Annu Projects Ltd IPO
Status: Closed
Overview
IPO date
25 Aug 2026 to 28 Aug 2026
Face value
₹ 10 per share
Price
₹ 94 to ₹99 per share
Issue Size
17,683,000 shares
(aggregating up to ₹ 175.06 Cr)
(aggregating up to ₹ 175.06 Cr)
Allotment Date
31 Aug 2026
Listing at
NSE
Issue type
Book Building
Sector
Infrastructure Developers & Operators
Unlock Stock of the Month
T&C*
Strengths vs Risks of Annu Projects Ltd
Know the pros & cons
Strengths
- Established expertise in engineering, procurement and commissioning projects with special focus on underground and overhead utilities infrastructure.
- Project management with integrated execution capabilities.
- Strong Order Book.
- Strong and consistent financial performance.
- Experienced leadership and strong management team.
Risks
- The company derived more than 90.00% of its revenue from operations from the company's telecom infrastructure and sewerage infrastructure verticals during Fiscals 2026, 2025 and 2024, respectively. Any slowdown in telecom sector, sewerage sector or decrease in demand of any services provided by it could materially and adversely impact the company's business.
- The company is dependent on and derived 57.09%, 64.99% and 60.88% of its revenue from operations, during Fiscals 2026, 2025 and 2024, respectively, from government sector entities based on competitive bidding that exposes it to risks inherent in doing business with them, which may adversely affect its business, results of operations and financial condition. Also, the company's business depends on number of projects awarded to it. In case, the company fails to secure awards of new projects, it will impact its business, results of operations and financials.
- The company is dependent on its top ten customers in respect of the company's business. Its top 10 customers contributed to 97.96%, 98.25% and 95.90% of the company's revenue from operations during Fiscals 2026, 2025 and 2024, respectively. Any loss of any major customer may adversely impact revenue of its business. Any decrease in demand from such customers, the loss of such customers or the company's inability to diversify its customer base could have an adverse effect on the company's business, results of operations, financial condition and cash flows.
- The company's current Order Book may not necessarily translate into or indicate the company's future revenue in its entirety. The company has an Order Book of Rs. 9,386.53 million, Rs. 4,796.73 million and Rs. 7,077.65 million for Fiscals 2026, 2025 and 2024 respectively. Further, some of its current orders may be modified, cancelled, delayed, put on hold or not fully paid for by the company's customers, which could adversely affect its business, financial condition, results of operations and future prospects.
- The company's business is relatively concentrated in the States of Bihar, Jharkhand, Goa, West Bengal and Madhya Pradesh which contributed more than 70.00% of its revenue from operations for the Fiscals 2026, 2025 and 2024. Any adverse development in such parts of India may adversely affect its business, results of operations and financial condition.
- The company could incur losses under its project contracts and services contracts with the company's customers or be subjected to disputes or contractual penalties, liquidated damages as a result of delays or failures to meet contract specifications or delivery schedules. The company may be unable to obtain approvals for extension in meeting delivery schedules. Its paid an amount of Rs. 0.90 million, Rs. 8.52 million and Rs. 42.07 million towards liquidated damages during Fiscals 2026, 2025 and 2024. Imposition of such penalties or liquidated damages may have a material adverse effect on its business, results of operations and financial condition.
- The company has certain contingent liabilities, which if materializes, may adversely affect its financial condition.
- The Company has fluctuating cash flow from operating, investing and financing activities. Any long recurrence of fluctuating cash flows will impact its financials.
- The company is dependent on its top ten suppliers for supply of materials. The company's top 10 suppliers contributed to 67.92%, 69.23%, and 72.48% of its revenue from operations during Fiscals 2026, 2025 and 2024, respectively. Any loss of any major supplier may impact the company's business and operations.
- The company has long trade receivable cycle. Long trade receivable cycles may impact its operations and may requires it to obtain additional borrowings, impacting the company's profitability.
- The company operates in a working capital-intensive business, and its ability to sustain optimal working capital levels is critical to the company's operations. Any failures to effectively manage its working capital requirements could adversely impact the company's business prospects, operational results, and financial condition.
