The Anup Engineering Limited (ANUP)
₹1,488.50 +0.37% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Anup Engineering's revenue was ₹125 Cr (-28.4% year on year, -39.8% on the previous quarter), and net profit ₹0.6 Cr (-97.8% year on year); the operating margin was 7.6%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹125 | -28.4% | -39.8% |
| Operating profit | ₹9.5 | -76.3% | -75.1% |
| Net profit | ₹0.6 | -97.8% | -97.9% |
| EPS (₹) | 0.28 | -97.9% | -97.9% |
| Operating margin | 7.6% | — | — |
ANUP delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 49.68% of the ANUP shares traded on NSE were taken to delivery, against the stock's own 20-session average of 52.53%. That is close to its usual level. Volume was 0.4 times its average, well below normal.
Delivery in the last 5 sessions: 48.9% · 53.4% · 54.8% · 58.4% · 49.7%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
The Anup Engineering Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 30th September, 2026. The certificate was issued by the Registrar and Share Transfer Agent, MUFG Intime India Private Limited, on 3rd October, 2026. It confirms that securities received for dematerialisation were processed, verified, and listed within prescribed timelines. This is a recurring administrative disclosure with no financial impact.
- Regulation 74(5) SEBI certificate submitted for the quarter ended 30th September, 2026
- Certificate issued by RTA MUFG Intime India Private Limited on 3rd October, 2026
- Formal submission to BSE and NSE dated 8th October, 2026
The Anup Engineering Limited announced that the Hon'ble Appellate Authority has allowed its appeal and set aside an adverse GST order. The quashed order had demanded ineligible ITC of Rs. 1.33 Cr., IGST on Ocean Freight of Rs. 0.33 Cr., and a penalty of Rs. 1.66 Cr. plus applicable interest (totaling ~Rs. 3.32 Cr.). Consequently, the company confirmed that there will be no adverse financial impact on its books. The favorable order was received by the company on October 3, 2026.
- Appellate Authority set aside Gujarat GST order under Section 74(1) of CGST Act, 2017
- Demand of Rs. 1.33 Cr. towards ineligible ITC quashed
- Demand of Rs. 0.33 Cr. IGST on Ocean Freight and Rs. 1.66 Cr. penalty set aside
- Zero financial liability/impact on the company following the appeal
- Favorable order received on October 3, 2026 at 04:35 P.M.
The Anup Engineering Limited has submitted the voting results and Scrutinizer's report for its 9th Annual General Meeting held on August 25, 2026. Across 100,908 registered shareholders as of August 18, 2026, a total of 12,826,315 votes were polled, representing a 64.03% turnout. All five ordinary and special resolutions—including adoption of FY26 financials, declaration of dividend, director re-appointment, and director remuneration—were approved with over 99.9% votes in favor.
- All 5 resolutions approved by shareholders with over 99.9% votes in favor
- Total voter turnout stood at 64.03% with 12,826,315 votes polled out of 20,031,466 shares
- Total 100,908 shareholders were on record as of the cutoff date August 18, 2026
- Resolution to declare equity dividend approved with 99.99% favorable votes (12,825,333 votes in favor vs 982 against)
The Anup Engineering Limited concluded its 9th Annual General Meeting on August 25, 2026, via video conferencing. Shareholders transacted ordinary resolutions including the adoption of FY26 financial statements and declaration of a final dividend of 120% (₹12.00 per share on face value of ₹10). Other transacted items included the re-appointment of Director Mr. Punit S. Lalbhai and approval of Non-Executive Director remuneration for 5 years. Formal e-voting results under Regulation 44(3) will be submitted separately.
- Final dividend of 120% (₹12.00 per share of face value ₹10) approved for FY26
- Adoption of Audited Standalone and Consolidated Financial Statements for FY ended March 31, 2026
- Approval of remuneration to Non-Executive Directors for a 5-year period via Special Resolution
- Re-appointment of Director Mr. Punit S. Lalbhai (DIN 05125502) approved via Ordinary Resolution
The Anup Engineering Limited has released the transcript of its Q1 FY2027 earnings call held on August 6, 2026. The company continues to target a 20-25% growth rate, supported by the stabilization of its Kheda facility and the integration of MEPL. With a TTM revenue of ₹817 Cr and an OPM of 21.2%, the company is pivoting towards high-margin exports (56% of revenue) and the clean energy sector. Notably, the hydrogen segment now constitutes approximately 30% of the current order book.
