Annu Projects IPO Analysis: Should You Apply? GMP, Review & Details

Annu Projects is a MAINBOARD IPO in the Civil Construction sector. The issue price band is ₹94.0–₹99.0 per share. Issue size is ₹175.06 crore. Current GMP is -7.07% over the issue price (unofficial, subject to change).

Annu Projects IPO — Key Details

Company Overview

Annu Projects Limited is an engineering, procurement, and construction (EPC) company that focuses on the design, development, implementation, operations, and maintenance of essential utilities infrastructure. The company operates in three key verticals: telecom infrastructure, sewerage infrastructure, and gas pipelines. Annu Projects has a strong order book with 32 ongoing projects worth ₹13,620.90 million as of March 31, 2025, and serves notable clients such as Bharat Sanchar Nigam Limited and Indraprastha Gas Limited.

Financial Performance

Total income was ₹155.42 Cr in the period ending 31 Mar 2024, increasing to ₹182.35 Cr by 31 Mar 2025, and further rising to ₹244.59 Cr by 31 Mar 2026. This shows a consistent upward trend in revenue over the periods. Profit After Tax was ₹17.39 Cr in the period ending 31 Mar 2024, which rose to ₹21.10 Cr by 31 Mar 2025, and further increased to ₹33.03 Cr by 31 Mar 2026. This indicates a positive growth trajectory in profitability across the reported periods.

Objects of the Issue

The company plans to use the proceeds from the issue for several purposes: ₹15.41 Cr for funding capital expenditure for machinery or equipment, ₹115.00 Cr for working capital requirements, ₹24.16 Cr for general corporate purposes, and ₹20.49 Cr for issue expenses.

Strengths & Weaknesses

Strengths

Annu Projects has strong project management capabilities, a solid order book, and a consistent financial performance. The company benefits from experienced leadership and a strong management team.

Understanding Grey Market Premium (GMP)

The Grey Market Premium (GMP) indicates the expected listing price of an IPO based on unofficial trading. A negative GMP suggests that shares may list below the issue price, reflecting lower demand in the grey market.

Subscription Status

As of 28th Aug 2026, the overall subscription was 2.93 times the shares offered. The breakdown includes 1.72 times for QIBs, 3.55 times for NIIs, and 2.68 times for retail investors.

Peer Comparison

• Suyog Telematics: NAV 42.5, RoNW 12.88%, P/E 16.11
• EMS: NAV 190.03, RoNW 8.62%, P/E 24.65
• Bondada Engineering: NAV 62.35, RoNW 28.82%, P/E 16.6
• Likhitha Infrastructure: NAV 104.47, RoNW 9.37%, P/E 23.17

IPO Timeline

The IPO opens for subscription on 25th Aug 2026 and closes on 28th Aug 2026. Allotment of shares is expected by 31st Aug 2026, with the listing date set for 2nd Sep 2026.

Should You Apply for Annu Projects IPO?

Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their investment goals and risk tolerance. It's essential to evaluate the company's fundamentals and market conditions.

Investors who are risk-averse or those who prefer stable returns over potential volatility may want to avoid IPOs, as they can experience significant price fluctuations post-listing.

This is general risk-profile education, not a personal recommendation to apply or avoid this specific IPO — TopFund is not a SEBI-registered investment adviser.

Listing Day Risks

Listing gains can be unpredictable and depend on market conditions and investor sentiment. There is always a risk that shares may not perform well on their first day of trading, leading to potential losses for investors.

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Disclaimer: This is educational content, not investment advice. GMP is an unofficial grey-market indicator, unregulated and never guaranteed. TopFund is not a SEBI-registered investment adviser — please do your own research or consult a qualified adviser before applying to any IPO.