- The company collaborated with consortium/joint bidding partners to meet the technical and/or financial eligibility requirements for certain projects in respect of the bids submitted by it. Any failures to tie up with consortium/joint bidding partners may adversely impact its business operations, future prospects, and financial performance.
- The company relies on its sub-contractors for timely execution of the projects. Failures on part of the company's sub-contractors may lead to delay in execution of the projects leading to invocation of bank guarantees by its customers and disputes with sub-contractors which may impact its business and operations. The company also faces risk of unsatisfactory quality of work by its sub-contractors. In case, work performed by the company's sub-contractors fails to meet the quality standards specified by its customers, it may impact the company's business, financials and cash flow of the Company.
- The company is heavily dependent on various equipment owned by it at its sites. Any unscheduled, unplanned or prolonged disruption or break-down of the company's equipment could adversely affect its business, financial results and growth prospects.
- The company's insurance policies may not be adequate to cover all losses incurred in its business. The company's inability to maintain adequate insurance cover to protect it from material adverse incidents in connection with its business may adversely affect the company's business, results of operations, financial condition and cash flows.
- There has been instance of short closure and termination of the project. The company cannot assure you that such short closure of the projects will not occur in future. If such short closure of projects continues to occur in future, it will impact its business, financial conditions of the Company.
- The Company intends to strengthen its presence and grow in new geographies in India. However, the Company may not be successful in expansion into such geographies, which may adversely affect its business, results of operations and financial condition.
- The company is required to maintain inventory of materials in respect of its projects. In case the company fails to effectively maintain its inventory, it may impact the company's business operations and profitability.
- The company's success largely depends on the knowledge and experience of its Promoters, Directors, Key Managerial Personnel, and Senior Management Personnel as well as the company's ability to attract and retain personnel with technical expertise. In case its lose key Personnel or the company's ability to attract and retain other personnel with technical expertise could adversely affect its business, results of operations and financial condition.
- The company intends to utilise Rs. 154.08 million out of the Net Proceeds for purchase of equipment for its business operations. The company has obtained quotations from vendors; however, the company is yet to place orders or enter into definitive agreements with the vendors in respect of proposed purchase. Its cannot assure you that, the Company will be able to procure equipment at costs specified in this Red Herring Prospectus.
- Bidding for a tender involves various management activities such as detailed project study and cost estimations while submitting the bid. The company's failure to estimate cost involved while submitting the bid may lead to lower profitability or bid not getting awarded. Its actual cost incurred in completing a project may vary substantially from the assumptions underlying the company's bid.
- Most of the company's contracts are entered into on EPC & O&M - fixed rate basis. Its may not be able to accurately estimate the cost in respect of the same. In case, the company fails to accurately estimate the cost of the bids, it will impact its financials.
- If any of the company's projects are terminated prematurely, its may not receive payments due to it, which could adversely affect the company's business, financial condition and results of operation. Cancellation of the projects may impact its revenue and profitability.
- The Company and its Promoters are involved in certain litigations. Any adverse decision in such proceedings may render it/them liable to liabilities/penalties and may adversely affect the company's business, results of operations and financial condition.
- The interests of the company's Promoters, Directors, Key Managerial Personnel may cause conflicts of interest in the ordinary course of its business. In case there are any conflict of interest, directors and key managerial person, they may not act in best interest of the Company, which may impact its business.
- The company's revenue and earnings are dependent on the award of new contracts which the company does not directly control. In case the company fails to get new awards for the works, it will impact its financials and operations.
- The company is required to facilitate in obtaining RoW ("Right of Way") from relevant authorities to lay optical fibres for telecom infrastructure or sewerage infrastructure or gas pipeline. In case the company does not get RoW or there is delay in submission of application for the same, it may impact its business, results of operations and financial condition.
- Most of the company's offices including its registered office and corporate office are located on leased premises. If the company is unable to comply with conditions of use of such land, its may have to relocate the company's office which may have an adverse impact on its business, results of operations, financial condition and cash flows.
- The company is dependent on contract labour and any disruption to the supply of such contract labour for its project sites or the company's inability to control the composition and cost of its contract labour could adversely affect the company's business, results of operations, financial condition and cash flows. Also, its may be subject to labour unrests and increased employee costs, which may adversely impact the company's business and results of operations.
