Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 13 Aug - Newspaper Advertisement regarding Special Window for transfer and dematerialisation of physical securities
Source: Bse
The Anup Engineering Limited (ANUP)
Micro CapIndustrials stocks · Micro cap · NSE
The Anup Engineering Limited, part of the Lalbhai Group, manufactures static and rotary equipment for heavy engineering. It serves diverse sectors like Oil & Gas, Power, Chemicals, and Fertilizers, with manufacturing plants in Gujarat and Tamil Nadu. The company is net debt-free.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:51 pm ISTDetails
Quote19 Oct, 03:51 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result06 Aug, 05:32 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
33Bearishfull bear SMA stack · SMA20 -10.4% / mo · RSI oversold · MACD − · near 52W low
Stock trend: 22
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
ANUPD candles · FIT view-32.2%Latest close ₹1429.30 on 2026-10-19
Bar
-4.0%
RSI
24
MACD hist
-1.75
52W pos
1%
2026-10-19O ₹1489.00H ₹1492.70L ₹1420.00C ₹1429.30Vol 32,019 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
ANUPNifty India ManufacturingNifty 500
- ANUP
- -34.0%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- -28.4 pp
Chart stats
19 Oct 2026- From 52W high
- -42.4%
- 52W range position
- 1%
- ATR (14)
- 3.6%
- Volume vs 20D
- 1.39x
- Avg traded value
- ₹3.6 Cr
- 20D price channel
- ₹1,420 - ₹1,728
₹2,479.9
₹1,420 - ₹2,479.9
₹51.8
Latest completed session
20-session average
28.9% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · FAIR VALUE50
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue -28.5% · PAT -97.8% YoY
Technical
Bearish33
Price trend and sector-relative-strength timing.
Valuation
Legacy model+10.4%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence72
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100Rev -29% YoY · PAT -98% YoY · margin compression
Filed 06 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹125.3 Cr | -28.5% | -39.7% |
| EBITDA | ₹9.5 Cr | -76.5% | -75.2% |
| Operating margin | 7.6% | -1547 bps | -1084 bps |
| PAT | ₹0.6 Cr | -97.8% | -97.8% |
| PAT margin | 0.5% | -1453 bps | -1231 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 35.30
- P/B
- 4.38
- EV/EBITDA
- 18.24
- Market Cap
- 3027.00Cr
Profitability
- ROE
- 17.10%
- ROCE
- 21.00%
- ROA
- 8.75%
- Dividend Y
- 0.79%
Growth (CAGR)
- Revenue 5Y
- 24.00%
- EPS 5Y
- 16.00%
- Revenue 3Y
- 26.00%
- EPS 3Y
- 29.00%
Balance Sheet
- Debt/Equity
- 0.16
- Interest Coverage
- 15.89×
- Altman Z
- 8.50
- Book Value
- 345.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 4/5
- OCF
- 2.00 Cr
- EPS TTM
- 42.27
Shareholding
- Promoter Hold
- 40.92%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 9%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 125-39.7% vs prev
Net Profit
₹ CrLatest: 0.6-97.9% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 24.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~11.6% over last month) — short-term momentum negative.
- RSI(14) at 24 — oversold zone; bounce conditions.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
10
RS percentile
Stage 1 Base / Transition
1M return
-12.8%
3M return
-34.0%
6M return
-30.4%
1Y return
-37.9%
RS 1D
-2
RS 20D
-7
Sector rank
#2
Industry rank
#19
Stage evidence
- Price is 25.4% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed +0.0% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 64.24-2.99%
RS vs Nifty 50064
Valuation & peers
U-Score 50 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 50 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · FAIR VALUEValuation4/30
Growth15/25
Quality13/20
Balance Sheet8/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
50
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
50/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 10.4%.
- Quality contributes 13/20 to the score.
Main drags
- Valuation is weaker at 4/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Balance sheet is weaker at 8/15; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
35.3
PB
4.4
EV/EBITDA
18.2
ROE
17.1%
ROCE
21.0%
FCF Yield
—
Debt/Equity
0.2
MoS
+10.4%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
50
Previous: 50
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+10.4%
Previous: +10.4%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
48
48
48
48
48
48
48
50
50
50
50
50
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹572.82
-159.9% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹1,661.21
+10.4% MoS
PEG
1.67
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
COCKERILL
Small
John Cockerill India Limited
Industrial Machinery
match 78
18
183.0
8.9%
-6211%
OVERVALUED
ISGEC
Small
Isgec Heavy Engineering Limited
Industrial Machinery
match 78
27
25.3
4.2%
-982%
OVERVALUED
GMMPFAUDLR
Micro
GMM Pfaudler Limited
Industrial Machinery
match 78
21
47.2
6.7%
-1364%
OVERVALUED
TAURIAN
SME
Taurian MPS Ltd.
