The Anup Engineering Ltd(ANUP)

NSE: ANUPBSE: 542460

₹ 1,333.7-0.18%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 2,672 crWebsite: www.anupengg.comUpdated: 27 Oct 2026

About

The Anup Engineering Ltd is an Indian manufacturer of custom-engineered heat exchangers, pressure vessels, columns, reactors and related process equipment, serving refining, petrochemical, fertiliser, power and other industries. The company operates three manufacturing facilities across Gujarat and reported FY26 revenue of ₹822.3 Cr, its highest ever. It exports roughly half its output, with the Middle East, USA and Africa as its primary overseas markets.^[1][2]

Operations and capacity

Group installed capacity is ~20,000 MT/yr across three locations, with a combined revenue potential of ~₹1,200 Cr/annum following commissioning of Kheda Phase-2A in January 2026.^[1]
Rooftop solar at Kheda was commissioned in H1 FY26; combined with the Odhav rooftop solar and a windmill, a major portion of manufacturing power is now sourced from renewables.^[3]
Dubai office established in H1 FY26 as the company's first permanent Middle East sales presence, with a full-time regional head for the EME region.^[3]

Order book and inflows

Pending order book (including LOI) stood at ₹985 Cr as of 6 August 2026, the highest-ever level, of which ~₹240 Cr is earmarked for FY28.^[4]
Q1 FY27 order booking of ~₹315 Cr was the highest ever in a single quarter; YTD order intake (Apr - Aug 2026) reached ₹538 Cr.^[4]
Order inquiry pipeline stood at ~₹1,100 Cr as of 6 August 2026.^[4]
Pending order book mix as of 6 August 2026 was 61% domestic / 39% export; export book breakdown was ~₹270 Cr Middle East, ~₹60 Cr Africa, ~₹50 Cr USA.^[4]

Key operating numbers

FY26 export share of revenue was 48.2%; H1 FY26 export share was 56.7%; Q1 FY27 revenue mix was 49% domestic / 40% export / 11% DE-SEZ.^[1][3][4]
FY26 EBITDA margin was 21.2%; Q1 FY27 EBITDA margin fell to 7.6% (vs 23.0% in Q1 FY26) on planned lower execution due to a lean inherited order base.^[1][4]
As of the Q1 FY27 earnings call, cash balance was ~₹45 Cr against long-term debt of ~₹44 Cr, resulting in ~₹1 Cr net cash.^[4]

Products and end-markets

Core products are shell-and-tube heat exchangers, pressure vessels, columns and reactors for process industries (refining, petrochemicals, fertilisers). Air-cooled heat exchangers are a newer, higher-volume product line enabled by the Kheda open-bay capacity.^[4][5]
In Q1 FY27, the company booked >₹150 Cr of orders for thermal power plant critical heat exchangers, entering an elite group of manufacturers for this sector.^[4]
Two proprietary licence product orders were secured for export markets with reputed process licensors in Q1 FY27, consistent with a strategy to enter niche, higher-margin segments.^[4]
Execution of two large air-cooled heat exchangers for a marquee German customer commenced in Q1 FY27.^[4]

New segment entries

Nuclear energy: first order for NPCIL Kaiga project (₹20 - 30 Cr, columns/vessels) from a leading EPC, won in Q3 FY26.^[5]
Thermal power: NTPC qualification secured in Q3 FY26; order for low-pressure feed water heaters (₹20 - 30 Cr) for Nabinagar and Gadarwara projects; followed by >₹150 Cr of thermal power orders in Q1 FY27.^[5][4]
Clean energy storage: first order executed through a European technology partner; a repeat order had already been received as of Q4 FY26.^[1]
Precision machined components: first order from GE for critical turbine frame components (Q3 FY26), with potential for 2 - 3 years of nomination-based booking visibility.^[5]
Skid packages: first order for equipment + structure + instruments for a Middle East project was secured in Q4 FY26.^[1]

Anup Technical Services vertical

Anup Technical Services (ATS) commenced order execution in FY26 with ~10 purchase orders booked over 6 months; characterised as higher-margin and higher-ROCE than core manufacturing.^[1][5]
Management roadmap: ~₹25 Cr revenue in FY27 at 30%+ EBITDA margin, scaling to ₹100 Cr in FY28 and ₹200 Cr in FY29.^[4]

Expansion and capex

No major organic capex is planned in the near term; all three manufacturing locations have sufficient capacity to support FY27 growth.^[5]
Long-term diversification targets include nuclear, hydrogen, green fertiliser and AI data-centre cooling on a 3-year horizon.^[4]
Inorganic acquisitions in energy-related technologies, specialty chemicals and packaged process systems are under active evaluation.^[3][5]

Customers and distribution

Active domestic inquiry pipeline in FY26 included projects from Bina Refinery, Petronet LNG, Reliance PTA and BPCL Kochi PP Plant.^[3]
Export customers include a marquee German buyer for air-cooled heat exchangers and GE (turbine components); Middle East is the largest export region by order book value.^[4][5]

Market Cap

₹2,672 Cr

High / Low

₹2,462 / 1,322

Stock P/E

31.7

Price / Book

3.9

Book Value

₹345

EPS

₹55.1

No. of Shares

2 Cr

ROCE

20.8%

ROE

16.9%

OPM

18.1%

Debt / Equity

0.16

Sales

₹822 Cr

Net Profit

₹110 Cr

Promoter holding

40.9%

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