Annu Projects Limited, a New Delhi-based EPC firm, has filed its DRHP with SEBI. The company operates in telecom, sewerage, and gas pipeline sectors. The IPO is scheduled to open on 25-Aug-2026. Proceeds will fund working capital and capex.

Company Overview

Annu Projects Limited was incorporated in 2003 and specialises in the design, development, and maintenance of overhead and underground utilities infrastructure. The company operates across four verticals:

• Telecom Infrastructure: Laid 26,200+ km of OFC networks; active in BharatNet Phase III.
• Sewerage Infrastructure: Laid 298+ km of sewerage pipes; constructs STPs.
• Gas Pipeline: Laid 537+ km of MDPE pipes; operations across 4 states.
• Railway Signalling: Emerging vertical with planned strategic expansion.

Promoters Sanjay Kumar Sarraf (MD) and Krishna Ranjan (CEO) have over two decades of experience. More than 70% of revenue comes from Bihar, Jharkhand, Goa, West Bengal, and Madhya Pradesh.

Offer Details

The IPO is structured as a Fresh Issue with no Offer for Sale (OFS). All proceeds will flow to the company.

Objects of the Issue

Proceeds will be utilised for the following purposes:

• Capital Expenditure: Purchase of machinery/equipment (incl. Horizontal Directional Drilling machines) – ₹15.41 Crore.
• Working Capital: Supporting operations, BharatNet Phase III participation, and Railway Signalling expansion – ₹115.00 Crore.
• General Corporate Purposes: Expense requirements and growth opportunities – Amount not specified.

Financial Highlights

Revenue from operations grew at a CAGR of 25.16% from FY2024 to FY2026. Note that FY2026 data is Standalone, while FY2024 and FY2025 are Consolidated.

Return on Equity (ROE) stood at 21.27% in FY2026. Total assets grew by 111.89% to ₹341.82 Crore in FY2026.

Risk Factors

Investors should consider the following material risks:

• Customer Concentration: Top 10 customers contributed 97.96% of revenue in FY2026.
• Trade Receivables: Trade receivable days increased to 237 days in FY2026, leading to negative operating cash flows.
• Contingent Liabilities: Total contingent liabilities amounted to ₹100.87 Crore (64.97% of net worth) as of 31-Mar-2026.
• Government Dependency: Government entities contributed 57.09% of revenue in FY2026.

Valuation & Peer Comparison

Peer comparison data and valuation metrics (P/E, P/B) are not available as the price band has not been disclosed. Investors should refer to the DRHP for competitive benchmarking.

Bottom Line

Annu Projects presents a strong order book of ₹1,005.06 Crore and consistent profitability. However, investors must weigh this against high customer concentration, worsening trade receivable cycles, and significant contingent liabilities. The final price band will determine valuation attractiveness.