The Annu Projects IPO opened for subscription on August 25, 2026, and will remain open until August 28, offering investors an opportunity to participate in a New Delhi-based EPC infrastructure company. The ₹175.06-crore mainboard IPO has a price band of ₹94–₹99 per share and consists entirely of a fresh issue. For investors evaluating the offer, the key factors are the company’s infrastructure business, order book, financial performance, use of IPO proceeds and the risks associated with working-capital-intensive EPC projects.
Annu Projects IPO: 7 Key Things to Know
1. IPO Size, Price Band and Important Dates
Annu Projects is looking to raise up to ₹175.06 crore through the IPO. The price band has been fixed at ₹94–₹99 per share, with a lot size of 151 shares.
The issue opened on August 25 and closes on August 28, 2026. The basis of allotment is expected on August 31, while the shares are scheduled to list on the NSE and BSE on September 2.
At the upper price band, a retail investor applying for one lot would need ₹14,949. Investors should remember that the final amount blocked depends on the number of lots applied for and the applicable IPO process.
2. It Is a Fresh Issue, Not an Offer for Sale
One important feature of the Annu Projects IPO is that the entire offering consists of a fresh issue of 1.77 crore equity shares. There is no offer-for-sale component.
This distinction matters because money raised through a fresh issue goes to the company, whereas an OFS primarily allows existing shareholders to sell their shares. Annu Projects plans to use the proceeds to strengthen its business rather than simply providing an exit to existing shareholders.
3. Where Will the IPO Money Go?
A large portion of the IPO proceeds is earmarked for working capital.
Annu Projects plans to use approximately ₹115 crore for working-capital requirements and around ₹15.41 crore for purchasing machinery and equipment. The balance is intended for general corporate purposes.
For an EPC company, working capital is particularly important because projects often involve upfront expenditure on materials, labour and execution before payments are fully received from customers.
The high allocation towards working capital therefore reflects the cash-flow requirements of the company’s business model.
4. What Does Annu Projects Actually Do?
Annu Projects is an engineering, procurement and construction (EPC) company focused on overhead and underground utility infrastructure.
Its business spans telecom infrastructure, sewerage infrastructure, gas pipelines and railway signalling. Its work includes activities such as optical-fibre installation, sewerage networks, sewage-treatment infrastructure, gas pipeline connections and railway signalling projects.
As of June 30, 2026, the company had completed 362 projects and had 23 ongoing projects. Its customers have included organisations such as Indraprastha Gas, Gujarat Gas and GAIL, while its telecom business has worked with clients including BSNL and Bharat Broadband Network.
5. The Order Book Is a Major Factor
For infrastructure companies, an order book provides an indication of projects that have been awarded but are yet to be executed.
As of June 2026, Annu Projects had an outstanding order book of approximately ₹1,005 crore, compared with total income of ₹244.59 crore in FY26. The company had 23 ongoing projects, including projects across telecom, sewerage, gas pipeline and railway signalling.
A sizeable order book can provide revenue visibility, but it should not automatically be treated as guaranteed future profit. Execution timelines, costs, project delays and customer payments can all affect how quickly orders translate into revenue and cash flows.
6. Financial Performance Has Improved
Annu Projects reported revenue from operations of ₹241.25 crore and profit after tax of ₹33.03 crore for FY26. Total income stood at ₹244.59 crore.
The company’s PAT increased from ₹21.10 crore in FY25 to ₹33.03 crore in FY26, while total income increased from ₹182.35 crore to ₹244.59 crore. This indicates meaningful growth over the period, although investors should examine the underlying cash flows and balance sheet alongside reported profits.
The company’s business is also still concentrated in its core infrastructure verticals. Telecom and sewerage accounted for the bulk of FY26 revenue, making the performance of these segments particularly important.
7. What Are the Key Risks?
The Annu Projects IPO also comes with risks that investors should consider before applying.
EPC businesses can face delays in project execution, cost increases, payment delays and changes in government infrastructure spending. The company also requires substantial working capital, which can put pressure on liquidity if receivables rise.
Another consideration is customer and sector concentration. Telecom and sewerage remain the dominant revenue contributors, so weakness in these areas could affect overall business performance. The company’s expansion into railway signalling and gas pipelines may provide diversification, but these newer opportunities will also require successful execution.
