Anup Engineering
Stock Snapshot
Price Performance
Vista Outlook
View Technicals Analysis →Basis of our Recommendation
Anup Engineering's management has adopted a cautious yet optimistic stance, emphasizing strategic capacity expansions and diversification into high-margin sectors such as nuclear and clean energy. The completion of the Kheda Phase 2 expansion is expected to significantly enhance revenue potential, with a target of INR 1,200 crores annually. Despite facing macroeconomic challenges, including volatile input costs and geopolitical uncertainties, the company has a robust order book of INR 769 crores and a strong inquiry pipeline of INR 1,200 crores, providing solid revenue visibility. Vista's financial outlook reflects an expectation of accelerating revenue growth, although margins may remain under pressure due to the need for disciplined order selection to protect profitability. The improving pricing power within the industrial equipment sector, coupled with favorable macroeconomic conditions in India, supports Anup's growth trajectory. Over the next 12-24 months, key opportunities include the successful execution of high-margin projects and the expansion of the Technical Services vertical, while watchpoints include input cost volatility and geopolitical risks that could impact operational stability
Why We Like This Stock
- Completion of Kheda Phase 2 expansion significantly boosts revenue potential to INR 1,200 crores annually
- Strong order book of INR 769 crores and a robust inquiry pipeline of INR 1,200 crores provide solid revenue visibility
- Diversification into high-margin sectors such as nuclear and clean energy enhances long-term growth prospects
Things To Watch Out For
- Volatile input costs and geopolitical uncertainties may pressure margins and operational stability
- The need for disciplined order selection could limit top-line growth in the short term
- Potential inability to pass on rising costs due to fixed-price contracts may impact profitability
Key Parameters
Financial Snapshot
| Actuals | Forecast | ||||
|---|---|---|---|---|---|
| FY24 | FY25 | FY26 | FY27 | FY28 | |
| Revenue (Cr.) | 550 | 708 | 789 | 579 | 671 |
| Profit Before Tax (Cr.) | 111 | 138 | 137 | 42 | 71 |
| PBT Margin | 20.2% | 19.4% | 1740.3% | 7.2% | 10.6% |
| Net Profit (Cr.) | 85 | 109 | 109 | 33 | 56 |
| Earnings Per Share | 42.5 | 54.3 | 54.4 | 16.5 | 28.0 |
Analyst Recommendations
| Broker | Recommendation | Target Price | Date |
|---|---|---|---|
| ICICI Securities | ► Hold | 2,065 | 29-May-2026 |
Company Overview
Show Company Profile
The Anup Engineering Limited, together with its subsidiaries, manufactures and fabricates process equipment for oil and gas, petrochemicals, LNG, fertilizers, chemicals, hydrogen, pharmaceuticals, power, water, paper and pulp, and aerospace industries in India. The company provides static process equipment, including heat exchangers, reactors, pressure vessels, columns and towers, and custom fabrication products; technology products, such as helix changers, EMBaffle heat exchangers, and polymerization reactors; and industrial centrifuges, as well as pre-fabrication engineering services for static process equipment. It also exports its products. The company was formerly known as Anveshan Heavy Engineering Limited and changed its name to The Anup Engineering Limited in January 2019. The Anup Engineering Limited was founded in 1962 and is based in Ahmedabad, India.