Mefcom Capital Markets Ltd.

Incorporated as a specialized Engineering, Procurement, and Construction (EPC) entity, Annu Projects Limited provides end-to-end engineering, procurement, construction, and Operations & Maintenance (O&M) services for essential overhead and underground utility networks. The company’s operational capability spans three core utility verticals alongside an emerging transport segment:

• Sewerage Infrastructure: Turnkey civil and environmental engineering services, including underground trunk line pipe laying, manhole construction, Sewage Treatment Plants (STPs), pumping stations, and specialized structural facilities.
• Telecom Infrastructure: End-to-end network deployment comprising route surveying, network design, optical fiber cabling, telecom tower erection, industrial automation, and electronic security installations. Key clients include public and private sector players such as Bharat Sanchar Nigam Limited (BSNL), Bharat Broadband Network Limited (BBNL), A2Z Infra Engineering Limited, and G R Infraprojects Limited.
• Gas Pipeline Distribution: Specialized execution of city gas distribution (CGD) networks, involving the laying of Medium Density Polyethylene (MDPE) mainlines (20mm to 125mm diameter) and last-mile Galvanized Iron (GI) domestic and commercial supply connections (over 38,300 connections executed). Key institutional clients include Indraprastha Gas Limited (IGL), Gujarat Gas Limited, and GAIL (India) Limited.

Order Book & Project Pipeline

As of June 30, 2026, Annu Projects Limited held a project pipeline comprising 23 ongoing projects with a cumulative unexecuted order book value of ₹19,593.48 million (~₹1,959.35 Crore).

Order Book Breakdown by Segment:

• Sewerage Infrastructure: 14 active projects
• Telecom Infrastructure: 4 active projects
• Gas Pipeline Distribution: 4 active projects
• Railway Signaling: 1 active project

For the year/period ended (Rs. in Cr.)

For year/ period ended ( in Cr.)

*Market cap @upper band

• Engineering, procurement and commissioning projects with special focus on underground and overhead utilities infrastructure
• Project management with integrated execution capabilities
• Strong order book
• Strong and consistent financial performance
• Experienced leadership and strong management team.

The Company IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:

• Funding capital expenditure requirements of Company for purchase of machinery or equipment (Rs 15.41 Cr)
• Funding working capital requirements of the Company (Rs 115 Cr)
• General Corporate Purposes.

At the upper band of IPO ₹ 99, the stock is valued at 14.33 P/E multiple. Hence, well-informed investors subscribe for medium to long term perspective.