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Latest filing: 2026-10-05 20:32
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Note: These are AI-generated, educational summaries of public NSE
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Anawil Reports ₹359.82 Cr Order Book Plus ₹133.98 Cr Win; Capacity Reaches 612 Towers
Anawil Wire and Engineering detailed key operational updates following its investor conference. As of March 31, 2026, the company's order book stood at ~₹359.82 crore (379 towers across six clients), subsequent to which it won its single largest order of ₹133.98 crore (excl. GST) for 38 wind towers executable by Q4 FY27. Total annual manufacturing capacity reached ~612 towers after its Kutch plant became operational in March 2026. The company is actively shifting its mix from pure conversion towards integrated supply, which yields higher absolute EBITDA per tower (₹40–50 lakhs vs ₹25–30 lakhs) despite lower percentage margins.
Confidence: HIGH
What changedAnawil disclosed comprehensive operational metrics, capacity expansion to 612 towers, and order book economics from its analyst conference.
Why it mattersThe transition to 'Integrated Supply' significantly boosts realization per tower to ₹3.0–3.5 crore and absolute EBITDA to ₹40–50 lakhs, driving higher earnings power as capacity utilisation scales from 48.2%.
Order book as of March 31, 2026: ~Rs 359.82 CrSubsequent single largest order: Rs 133.98 CrTotal annual manufacturing capacity: ~612 towersFY26 capacity utilisation: ~48.2%FY26 production: 210 towers
📅 Short termAs the company enters H2 (which historically delivers ~70% of revenue), execution velocity and quarterly tower dispatches are expected to ramp up.
📈 Long termScaling capacity to 612 towers and increasing in-house manufacturing of internals at Koppal structurally positions the company to capture growing domestic wind installations with higher EBITDA per tower.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Customer concentration risk with the order book spread across just six customers
- Certification delays or slow client approvals for the newly commissioned Kutch facility
- Pronounced seasonality with H1 exposed to monsoon disruptions in logistics and installations
Key Highlights
Order book stood at ~₹359.82 crore (379 towers) as of March 31, 2026, plus a subsequent win of ₹133.98 crore (38 towers)
Total annual manufacturing capacity expanded to ~612 towers following the March 2026 commissioning of the Kutch facility
Production grew from 135 towers in FY25 to 210 towers in FY26 (48.2% capacity utilisation), increasing EBITDA per tower from ~₹22 lakh to ₹29 lakh
Business exhibits strong seasonality, with ~70% of FY26 revenue generated in H2 (October to March)
👀 What to Watch
Track capacity ramp-up and client certifications at the newly commissioned Kutch facility, alongside the execution schedule of the ₹133.98 crore order through Q4 FY27.
Anawil Secures Largest-Ever Order Worth ₹133.98 Cr for 38 Wind Turbine Towers
Anawil Wire & Engineering Limited has secured its largest-ever order valued at ₹133.98 crore (excluding GST) and ₹140.68 crore (including GST). The contract involves the supply of 38 wind turbine towers (EN-156/3.3 MW model) for an FDRE wind project located in Andhra Pradesh. The project execution is slated for completion by Q4 FY2026-27. This contract boosts revenue visibility across its manufacturing hubs in Koppal and Kutch.
Confidence: HIGH
What changedAnawil bagged its largest-ever commercial contract worth ₹133.98 crore for 38 onshore wind towers.
Why it mattersProvides substantial multi-quarter revenue visibility and demonstrates customer traction for its expanded manufacturing footprint.
Order value (excl. GST): Rs 133.98 CrOrder value (incl. GST): Rs 140.68 CrUnits to supply: 38 wind turbine towersExecution timeline: Q4 2026-27Combined annual capacity: 612 towers
📅 Short termPositive sentiment driver as the order confirms execution momentum following capacity additions in Kutch and Koppal.
📈 Long termStrengthens competitive standing in India's expanding onshore wind tower market and supports capacity utilisation.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Execution timeline risk extending through Q4 2026-27
- Raw material price volatility impacting fixed-price segments if unhedged
Key Highlights
Order value stands at ₹133.98 crore excluding GST (₹140.68 crore including GST)
Contract involves the supply of 38 wind turbine towers conforming to EN-156/3.3 MW model
Scheduled for project completion by Q4 2026-27 for an FDRE wind project in Andhra Pradesh
Company operates a combined annual capacity of 612 towers across Koppal and Kutch plants
👀 What to Watch
Track the quarterly progress of tower dispatches leading up to the Q4 FY27 delivery deadline and watch for operational margin impact from backward integration at Koppal.