- Certain of the company's corporate records and filings are not traceable and may have inadvertent errors or inaccuracies. There have been also non-compliances in respect of certain provisions of the Companies Act by the Company. Its cannot assure you that regulatory proceedings or actions will not be initiated against it in the future, and the company will not be subject to any penalty imposed by the competent authority in this regard.
- In case debt service coverage ratio of the Company goes below 1.0, it may impact its ability to pay the company's debt, affecting its financials.
- For supply of certain materials i.e. Optical fibre cable, TMT steel, cement, stone, bricks, the company relies on third party suppliers. Inadequate or interrupted supply or sub-standard quality of materials could adversely affect its reputation, business operations and financials.
- There have been certain delays in payment of statutory dues. Any delay in timely payment of statutory dues may expose it to penalties and interests from the regulators.
- The Company has a limited operational track record in the gas pipeline vertical which may limit its ability to predict future performance and adapt to market dynamics.
- The company's funding requirements and proposed deployment of the Net Proceeds are not appraised by any independent agency and are based on management estimates and may be subject to change based on various factors, some of which are beyond its control.
- The company has incurred indebtedness at variable interest rates, and its inability to obtain further financing or meet the company's obligations could adversely affect its business and financial performance. As on June 30, 2026, the company's total indebtedness was Rs. 1,455.72 million including fund and non-fund-based facilities. Financial and other covenants under its debt financing arrangements could adversely affect the company's business, results of operations, financial condition and cash flows.
- One of the company's group company, Ann Projects Private Limited (its erstwhile subsidiary) has incurred losses amounting to Rs. 1.97 million and Rs. 3.39 million during Fiscals 2025 and 2024. The company cannot assure you that its group companies will not incur losses in the future. In case, the company's group companies continue to incur losses, it may impact its business.
- Negative publicity could damage the company's reputation and adversely impact its business, financial condition and results of operations.
- The company is exposed to foreign currency fluctuation risks, particularly in relation to the import of the equipment by its Company. Also, the company has not entered into any hedging arrangements to safeguard the Company, in case of any adverse fluctuation in foreign currency exchange rates. In case, there are adverse fluctuation in foreign currency exchange rates, it may impact results of operations and financial conditions.
- The company is subject to applicable standards and performance requirements set by its customers. Any failures on its part to meet these standards or requirements may result in the cancellation of existing and future orders, invocation of performance bank guarantees or warranties, and indemnity or liability claims. Such events could adversely impact the company's business operations, financial performance, and cash flows.
- The Company has availed unsecured loans aggregating to Rs. 21.77 million, as on June 30, 2026, from related and other parties, some of which are repayable on demand. Any demand for repayment of loan from lenders and/or other parties for repayment of such unsecured loans, may adversely affect its cash flows.
- The company depends on third party logistic providers for transportation of its materials from the company's warehouse to project sites. Any accident during transportation, delays by such logistics providers may hamper its operations and impact the company's business.
- The company's inability to successfully implement some or all its business strategies in a timely manner or at all could have an adverse effect on the company's business. Further, its inability to effectively manage any of these issues may adversely affect the company's business growth and, as a result, impact its businesses, financial condition and results of operations.
- The company's operations are exposed to health and safety hazards. Any accident or such safety hazard may impact its business operation and financials.
- The company is subject to quality standards as per service level agreement entered into with its customers in the company's O&M service. Any failures on its part to meet the required quality standards could cause impact the company's O&M projects.
- The company's business is subject to undergoing technological transformation, especially in telecom infrastructure. Failures to adopt emerging technologies and sustainable construction practices may result in loss of competitiveness.
- The company's inability to protect its intellectual property or any claims that the company infringe on the intellectual property rights of others and any failures to keep its technical knowledge confidential could erode the company's competitive advantage and could have a material adverse effect on it.
- The company faces significant competitive pressures in its business. The company's inability to compete effectively would be detrimental to its business and prospects for future growth.
- The company's operations involve trenching, laying of pipelines, and construction activities which is subject to various regulations including environmental regulations. Failures to obtain or renew approvals, licenses, registrations and permits including environmental approvals, for its business in a timely manner, or at all, may adversely affect the company's business, financial condition, results of operations and cash flows.
