- ₹175-crore IPO to open on August 25 with price band fixed at ₹94-99 a share; fresh issue to fund working capital and machinery
- EPC specialist with two decades of execution experience takes diversified infrastructure play to the public market
- Order book touches ₹1,005.05 crore as telecom, sewerage, gas pipelines and railway signalling drive project pipeline
- FY26 revenue jumps nearly 34% to ₹241.25 crore while PAT rises over 56% to ₹33.03 crore
- Promoters Sanjay Kumar Sarraf and Krishna Ranjan bring more than two decades of sector experience to the expansion story
R MANICKAVASAGAM
AHMEDABAD, AUG 20
What lies beneath India’s digital networks, cities and transport corridors often escapes the public eye—but it is precisely that invisible infrastructure that keeps a modern economy moving. Fibre-optic networks, sewerage systems, gas pipelines and railway signalling may rarely make headlines, yet the companies building them could increasingly become the infrastructure stories of tomorrow.
Against that backdrop, Annu Projects Ltd, an engineering, procurement and construction (EPC) player with more than two decades of operating experience, is knocking on the doors of Dalal Street with a ₹175-crore initial public offering, seeking to convert a sizeable project pipeline into its next phase of growth.
The company has fixed the IPO price band at ₹94-99 per equity share. The issue will open for subscription on August 25 and close on August 28, comprising a fresh issue of 17,683,000 equity shares with a face value of ₹10 each. The shares are proposed to be listed on both the BSE and NSE.
The issue assumes significance not merely because of its size, but because Annu Projects enters the market with an aggregate order book of ₹1,005.05 crore as of June 30, 2026—nearly six times its FY25 revenue and providing substantial visibility for future execution.
The company’s promoters, Sanjay Kumar Sarraf and Krishna Ranjan, have more than two decades of experience in the civil, telecom and infrastructure sectors. Annu Projects itself was incorporated in 2003 and has since expanded from telecom infrastructure into sewerage, gas pipelines and railway signalling.
₹175 crore to power the next leg of growth
The IPO proceeds are principally earmarked for strengthening the company’s execution capacity and supporting its expanding working-capital cycle.
Annu Projects proposes to deploy ₹115 crore towards working-capital requirements and about ₹15 crore towards capital expenditure for machinery and equipment, with the balance earmarked for general corporate purposes, according to the company’s issue announcement.
The company says its diversified EPC portfolio has enabled it to participate in projects spanning telecom infrastructure, sewerage infrastructure, gas pipelines and railway signalling.
The revenue mix itself illustrates the changing shape of the business. In FY26, sewerage infrastructure accounted for 52.67% of revenue, telecom infrastructure for 41.50%, gas pipelines for 4.03% and other project segments for 1.80%.
The company’s official profile says it has developed project-execution capabilities across telecom, sewerage and gas-pipeline infrastructure, leveraging more than 20 years of operating experience.
Order book: The number that may define the IPO story
For an EPC company, the order book can be as important as the balance sheet because it provides a window into future execution.
Annu Projects entered the IPO process with 23 ongoing projects and an aggregate order book of ₹10,050.55 million, or ₹1,005.05 crore, as of June 30, 2026.
The company has also diversified its customer and project exposure across multiple infrastructure verticals, reducing its dependence on a single category of work.
That diversification has been built progressively. Annu Projects says it entered gas pipelines in 2008, sewerage projects in 2010, prestigious National Fibre Optic Network projects in 2014, BharatNet Phase II in 2018 and has continued expanding its infrastructure portfolio.
Revenue, profit growth add muscle to the market pitch
The financial trajectory provides another important plank to the IPO proposition.
Annu Projects reported ₹241.25 crore revenue from operations in FY26, compared with ₹180.07 crore in FY25, representing growth of about 34%.
Profit after tax rose to ₹33.03 crore in FY26, from ₹21.10 crore in FY25, an increase of more than 56%.
The company’s PAT margin also improved to about 13.69% in FY26 from 11.72% in FY25, according to the issue information supplied by the company.
The improvement comes after several years of expansion. The company’s official website says revenue from operations grew at a CAGR of 17.48% between FY22 and FY24, while an independent credit assessment has highlighted its improving revenue profile and healthy order book as key strengths.
For investors, however, the central test will be whether this momentum can be sustained as the company scales up execution.
Promoters bet on experience, execution and diversification
Annu Projects’ promoters bring substantial sector experience to the public-market journey.
Sanjay Kumar Sarraf, Chairman and Managing Director, has been associated with the company since its inception and has more than two decades of experience in the sector. The company credits him with driving strategy, policy formulation, bidding, tendering and project planning.
Krishna Ranjan, Whole-Time Director and promoter, has more than 20 years of experience in the telecom industry, with expertise in project management and evaluation of techno-commercial aspects of projects.
The company’s own description of its leadership emphasises “experienced leadership and strong management team”, pointing to the promoters’ long experience and their role in the company’s growth.
Sarraf’s stated vision of driving the company towards “newer achievements” and Ranjan’s experience in project management underline the promoters’ emphasis on execution capability as the company moves into the listed-company phase.
From telecom to sewerage: an infrastructure play with many layers
Annu Projects’ evolution is perhaps best understood through the infrastructure beneath the infrastructure.
Its telecom work encompasses fibre-optic and related network infrastructure; its sewerage business involves urban utility projects; its gas-pipeline vertical covers pipeline-laying and supporting infrastructure; and its railway-signalling activities add another specialised segment.
The company describes itself as engaged in the “design, development, implementation, operations and maintenance” of essential overhead and underground utilities infrastructure.
The issue is a 100% book-built offering, with the draft offer document filed with SEBI and the proposed listing on both BSE and NSE.
The real IPO question: Order book or execution?
Annu Projects’ IPO arrives with an appealing combination of a ₹1,005-crore order book, rising revenue, improving profitability and experienced promoters.
But EPC businesses are ultimately judged not merely by the orders they win, but by how efficiently they execute them, collect receivables, manage working capital and protect margins.
That makes the deployment of ₹115 crore of IPO proceeds towards working capital particularly noteworthy. The company’s ability to convert its sizeable order pipeline into operating cash while maintaining profitability will be an important metric for public-market investors.
The company’s credit assessment has similarly identified working-capital management, revenue growth, profitability, order-book position and liquidity as key variables to watch
So, as Annu Projects prepares to enter Dalal Street, the bigger story may not simply be about a ₹175-crore IPO.
It is about whether a company that has spent two decades building the infrastructure India cannot do without can now build a sustainable public-market franchise around it.