- Earnings call transcript published for the quarter ended June 30, 2026.
- Hydrogen segment contributes approximately 30% to the current unexecuted order book.
- Company maintains a long-term growth guidance of 20-25% through capacity expansion.
- Export revenue remains a key driver, previously accounting for 56% of total sales.
- TTM revenue stands at ₹817 Cr with a healthy ROCE of 20.0%.
The Anup Engineering Limited has scheduled an interaction with institutional investors and analysts at the Equirus Annual India Conference '26 on August 14, 2026. The meetings will be conducted in Mumbai through both one-on-one and group formats. The company has clarified that no unpublished price-sensitive information (UPSI) will be shared during these sessions. This interaction comes as the company maintains a TTM revenue of ₹817 Cr and a healthy operating margin of 21.2%.
- Investor meeting scheduled for August 14, 2026, in Mumbai.
- Participation in the Equirus Annual India Conference '26 involving multiple institutional investors.
- Interaction format includes both One-on-One and Group meetings.
- Company maintains a TTM PAT of ₹109 Cr and ROCE of 20.0% as per latest financial context.
The Anup Engineering Limited has published the audio recording of its investor conference call held on August 6, 2026. The call discussed the financial results for the quarter ended June 30, 2026. This filing is a routine regulatory requirement under SEBI (LODR) Regulations, providing transparency for retail investors who were unable to attend the live session. Investors can use the recording to assess management's commentary on the company's TTM revenue of Rs 817 Cr and its 20-25% growth guidance.
- Conference call conducted on August 6, 2026, at 16:30 PM IST.
- Recording pertains to the financial performance for the quarter ended June 30, 2026.
- Filing submitted to exchanges at 19:14 IST on the same day as the call.
- Complies with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Anup Engineering reported a challenging Q1 FY27 with revenue declining 28.5% YoY to ₹125.2 Cr and PAT falling 97.8% to ₹0.6 Cr, primarily due to lower execution and fixed cost under-absorption. However, the company achieved its highest-ever quarterly order booking of ~₹315 Cr, pushing the total order book visibility to ₹985 Cr, which is approximately 1.2x its TTM revenue. While EBITDA margins compressed to 7.6% from 23.0% YoY, management maintains that gross margins remain intact and the dip is volume-driven. The company is diversifying into Thermal Power, Nuclear, and Hydrogen segments to mitigate sector-specific risks.
- Highest ever quarterly order booking achieved in Q1 FY27 at ~₹315 Cr.
- Total pending order book visibility (including LOI) stands at ₹985 Cr as of August 6, 2026.
- Revenue for Q1 FY27 decreased by 28.5% YoY to ₹125.2 Cr compared to ₹175.2 Cr in Q1 FY26.
- EBITDA margin contracted to 7.6% in Q1 FY27 from 23.0% in the same quarter last year.
- Secured a significant order exceeding ₹150 Cr for Thermal Power plants, marking entry into a new elite manufacturer group.
The Anup Engineering (ANUP) reported a soft Q1 FY27 with revenue of ₹125 Cr, a significant decline from ₹169.4 Cr in the same quarter last year, primarily due to planned execution cycles and supply chain debottlenecking. However, the company achieved its highest-ever quarterly order booking of ~₹315 Cr, pushing the total pending order book to a record ₹985 Cr (approx. 120% of TTM revenue). EBITDA for the quarter stood at ₹9.2 Cr, impacted by fixed-cost under-absorption. Management remains optimistic for the medium term, citing a robust inquiry pipeline of ₹1,100 Cr and strategic entry into the Thermal Power sector with a >₹150 Cr order.
- Highest ever pending order book visibility of ₹985 Cr, including Letters of Intent (LOI).