- The company has in the past entered into related party transactions and may continue to do so in the future, which may potentially involve conflicts of interest with the Shareholders.
- The Company has not made any allotment of its Equity Shares during the preceding one year from the date of the Red Herring Prospectus at a price which may be lower than the Issue Price.
- The company's financial results may be subject to seasonal variations. More than 50.00% of its revenue is booking in the last quarter of relevant Fiscal. Any obstruction in the company's operations due to rain, snowfall or any other seasonal factor may impact its operations, which may lead to delay/loss of the company's revenue from operations, profitability etc.
- The company's Promoter and Director Sanjay Kumar Sarraf was Director on the board of a company whose name been struck-off on account of non-filing of statutory filings. If such instances occur in future. The company cannot assure you that such instance will not occur in future.
- Certain sections of this Red Herring Prospectus contain information from CARE Report, which has been commissioned and paid for by the Company and any reliance on such information for making an investment decision in the Issue is subject to inherent risks.
- The company's Promoters and Promoter Group hold 89.11% of its shareholding and will continue to retain a majority shareholding in the company after the Issue, which will allow them to exercise significant influence over it.
- Any variation in the utilisation of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
- The company's ability to pay dividends in the future will depends on its future cash flows, working capital requirements, capital expenditures and financial condition.
- The company's Promoters and certain of its Directors may be interested in the Company other than remuneration and reimbursement of expenses.
- The company may not be able to secure additional funding in the future. In the event the Company is unable to obtain sufficient funding, it may delay its growth plans and have a material adverse effect on the company's business, cash flows and financial condition.
- Failures or disruption of the company's information technology systems may adversely affect its business, financial condition, results of operations, cash flows and prospects.
- A downgrade in the company's credit ratings could materially adversely affect its business and financial condition and the company's ability to raise funds in the future.
- The company has in this Red Herring Prospectus included certain non-GAAP financial measures and certain other industry measures related to its operations and financial performance that may vary from any standard methodology that is applicable across the company's industry.
- Failures in internal control systems could cause operational errors which may have an adverse impact on the company's profitability.
- Wages pressures and increases in operating costs in India may prevent it from sustaining the company's competitive advantage and may reduce its profit margins.
Annu Projects Ltd Peer Comparison
Understand the company’s industry standing
Annu Projects Limited
Likhitha Infrastructure Limited
Bondada Engineering Limited
Face Value
10
5
2
Standalone / Consolidated
Standalone
Consolidated
Consolidated
Total Income Rs. Cr.
244.59
461.09
2851.1
EPS-Basis
6.91
9.94
18.28
EPS-Diluted
6.91
9.94
18.25
NAV Per Share
32.48
104.47
62.35
P/E-Basic EPS
---
23.17
16.60
P/E-Diluted EPS
---
---
---
RONW(%)
21.27
9.37
28.82
Latest NAV Period
---
---
---
Latest NAV
---
---
---
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The IPO opens on 25 Aug 2026 & closes on 28 Aug 2026.
Annu Projects Limited was originally incorporated as Annu Infra Construct (India) Private Limited' as a private limited Company dated June 19, 2003, by the RoC at New Delhi. Subsequently, the name of the Company was changed to Annu Projects Private Limited' dated March 9, 2020. Thereafter, the status was converted into a public Company and the name of the Company was changed to Annu Projects Limited', issued by the Central Processing Centre via fresh certificate of Incorporation dated July 25, 2024..
Since then year 2003, Company engaged in design, development, implementation, operations and maintenance of infrastructure projects across telecom network, sewerage and gas pipeline infrastructure. Over the years, it has gained expertise in laying the overhead and underground utilities infrastructure, and have laid (i) more than 25,000 kms of optical fibre cable(s) (OFC) network and maintenance of more than 50,000 km of OFC networks in telecom infrastructure vertical across 8 states and 2 union territory in India (ii) more than 125 kms of sewerage pipes ranging between 160 mm diameter to 900 mm diameter, construction and maintenance of sewerage treatment plant, having capacity of 4 MLD each, construction of pumping stations, laying of house service connections in the sewerage infrastructure vertical across 4 states in India as a part of sewerage infrastructure vertical; and (iii) more than 460 kms of MDPE laying of 20 mm to 125 mm diameter, 38,300 number of Galvanized Iron Pipes (GI) house connection for domestic gas connections in the gas pipeline vertical across 5 states in India.
