Annu Projects Limited IPO Details

1. IPO Snapshot

2. IPO Details

3. Issue Reservation

4. IPO Lot Size

5. About the Company

Annu Projects Limited is an engineering, procurement and construction (EPC) company engaged in the design, development, implementation, operations and maintenance of essential overhead and underground utilities infrastructure. Its principal business verticals are telecom infrastructure, sewerage infrastructure and gas pipeline infrastructure, with entry into railway signalling and telecom during Fiscal 2026.

The Company was originally incorporated as Annu Infra Construct (India) Private Limited on June 19, 2003. Its name changed to Annu Projects Private Limited in 2020, and it was converted into a public limited company in 2024, with the present name Annu Projects Limited.

Services / Products

• Telecom infrastructure: optical fibre cable laying, related communication infrastructure and associated works.

• Sewerage infrastructure: pipe laying, manholes, sewage treatment plants, pumping stations and structural facilities.

• Gas pipeline: laying of MDPE pipelines and related house-connection infrastructure.

• Railway signalling and telecom: signalling, communication and related infrastructure; the Company secured its first railway signalling project during FY2026.

Operating Footprint

The Company states that it operates across eleven states in India. As of June 30, 2026, it had 23 ongoing projects with a total basic contract value of ₹16,814.91 million, comprising 4 telecom, 14 sewerage, 4 gas pipeline and 1 railway signalling project. Its order book was ₹10,050.55 million as of June 30, 2026.

Competitive Strengths

The RHP identifies five strengths forming part of the basis for the Issue Price:

• Established expertise in engineering, procurement and commissioning projects with focus on underground and overhead utilities.
• Integrated project-management capabilities.
• Strong order book.
• Strong and consistent financial performance.
• Experienced leadership and management.

6. Company Financials - Restated Financial Information

7. Key Performance Indicators (KPI)

8. IPO Valuation

9. Peer Comparison

10. Shareholding Structure

11. IPO Objects of the Issue

12. Key Risks Highlighted in the RHP

The RHP contains 85 numbered risk factors. The following is a concise editorial categorisation of those disclosures rather than a risk score or investment opinion. The categories are an editorial overlay and are not the RHP's own classification.

Business concentration and sector dependence

More than 90% of revenue came from telecom and sewerage infrastructure in FY2026, FY2025 and FY2024; government customers contributed 57.09%, 64.99% and 60.88%; and the top ten customers contributed 97.96%, 98.25% and 95.90%. A slowdown, loss of major customers or inability to diversify could affect revenue, profitability and cash flows.

Order book and execution

The order book may not fully translate into future revenue; projects can face cancellation, short closure, delays, liquidated damages or termination; bidding outcomes are uncertain; and new contract awards are not under the Company's direct control.

Geographical concentration

Revenue is concentrated in Bihar, Madhya Pradesh, Goa, Jharkhand, Delhi, Sikkim, Uttar Pradesh, Odisha, West Bengal, Andaman and Nicobar Islands and Kerala, with Bihar, Goa, Jharkhand, West Bengal and Madhya Pradesh highlighted as significant contributors.

Government contract dependence

Government contracts involve competitive bidding, limited negotiation, delays in documentation and payments, onerous terms, possible contract modification/termination and exposure to policy or budget changes.

Working capital and liquidity

The Company reports fluctuating cash flows, a long receivable cycle, high working-capital requirements, variable-rate indebtedness and dependence on continued access to financing.

Receivables and cash conversion

Trade receivables were ₹1,567.70 million as of March 31, 2026, with a disclosed 237-day holding period. Delayed customer payments can increase working-capital requirements and financing costs.

Supplier and subcontractor dependence

The Company depends on top suppliers, consortium/joint-bidding partners and subcontractors. The top ten suppliers accounted for 67.92%, 69.23% and 72.48% of supply expenses in FY2026, FY2025 and FY2024.

Equipment, labour and operating infrastructure

Execution depends on machinery, contract labour, logistics, inventory, insurance and compliance with quality/service-level requirements. Disruption or accidents could affect operations.

Regulatory, Right of Way and compliance

Projects depend on obtaining Right of Way and complying with regulatory, quality, technological and statutory requirements. The RHP also notes issues in historical corporate records and filings.

Management and related-party matters

The RHP identifies dependence on experienced management, potential conflicts involving promoters/directors/KMP, related-party transactions and matters involving promoter/director history.

Funding and IPO proceeds

Proposed machinery purchases, working capital funding and general corporate purposes depend on final issue proceeds and management estimates. The objects are not appraised by a bank or financial institution.

Competition and technology

The Company faces competitive pressure and technology changes, particularly in telecom infrastructure, and identifies risks relating to intellectual property and its ability to execute business strategies.

Legal, litigation and contingent liabilities

The RHP discloses litigation involving the Company and promoters and contingent liabilities of ₹1,008.66 million as of March 31, 2026, including bank guarantees of ₹894.94 million.

Public-company and market risks

The RHP discusses shareholder structure, dividend dependence on future cash flows, public-company compliance, absence of a prior market, possible price/volume fluctuations, taxation and limitations affecting shareholder rights.

Macro, political and external risks

The RHP identifies risks from India's macroeconomic conditions, political and regulatory changes, inflation, financial-market instability.

12. Litigation and Contingent Liabilities

The RHP's materiality threshold for litigation is ₹11.92 million under its stated framework. The creditor materiality threshold is ₹37.94 million, being 5% of March 31, 2026 trade payables.

13. IPO Registrar

14. IPO Lead Manager

15. Company Contact Details