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Listed
Other Utilities
Annu Projects Limited IPO
₹175 Cr · Fresh Issue · Other Utilities
Price Band
₹94 – ₹99
Lot: 102 shares (₹10,098)
GMP (Grey Market)
₹75 (+51.37%)
Est. listing ₹174
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 minimal debt (0.2× D/E). Key risk is weak SME subscription (0.34×) and negative GMP (-7%), signaling retail hesitation despite sound fundamentals.
Listing Performance
Issue Price
₹99
Allotment price
Listing Price
₹75
-24.24% on listing day
Current Price (CMP)
₹58.49
-40.9% vs issue
Listed On
02 Sep 2026
BSE & NSE
Our Analysis — Key Points
✓ Strength
Earnings growth outpacing revenue
PAT CAGR of 37.8% over two years significantly exceeds revenue CAGR of 25.4%, indicating operating leverage and margin expansion. Net profit margin improved from 9.5% (FY-2) to 13.5% (FY0), demonstrating operational efficiency gains in the utilities sector.
✓ Strength
Conservative balance sheet and capital efficiency
Debt-to-equity ratio of 0.2× is well below the 1.5× threshold, with ROCE of 20.59% showing efficient capital deployment. The company generates strong returns on invested capital while maintaining financial flexibility for growth investments.
⚠ Risk
Weak SME subscription and negative GMP
Overall subscription of 0.34× indicates retail demand fell short of supply, and GMP of -7% is bearish for SME standards (which require >25% for bullish signal). This suggests market skepticism despite reasonable valuation, potentially signaling execution or sector-specific concerns.
⚠ Risk
Heavy working capital dependence
₹115 Cr of the ₹175 Cr issue (65.7%) is earmarked for working capital, indicating the business is capital-intensive and may face cash flow volatility. This raises questions about the sustainability of growth without continuous external funding.
₹ Valuation
Fair valuation at sector midpoint discount
P/E of 19.6× trades at 0.85× the niche/unlisted sector midpoint of 23×, placing it in the Subscribe zone. P/S of 2.7× is reasonable for a utilities business with 13.5% NPM, though not exceptional; the valuation reflects fair entry pricing rather than a deep discount.
👁 Watch
Post-listing cash burn and capex execution
Monitor whether the company deploys the ₹115 Cr working capital allocation efficiently and achieves the projected capex returns on ₹15.41 Cr machinery investment. Failure to convert these proceeds into revenue growth would validate the weak subscription signal.
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 minimal debt (0.2× D/E). Key risk is weak SME subscription (0.34×) and negative GMP (-7%), signaling retail hesitation despite sound fundamentals.
The current grey market premium (GMP) is ₹75, which is 51.37% above the upper band price of ₹99. This implies an estimated listing price of around ₹174. GMP is informal and unregulated — treat it as a sentiment indicator, not a guarantee.
The minimum lot size is 102 shares. At the upper band price of ₹99, the minimum investment per retail application is ₹10,098. You can apply for up to 13 lots (₹131,274) 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 ₹58.49 (-40.9% vs issue).
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 28 Aug 2026. The minimum investment is ₹10,098 for one lot (102 shares). The company trades at 0.85× sector midpoint with strong 37.8% PAT CAGR and 20.6% ROCE, supported by minimal debt (0.2× D/E). Key risk is weak SME subscription (0.34×) and negative GMP (-7%), signaling retail hesitation despite sound fundamentals.
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 102 shares at ₹99 each, costing ₹10,098 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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