Annu Projects IPO GMP, Date, Price Band & Review

Annu Projects IPO Details

The Annu Projects IPO is a book-built issue that is made up entirely of a fresh offering of 1.77 crore equity shares worth up to ₹175.06 crore, having a face value of ₹10 per share. The company has set the price band between ₹94 and ₹99 per share and the IPO subscription window is planned to open on August 25, 2026 and close on August 28, 2026.

The lot size is 151 shares, which means the minimum investment comes to ₹14,949. The shares are expected to get listed on both the BSE and NSE. The book-running lead manager for this issue is Mefcom Capital Markets Ltd. and the registrar to the issue is KFin Technologies Ltd.

Annu Projects IPO Date & Timeline

Annu Projects Ltd. officially filed the Draft Red Herring Prospectus (DRHP) on June 27, 2025 and the Red Herring Prospectus (RHP) for the IPO was approved on the 19th of August, 2026, after receiving in-principle approvals from BSE and NSE. The IPO is scheduled to open on 25 August 2026 and will close on Friday, 28 August 2026. The base of allotment as well as the beginning of refunds are scheduled on Monday, 31 August 2026 and the crediting of shares to accounts in demat on Tuesday, 1 September 2026 and the IPO will be listed on Wednesday, 2 September 2026.

Company Background

Annu Projects Ltd. was incorporated in June 2003 as Annu Infra Construct (India) Private Limited and it has grown pretty steadily over the last two decades (20+ years). Over time, it changed its name to Annu Projects Private Limited in Feb 2020 and then later in June 2024, it converted into a public limited company called Annu Projects Limited, based in New Delhi.

Initially, the company was mainly taking up infrastructure construction projects, but slowly it widened its operating basket, with more varied work. Now, the management has managed to convert a regional civil contractor into a specialised EPC provider with several service verticals: telecom, sewerage and gas pipelines.

Operations & Product Range

Annu Projects works across four verticals and telecom plus sewerage infrastructure together bring in more than 90% of the revenue.

Telecom Infrastructure: Handles surveys, designs and sets up cabling, tower infrastructure and OFC networks, with over 26,200 km laid and 62,800 km currently under O&M, for customers like BSNL, BBNL, A2Z Infra and G R Infraprojects.

Sewerage Infrastructure: Handles pipe laying, manholes, STPs, pumping stations and drainage systems under World Bank, ADB and government programmes (Namami Gange, Swachh Bharat) for state urban infrastructure corporations, sort of the backbone work.

Gas Pipeline: Lays 20–125 mm MDPE pipelines, around 537 km completed, plus GI house connections (38,300 in number) for domestic and commercial gas supply to clients like IGL, Gujarat Gas and GAIL across many states.

Railway Signalling: A newer vertical really focused on railway signalling infrastructure, mapped to India’s railway modernisation push.

Facilities & Capacity

Annu Projects owns and runs a fleet of more than 558 machinery and equipment units, like horizontal directional drilling HDD machines, excavators, splicing machines, DigiTrack machines, OTDR machines and HDPE pipe welding machines. This equipment base helps the company to pull off technically complex work while still keeping a close watch on execution standards plus delivery schedules.

Ever since incorporation, the company has carried out projects across 8 states and 1 union territory. By June 30, 2026, Annu Projects had 23 ongoing projects with a total value of around ₹1,959.35 crore; these include 4 telecom infrastructure projects, 14 sewerage projects, 4 gas pipeline projects and 1 railway signalling project. Out of these, 20 projects (almost 87%) are tied to government clients and only 3 are with private customers.

Brands & Market Presence

Annu Projects is a B2B infrastructure contractor and its presence in the market is seen more through how it executes projects, handles customer ties and shows technical know-how rather than through any consumer brand visibility. As of June 30, 2026, the firm had finished 362 projects across its main business segments, covering government departments, public sector organisations and private infrastructure companies. One major change is a ₹918.55 crore work order, including GST, from GR Infraprojects under BharatNet Phase III and it backs up its push into India’s digital infrastructure space.

Revenue Streams & Business Model

Annu Projects earns revenue principally by doing EPC and infrastructure contracts. So revenue is tied to fresh order inflow, project execution, milestone completion and customer payments.

For FY2026, the revenue from operations was split across four reported business categories, like the following:

• • Sewerage infrastructure: ₹127.08 crore, or 52.67%
• • Telecom infrastructure: ₹100.12 crore, or 41.50%
• • Gas pipeline: ₹9.72 crore, or 4.03%
• • Others: ₹4.34 crore, or 1.80%

The business still looks working capital intensive, with trade receivable days going up to 237 in FY2026 from 163 in FY2025.

Financial Performance

Financially, in FY26, Annu Projects managed revenue of ₹241.25 crore, whereas in FY25 it was ₹180.66 crore. The operating performance looked positive because EBITDA moved up from ₹32.19 crore to ₹50.19 crore. Also, the profit after tax, or PAT, went from ₹21.10 crore in FY25 to ₹33.03 crore in FY26. On the bigger picture side, the company broadened its balance sheet; total assets increased from ₹233.37 crore to ₹341.82 crore and net worth also climbed from ₹122.06 crore to ₹155.26 crore. Reserves and surplus landed at ₹107.45 crore.

Management & Shareholding

Annu Projects Ltd. is run by its promoters, Sanjay Kumar Sarraf and Krishna Ranjan, you know. Before the IPO, the promoters collectively had 89.11% of the pre-issue equity share capital. After the IPO, their stake will be at 65.05%, while the public holding will move from 10.89% up to 34.95%, because the equity base is growing from 4.78 crore to 6.55 crore shares. Since this offering is basically a pure fresh issue, with no offer for sale (OFS), there is nothing like an exit or dilution for the existing shareholders.

Board & Key Management

The leadership of Annu Projects Ltd. is handled by a crew of experts with many years of experience. Sanjay Kumar Sarraf is the Chairman & Managing Director and he gives strategic direction to the firm along with the Whole-Time Directors Krishna Ranjan and Rajan. For the governance part, the board also brings in independent directors like Nalini Shastri Vanjani, Fareed Ahmed and Radhakrishnan Nagarajan for honest oversight and steady control. Also supporting them is the Company Secretary, Charumita Bhutani. Together, they use their know-how to guide the company, help it expand and keep things successful.