Additionally, the Company undertake the operations and maintenance of projects developed by them or others for a specific contractual period. As on March 31, 2025, Company has completed 336 projects related to business. It serves public sector units (PSUs) and private parties by implementing OFC networks for their telecom networks. It completed projects for Indraprastha Gas Limited, Gujarat Gas Limited and GAIL India Limited. It also form project specific joint venture or consortium agreements for certain projects including the telecom infrastructure and sewerage infrastructure projects, which are undertaken by Company in collaboration with other infrastructure and construction entities. Company has been made L1 bidder with G R Infraprojects Limited and SRIT India Private Limited for package number: 16 Kerala under BharatNet Phase-III in FY 2024-25.
Company is planning the IPO of issuing 22,000,000 equity shares having the face value Rs 10 each through fresh issue.
Annu Projects Ltd IPO will close on 28 Aug 2026.
- Established expertise in engineering, procurement and commissioning projects with special focus on underground and overhead utilities infrastructure.
- Project management with integrated execution capabilities.
- Strong Order Book.
- Strong and consistent financial performance.
- Experienced leadership and strong management team.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Sanjay Kumar Sarraf | 29057834 | 60.78 | 29057834 | 44.37 |
| 2 | Krishna Ranjan | 12842416 | 26.86 | 12842416 | 19.61 |
| 3 | Anita Sarraf | 700000 | 1.46 | 700000 | 1.07 |
| 4 | Anuradha Sharma | 160 | --- | 160 | --- |
| 5 | Akshat Sarraf | 160 | --- | 160 | --- |
| 6 | Ayushi Sarraf | 160 | --- | 160 | --- |
| 7 | Arvind Sarraf | 160 | --- | 160 | --- |
- The company derived more than 90.00% of its revenue from operations from the company's telecom infrastructure and sewerage infrastructure verticals during Fiscals 2026, 2025 and 2024, respectively. Any slowdown in telecom sector, sewerage sector or decrease in demand of any services provided by it could materially and adversely impact the company's business.
- The company is dependent on and derived 57.09%, 64.99% and 60.88% of its revenue from operations, during Fiscals 2026, 2025 and 2024, respectively, from government sector entities based on competitive bidding that exposes it to risks inherent in doing business with them, which may adversely affect its business, results of operations and financial condition. Also, the company's business depends on number of projects awarded to it. In case, the company fails to secure awards of new projects, it will impact its business, results of operations and financials.
- The company is dependent on its top ten customers in respect of the company's business. Its top 10 customers contributed to 97.96%, 98.25% and 95.90% of the company's revenue from operations during Fiscals 2026, 2025 and 2024, respectively. Any loss of any major customer may adversely impact revenue of its business. Any decrease in demand from such customers, the loss of such customers or the company's inability to diversify its customer base could have an adverse effect on the company's business, results of operations, financial condition and cash flows.
- The company's current Order Book may not necessarily translate into or indicate the company's future revenue in its entirety. The company has an Order Book of Rs. 9,386.53 million, Rs. 4,796.73 million and Rs. 7,077.65 million for Fiscals 2026, 2025 and 2024 respectively. Further, some of its current orders may be modified, cancelled, delayed, put on hold or not fully paid for by the company's customers, which could adversely affect its business, financial condition, results of operations and future prospects.
- The company's business is relatively concentrated in the States of Bihar, Jharkhand, Goa, West Bengal and Madhya Pradesh which contributed more than 70.00% of its revenue from operations for the Fiscals 2026, 2025 and 2024. Any adverse development in such parts of India may adversely affect its business, results of operations and financial condition.
- The company could incur losses under its project contracts and services contracts with the company's customers or be subjected to disputes or contractual penalties, liquidated damages as a result of delays or failures to meet contract specifications or delivery schedules. The company may be unable to obtain approvals for extension in meeting delivery schedules. Its paid an amount of Rs. 0.90 million, Rs. 8.52 million and Rs. 42.07 million towards liquidated damages during Fiscals 2026, 2025 and 2024. Imposition of such penalties or liquidated damages may have a material adverse effect on its business, results of operations and financial condition.
