28, 2026, with listing on the BSE and NSE scheduled for September 2, 2026.

The funds raised from the fresh issue are earmarked for strategic growth, with ₹115.00 crore allocated to fund working capital requirements and ₹15.41 crore dedicated to capital expenditure for the purchase of machinery and equipment.

Financial performance shows a strong upward trajectory. Consolidated revenue grew from ₹155.42 crore in FY24 to ₹182.35 crore in FY25, reaching ₹244.59 crore on a standalone basis in FY26. Similarly, the Profit After Tax (PAT) has scaled from ₹17.39 crore in FY24 to ₹33.03 crore in FY26, demonstrating consistent profitability and growth.

From a valuation perspective, the company reports a basic EPS of ₹6.91. While a specific P/E ratio is not explicitly provided, comparisons with peers like Likhitha Infrastructure and Bondada Engineering show a competitive landscape. The company's ROE of 21.27% and ROCE of 22.66% indicate efficient capital utilization.

A key strength of the IPO is the 100% fresh issue structure, which suggests promoters are not offloading shares but are instead bringing in capital for growth. However, investors should monitor the concentration of revenue and the execution risks associated with large-scale infrastructure projects.

Overall, the issue presents a growth story in the utility infrastructure sector. Investors may view the consistent PAT growth and strong return ratios positively, though the relatively low QIB subscription suggests a cautious institutional approach.