Anawil Wire & Engineering

Founded in January 2021, Anawil Wire & Engineering has rapidly evolved into a key player in the heavy fabrication sector. The company leverages over 20 years of legacy experience in blasting, painting, and heavy fabrication to deliver high-precision engineering components. It holds the distinction of being India's first manufacturer to produce 100 windmill towers, showcasing its early dominance in the wind energy infrastructure space.

The company's business model centers on the production of windmill towers and turbine tubular towers. By integrating advanced fabrication and welding techniques, Anawil ensures that its products meet the rigorous quality standards required for renewable energy installations. This focus on technical expertise allows them to serve the growing demand for sustainable energy infrastructure across India.

Operationally, Anawil maintains a robust manufacturing footprint with two modern facilities located in Koppal, Karnataka, and Kutch, Gujarat. These plants are equipped with state-of-the-art quality control and testing infrastructure, enabling an annual production capacity of 612 windmill towers, which provides significant scalability for future orders.

The company operates primarily within the Renewable Energy and Heavy Engineering sectors, positioning itself as a strategic supplier for wind turbine OEMs. Its market position is strengthened by its ability to handle large-scale heavy fabrication projects with high precision.

The leadership and ownership of the firm are driven by promoters Nimish Kumar Rameshchandra Vashi, Ayush Nimish Vashi, Bhavin Navinchandra Desai, and Bijal Nimesh Vashi, who have steered the company from its 2021 inception to its current scale of operations.

Anawil Wire & Engineering is launching a book-building IPO to raise approximately ₹177.81 crore. The issue is structured as a combination of a fresh issue of ₹142.69 crore and an offer for sale (OFS) of approximately 13,00,800 equity shares. The price band is set between ₹257 and ₹270 per share, with a minimum lot size of 800 shares requiring an application amount of ₹2,16,000. The IPO is scheduled to list on the NSE SME exchange on August 10, 2026.

The proceeds from the fresh issue are primarily earmarked for the repayment and pre-payment of borrowings, amounting to ₹115.00 crore. This strategic move aims to deleverage the balance sheet and reduce interest costs, potentially improving future net margins.

Financial performance has shown exponential growth over the last three years. Revenue surged from ₹54.08 crore in FY24 to ₹143.63 crore in FY26. More impressively, the Profit After Tax (PAT) grew from ₹4.39 crore in FY24 to ₹12.31 crore in FY25, and jumped significantly to ₹36.63 crore in FY26, reflecting strong operational scaling.

From a valuation perspective, the company reports an EPS of ₹19.13 (Basic) for FY26. While a direct P/E comparison with listed peers is unavailable due to a lack of direct listed competitors in India, the internal KPIs are strong, including a PAT margin of 25.57% and an EBITDA margin of 42.64%.

Key investment strengths include the company's leadership in the windmill tower segment, its high ROE of 40.92%, and its alignment with India's renewable energy goals. The heavy weighting toward a fresh issue rather than a pure OFS indicates that the promoters are committed to funding company growth rather than simply exiting.

However, investors should note the debt-to-equity ratio of 1.43, which is relatively high, although the IPO proceeds are intended to address this. The SME listing also carries inherent liquidity risks. Overall, the company presents a high-growth profile within a sunrise sector, balanced by its current leverage.