Institutional Alpha Dossier
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MAINBOARD
SYNCING
GMP: ₹-
Est. Listing: Calculating...
01
Bidding Opens
-
Issue Open
02
Bidding Closes
-
Closing Date
03
Basis of Allotment
-
Registrar Finalization
04
Exchange Listing
-
Secondary Debut
Issue Price Valuation
₹-
Upper Cap Price
Price Band Cap:
Book Built / Fixed
Lot Size & Retail Matrix
- Shares
Minimum Market Lot
Min Capital:
₹-
Application Size:
-
Quant Grade & Moat Score
Proprietary Multi-Factor Moat Model
Synthesizing institutional thesis...
💼 MINIMUM INVESTMENT
Capital Matrix
Retail (Min Lot)
Up to ₹2 Lakhs Category
₹14949
HNI (Min Lot)
sNII / High Net-Worth Tier
₹209286
HNI Capital Multiple:
Institutional Lot Sizing
🍩 RESERVATION QUOTA (%)
Issue Allocation
100%
Total Issue
Anchor
0%
Market Maker
0%
QIB
10%
NII / HNI
40%
Retail
50%
Institutional Corporate Dossier
Annu Projects
COMPANY PROFILE & DNA
Incorporation / Founded
19-06-03
Active Vintage
Corporate Headquarters
New Delhi, Delhi
Registered Hub
👔 Leadership & Promoter Group
Key Management
Sanjay Kumar Sarraf, Krishna Ranjan
⚙️ Business Overview & Portfolio
Core Offerings
Design, development, implementation, operations, and maintenance of utilities infrastructure across telecom, sewerage, and gas pipeline sectors.
🎯 Target Market & End-Use
Revenue Drivers
Optical fibre cables, cement, TMT steel, and pipes used for telecom and sewerage utility infrastructure.
🛡️
★ Unique Selling Proposition (Core Economic Moat)
Established expertise in engineering, procurement, and commissioning projects focusing on underground and overhead utilities.
Objects of the Issue (Use of Proceeds & Allocation)
🎯 Objective 01
Funding capital expenditure requirements of our Company for purchase of machinery or equipment
₹15.41
Allocation
🎯 Objective 02
Funding working capital requirements of our Company
₹115.00
Allocation
🎯 Objective 03
General corporate purposes
Balance
Allocation
🎯 Objective 04
Not Mentioned
Not Mentioned
Allocation
Financial Performance & Multi-Year Trajectory
All Figures in ₹ Crores
Latest Total Income📊
₹-
Top-Line
EBITDA Margin⚡
-%
Operating
Net Profit (PAT) Margin📈
-%
Bottom-Line
Debt / Net Worth🛡️
-x
Leverage
📊 Income, EBITDA & Profit Growth Trajectory
Income
EBITDA
PAT Trend
🏛️ Balance Sheet: Net Worth vs Debt
Net Worth
Borrowing
| Particulars | Not Applicable | FY26 | FY25 | FY24 |
|---|---|---|---|---|
| Total Income | 241.25 | 241.25 | 180.07 | 153.98 |
| EBITDA | 50.44 | 50.44 | 32.00 | 27.97 |
| Profit After Tax (PAT) | 33.03 | 33.03 | 21.10 | 17.39 |
| Net Worth | 155.26 | 155.26 | 122.06 | 68.93 |
| Total Borrowing | 52.54 | 52.54 | 22.27 | 19.69 |
Growth Engine & Compounding Velocity (KPIs)
Multi-Year Trajectory
241.25
₹ Cr
YoY Growth
33.98%
3-Year CAGR
25.17%
50.19
₹ Cr
YoY Growth
55.92%
3-Year CAGR
32.70%
33.03
₹ Cr
YoY Growth
56.50%
3-Year CAGR
37.82%
Capital Efficiency & Return Ratios (ROE vs ROCE)
Capital Allocation Audit
◈ ROE (Return on Equity)
Calculating...
-%
Current ROE
◈ ROCE (Capital Employed)
Calculating...
-%
Current ROCE
| MetricMetric | Current (%)Curr% | Last Year (%)Last% | 3-Yr Avg (%)3Y Avg | Trend StatusTrend |
|---|---|---|---|---|
| ROE (Return on Equity)ROE | 21.27% | 17.29% | 21.26% | Good |
| ROCE (Capital Employed)ROCE | 22.66% | 20.59% | 24.40% | Good |
Forensic Analysis & Reality Check
Earnings Quality & Dilution Audit
-0.0049
CFO / EBITDA
Cash Flow Conversion Efficiency
Checking...