- Quarterly order booking reached ~₹315 Cr, with Year-to-Date (YTD) booking at ~₹540 Cr.
- Revenue of ₹125 Cr achieved in Q1 FY27, reflecting a planned lower execution phase.
- Secured a major order exceeding ₹150 Cr for critical heat exchangers in the Thermal Power sector.
- Maintains a strong inquiry pipeline of ₹1,100 Cr, with 39% of the current order book coming from exports.
Anup Engineering reported a weak set of numbers for Q1 FY27, with consolidated revenue falling 28.5% YoY to ₹125.25 Cr. Net profit plummeted 97.8% YoY to just ₹0.57 Cr, down from ₹25.53 Cr in the same quarter last year. The sharp decline in profitability is driven by total expenses (₹124.84 Cr) nearly matching total income (₹125.77 Cr), indicating severe margin compression. Consolidated EPS fell to ₹0.28 from ₹12.75 in the year-ago period.
- Consolidated revenue from operations decreased 28.5% YoY to ₹125.25 Cr from ₹175.23 Cr.
- Consolidated Net Profit witnessed a massive 97.8% drop to ₹0.57 Cr compared to ₹25.53 Cr in Q1 FY26.
- Finance costs nearly doubled YoY, rising to ₹1.62 Cr from ₹0.87 Cr.
- Standalone revenue stood at ₹117.89 Cr, contributing approximately 94% to the consolidated top-line.
- Consolidated Basic EPS for the quarter fell to ₹0.28 from ₹12.75 YoY.
The Anup Engineering Limited has scheduled its Annual General Meeting (AGM) for August 25, 2026, to review the performance of FY 2025-26. The company has dispatched physical letters to shareholders who have not registered their email addresses, providing them with the web link to access the full Annual Report. Key administrative dates include an e-voting cut-off of August 18, 2026, and a voting window from August 22 to August 24. This is a standard regulatory procedure following the end of the financial year.
- Annual General Meeting (AGM) scheduled for August 25, 2026, at 02:00 P.M. IST via Video Conference.
- Remote e-voting period set from August 22, 2026 (9:00 AM) to August 24, 2026 (5:00 PM).
- Cut-off date to determine shareholder entitlement for e-voting is August 18, 2026.
- Deadline for shareholders to register as speakers for the AGM is August 18, 2026.
- Physical letters dispatched to shareholders without registered emails as of the July 24, 2026 cut-off.
The Anup Engineering Limited has fixed August 14, 2026, as the record date for a final dividend of ₹12 per share for FY 2025-26, representing a dividend yield of approximately 0.55%. The company also released its Business Responsibility & Sustainability Report (BRSR), reporting a turnover of ₹789.44 crore for the fiscal year. Exports remained a significant driver, contributing 48.2% to the total turnover. The company continues to focus on specialized heavy engineering, with 99.87% of revenue coming from the fabrication of heat exchangers, pressure vessels, and reactors.
- Final dividend of ₹12 per equity share (120% of face value) announced for FY 2025-26.
- Record date for dividend entitlement fixed as August 14, 2026, with payment on or after August 31.
- Exports contributed 48.2% to the total turnover of ₹789.44 crore in FY 2025-26.
- Sourced 30.37% of input materials by value directly from MSMEs and small producers.
- Employee turnover rate for permanent staff stood at 20% for FY 2025-26, up from 19.11% in the previous year.
The Anup Engineering Limited has fixed August 14, 2026, as the record date for a final dividend of ₹12 per equity share for FY 2025-26. The company also released its Business Responsibility & Sustainability Report (BRSR), highlighting that exports contributed 48.2% to its FY26 turnover of ₹789.44 crore. The dividend payment is scheduled to commence on or after August 31, 2026, following approval at the Annual General Meeting on August 25, 2026. The company continues to derive 99.87% of its revenue from specialized fabrication of heat exchangers, pressure vessels, and reactors.
- Final dividend of ₹12 per equity share of face value ₹10 declared for FY 2025-26.
- Record date for dividend entitlement fixed as August 14, 2026.
- Exports accounted for 48.2% of total turnover in FY 2025-26.
