The Anup Engineering Limited — Q3 FY26
Anup Engineering reported Q3 FY26 consolidated revenue of ₹206.9 crore, up 20.3% QoQ, and EBITDA of ₹44.1 crore, up 13% QoQ.
neutral
medium
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
88%Questions answered0Evaded / deflected12Questions audited
Partial answer
High priority
Impact of US tariff clarity on business outlook
Asked by Chaitan Mura, Abascus Asset Managers
Management gave qualitative optimism but no specific revenue or order booking numbers.
no specific timelineno quantified impact
Read the exchange
Question
how do we see the situation for us because US for us last year was close to 15 to 16% of the overall revenue and 30% of the exports and this year it has been minimal enough
Management (likely Ajay or Rajendra)
with this trade deal in place, I think there is far more certainty... we surely hope and are confident that discussions will reignite now for all the projects that were basically stalled
Partial answer
High priority
Order book decline and execution visibility
Asked by Chaitan Mura, Abascus Asset Managers
Management gave a range but deferred exact growth guidance to next quarter.
no exact growth numberdeferred to Q4
Read the exchange
Question
the order book has gone down to 550 crores which was 740 crores last year... how do we plan to end the year and does it mean that the next year growth is getting challenged?
Management
we expect it to close at the current rate close to about 600 crores... growth will surely be there.
Answered
Medium priority
Demand environment in overseas and domestic markets
Asked by Chaitan Mura, Abascus Asset Managers
Management provided clear sectoral breakdown of demand drivers.
Read the exchange
Question
what about the demand environment both in the overseas market and the domestic market as of now?
Management
domestic has picked up... exports is largely the gas based and domestic it is pet cam and thermal power to some extent
Answered
High priority
Business mix from technical services, MRO, and high volume products
Asked by Samir Takur, AMBET
Management gave specific revenue targets for each vertical.
Read the exchange
Question
if you can just touch upon the high volume products and MRO and how is that shaping up and if you think about the business mix from these three
Management
technical services... forecast to reach about 200 cr turnover in the next 3 years... high volume about 200 to 300 crores... conventional business close to about 1,000 crores
Answered
Medium priority
Strike rate on inquiry pipeline of 1100 crores
Asked by Samir Takur, AMBET
Management provided a clear target range for strike rate.
Read the exchange
Question
the pipeline which you talked about the 1100 pipeline so you said the structure should be higher any number on that
Management
our track historically has been anywhere between 15 to 20%... it should be anywhere in the region of 20 to 25%
Answered
Medium priority
Target segments in nuclear and opportunity size
Asked by Chira, SKP Securities
Management specified product focus and gave indicative order value.
Read the exchange
Question
which segment we are targeting in the nuclear segment that we have for into
Management
our target is basically on the heat exchanger side and the columns and vessel side... a steam generator... one set is in the range of 100 to 500 crores
Answered
High priority
Details on thermal power and precision engineered components diversification
Asked by mosana, monach network
Management gave specific order sizes and future potential.
Read the exchange
Question
can you also elaborate on the other two product diversification program... entry into thermal power as well as into precision engineered components
Management
thermal power... order in the range of 20 to 30 cr... next category high pressure heat exchangers maybe three to four times value... precision components... could be a long time horizon of two to three years
Answered
Medium priority
Outlook for net interest cost in Q4 and steady state
Asked by Rahel, Sappire Capital
Management provided a specific percentage range for interest cost.
Read the exchange
Question
For this net interest cost which was high in quarter 3. Now what is the outlook for quarter 4? What is the steady state interest cost one can factor in?
Management
for quarter 4 we would be able to maintain it at this level... around 1 to 1.1%
Partial answer
High priority
Risk to FY27 guidance given lower opening order book
Asked by Ganesh Ram, Unifi Capital
Management described strategies but did not commit to a specific growth number.
no specific FY27 guidance reaffirmeddeferred to next call
Read the exchange
Question
is there any risk to this FY27 guidance or are there other moving parts that's going to help you compensate
Management
we have put a few blocks in place... high volume low cycle time equipments... services business... these blocks are going to help us
Answered
Medium priority
Working capital targets and receivable days
Asked by Sonel, precision capital
Management gave specific working capital turnover and days target.
Read the exchange
Question
what are the cutoff levels in terms of your receivable days in terms of how you look at working capital from a project by project perspective
Management
we expect the work average working capitals to be about three turns... roughly about 120 days kind of a working capital
Answered
Medium priority
Impact of commodity price movements and pass-through mechanism
Asked by Ganesh Ram, Unifi Capital
Management explained their hedging and procurement strategy clearly.
Read the exchange
Question
we seen the commodity basket moves quite sharp here the last two quarters. Are you seeing any impact of it and how do you generally pass on these RM costs?
Management
it is all built in into the cost estimation... we have a crafting model... we lock in the prices much earlier... we generally try to go back to back with our vendors
Answered
Medium priority
Reason for lower Q3 revenue and profitability
Asked by sake Kapoor, Kapoor and Go
Management attributed lower revenue to seasonal factors and confirmed it was on plan.
Read the exchange
Question
what explains firstly the lower turnover and hence the lower profitability Q1 Q the September quarter consolidated revenue at 232 K and our December quarter revenue at 207 K
Management
quarter 3 is always a weaker quarter for us from the perspective of number of days because there are lot of festivals... we were exactly on plan