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%.
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.
75%Questions answered2Evaded / deflected12Questions auditedContradictedNumbers vs filing
Evasive
High priority
Reasons for Q4 margin decline and FY27 revenue/margin expectations on 769 cr order book.
Asked by Sakit Kapoor, Kapoor and Industries
Management deferred guidance and did not explain Q4 margin decline specifically.
deferred guidanceno specific margin explanationwait for clarity
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Question
what led to the decline in margin uh for Q4 and uh what should we expect uh FY uh 2627 in terms of the revenue on an order book of uh 769 cr.
Management (unnamed)
So on the pending order book of roughly about 769 crores... I think it would be apt and prompt for us to to give couple of months uh to for the clarity to emerge... let's wait for the condition to settle before we come back with a clear profile in terms of revenue and margins.
Partial answer
High priority
Was Q4 margin decline only due to raw material costs on fixed price contracts?
Asked by Sakit Kapoor, Kapoor and Industries
Attributed to volume and product mix but did not quantify impact of each factor.
vague on cost impactblamed product mix
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Question
is it only on the RM part that has played the role because of execution of fixed price contract that we have done?
Management (unnamed)
So it it's both uh one is of course the volume you would have seen the revenues have dripped as compared uh so that's one on the volume side and second of course the the the uh it has the raw material cost has not impacted much... it was planned to be an AITA in that sense...
Answered
High priority
Why standalone profit fell from 40 cr to 27 cr on revenue dip from 205 cr to 195 cr?
Asked by Sakit Kapoor, Kapoor and Industries
Management directly attributed the profit decline to product mix.
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Question
when we look at our standalone numbers... the profitability has gone down from 40 crores to 27 cr. So... is it the order mix...?
Management (unnamed)
Yes sir. So it's purely on the automix. Uh as I said that's how uh the the execution was planned. So it's purely on the product mix.
Answered
High priority
Strategy and outlook for technical services business vertical.
Asked by Sakit Kapoor, Kapoor and Industries
Provided specific margin target, current revenue, and growth ambition.
Read the exchange
Question
what is our uh strategy or a thought process on on this segment and if some more color you would like to share on the same on the technical services arm.
Management (unnamed)
this is one business vertical which we are focusing on very very strongly... we can expect to the tune of 40% margins... we've executed close to about 10 poss now... close to about 4 and a half crores... the strategy is to grow this the vertical to about 200 crores in the next 3 years horizon.
Partial answer
Medium priority
How has raw material cost inflation affected current contracts and what are current RM prices?
Asked by Sakit Kapoor, Kapoor and Industries
Did not provide current RM prices or quantify inflation impact.
no specific RM price datageneral timing strategy
Read the exchange
Question
how have the cost inflation uh worked out currently for the for the for the contracts that we have taken and the current RM prices...
Management (unnamed)
our contracts are all fixed price contracts... for the orders which we have of the 700 uh 69 crores orders that we have part we had already ordered the the material... off late the orders that we've taken... we are timing the raw material...
Answered
High priority
What portion of the 769 cr order book has raw material already aligned?
Asked by Sakit Kapoor, Kapoor and Industries
Provided specific amount (200 cr) where material procurement is delayed.
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Question
what portion of the order book are uh have our RM being aligned in in percentage terms...
Management (unnamed)
close to about 200 crores out of this is where we are holding on uh buying the materials uh waiting for the right time uh for the raw material cost to cool down.
Declined
High priority
Can management provide a base revenue and margin guidance for FY27?
Asked by Asha, HTC Asset Management
Management explicitly declined to provide guidance, citing volatility.
deferred guidanceno commitment on margin
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Question
is there a base revenue guidance that uh or a range that we want to give out for FI27 and also in terms of the margin. So should we still build a 21% of a beta margin for F27?
Management (unnamed)
I would love to make that declaration here but... it's better that we wait for a couple of months... we will be in a better position to give you a more realistic guidance...
Answered
High priority
Are customers considering price variation clauses given global inflation?
Asked by Asha, HTC Asset Management
Clearly stated no price variation clause and gave example of walking away from a large order.
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Question
isn't the customer considering to some extent a price variation clause... what are the dialogues we are having with the customer in terms of uh the uh price variability today?
Management (unnamed)
No price variability clause in our contract. Historically, it has never been... we let go of the border um just two weeks back just because we couldn't... it was close to about 200 core kind of a business.
Answered
Medium priority
How should we interpret the 1200 cr order pipeline?
Asked by Asha, HTC Asset Management
Clearly explained pipeline as active inquiries expected to materialize in 2-3 months.
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Question
when you also talk about the 1200 crores of order pipeline so that is under active bidding or how should we understand that...
Management (unnamed)
No these are only active uh form inquiries from customers and which normally get materialized within two to three months... maximum these 1200 should get finalized.
Answered
Medium priority
Any breakthrough in air cooled heat exchangers product?
Asked by Asha, HTC Asset Management
Confirmed breakthrough with specific orders booked.
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Question
we had spoken about a new product called uh air cooled heat exchangers. So, uh is there any breakthrough in that any development...
Management (unnamed)
just this week that we backed our first order for air heaters and also uh one large order for aircooled heat exchangers uh for an export project.
Answered
High priority
Order intake number for Q4 and drivers of order growth.
Asked by Jandhi, Amit Capital
Provided specific order booking number and drivers.
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Question
could you give us the number that that we that the order we booked for this quarter and could you shed some light on what is driving those order growth?
Management (unnamed)
We booked close to about 200 to be specific about 190 crores uh in the last two months and it's a mix of both uh domestic and imports... thermal power projects... petrochemical side... Middle East...
Answered
Medium priority
Expected hit rate on the 1200 cr inquiry pipeline.
Asked by Jandhi, Amit Capital
Provided specific conversion rate expectation.
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Question
out of the current 1200 cr uh inquiry pipeline, what would be the expected hit rate for us going ahead?
Management (unnamed)
we expect uh the conversion rate of about 20%. That's what we normally like to keep uh the conversion rate of around 20%.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Technical services margins expected to be 40%. | 40% | 18% | Overstated vs filing |
| Technical services executed close to 4.5 crores value. | ₹4.5 cr | ₹208 cr | Understated vs filing |
| Normalized EBITDA margin of 21.2% over the year. | 21.2% | 18% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.