Annu Projects IPO Review: Issue Details, Price Band and Listing Performance

Annu Projects IPO Listing Performance

Annu Projects shares debuted on the NSE at ₹72 on 2 September 2026, marking a 27.27% discount to the IPO’s upper price band of ₹99.

Ahead of listing, the grey market premium had pointed to a gain of under 6%. The actual debut was a 27% discount, one of the weaker mainboard listings of the season.

About Annu Projects IPO

Annu Projects is an engineering, procurement and construction (EPC) company. The company is engaged in the design, development, implementation, operations and maintenance of essential overhead and underground utilities infrastructure.

Its operations span telecom infrastructure, sewerage infrastructure, and gas pipeline projects.

Key Verticals

• Telecom Infrastructure: The company undertakes surveying, designing and installation of cabling and tower infrastructure for communication, automation and electronic security systems. Its customers include Bharat Sanchar Nigam Limited, A2Z Infra Engineering Limited, Bharat Broadband Network Limited and G R Infraprojects Limited.

• Sewerage Infrastructure: The company undertakes pipe laying, construction of manholes, sewerage treatment plants, pumping stations and other structural facilities.

• Gas Pipeline: The company lays MDPE pipelines ranging from 20 mm to 125 mm in diameter. It has also completed 38,300 GI house connections for domestic and commercial gas supply. Its customers include Indraprastha Gas Limited, Gujarat Gas Limited and GAIL India Limited.

As of 30 June 2026, the company had 23 ongoing projects worth ₹1,959.35 crore. These included four telecom infrastructure projects, 14 sewerage projects, 4 gas pipeline projects and 1 railway signalling project.

Strengths 

• Two decades of EPC execution in underground/overhead telecom, sewerage and city-gas pipeline infrastructure, with an in-house design/engineering team
• Large owned equipment fleet (558+ machines), reducing third-party dependency
• Improving margins — EBITDA margin expanded from 18.51% (FY24) to 20.81% (FY26), PAT margin 13.69%, ROCE 22.66%
• Order book of Rs 1,005 crore (as of June 30, 2026), including a large BharatNet Phase III contract

Risk Factors 

• Extreme customer concentration — top 10 customers were 97.96% of FY26 revenue
• Heavy government-sector dependence (57-65% of revenue via competitive bidding), exposing the company to bid-margin pressure and payment delays
• Order-book concentration risk — a single BharatNet Phase III order (Rs 918.55 cr) is ~3.8x FY26 total revenue (Rs 241.25 cr); order-book value is explicitly not indicative of future revenue and is subject to modification or cancellation
• Business concentrated in just two verticals (telecom + sewerage = 94-95% of revenue), tied to government infrastructure spending cycles

Annu Projects IPO Reservation

For the Annu Projects IPO, the allocation was divided among Qualified Institutional Buyers (QIBs), Non-Institutional Investors (NIIs), and Retail Individual Investors (RIIs).

All topics