CRISIL Upgrades Anawil Wire's Long-Term Rating to 'BBB/Stable', Amount Enhanced to ₹135 Cr
CRISIL Ratings has upgraded Anawil Wire and Engineering Limited's long-term bank facilities rating to 'CRISIL BBB/Stable' from 'CRISIL BBB-/Stable' and short-term rating to 'CRISIL A3+' from 'CRISIL A3'. Total rated bank loan facilities were enhanced from ₹69 crore to ₹135 crore. The upgrade is driven by a substantial improvement in the financial risk profile post its ₹142.69 crore IPO, with ₹115 crore allocated to debt reduction, alongside revenue growth to ₹143.41 crore in FY26. Revenue visibility remains strong with an order book of ₹359 crore as of March 2026 plus ₹120 crore in new LOIs secured in Q1 FY27.
Confidence: HIGH
What changedCRISIL upgraded Anawil Wire's long-term credit rating by one notch to BBB/Stable and enhanced the rated facility limit to ₹135 crore from ₹69 crore.
Why it mattersThe upgrade reflects a de-leveraged balance sheet post-IPO, reduced borrowing costs, and robust revenue visibility backed by an order book exceeding 2.5x FY26 revenue.
Enhanced rated facilities: Rs 135 croreOrder book (March 2026): Rs 359 croreQ1 FY27 new LOIs: Rs 120 croreFY26 Revenue: Rs 143.41 croreGross current asset days (FY26): 292 days
📅 Short termPositive sentiment from the rating upgrade and confirmation of ₹120 crore fresh LOIs received in Q1 FY27.
📈 Long termStrong debt reduction to negligible levels and sustained operating margins (~40%) provide financial flexibility, though high customer concentration and working capital intensity remain key monitors.
⚠ Risk flags
- High customer concentration with top 5 customers contributing over 70% of sales
- High working capital intensity with gross current asset days at 292 days in FY26
- Operational stabilization risk post-capex at the Gujarat unit
Key Highlights
Long-term bank facilities rating upgraded to 'CRISIL BBB/Stable' and short-term rating to 'CRISIL A3+'
Total bank facilities rated enhanced to ₹135 crore from ₹69 crore
FY26 operating income grew 81.2% YoY to ₹143.41 crore, with PAT surging to ₹35.95 crore (PAT margin of 25.07%)
Order book stood at ₹359 crore as of March 2026, complemented by ₹120 crore worth of new LOIs received in Q1 FY27
Post-IPO debt repayment of ₹115 crore is expected to reduce gearing below 0.05 times by March 31, 2027
👀 What to Watch
Track execution progress on the ₹359 crore order book and stabilization of the Gujarat capex, alongside improvements in the working capital cycle.
₹359.82 Cr Order Book and New ₹120 Cr LOI Drive Growth for Anawil Wire
Anawil Wire and Engineering Limited (AWAEL) reported a strong FY26 with revenue growing 82% YoY to ₹143.27 Cr and a high EBITDA margin of 42.64%. The company has significant revenue visibility with an order book of ₹359.82 Cr as of March 2026 (2.5x FY26 revenue) and a fresh Letter of Intent (LOI) for ₹120 Cr received in Q1 FY27. The new Kutch manufacturing facility became operational in March 2026, increasing total annual capacity to 612 towers. However, investors should note high customer concentration, with the top 5 clients contributing 78.75% of revenue.
Confidence: HIGH
What changedThe company has scaled from a single-state manufacturer to a dual-facility operation (Karnataka and Gujarat) and secured an order book exceeding 2.5x its annual revenue.
Why it mattersThe expansion into Gujarat and the large order book position the company to benefit from India's target of 100 GW wind capacity by 2030, though it remains sensitive to seasonal weather patterns and client concentration.
Order Book (Mar-26): ₹359.82 CrOrder Book vs FY26 Revenue: 251.1%Q1 FY27 LOI Value: ₹120 CrFY26 EBITDA Margin: 42.64%Top 5 Customer Concentration: 78.75%Annual Tower Capacity: 612 units
📅 Short termPositive momentum expected as the market reacts to the ₹120 Cr fresh LOI and the operationalization of the Kutch plant.
📈 Long termStructural growth is supported by the shift toward renewable energy and the company's backward integration into precision fabrication to improve margins.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- High customer concentration (Top 5 = 78.75%)
- Significant seasonality (H1 revenue is typically much lower than H2)
- Execution risk at the new Kutch facility
Key Highlights
Order book stands at ₹359.82 Cr as of March 31, 2026, covering 379 towers.
Received a new LOI for 38 towers valued at ₹120 Cr in Q1 FY27.
FY26 Revenue reached ₹143.27 Cr with a PAT of ₹36.63 Cr (25.57% margin).
Annual manufacturing capacity expanded to 612 towers with the Kutch plant operational since March 2026.
Business shows high seasonality, with 71.12% of FY26 revenue generated in the October-March period.
👀 What to Watch
Monitor the capacity utilization ramp-up at the new Kutch facility and the execution timeline of the ₹359.82 Cr order book, especially during the seasonally stronger H2 period.
