Company Overview

Annu Projects Limited is an integrated EPC player with over two decades of experience executing infrastructure projects across India's essential infrastructure sectors. The company has established pan-India presence across 10 states and 2 union territories.

Business Verticals and Clients

The company operates across four core business verticals:

  • Telecom Infrastructure: OFC laying, tower and cabling work, network O&M for BSNL, Bharat Broadband Network, A2Z Infra, G R Infraprojects
  • Sewerage Infrastructure: Sewer pipes, manholes, treatment plants, pumping stations for state agencies in MP, Bihar, Jharkhand, Goa; World Bank and ADB funded programmes
  • Gas Pipeline: MDPE pipe laying (20-125 mm) and GI house connections for GAIL (4 live projects), IGL, Gujarat Gas
  • Railway Signalling: OFC and quad-media works for railway signalling and communication networks for Eastern Railway, Howrah Division (government)

Order Book and Project Portfolio

As of September 30, 2026:

  • Total Order Book: ₹1,018.39 crore
  • Number of Ongoing Projects: 30 projects
  • Aggregate Contract Value: ₹1,987.90 crore
  • Customer Mix: Predominantly government customers (all gas and railway projects are with government customers)

Top Five Projects by Order Book Value:

1. BharatNet Kerala (Telecom Infrastructure): ₹741.17 crore - Design, supply, construction, installation, upgradation, operation and maintenance of middle-mile network

2. Sewerage Infrastructure Kerala: ₹68.70 crore - Design, construction, testing and commissioning of sewerage network

3. Telecom Infrastructure (WB, Odisha, Sikkim, Bihar, Jharkhand, A&N): ₹51.62 crore - Supply of maintenance rework of laying OFC and AMC work

4. Telecom Infrastructure (WB, Odisha, Sikkim, A&N): ₹33.25 crore - Trenching, installation, testing of optical fibre cable for defence network

5. Sewerage Infrastructure West Bengal: Construction of storm water drainage pumping station

Financial Performance - H1 FY27

Profit & Loss Statement (₹ in crore)

| Particulars | Q2 FY27 | Q1 FY27 | H1 FY27 |

| Revenue from operations | 15.74 | 19.91 | 35.65 |

| Other income | 0.80 | 0.46 | 1.27 |

| Total income | 16.54 | 20.37 | 36.91 |

| Cost of materials consumed | (6.62) | 2.03 | (4.59) |

| Construction Expense | 15.60 | 10.94 | 26.54 |

| Employee benefits expense | 1.41 | 1.49 | 2.90 |

| Other expenses | 2.40 | 1.39 | 3.79 |

| EBITDA* | 2.94 | 4.06 | 7.00 |

| EBITDA Margin (%) | 18.68% | 20.39% | 19.64% |

| Depreciation and amortisation | 1.06 | 0.99 | 2.05 |

| Finance Cost | 1.58 | 1.29 | 2.87 |

| Profit before tax | 1.11 | 2.24 | 3.35 |

| Tax | 0.10 | 0.97 | 1.07 |

| Profit After Tax | 1.01 | 1.27 | 2.29 |

| PAT Margin (%) | 6.41% | 6.38% | 6.39% |

| EPS | 0.19 | 0.27 | 0.45 |

*EBITDA calculated excluding Other Income

Revenue Mix by Segment (H1 FY27)

  • Telecom: 80.56%
  • Sewerage: 5.68%
  • Gas pipeline: 6.30%
  • Others: 7.46% (includes machine trading sales and railway signalling)

Balance Sheet Position (₹ in crore)

As at September 30, 2026 compared to March 31, 2026:

  • Total Assets: ₹442.31 crore (vs ₹341.82 crore)
  • Property, Plant & Equipment: ₹35.35 crore (vs ₹37.04 crore)
  • Inventories: ₹35.28 crore (vs ₹6.15 crore)
  • Trade Receivable: ₹142.11 crore (vs ₹156.77 crore)
  • Unbilled Revenue: ₹59.27 crore (vs ₹76.81 crore)
  • Cash and Cash Equivalents: ₹23.72 crore (vs ₹2.77 crore)
  • Other Bank Balance: ₹89.56 crore (vs ₹6.81 crore)
  • Equity Share Capital: ₹65.49 crore (vs ₹47.81 crore)
  • Other Equity: ₹247.46 crore (vs ₹107.45 crore)
  • Total Equity: ₹312.95 crore (vs ₹155.26 crore)
  • Borrowings (Non-current): ₹16.75 crore (vs ₹13.74 crore)
  • Borrowings (Current): ₹15.38 crore (vs ₹38.80 crore)

Management Commentary

Sanjay Kumar Sarraf, Promoter Chairman & Managing Director, stated that H1 FY27 has been a significant and transformative period marked by strong revenue growth, portfolio expansion, and successful listing on BSE and NSE. The listing in September 2026 provides access to capital to strengthen execution capabilities, invest in machinery, and meet working capital requirements.

Business is traditionally weighted towards the second half, with larger share of project execution and revenue realization typically occurring during this period. With several projects progressing towards execution, management expects business momentum to strengthen in Q3 and be particularly strong in Q4 FY27.

Growth Strategy and Way Ahead

The company outlined five strategic priorities:

1. Deliver current projects on time and within budget, led by BharatNet Kerala

2. Accelerate billing and collections to prioritize timely milestone billing and faster receivable recovery

3. Deepen presence in existing states by winning work in other verticals building on existing relationships

4. Enter new states to reduce reliance on few regions and clients

5. Step into new growth sectors including EPC for renewables & solar, and railway signalling

The company is exploring adjacent growth opportunities, including a recent MoU with GEIE for a ₹44.3 crore JVVNL rooftop solar project in the renewable energy segment.

Historical Context

The company has completed projects over the last 21 fiscal years (as of September 30, 2026) across all business verticals.