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.
ANUP / Q3-FY26 / risks
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The Anup Engineering · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
high
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.
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.
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.