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View Claim Ledger →The Anup Engineering Limited — Q4 FY26
Anup Engineering reported FY26 consolidated revenue of ₹822.3 crore and EBITDA of ₹174.2 crore, with an EBITDA margin of 21.2%.
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Anup Engineering reported FY26 consolidated revenue of ₹822.3 crore and EBITDA of ₹174.2 crore, with an EBITDA margin of 21.2%. The year was challenging due to elevated input costs, supply chain disruptions, and geopolitical uncertainties. Management highlighted a cautious approach to order booking, prioritizing margins over volume, and noted a pending order book of ₹769 crore as of the call date. The company is focusing on consolidation and risk protection in FY27, with a strong inquiry pipeline of ₹1,200 crore. Key developments include entry into nuclear, thermal power, skids, and air heaters. A key risk is the volatile raw material cost environment, which could pressure margins on fixed-price contracts. Management deflected giving specific revenue or margin guidance for FY27, citing uncertainty.
एनअप इंजीनियरिंग ने वित्त वर्ष 2026 में ₹822.3 करोड़ का राजस्व और ₹174.2 करोड़ का EBITDA (कमाई) दर्ज किया, जिसका मार्जिन 21.2% रहा। साल चुनौतीपूर्ण रहा क्योंकि कच्चे माल की लागत बढ़ी, आपूर्ति श्रृंखला बाधित हुई और भू-राजनीतिक अनिश्चितता रही। प्रबंधन ने कहा कि वे ऑर्डर लेते समय सावधानी बरत रहे हैं, मात्रा से ज्यादा मुनाफे को प्राथमिकता दे रहे हैं। कॉल की तारीख तक कंपनी के पास ₹769 करोड़ के बकाया ऑर्डर थे। अब वे वित्त वर्ष 2027 में मजबूती और जोखिम से बचाव पर ध्यान केंद्रित कर रहे हैं, और ₹1,200 करोड़ के मजबूत पूछताछ पाइपलाइन है। नए क्षेत्रों में परमाणु, थर्मल पावर, स्किड्स और एयर हीटर शामिल हैं। मुख्य जोखिम कच्चे माल की कीमतों में उतार-चढ़ाव है, जो फिक्स्ड-प्राइस कॉन्ट्रैक्ट पर मुनाफा कम कर सकता है। प्रबंधन ने वित्त वर्ष 2027 के लिए कोई विशेष राजस्व या मार्जिन अनुमान नहीं दिया।
Promises0 met · 3 missedRisks4 trackedTranscriptfull text
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0 delivered, 0 close, 3 missed.
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Risk Intelligence
Elevated raw material costs impacting margins
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Transcript
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Call Transcript
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Read Transcript →Quarter Snapshot
Order Book (as of call date)
₹769 crore
+40% vs FY26 order book
Pending order book as of May 2026, up from ₹550 crore sequentially.
Order Booking FY26
₹704 crore
Second highest historically
Total new orders booked in FY26, second only to FY24's ~₹800 crore.
Inquiry Pipeline
₹1,200 crore
Expected 20% conversion rate
Active inquiries expected to materialize in 2-3 months, with a typical 20% hit rate.
Export/Domestic Mix
50:50
Stable vs prior year
Revenue split between export and domestic markets remained at 50% each.
What Changed vs Last Quarter
NEW
Kada plant capacity expansion to 8,000 MT/year
Phase 2 expansion at Kada plant completed, increasing capacity to 8,000 metric tons per year, expected to generate ₹400-450 crore revenue depending on product mix.
NEW
Focus on profitability and cash flow in FY27
Management stated FY27 will focus on stabilizing, strengthening fundamentals, and risk protection, with emphasis on profits and healthy cash flow.
UPDATED
Technical services vertical target of ₹200 crore in 3 years
Management aims to grow the technical services business to ₹200 crore revenue over the next three years, with ~40% EBITDA margins.
DROPPED
FY26 revenue growth 15-20%
Management maintained guidance of 15-20% revenue growth for FY26, with EBITDA margin around 22% and exports over 50%.
DROPPED
EBITDA margin ~22% for FY26
EBITDA margin expected to be in the range of 22% for the full year, with long-term endeavor to maintain above 20%.
DROPPED
Order book to close FY26 at ~₹600 crore
Management expects the order book to end the year at approximately ₹600 crore, implying Q4 order inflow of ~₹250 crore.
NEW RISK
Elevated raw material costs impacting margins
High input costs, especially steel, are pressuring margins on fixed-price contracts. Management is delaying material procurement for ~₹200 crore of orders, hoping for cost normalization.
NEW RISK
Supply chain and shipping disruptions
Closure of sea routes and shipping challenges are causing delays in raw material arrivals and increasing logistics costs for outbound deliveries.
NEW RISK
Lack of price variation clauses in contracts
Customers are unwilling to include price variation clauses, leaving Anup exposed to cost overruns. Management acknowledged this in response to an analyst question.
NEW RISK
Execution delays due to prolonged site projects
Some site projects at Mabel took longer than expected due to technical changes, impacting revenue. Management expects this to be resolved in Q1 FY27.
RISK GONE
Lower order book may pressure FY27 growth
Order book at ₹550 crore is significantly lower than last year's ₹740 crore, which could challenge the ability to achieve 15-20% growth in FY27 without strong order conversion.
RISK GONE
Working capital remains elevated
Average working capital was ₹367 crore at 2.2 turns, higher than expected due to lower customer advances and long-cycle orders. Management expects improvement but it remains a risk.
RISK GONE
Geopolitical uncertainty could delay export orders
Despite the US-India trade deal, geopolitical tensions and tariff uncertainties may continue to delay finalization of export orders, impacting order book growth.
RISK GONE
Margin compression from product mix shift
Increased share of high-volume, lower-margin products (15-18% margin) could drag overall EBITDA margins below the 22% target.
Fast read
Guidance and risk preview
Management aims to grow the technical services business to ₹200 crore revenue over the next three years, with ~40% EBITDA margins.
High input costs, especially steel, are pressuring margins on fixed-price contracts.
View Risks →