Anawil Wire & Engineering IPO: Check Price Band, Timeline & Key Details
Anawil Wire & Engineering files DRHP for SME IPO with ₹115 Cr earmarked for debt repayment. FY2026 revenue hit ₹143.27 Cr with PAT of ₹36.63 Cr. Order book stands at ₹359.82 Cr. Key risks include customer concentration and low capacity utilization at Gujarat plant.
*this image is generated using AI for illustrative purposes only.
Anawil Wire & Engineering Limited, a Gujarat-based manufacturer specializing in windmill towers, has filed its Draft Red Herring Prospectus (DRHP) with SEBI. The company, which pivoted to the wind energy sector in 2023, is seeking public funding to strengthen its balance sheet. With a reported revenue surge from ₹54.07 crore in FY2024 to ₹143.27 crore in FY2026, the firm positions itself at the intersection of India’s growing renewable energy infrastructure buildout.
Company Overview
Anawil Wire & Engineering Limited (CIN: U27320GJ2021PLC119254) was incorporated in January 2021 and commenced commercial operations in April 2021. Initially engaged in weldmesh fabrication and boiler accessories, the company strategically pivoted to windmill tower manufacturing in 2023.
The company operates two manufacturing facilities spread across 48.05 acres:
- Koppal, Karnataka: Proximity to major wind energy development zones in South India.
- Kutch, Gujarat: Access to western India wind corridors and port connectivity.
With an annual installed capacity of 612 towers, Anawil holds ISO certifications including ISO 9001:2015, ISO 14001:2015, ISO 14001:2018, and ISO 3834-2:2021. As of 31-Mar-2026, the company had orders in hand from 6 customers aggregating to ₹35,981.72 lakhs (₹359.82 Cr).
Offer Details
The IPO is structured as a pure Fresh Issue with no Offer for Sale (OFS) component. All proceeds will flow directly to the company.
Key Dates:
| Event | Date |
|---|---|
| IPO Opening Date | 03-Aug-2026 |
| IPO Closing Date | 05-Aug-2026 |
| Basis of Allotment | 06-Aug-2026 |
| Listing Date | 10-Aug-2026 |
Use of Proceeds: The primary objective of the issue is debt reduction. The company plans to utilize ₹115.00 crore for the repayment and/or pre-payment of borrowings availed from banks and financial institutions. The balance net proceeds will be used for general corporate purposes, including funding growth opportunities and meeting business expenses.
Financial Highlights
Anawil Wire & Engineering has demonstrated rapid revenue growth and significant margin expansion over the last three fiscal years.
| Metric | FY2024 (₹ Cr) | FY2025 (₹ Cr) | FY2026 (₹ Cr) |
|---|---|---|---|
| Revenue from Operations | 54.07 | 78.59 | 143.27 |
| Total Revenue | 54.08 | 79.40 | 143.63 |
| 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% |
Revenue from operations grew at a 2-year CAGR of ~62.73%, while PAT increased ~8.35x over the same period. PAT margins expanded dramatically from 8.12% in FY2024 to 25.50% in FY2026, indicating significant operating leverage.
Risk Factors
Investors should note several material risks highlighted in the DRHP:
- Limited Operating History: The company commenced wind tower operations only in 2023, providing less than three years of track record in the core business. Promoters lack prior significant experience specifically in wind energy infrastructure.
- Customer Concentration: Top 5 customers accounted for 78.75% of revenue in FY2026. There are no long-term agreements; business is order-based, creating vulnerability to order cancellations or payment delays.
- Geographic Concentration: Over 93.87% of FY2026 revenue was derived from the Karnataka region, exposing the business to state-level policy changes and economic downturns specific to that area.
- Capacity Underutilization: The Gujarat plant operated at only 8.04% capacity utilization in FY2026, while the Karnataka plant was at 41.74%. This underutilization leads to higher per-unit fixed costs.
Valuation & Peer Comparison
Specific peer comparison data and price band details are not available in the provided DRHP extract. However, the company benefits from a limited number of qualified suppliers in the specialized wind tower segment. Post-IPO, the debt repayment of ₹115.00 crore is expected to significantly reduce the Debt-to-Equity ratio, which stood at 2.26x in FY2026.
Bottom Line
Anawil Wire & Engineering presents a high-growth profile within the renewable energy infrastructure space, backed by a strong order book of ₹359.82 crore. However, investors must weigh this against risks related to limited operating history, high customer and geographic concentration, and significant underutilization of its Gujarat facility. The IPO proceeds aimed at debt repayment offer a potential balance sheet improvement catalyst.
How will the repayment of ₹115 crore in debt impact Anawil's future borrowing capacity and interest coverage ratios as it scales operations?
What specific strategies will management implement to improve the Gujarat plant's capacity utilization from 8% to competitive levels?
Given the high customer concentration, what steps is the company taking to diversify its client base and secure long-term supply agreements?
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