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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹207.86 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹174.2 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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.
Colored figures show movement against the previous available record.
Guidance to track
- Management aims to grow the technical services business to ₹200 crore revenue over the next three years, with ~40% EBITDA margins.
- 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.
- Management stated FY27 will focus on stabilizing, strengthening fundamentals, and risk protection, with emphasis on profits and healthy cash flow.
Risks flagged
- 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.
- Closure of sea routes and shipping challenges are causing delays in raw material arrivals and increasing logistics costs for outbound deliveries.
- Customers are unwilling to include price variation clauses, leaving Anup exposed to cost overruns. Management acknowledged this in response to an analyst question.
- Some site projects at Mabel took longer than expected due to technical changes, impacting revenue. Management expects this to be resolved in Q1 FY27.
Key quotes
- We have taken a conscious decision to book new orders with caution and book selectively the ones with risk protected and providing healthy margins.
- We let go of an order just two weeks back just because we couldn't... it would not give us margin whereas the customer offered and it was close to about 200 crore kind of a business.
- This year truly tested the resilience and fundamentals of all businesses.
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