ANUP
The Anup Engineering share price & financials
- Price
- ₹2,246
- Market cap
- ₹3.5k Cr
- Sector
- Capital Goods
- Calls analysed
- 8
The Anup Engineering Limited Q1 FY27
What went well
- Order book reached a historic high of INR 985 crores as of August 6, 2026, reflecting strong demand.
- New orders booked in FY27 (April to date) totaled INR 538 crores, including INR 240 crores already for Q1 FY28, marking the best-ever start for order booking.
- Robust inquiry pipeline of INR 1,100 crores indicates strong future opportunities.
What to watch
- Q1 FY27 revenue of INR 125 crores and EBITDA of INR 9.2 crores (7.36% margin) were below annual plan due to delayed order intake and supply chain issues.
- Fixed price contracts expose the company to raw material price volatility, though management states full-year guidance accounts for this.
What The Anup Engineering Limited does
The Anup Engineering Limited designs and fabricates custom-engineered static and rotary process equipment — heat exchangers, pressure vessels, reactors, columns/towers, industrial centrifuges and silos — used inside hydrocarbon-processing and industrial-gas plants. It earns revenue by manufacturing this equipment to customer specification for oil & gas, petrochemical, fertilizer, hydrogen, refinery and LNG plants, and has recently begun supplying nuclear and thermal-power customers, with output split roughly evenly between domestic and export markets. Manufacturing is carried out at plants in Ahmedabad and Kheda (Gujarat) and, through its wholly owned subsidiary Mabel Engineering, in Chennai, supported by a dedicated engineering design office in Vadodara. The company also licenses specialised heat-exchanger and reactor technologies from European technology partners and has started a technical-services and equipment-skid-package business alongside its core fabrication work.
- Manufacturing plants
- 3 — Ahmedabad and Kheda (Gujarat), plus Chennai via wholly owned subsidiary Mabel Engineering
- Kheda plant installed capacity
- ~20,000 MT/year after Phase-2 commissioning (Jan 2026)
- Product range
- Heat exchangers, pressure vessels & drums, reactors & separators, columns & towers, industrial centrifuges, silos, piping spools & custom fabrication
- Industries served
- 10 — Oil & Gas, Fertilizer, Specialty Chemicals, Water/Wastewater, Refinery, LNG, Hydrogen, Petrochemicals, Nuclear Power
- Largest single-piece equipment handled
- Up to 1,000 MT weight, 8.5 m diameter, 100 m production length (Kheda plant)
- Ahmedabad plant shop area
- 45,000 sq.m total (23,000 sq.m covered under-the-hook, incl. ISO 8 clean room for exotic-material fabrication)
Guidance record · Q1 FY27
what the last two calls moved 22 tracked 4 delivered 8 missed 10 open- FY26 Revenue Growth delivered said Q3 FY25 Promised: 25% to 30% Q1 FY27: Promise concluded in FY26 and was achieved.
- FY26 EBITDA Margin missed said Q3 FY25 Promised: over 20% Q1 FY27: Promise concluded in FY26 and was missed.
- Long-term Revenue CAGR revised down said Q2 FY25 Promised: 25-30% Q1 FY27: Management provided FY27 revenue growth guidance of 5-10%, a significant step down from the long-term CAGR target.
All 22 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue down 30.4%, net profit down 95.7% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 188 | 171 | 205 | 169 | 233 +24% | 193 +13% | 195 −5% | 118 −30% |
| EBITDA | 43 | 40 | 46 | 39 | 51 +19% | 43 +5% | 36 −22% | 9 −76% |
| Net profit | 32 | 31 | 29 | 26 | 32 −1% | 25 −21% | 25 −13% | 1 −96% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −27.4% 1Y
1Y: ₹2,292.5 on 10 Sept 2025 → ₹1,664.3. High ₹2,536.7 (19 Sept 2025), low ₹1,449.6 (9 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −10.0%
- 6 Aug
- Q4 FY26
- −5.5%
- 28 May
- Q3 FY26
- −6.5%
- 4 Feb
- Q2 FY26
- +3.7%
- 10 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 24.3% a year over 3 years, FY23 to FY26. Operating margin widened to 21.4%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹411 Cr | ₹550 Cr | ₹708 Cr | ₹789 Cr |
| Operating profit | ₹82 Cr | ₹127 Cr | ₹162 Cr | ₹169 Cr |
| Operating margin | 20.0% | 23.0% | 22.9% | 21.4% |
| Interest | ₹1 Cr | ₹2 Cr | ₹3 Cr | ₹8 Cr |
| Depreciation | ₹13 Cr | ₹17 Cr | ₹23 Cr | ₹27 Cr |
| Net profit | ₹51 Cr | ₹103 Cr | ₹117 Cr | ₹108 Cr |
| Net margin | 12.4% | 18.8% | 16.5% | 13.6% |
| Cash from operations | ₹30 Cr | — | ₹-8 Cr | ₹12 Cr |
| Free cash flow | ₹-45 Cr | — | ₹-51 Cr | ₹-40 Cr |
| ROCE | 17.0% | 23.0% | 24.0% | 21.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹10 Cr | ₹10 Cr | ₹10 Cr | ₹10 Cr | ₹20 Cr | ₹20 Cr |
| Reserves | ₹328 Cr | ₹385 Cr | ₹428 Cr | ₹518 Cr | ₹616 Cr | ₹667 Cr |
| Borrowings | ₹0 Cr | ₹0 Cr | ₹34 Cr | ₹20 Cr | ₹158 Cr | ₹100 Cr |
| Other liabilities | ₹94 Cr | ₹130 Cr | ₹171 Cr | ₹260 Cr | ₹203 Cr | ₹160 Cr |
| Total liabilities | ₹431 Cr | ₹525 Cr | ₹643 Cr | ₹808 Cr | ₹997 Cr | ₹947 Cr |
| Fixed assets | ₹212 Cr | ₹203 Cr | ₹217 Cr | ₹313 Cr | ₹387 Cr | ₹377 Cr |
| Capital work in progress | ₹2 Cr | ₹13 Cr | ₹87 Cr | ₹16 Cr | ₹15 Cr | ₹2 Cr |
| Investments | ₹0 Cr | ₹20 Cr | ₹0 Cr | ₹104 Cr | ₹0 Cr | ₹33 Cr |
| Other assets | ₹218 Cr | ₹289 Cr | ₹338 Cr | ₹376 Cr | ₹595 Cr | ₹536 Cr |
| Total assets | ₹431 Cr | ₹525 Cr | ₹643 Cr | ₹808 Cr | ₹997 Cr | ₹947 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs trimmed −1.84 pp while DIIs added +1.31 pp.