Should Investors Look at the Annu Projects IPO?
The IPO presents a mix of growth opportunities and execution risks. On the positive side, investors can point to the company’s expanding financial performance, sizeable order book, established project track record and exposure to infrastructure segments that require continued investment.
At the same time, the valuation should be considered alongside listed EPC peers, debt levels, cash conversion, customer concentration and the company’s ability to execute its order book profitably.
Grey market premium, or GMP, may attract attention around an IPO, but it is an unofficial market indicator and can change quickly. It should not be treated as a reliable prediction of the listing price.
Conclusion
The Annu Projects IPO gives investors exposure to an EPC company working across telecom, sewerage, gas pipeline and railway signalling infrastructure. Its ₹175.06-crore fresh issue, ₹1,005-crore order book and improved FY26 profitability are important positives, while working-capital requirements, sector concentration and project-execution risks deserve equal attention.
The IPO closes on August 28, with listing scheduled for September 2. Rather than focusing only on the IPO price or grey market premium, investors should assess the company’s financial quality, order-book execution, cash flows and valuation before making a decision.
Frequently Asked Questions
1. What is the Annu Projects IPO?
The Annu Projects IPO is a mainboard public issue that opened on August 25, 2026. The company is raising up to ₹175.06 crore through a fresh issue of 1.77 crore shares. The IPO price band is ₹94–₹99 per share, and the issue closes on August 28, 2026.
2. What is the Annu Projects IPO price band?
The Annu Projects IPO price band is ₹94 to ₹99 per share. Investors can bid within this range, while retail investors can also choose the cut-off option where permitted. The face value of each equity share is ₹10.
3. What is the Annu Projects IPO lot size?
The IPO lot size is 151 shares. At the upper price band of ₹99, one retail lot requires an investment of ₹14,949. Investors can apply for additional lots subject to the applicable category limits and IPO rules.
4. When does the Annu Projects IPO close?
The Annu Projects IPO opened on August 25, 2026, and closes on August 28, 2026. The basis of allotment is expected on August 31, and the shares are scheduled to be listed on the NSE and BSE on September 2, subject to the IPO process.
5. What does Annu Projects do?
Annu Projects is an EPC infrastructure company involved in telecom infrastructure, sewerage infrastructure, gas pipelines and railway signalling. Its activities include designing, developing, implementing and maintaining overhead and underground utility infrastructure projects across different parts of India.
6. How will Annu Projects use the IPO proceeds?
The company plans to use approximately ₹115 crore for working capital and ₹15.41 crore for purchasing machinery or equipment. The remaining amount will be used for general corporate purposes. This allocation reflects the significant working-capital requirements associated with EPC project execution.
7. What is Annu Projects’ order book?
As of June 2026, Annu Projects had an outstanding order book of approximately ₹1,005 crore, spread across 23 ongoing projects. The order book includes projects in telecom, sewerage, gas pipeline and railway signalling. An order book provides potential revenue visibility, but execution and payment timelines can affect actual financial results.
8. How did Annu Projects perform financially in FY26?
Annu Projects reported revenue from operations of ₹241.25 crore and profit after tax of ₹33.03 crore in FY26. Total income was ₹244.59 crore, compared with ₹182.35 crore in FY25. PAT also increased from ₹21.10 crore in FY25 to ₹33.03 crore in FY26.
9. What are the main risks in the Annu Projects IPO?
Key risks include project execution delays, cost inflation, customer concentration, payment delays and high working-capital requirements. The company’s revenue is also substantially dependent on telecom and sewerage infrastructure, making performance in these segments important for future growth. Investors should review the company’s offer documents before making an investment decision.
10. When will Annu Projects shares be listed?
Annu Projects shares are scheduled to be listed on the NSE and BSE on September 2, 2026, following the completion of the IPO process. The expected allotment date is August 31, with shares expected to be credited to successful applicants before listing. IPO timelines can be subject to procedural changes.
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Parvati Rai is the Vice President of the Research team at Equentis. She has over 15 years of equity-research and strategy-consulting experience. A specialist in deep-dive valuations, financial modelling, and forecasting, she has built research desks from the ground up, by steering buy-side, sell-side, and independent coverage across sectors. When she isn’t fine-tuning models, Parvati unwinds on nature treks and mentors aspiring analysts.