- The company has certain contingent liabilities, which if materializes, may adversely affect its financial condition.
- The Company has fluctuating cash flow from operating, investing and financing activities. Any long recurrence of fluctuating cash flows will impact its financials.
- The company is dependent on its top ten suppliers for supply of materials. The company's top 10 suppliers contributed to 67.92%, 69.23%, and 72.48% of its revenue from operations during Fiscals 2026, 2025 and 2024, respectively. Any loss of any major supplier may impact the company's business and operations.
- The company has long trade receivable cycle. Long trade receivable cycles may impact its operations and may requires it to obtain additional borrowings, impacting the company's profitability.
- The company operates in a working capital-intensive business, and its ability to sustain optimal working capital levels is critical to the company's operations. Any failures to effectively manage its working capital requirements could adversely impact the company's business prospects, operational results, and financial condition.
- The company collaborated with consortium/joint bidding partners to meet the technical and/or financial eligibility requirements for certain projects in respect of the bids submitted by it. Any failures to tie up with consortium/joint bidding partners may adversely impact its business operations, future prospects, and financial performance.
- The company relies on its sub-contractors for timely execution of the projects. Failures on part of the company's sub-contractors may lead to delay in execution of the projects leading to invocation of bank guarantees by its customers and disputes with sub-contractors which may impact its business and operations. The company also faces risk of unsatisfactory quality of work by its sub-contractors. In case, work performed by the company's sub-contractors fails to meet the quality standards specified by its customers, it may impact the company's business, financials and cash flow of the Company.
- The company is heavily dependent on various equipment owned by it at its sites. Any unscheduled, unplanned or prolonged disruption or break-down of the company's equipment could adversely affect its business, financial results and growth prospects.
- The company's insurance policies may not be adequate to cover all losses incurred in its business. The company's inability to maintain adequate insurance cover to protect it from material adverse incidents in connection with its business may adversely affect the company's business, results of operations, financial condition and cash flows.
- There has been instance of short closure and termination of the project. The company cannot assure you that such short closure of the projects will not occur in future. If such short closure of projects continues to occur in future, it will impact its business, financial conditions of the Company.
- The Company intends to strengthen its presence and grow in new geographies in India. However, the Company may not be successful in expansion into such geographies, which may adversely affect its business, results of operations and financial condition.
- The company is required to maintain inventory of materials in respect of its projects. In case the company fails to effectively maintain its inventory, it may impact the company's business operations and profitability.
- The company's success largely depends on the knowledge and experience of its Promoters, Directors, Key Managerial Personnel, and Senior Management Personnel as well as the company's ability to attract and retain personnel with technical expertise. In case its lose key Personnel or the company's ability to attract and retain other personnel with technical expertise could adversely affect its business, results of operations and financial condition.
- The company intends to utilise Rs. 154.08 million out of the Net Proceeds for purchase of equipment for its business operations. The company has obtained quotations from vendors; however, the company is yet to place orders or enter into definitive agreements with the vendors in respect of proposed purchase. Its cannot assure you that, the Company will be able to procure equipment at costs specified in this Red Herring Prospectus.
- Bidding for a tender involves various management activities such as detailed project study and cost estimations while submitting the bid. The company's failure to estimate cost involved while submitting the bid may lead to lower profitability or bid not getting awarded. Its actual cost incurred in completing a project may vary substantially from the assumptions underlying the company's bid.
- Most of the company's contracts are entered into on EPC & O&M - fixed rate basis. Its may not be able to accurately estimate the cost in respect of the same. In case, the company fails to accurately estimate the cost of the bids, it will impact its financials.
- If any of the company's projects are terminated prematurely, its may not receive payments due to it, which could adversely affect the company's business, financial condition and results of operation. Cancellation of the projects may impact its revenue and profitability.
- The Company and its Promoters are involved in certain litigations. Any adverse decision in such proceedings may render it/them liable to liabilities/penalties and may adversely affect the company's business, results of operations and financial condition.