Industrial Machinery
match 75
56
33.9
26.7%
+14%
FAIR VALUE
GREAVESCOT
Micro
Greaves Cotton Limited
Industrial Machinery
match 55
31
47.8
8.1%
-19%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-10-11T14:10:26.011Z
Management commentary snapshot
Q1 FY27 revenue and EBITDA declined significantly YoY due to lower execution from prior year's low order booking, compounded by global uncertainties and cost pressures. However, the company achieved its highest-ever order booking of ~₹315 Cr, boosting its pending orderbook to ₹985 Cr.
Q1 FY27 results show a sharp decline in revenue and profitability, attributed to past low order booking and external cost pressures. Management prioritized profitability over short-term growth, maintaining gross margins. The record order booking and robust pipeline offer a strong rebound potential, but execution and margin recovery are critical.
Current business mix
Consolidated Industry Wise Revenue Share in Q1 FY27
Latest issuer-disclosed distribution across 6 reported categories.
Oil & Gas40.0%
Power & Energy22.0%
Chemicals & Silos11.0%
Petrochemicals11.0%
Fertilizers9.0%
Hydrogen7.0%
Growth engines
Thermal Power Plants
Booked order of more than ₹150 Cr for Thermal Power plants, entering in to elite group of manufacturers of Critical Heat-Exchangers for the sector, which is expected to see significant growth.
Proprietary License Products
Bagged order of two proprietary license products in line with strategic intent to move in to niche segment.
Technical Services Business
Good traction in the Technical Services business, supported by strong execution and high customer satisfaction.
New Critical & Proprietary Products
Continuous endeavor to add new critical and proprietary products to create more niche space.
Capacity and execution
Kheda Plant Phase 2A
One full bay is commissioned in Q2 FY26 and one open bay is commissioned in Jan’26.
Tailwinds
Domestic Demand Pickup
Orderbook between Domestic (61%) and Exports (39%), suggesting pick up in domestic demand.
Power Sector Growth
Thermal Power plants sector is expected to see significant growth in near future.
Foray into New Energy Segments
Foray into the Nuclear, Thermal energy and clean energy storage segment, positions the company well to enhance capabilities, diversify revenue base and strengthen its long-term outlook.
Headwinds
Global Uncertainties & Costs
Ongoing global uncertainties, supply chain challenges, elevated freight and energy costs, added additional pressure on availability and prices of raw material.
Low Prior Order Booking
Performance during the quarter reflects a planned lower execution due to low order booking during last year.
Risk radar
Global Volatility
Considering the current global volatile business scenarios due to wars & geopolitics.
Execution Risk
Focus of the company this year will be more on Stabilization of current operations, better Execution, Consolidation and Risk mitigation.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The company explicitly provides Q1 FY27 vs Q1 FY26 data. For an industrial company with project-based execution, year-on-year comparison is more relevant to account for project cycles and seasonality, rather than sequential quarter-on-quarter fluctuations.
Sector KPIs management disclosed
Order Booking
Highest ever order booking during the quarter of ~₹315 Cr.
Pending Orderbook
Best pending orderbook visibility (including LOI) of ₹985 Cr.
Revenue from Operation
Revenue from operation 125.2 Cr (Q1 FY27) vs 175.2 Cr (Q1 FY26), -28.5%.
EBITDA
EBIDTA 9.5 Cr (Q1 FY27) vs 40.4 Cr (Q1 FY26), -76.5%.
Management forward view
Prioritizing Profitability
Despite challenges on growth front, we chose to wait out, protecting profitability over short term growth.
FY27 Strategic Focus
Focus of the company this year will be more on Stabilization of current operations, better Execution, Consolidation and Risk mitigation.
Diversification & Niche Products
Foray into the Nuclear, Thermal energy and clean energy storage segment... Continuous endeavor to add new critical and proprietary products to create more niche space.
Technical Services Growth
The company wishes to strategically grow the Technical services business vertical to boost growth and enhance profitability.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book Execution | ₹985 Cr pending orderbook (including LOI), with ~₹240 Cr booked for FY28. | Timely execution of the record order book to translate into revenue and profit. |
| EBITDA Margin Recovery | Q1 FY27 EBITDA margin at 7.6% due to fixed cost under-absorption, gross margin intact. | EBITDA margin improvement as revenue scales up and fixed costs are better absorbed. |
| New Segment Traction | Foray into Nuclear, Thermal energy, and clean energy storage segments. | Successful project wins and execution in new strategic segments. |
| Technical Services Growth | Good traction in Technical Services business. | Sustained growth and enhanced profitability from the Technical Services vertical. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
72Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 69th percentile of the scored universe and 67th percentile within Industrials. Main check: results consistency is weak at 24/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
87 docs text-extracted · 23 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
69th percentile
overall median 67 · Industrials: 67th pctile, median 68 · Micro: 50th pctile, median 73
Evidence depth
Financial-only
87 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
90
strong · capital discipline
Results
24
weak · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸4 years of positive FCF.
- ▸ROCE is 21%.
Trust risks
- ▸0/4 latest quarters had positive YoY PAT growth.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
- ▸OPM spread across recent quarters is 15.5%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching The Anup Engineering Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 10 Aug - Intimation of Institutional Investor/Analyst Meet - Equirus Annual India Conference'26
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 1 Jul
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 20 Jun
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026 from bse
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.