Anawil Wire And Engineering IPO announced: ₹115 crore issue, what you need to know
Anawil Wire And Engineering files DRHP for SME IPO opening 03-Aug-2026. Fresh issue of ₹115.00 Crore for debt repayment. Revenue grew to ₹143.27 Crore in FY2026 with PAT of ₹36.63 Crore. Key risks include high debt and customer concentration.
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Anawil Wire And Engineering Limited, a manufacturer of windmill towers, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO). The company, which pivoted to wind energy infrastructure in 2023, aims to raise ₹115.00 Crore through a fresh issue. The primary objective of the issue is the repayment and pre-payment of borrowings, with the balance proceeds allocated for general corporate purposes. The IPO is scheduled to open on 03-Aug-2026 and close on 05-Aug-2026.
Company Overview
Anawil Wire And Engineering Limited is incorporated in January 2021 and commenced commercial operations in April 2021. Initially engaged in weldmesh fabrication and boiler accessories, the company strategically shifted to manufacturing windmill towers in 2023. It operates two manufacturing facilities spanning 48.05 acres in Koppal, Karnataka, and Kutch, Gujarat. The combined annual capacity stands at 612 towers.
The company serves Original Equipment Manufacturers (OEMs) of Wind Turbine Generators. As of FY2026, revenue from Tower Manufacturing and Fabrication constituted 94.36% of total revenue. The company holds ISO 9001:2015, ISO 14001:2015, ISO 14001:2018, and ISO 3834-2:2021 certifications.
Offer Details
The IPO is structured as a fresh issue. Specific details regarding the price band, offer for sale (OFS), and lot size are not yet available in the DRHP.
| Parameter | Details |
|---|---|
| IPO Open Date | 03-Aug-2026 |
| IPO Close Date | 05-Aug-2026 |
| Allotment Date | 06-Aug-2026 |
| Listing Date | 10-Aug-2026 |
| Fresh Issue Size | ₹115.00 Crore (for debt repayment) + General Corporate Purposes |
| Offer for Sale | Not Available |
| Price Band | Not Available |
Objects of the Issue:
- Repayment/pre-payment of borrowings: ₹115.00 Crore
- General Corporate Purposes: Balance net proceeds
Financial Highlights
Anawil Wire has demonstrated significant growth in revenue and profitability over the last three fiscal years. Revenue from operations grew from ₹54.07 Crore in FY2024 to ₹143.27 Crore in FY2026.
| Metric | FY2024 (₹ Crore) | FY2025 (₹ Crore) | FY2026 (₹ Crore) |
|---|---|---|---|
| Revenue from Operations | 54.07 | 78.59 | 143.27 |
| Total Expenses | 48.74 | 64.52 | 99.12 |
| Profit Before Tax (PBT) | 5.34 | 14.88 | 44.50 |
| Total Profit (PAT) | 4.39 | 12.31 | 36.63 |
| PAT Margin | 8.12% | 15.50% | 25.50% |
As of 31-Mar-2026, the company reported an outstanding order book of ₹35,981.72 Lakhs from 6 customers. However, total debt increased to ₹202.11 Crore in FY2026, with a debt-to-equity ratio of 2.26x.
Risk Factors
Investors should note the following material risks disclosed in the DRHP:
- Limited Operating History: The company commenced wind tower operations only in 2023. Promoters lack prior significant experience in the wind energy infrastructure segment.
- Customer Concentration: Top 5 customers accounted for 78.75% of revenue in FY2026. There are no long-term agreements with customers.
- Geographic Concentration: Over 93.87% of revenue in FY2026 was derived from Karnataka.
- High Indebtedness: Total outstanding indebtedness stood at ₹12,824.76 Lakhs as of 31-Mar-2026.
- Capacity Utilization: Blended capacity utilization was approximately 48.17% in FY2026, with the Gujarat plant operating at only 8.04%.
Valuation & Peer Comparison
Valuation multiples cannot be computed as the price band and total issue size are not available. Peer comparison data is also not provided in the DRHP. Investors are advised to refer to the full DRHP for listed comparable companies in the wind tower manufacturing segment.
Bottom Line
Anawil Wire And Engineering presents a high-growth profile with revenue surging ~165% over two years. However, the business carries significant risks related to customer concentration, high leverage, and limited operating history in its core segment. The IPO proceeds will primarily be used to deleverage the balance sheet. Investors should await the price band announcement to assess valuation attractiveness.
How might the company's heavy reliance on Karnataka for over 93% of its revenue impact its resilience against regional policy changes or supply chain disruptions?
Given the low capacity utilization at the Gujarat plant (8.04%), what specific strategies will Anawil Wire employ to ramp up operations and justify the capital expenditure associated with this facility?
With a debt-to-equity ratio of 2.26x, how effective will the ₹115 Crore raised from the IPO be in stabilizing the balance sheet, and what is the projected timeline for achieving a healthier leverage ratio?
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