Analyzing operating cash flow conversion...
| Parameter | Pre-IPO | Post-IPO | View |
|---|---|---|---|
| Debt / Equity | 0.34 | 0.16 | Low |
| EPS (₹) | ₹5.04 | ₹5.04 | Accretive |
| ROE (%) | 21.27% | 10.00% | Bad |
| ROCE (%) | 22.66% | 12.30% | Bad |
| P/E (Valuation) | 19.63 | 19.63 | Reasonable |
⏳ Debtor Days Trend (Receivables Cycle)
Analyzing...
FY24
FY25
FY26
Lower receivable days indicate faster cash collection from clients.
⚠️ Contingent Liabilities
Off-Balance Sheet
₹100.87 Cr
*Potential hidden obligations & legal/tax claims
Peer Comparison Analysis & Competitive Matrix
Industry Benchmarking
| Company NameComp | Revenue (Cr)Rev | P/E RatioP/E | ROCE (%)ROCE | ROE (%)ROE | OPM (%)OPM |
|---|---|---|---|---|---|
| Annu Projects Limited IPO CANDIDATE | 241.25 | 19.63 (Ask) | 22.66% | 10.00% (Post Issue) | 19.52% |
| Likhitha Infrastructure Limited | ₹456.73 Cr | 23.17 | 12.03% | 9.37% | 12.40% |
| Bondada Engineering Limited | ₹2842.81 Cr | 16.6 | 31.47% | 28.82% | 11.49% |
| EMS Limited | ₹732.75 Cr | 24.65 | 10.74% | 8.62% | 19.16% |
| Suyog Telematics Limited | ₹221.85 Cr | 16.11 | 16.27% | 12.88% | 73.99% |
| Not Applicable | 0 | 0 | 0 | 0 | 0 |
▲ Positive Catalysts (Strengths + Opportunities):
8 Factors
▼ Risk Vectors (Weaknesses + Threats):
8 Factors
Strengths
Internal Competitive Moat
- Established expertise in engineering, procurement and commissioning projects focus on underground and overhead utilities
- Project management with integrated execution capabilities
- Robust Order Book of ₹ 938.65 Cr providing future revenue visibility
- Experienced promoters and leadership team with deep industry knowledge
Weaknesses
Internal Operational Constraints
- High geographic concentration with majority of revenue from telecom and sewerage sectors in specific states
- Significant working capital requirements which can impact cash flow
- Inability to secure new projects if technical or financial eligibility criteria are not met
- Dependence on government customers which could have delayed payments
Opportunities
External Growth Tailwinds
- Expansion of Indian telecom network with BharatNet Phase III rollout
- Government push for sewerage treatment and gas pipeline infrastructure under Namami Gange and city gas networks
- Entry into railway signalling and communication projects leveraging existing optical fibre laying expertise
- Rising infrastructure investments across municipal and smart city initiatives
Threats & Risks
External Macro & Sector Headwinds
- Intense competition from other EPC players leading to lower margins in bidding
- Fluctuations in material costs such as steel, cement, and pipes impacting project profitability
- Delays in project execution due to weather, land acquisition, or regulatory clearances leading to penalty clauses
- Changes in government policies and budget allocations for telecom and urban utility infrastructure
Top 10 Anchor Investors & Smart-Money Allocation
INSTITUTIONAL BOOK
Top 10 Anchor Commitment
₹- Cr
Smart-Money Quality Score
- / 5.0 ★
Marquee Conviction
SEBI Anchor Lock-In Schedule
30D (50%) • 90D (50%)
Mandatory Lock-In
Anchor Book Allocation Pending Exchange Filing
Institutional anchor investor bidding & allocation disclosures are officially filed with NSE/BSE 1 working day prior to the IPO opening date.
| Rank | Marquee Anchor Institution | Smart-Money Grade | Amount Invested | Anchor Share (%) |
|---|
72
Consistent ROE and ROCE above 15% provides a solid baseline, but the company suffers from a highly fragmented EPC sector, severe client concentration with the top five clients contributing 84.33% of FY26 revenue, and extreme working capital intensity with debtor days rising to 237 days.
0
0
QIB Quota
Qualified Institutional Buyers
Smart Money
-x
Institutional Book
Inst. Conviction:
Evaluating
NII / HNI Quota
sNII (₹2L-10L) & bNII (₹10L+)
HNI Desk
-x
Non-Institutional
HNI Competition Ratio:
-
Retail (RII) Quota
Individual Investors (Up to ₹2L)
SEBI Lottery
-x
Retail Book
Retail Allotment Odds:
-