- The interests of the company's Promoters, Directors, Key Managerial Personnel may cause conflicts of interest in the ordinary course of its business. In case there are any conflict of interest, directors and key managerial person, they may not act in best interest of the Company, which may impact its business.
- The company's revenue and earnings are dependent on the award of new contracts which the company does not directly control. In case the company fails to get new awards for the works, it will impact its financials and operations.
- The company is required to facilitate in obtaining RoW ("Right of Way") from relevant authorities to lay optical fibres for telecom infrastructure or sewerage infrastructure or gas pipeline. In case the company does not get RoW or there is delay in submission of application for the same, it may impact its business, results of operations and financial condition.
- Most of the company's offices including its registered office and corporate office are located on leased premises. If the company is unable to comply with conditions of use of such land, its may have to relocate the company's office which may have an adverse impact on its business, results of operations, financial condition and cash flows.
- The company is dependent on contract labour and any disruption to the supply of such contract labour for its project sites or the company's inability to control the composition and cost of its contract labour could adversely affect the company's business, results of operations, financial condition and cash flows. Also, its may be subject to labour unrests and increased employee costs, which may adversely impact the company's business and results of operations.
- Certain of the company's corporate records and filings are not traceable and may have inadvertent errors or inaccuracies. There have been also non-compliances in respect of certain provisions of the Companies Act by the Company. Its cannot assure you that regulatory proceedings or actions will not be initiated against it in the future, and the company will not be subject to any penalty imposed by the competent authority in this regard.
- In case debt service coverage ratio of the Company goes below 1.0, it may impact its ability to pay the company's debt, affecting its financials.
- For supply of certain materials i.e. Optical fibre cable, TMT steel, cement, stone, bricks, the company relies on third party suppliers. Inadequate or interrupted supply or sub-standard quality of materials could adversely affect its reputation, business operations and financials.
- There have been certain delays in payment of statutory dues. Any delay in timely payment of statutory dues may expose it to penalties and interests from the regulators.
- The Company has a limited operational track record in the gas pipeline vertical which may limit its ability to predict future performance and adapt to market dynamics.
- The company's funding requirements and proposed deployment of the Net Proceeds are not appraised by any independent agency and are based on management estimates and may be subject to change based on various factors, some of which are beyond its control.
- The company has incurred indebtedness at variable interest rates, and its inability to obtain further financing or meet the company's obligations could adversely affect its business and financial performance. As on June 30, 2026, the company's total indebtedness was Rs. 1,455.72 million including fund and non-fund-based facilities. Financial and other covenants under its debt financing arrangements could adversely affect the company's business, results of operations, financial condition and cash flows.
- One of the company's group company, Ann Projects Private Limited (its erstwhile subsidiary) has incurred losses amounting to Rs. 1.97 million and Rs. 3.39 million during Fiscals 2025 and 2024. The company cannot assure you that its group companies will not incur losses in the future. In case, the company's group companies continue to incur losses, it may impact its business.
- Negative publicity could damage the company's reputation and adversely impact its business, financial condition and results of operations.
- The company is exposed to foreign currency fluctuation risks, particularly in relation to the import of the equipment by its Company. Also, the company has not entered into any hedging arrangements to safeguard the Company, in case of any adverse fluctuation in foreign currency exchange rates. In case, there are adverse fluctuation in foreign currency exchange rates, it may impact results of operations and financial conditions.
- The company is subject to applicable standards and performance requirements set by its customers. Any failures on its part to meet these standards or requirements may result in the cancellation of existing and future orders, invocation of performance bank guarantees or warranties, and indemnity or liability claims. Such events could adversely impact the company's business operations, financial performance, and cash flows.
- The Company has availed unsecured loans aggregating to Rs. 21.77 million, as on June 30, 2026, from related and other parties, some of which are repayable on demand. Any demand for repayment of loan from lenders and/or other parties for repayment of such unsecured loans, may adversely affect its cash flows.
- The company depends on third party logistic providers for transportation of its materials from the company's warehouse to project sites. Any accident during transportation, delays by such logistics providers may hamper its operations and impact the company's business.