- Promoters
- 40.9%
- FIIs
- 2.9%
- DIIs
- 16.5%
- Public
- 39.7%
Since Jun 2025
- FIIs −1.84 pp
- DIIs +1.31 pp
- Public +0.58 pp
How it drifted, 12 quarters
Over this window DIIs went from 11.4% to 16.5% — +5.1 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 42.9%, FIIs 1.1%, DIIs 11.4%, Public 44.5%.Dec '23: Promoters 42.9%, FIIs 0.8%, DIIs 11.1%, Public 45.3%.Mar '24: Promoters 42.7%, FIIs 0.9%, DIIs 10.7%, Public 45.7%.Jun '24: Promoters 41.2%, FIIs 1.2%, DIIs 11.1%, Public 46.5%.Sep '24: Promoters 41.0%, FIIs 1.6%, DIIs 13.4%, Public 44.0%.Dec '24: Promoters 41.0%, FIIs 3.5%, DIIs 14.5%, Public 41.0%.Mar '25: Promoters 41.0%, FIIs 4.6%, DIIs 15.1%, Public 39.4%.Jun '25: Promoters 41.0%, FIIs 4.7%, DIIs 15.2%, Public 39.1%.Sep '25: Promoters 41.0%, FIIs 4.0%, DIIs 15.7%, Public 39.3%.Dec '25: Promoters 40.9%, FIIs 4.0%, DIIs 16.1%, Public 38.9%.Mar '26: Promoters 40.9%, FIIs 3.2%, DIIs 16.4%, Public 39.5%.Jun '26: Promoters 40.9%, FIIs 2.9%, DIIs 16.5%, Public 39.7%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- HDFC Mutual Funds Mutual fund newly disclosed 9.47% held
The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of The Anup Engineering Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Aura Securities Private Limited | 35.46% | unchanged |
| HDFC Mutual Funds Mutual fund | 9.47% | newly disclosed |
| Abakkus Emerging Opportunities Fund-1 AIF | 3.57% | unchanged |
| Bhupendra M Shah | 2.34% | unchanged |
| The New India Assurance Company Limited Insurer | 2.05% | unchanged |
| Chetan Jayantilal Shah | 2.00% | unchanged |
| Aura Business Ventures LLP | 1.83% | unchanged |
| Gokul Mrugesh Jaykrishna | 1.72% | unchanged |
| Atul Limited | 1.53% | unchanged |
| Aagam Holdings Private Limited | 0.98% | unchanged |
| Arvind Farms Pvt Ltd | 0.55% | unchanged |
| Snehal Mohta | 0.07% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in ANUP
Filings to Jul 2026
0 new, 0 added, 1 trimmed, 0 sold out — net −0.04 L shares (−0.2%).
- Held by funds
- ₹411 Cr
- 5 schemes
- Biggest holder
- HDFC Small Cap Fund
- ₹321 Cr · 0.8% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Small Cap Fund HDFC Mutual Fund | ₹321 Cr | held | Aug '24 |
| HDFC Retirement Savings Fund - Equity Plan HDFC Mutual Fund | ₹35 Cr | −0.04 L | Dec '22 |
| HDFC Children's Fund HDFC Mutual Fund | ₹33 Cr | held | Aug '25 |
| HDFC Infrastructure Fund HDFC Mutual Fund | ₹15 Cr | held | Jun '24 |
| HDFC Retirement Savings Fund - Hybrid-Equity Plan HDFC Mutual Fund | ₹7 Cr | held | Dec '22 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Jul 2026
0 added, 1 trimmed — net −3,765 shares (−0.2%)
- Funds are sitting on
- -3%
- vs est. average cost
- Held by funds
- ₹411 Cr
- 5 schemes · ≈ 12% of the company
- Biggest holder
- HDFC Small Cap Fund
- ₹321 Cr · 0.8% of that fund
- Longest holder
- HDFC Retirement Savings Fund - Equity Plan
- 3y 8m · since Dec '22
Shares held by these funds +152%
Aug '23 18.92 L shares Jul '26
What the price assumes
FairTo justify its price of ₹1664, this stock must grow earnings at 25% every year for 7 years. Our analysis caps realistic growth at ~27%. At that growth it is worth ₹1779 — upside of 7%.
- Growth the price implies
- 25.4% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 27.6% a year
- net profit, FY23–FY26 · EPS 26.8%
- The gap
- -0.0 pp
- 7% downside if it only repeats history
All earnings calls (8)
Read the Q1 FY27 call →Learn to analyse The Anup Engineering Limited
Guides on how to read this kind of business and the numbers that matter.