- Sourced 30.37% of input materials directly from MSMEs/small producers during the year.
- Total workforce includes 391 permanent employees and 783 contract workers as of March 31, 2026.
The Anup Engineering Limited has announced a final dividend of Rs 12 per equity share for the financial year ended March 31, 2026. The company has fixed August 14, 2026, as the record date to determine shareholder eligibility. This dividend represents a payout ratio of approximately 21.8% based on the FY26 EPS of Rs 55.1. The payment is subject to shareholder approval at the Annual General Meeting (AGM) scheduled for August 25, 2026.
- Final dividend of Rs 12 per equity share (120% of face value) for FY26
- Record date for determining entitlement is fixed for August 14, 2026
- Dividend payout ratio stands at ~21.8% relative to FY26 PAT of Rs 109.28 Cr
- AGM scheduled for August 25, 2026, to seek formal shareholder approval
- Dividend payment to be processed on or after August 31, 2026
The Anup Engineering Limited has scheduled its 9th Annual General Meeting (AGM) for August 25, 2026, to adopt FY26 financials and declare a dividend. The company has fixed August 14, 2026, as the record date to determine shareholder eligibility for the dividend. Key agenda items include the re-appointment of Director Punit S. Lalbhai and a special resolution to cap non-executive director commissions at 1% of net profits. For FY26, the company reported a revenue of •817 Cr and a PAT of •109 Cr.
- 9th Annual General Meeting scheduled for August 25, 2026, at 02:00 P.M. IST via video conferencing.
- Record date for dividend entitlement fixed as August 14, 2026.
- Proposed commission for non-executive directors capped at 1% of net profits, or •1.00 Crore in case of inadequate profits.
- Director Punit S. Lalbhai seeking re-appointment; he received •26,00,000 in total remuneration during FY26.
- Cost auditor remuneration for FY27 proposed at •35,000 plus applicable taxes.
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 20.2% YoY to INR 732.8 Cr in FY25. For H1 FY26, revenue reached INR 407.5 Cr (+20.3% YoY). Segment performance for H1 FY26: Heat Exchangers contributed INR 234.8 Cr (57.6%), Vessels INR 128.8 Cr (31.6%), Towers & Reactors INR 24.5 Cr (6.0%), Centrifuge & Others INR 16.2 Cr (4.1%), and Tank & Silos INR 3.2 Cr (0.8%).
Geographic Revenue Split
Export revenue accounted for 56% of total revenue in H1 FY26. Domestic operations are spread across three manufacturing locations: Ahmedabad (contributing 63% or INR 256 Cr), Kheda (35% or INR 143 Cr), and Mabel Engineers in Tamil Nadu (2% or INR 8 Cr).
Profitability Margins
Operating Profit Margin stood at 20.00% in FY25, while Net Profit Margin was 16.14%. PAT for FY25 was INR 118.3 Cr (+3.1% YoY). H1 FY26 PAT was INR 58.3 Cr, a marginal growth of 3.1% over H1 FY25, impacted by the normalization of the tax rate to 25% compared to 14% in the previous year due to ESOP-related tax benefits.
EBITDA Margin
EBITDA margin remained stable at 22.5% in H1 FY26 (INR 91.8 Cr) compared to 22.5% in H1 FY25. The company guides for a sustainable EBITDA margin range of 20-22% in the medium term.
Capital Expenditure
The company recently completed a major capex cycle, including the Kheda facility expansion and the INR 31 Cr acquisition of Mabel Engineering Private Limited (MEPL). Future growth is expected to be driven by utilizing this expanded capacity rather than new large-scale debt-funded capex.
Credit Rating & Borrowing
Long-term bank facilities are rated CARE A+; Stable and short-term facilities CARE A1+. The company maintains low leverage with a Debt-Equity ratio of 0.05x and an Interest Coverage Ratio of 43.89x as of March 31, 2025.
Operational Drivers
Raw Materials
Primary raw materials include steel and specialized alloys used for fabrication. While specific % splits are not disclosed, raw material price volatility is a key risk, mitigated by a policy of purchasing materials immediately upon order receipt.