- The company's inability to successfully implement some or all its business strategies in a timely manner or at all could have an adverse effect on the company's business. Further, its inability to effectively manage any of these issues may adversely affect the company's business growth and, as a result, impact its businesses, financial condition and results of operations.
- The company's operations are exposed to health and safety hazards. Any accident or such safety hazard may impact its business operation and financials.
- The company is subject to quality standards as per service level agreement entered into with its customers in the company's O&M service. Any failures on its part to meet the required quality standards could cause impact the company's O&M projects.
- The company's business is subject to undergoing technological transformation, especially in telecom infrastructure. Failures to adopt emerging technologies and sustainable construction practices may result in loss of competitiveness.
- The company's inability to protect its intellectual property or any claims that the company infringe on the intellectual property rights of others and any failures to keep its technical knowledge confidential could erode the company's competitive advantage and could have a material adverse effect on it.
- The company faces significant competitive pressures in its business. The company's inability to compete effectively would be detrimental to its business and prospects for future growth.
- The company's operations involve trenching, laying of pipelines, and construction activities which is subject to various regulations including environmental regulations. Failures to obtain or renew approvals, licenses, registrations and permits including environmental approvals, for its business in a timely manner, or at all, may adversely affect the company's business, financial condition, results of operations and cash flows.
- The company has in the past entered into related party transactions and may continue to do so in the future, which may potentially involve conflicts of interest with the Shareholders.
- The Company has not made any allotment of its Equity Shares during the preceding one year from the date of the Red Herring Prospectus at a price which may be lower than the Issue Price.
- The company's financial results may be subject to seasonal variations. More than 50.00% of its revenue is booking in the last quarter of relevant Fiscal. Any obstruction in the company's operations due to rain, snowfall or any other seasonal factor may impact its operations, which may lead to delay/loss of the company's revenue from operations, profitability etc.
- The company's Promoter and Director Sanjay Kumar Sarraf was Director on the board of a company whose name been struck-off on account of non-filing of statutory filings. If such instances occur in future. The company cannot assure you that such instance will not occur in future.
- Certain sections of this Red Herring Prospectus contain information from CARE Report, which has been commissioned and paid for by the Company and any reliance on such information for making an investment decision in the Issue is subject to inherent risks.
- The company's Promoters and Promoter Group hold 89.11% of its shareholding and will continue to retain a majority shareholding in the company after the Issue, which will allow them to exercise significant influence over it.
- Any variation in the utilisation of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
- The company's ability to pay dividends in the future will depends on its future cash flows, working capital requirements, capital expenditures and financial condition.
- The company's Promoters and certain of its Directors may be interested in the Company other than remuneration and reimbursement of expenses.
- The company may not be able to secure additional funding in the future. In the event the Company is unable to obtain sufficient funding, it may delay its growth plans and have a material adverse effect on the company's business, cash flows and financial condition.
- Failures or disruption of the company's information technology systems may adversely affect its business, financial condition, results of operations, cash flows and prospects.
- A downgrade in the company's credit ratings could materially adversely affect its business and financial condition and the company's ability to raise funds in the future.
- The company has in this Red Herring Prospectus included certain non-GAAP financial measures and certain other industry measures related to its operations and financial performance that may vary from any standard methodology that is applicable across the company's industry.
- Failures in internal control systems could cause operational errors which may have an adverse impact on the company's profitability.
- Wages pressures and increases in operating costs in India may prevent it from sustaining the company's competitive advantage and may reduce its profit margins.
The Issue type of Annu Projects Ltd is Book Building.
The minimum application for shares of Annu Projects Ltd is 151.
The total shares issue of Annu Projects Ltd is 17683000.
Initial public offer of 17,683,000 equity shares of face value of Rs. 10 each ("Equity Shares") of Annu Projects Limited (the "Company" or the "Company" or the "Issuer") for cash at a price of Rs. 99 per equity share (including a premium of Rs. 89 per equity share) (the "Issue Price") aggregating up to Rs. 175.06 Crores (the "Issue" or "Fresh Issue").
Price Band: Rs. 99/- per equity share of face value of Rs. 10/- each.
The floor price is 9.90 times the face value of the equity shares. respectively.
Bids can be made for a minimum of 151 equity shares and in multiples of 151 equity shares thereafter.