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Listed
Other Utilities
Annu Projects Limited IPO
₹175 Cr · Fresh Issue · Other Utilities
Price Band
₹94 – ₹99
Lot: 600 shares (₹59,400)
GMP (Grey Market)
₹35 (+17.24%)
Est. listing ₹134
Issue Size
₹175 Cr
Fresh Issue
Market Cap
₹648.38 Cr
At upper band
P/E Ratio
19.6x
P/S: 2.7x
Listing Date
02 Sep 2026
BSE & NSE
IPO Timeline
✓
Opens
25 Aug 2026
✓
Closes
28 Aug 2026
✓
Allotment
31 Aug 2026
✓
Refund
1 Sep 2026
✓
Listing
02 Sep 2026
IPO India Hub: Subscribe
Conviction
7/10
The company trades at 0.85× sector midpoint with strong 37.8% PAT CAGR and 20.6% ROCE, supported by a fortress balance sheet (D/E 0.2×). Key risk is SME liquidity and execution on ₹115 Cr working capital deployment.
Listing Performance
Issue Price
₹99
Allotment price
Listing Price
₹75
-24.24% on listing day
Current Price (CMP)
₹37.83
-61.8% vs issue
Listed On
02 Sep 2026
BSE & NSE
Our Analysis — Key Points
✓ Strength
Exceptional profit growth trajectory
Net profit has grown from ₹17.4 Cr (FY-2) to ₹33.0 Cr (FY0), a 37.8% CAGR over two years, significantly outpacing revenue growth of 25.4%. This demonstrates improving operational leverage and margin expansion in the utilities sector.
✓ Strength
Conservative capital structure and returns
Debt-to-equity ratio of 0.2× is exceptionally low for a utilities/infrastructure player, indicating minimal financial risk. ROCE of 20.59% and EBITDA margin of 17.88% demonstrate efficient capital deployment and operational quality.
⚠ Risk
SME liquidity and exit constraints
As an SME IPO, the company will face lower trading volumes and wider bid-ask spreads post-listing, creating exit friction for retail investors. Promoter holding drops from 89.11% to 65.05%, but the free float remains limited at ~35%, typical of SME constraints.
⚠ Risk
Heavy working capital deployment requirement
₹115 Cr of the ₹175 Cr issue (66%) is earmarked for working capital, suggesting either rapid growth scaling or potential cash conversion challenges. Execution risk on this deployment directly impacts near-term profitability and cash flow.
₹ Valuation
Valuation at sector discount with margin caveat
P/E of 19.6× is 0.85× the niche/unlisted sector midpoint of 23×, placing it in Subscribe territory. However, NPM of 13.5% is below the 15% threshold that would justify premium multiples, so the discount is warranted but not exceptional.
👁 Watch
Monitor working capital conversion post-listing
Track quarterly cash conversion and receivables turnover closely; delays in converting the ₹115 Cr working capital deployment into revenue growth would signal execution risk and pressure margins.
Top Analyst Reviews
| Analyst / Firm | Rating | Known For | Review |
|---|---|---|---|
| IPO India Hub Our independent review |
Original analysis based on DRHP & public financials | This page | |
| Dilip Davda Chittorgarh.com |
India's most followed independent IPO analyst | Search on Chittorgarh → | |
| Capital Market (CM Rating) CapitalMarket.com |
Widely-cited "New Issue Monitor" reports | Search on CapitalMarket → | |
| ICICI Securities ICICIdirect Research |
SEBI-registered broker research desk | Visit ICICIdirect → | |
| IPO Guru Analyst Leaderboard ipoguru.in |
Ranks 49 analysts by real IPO outcome accuracy | View leaderboard → |
External links go to each platform's IPO section — search for "Annu Projects Limited" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹241.25 Cr
Net Profit
₹33.03 Cr
Industry
Other Utilities
Issue Type
Fresh Issue
Promoters
SANJAY KUMAR SARRAF AND KRISHNA RANJAN
Lead Managers
Mefcom Capital Markets
Quick Actions
Frequently Asked Questions
Subscribe. The company trades at 0.85× sector midpoint with strong 37.8% PAT CAGR and 20.6% ROCE, supported by a fortress balance sheet (D/E 0.2×). Key risk is SME liquidity and execution on ₹115 Cr working capital deployment.
The current grey market premium (GMP) is ₹35, which is 17.24% above the upper band price of ₹99. This implies an estimated listing price of around ₹134. GMP is informal and unregulated — treat it as a sentiment indicator, not a guarantee.
The minimum lot size is 600 shares. At the upper band price of ₹99, the minimum investment per retail application is ₹59,400. You can apply for up to 13 lots (₹772,200) under the retail category (up to ₹2 lakh).
The IPO opens on 25 Aug 2026. It closes on 28 Aug 2026. Allotment is expected on 31 Aug 2026. Refunds initiate on 1 Sep 2026. Listing on BSE and NSE is on 02 Sep 2026.
The lead managers for the IPO are Mefcom Capital Markets. Check the SEBI filing for the registrar details.
The IPO listed on 02 Sep 2026 at ₹75 against an issue price of ₹99 (-24.24% on listing day). The current market price (CMP) is approximately ₹37.83 (-61.8% vs issue).
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 28 Aug 2026. The minimum investment is ₹59,400 for one lot (600 shares). The company trades at 0.85× sector midpoint with strong 37.8% PAT CAGR and 20.6% ROCE, supported by a fortress balance sheet (D/E 0.2×). Key risk is SME liquidity and execution on ₹115 Cr working capital deployment.
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 28 Aug 2026. The IPO is priced at a P/E of 19.6x. Market cap at issue price is ₹648.38 Cr. As with all IPOs, please read the DRHP and assess your own risk tolerance before investing.
You can apply via UPI through your broker's trading app (Zerodha, Upstox, Fyers, etc.) or via ASBA through your net banking portal. The minimum lot is 600 shares at ₹99 each, costing ₹59,400 per application. The issue closes on 28 Aug 2026, so apply before that date. Step 1: Log in to your broker or bank app. Step 2: Go to IPO section and search for 'Annu Projects Limited'. Step 3: Enter the number of lots and UPI ID. Step 4: Accept the mandate on your UPI app.
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