Import Sources
Not specifically disclosed, but the company operates in global markets for both sourcing and exports, particularly for specialized components like 'Helixchanger' technology licensed from Lummus Technology LLC, USA.
Capacity Expansion
Current capacity is spread across Ahmedabad, Kheda, and MEPL. The Kheda facility removed previous constraints, allowing the company to handle equipment weighing over 200 tons, which was a bottleneck until FY23.
Raw Material Costs
Raw material costs are managed by mapping 100% of inventory to specific customer orders, with inventory typically maintained at 30% of the outstanding order book to hedge against price fluctuations.
Manufacturing Efficiency
Return on Capital Employed (ROCE) improved to 24.16% in FY25 from 22.73% in FY24, reflecting high efficiency in utilizing the new Kheda capacity.
Strategic Growth
Expected Growth Rate
20-25%
Growth Strategy
Growth will be achieved by stabilizing operations at the new Kheda facility, which handles larger equipment, and integrating MEPL to provide geographical diversification in South India. The company is shifting from a high-growth phase (37% CAGR) to a sustainable 20-25% growth target for organic operations.
Products & Services
Design and fabrication of critical process equipment including Heat Exchangers (Helixchanger, Embaffle), Pressure Vessels, Centrifuges, Columns, Towers, Reactors, and Silos.
Brand Portfolio
The Anup Engineering Limited, Mabel Engineering Private Limited (MEPL), Helixchanger (licensed), Embaffle Heat Exchangers.
New Products/Services
Expansion into the Hydrogen segment, which already contributes ~30% to the order book, and increasing the share of high-margin export orders.
Market Expansion
Targeting increased export revenue (currently 56%) and expanding the product footprint in the clean energy/hydrogen sector.
Market Share & Ranking
Not disclosed in available documents, though noted as having a 'moderate scale' relative to larger capital goods players.
Strategic Alliances
Technical licensing agreement with Lummus Technology LLC, USA for 'Helixchanger' technology.
External Factors
Industry Trends
The industry is shifting toward larger-scale equipment and clean energy (Hydrogen). The Indian government's infrastructure push and the cost-competitiveness of Indian refining support a stable medium-term outlook.
Competitive Landscape
Competes with other capital goods players in the process equipment industry; competitive edge is maintained through delivery adherence and quality for reputed global clients.
Competitive Moat
Durable moat built on technical expertise in critical equipment, licensing of proprietary technologies (Helixchanger), and the ability to manufacture heavy-duty equipment (>200 tons) which has high entry barriers.
Macro Economic Sensitivity
Highly sensitive to the capital outlay of oil and gas companies; the FY25 Union Budget's 11% increase in oil/gas outlay to INR 1,18,500 Cr is a significant positive driver.
Consumer Behavior
Shift in end-user demand toward more efficient heat exchange technologies and sustainable energy segments like Hydrogen.
Geopolitical Risks
Declining fresh investments in refineries in Europe and North America are offset by growing demand in Asia and India, though the company still receives replacement orders from Western markets.
Regulatory & Governance
Industry Regulations
Operations are subject to stringent manufacturing standards for pressure vessels and process equipment used in hazardous environments like refineries and chemical plants.
Taxation Policy Impact
Effective tax rate normalized to 25% in FY26. In FY25, the rate was lower (14% in Q2) due to tax benefits derived from ESOP exercises.
Risk Analysis
Key Uncertainties
Concentration risk is high, with 71% of unexecuted orders tied to the oil and gas sector. Any delay in client capex plans could impact the order inflow by 15-20%.
Geographic Concentration Risk
Manufacturing is concentrated in Gujarat (Ahmedabad and Kheda) and Tamil Nadu (MEPL).
Third Party Dependencies
Dependency on Lummus Technology LLC for 'Helixchanger' licensing is a critical operational linkage.
Technology Obsolescence Risk
Low risk due to the specialized nature of heavy fabrication, but the company is proactively moving into the Hydrogen segment to stay ahead of energy transition shifts.
Credit & Counterparty Risk
Low risk as the majority of clients (Reliance, IOCL, GAIL) have strong credit profiles (CARE AAA/AA).
