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Revenue
₹206.92 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹44.1 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Anup Engineering reported Q3 FY26 consolidated revenue of ₹206.9 crore, up 20.3% QoQ, and EBITDA of ₹44.1 crore, up 13% QoQ. The 9-month revenue reached ₹614.4 crore, growing 20.2% YoY, with EBITDA of ₹135.9 crore (+17.5% YoY). PAT for 9M was ₹85.3 crore, up 2.3% YoY. Revenue growth was driven by strong domestic order intake, particularly in petrochemicals and thermal power, while exports remained subdued due to US trade uncertainty. The order book stood at ₹550 crore, with a firm inquiry pipeline of ₹1,100 crore. Management maintained FY26 guidance of 15-20% revenue growth and 22% EBITDA margin, with exports over 50%. New entries into nuclear, thermal power, and precision components provide diversification. Risk: lower order book may challenge FY27 growth if order conversion does not accelerate.
Colored figures show movement against the previous available record.
Guidance to track
- Management maintained guidance of 15-20% revenue growth for FY26, with EBITDA margin around 22% and exports over 50%.
- EBITDA margin expected to be in the range of 22% for the full year, with long-term endeavor to maintain above 20%.
- The technical services vertical is forecasted to reach ₹200-300 crore turnover in the next 2-3 years with ~40% margins.
- Management expects the order book to end the year at approximately ₹600 crore, implying Q4 order inflow of ~₹250 crore.
Risks flagged
- 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.
- 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.
- Despite the US-India trade deal, geopolitical tensions and tariff uncertainties may continue to delay finalization of export orders, impacting order book growth.
- Increased share of high-volume, lower-margin products (15-18% margin) could drag overall EBITDA margins below the 22% target.
Key quotes
- We continue to maintain our guidance for this year of revenue growth of 15 to 20% and EBITDA in the range of 22% with exports of over 50%.
- We have made an entry into the long awaited nuclear business with a successful order for NPC Kaiga project from a renowned EPC company. Order value is in the range of 20 to 30 crores.
- Our forecast for this business internally is to reach about 200 cr turnover in the next 3 years.
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