The Anup Engineering Limited (ANUP)
Micro CapIndustrials stocks · Micro cap · NSE
The Anup Engineering Limited (ANUP) manufactures heavy engineering equipment like heat exchangers, pressure vessels, and reactors. It serves sectors including Oil & Gas, Petrochemicals, Chemicals, and Fertilizers. The company operates manufacturing plants in Ahmedabad, Kheda, and Chennai, with an engineering center in Vadodara.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 0/100Rev -29% YoY · PAT -98% YoY · margin compression
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
ANUP reported highest ever FY26 revenue of ₹822 Cr (+12.2% YoY) and EBITDA of ₹174 Cr (+5.4% YoY), maintaining a 21.2% EBITDA margin. Q4 FY26 saw revenue decline 6.2% QoQ and EBITDA drop 23% QoQ, with PBT and PAT also down significantly QoQ and YoY.
ANUP delivered strong FY26 results with record revenue and EBITDA, maintaining guided margins. However, Q4 FY26 showed a sequential slowdown in revenue and profitability. The healthy order book and strategic diversification into nuclear, thermal, and clean energy segments, alongside new service offerings, support future growth, but execution and margin stability in these new areas are key.
Consolidated Sectorial Revenue Share in FY26
Latest issuer-disclosed distribution across 5 reported categories.
Entry into Nuclear Energy Segment
Secured a strategic order from a leading EPC player in India, diversifying into high-growth, future-oriented sectors.
Clean Energy Storage Technology
First order being executed for a patented clean energy storage technology through an European company; repeat order received with probability for long-term business.
Technical Services Arm (Service Module)
Started executing orders with initial traction (~10 POs) and a clear scale-up roadmap, identified as a higher margin and higher ROCE business.
Skids Package Business
Successfully bagged its 1st order for skid package (equipment + structure + instruments) for a project in the Middle East, expected to open new opportunities.
Kheda Plant Phase-II Commissioning
Phase-II at Kheda Plant was commissioned end of Jan-26, enhancing total revenue potential of Kheda plant up to ₹450 Cr p.a. Overall capacity now ~20,000MT/Yr with revenue potential of ~₹1200Cr/annum.
Diversification into New Energy Segments
Foray into Nuclear, Thermal energy, and clean energy storage positions the company to enhance capabilities and diversify revenues.
Pick-up in Domestic Demand
Orderbook split between Exports (40%) and Domestic (60%) suggests a pick-up in domestic demand.
Higher Interest Cost & Depreciation
PBT growth in FY26 was lower on account of higher net interest cost & depreciation.
Geopolitical Volatility
Amid heightened geopolitical volatility, the Company is prioritizing stability, consolidation, and strengthened risk management.
Profitability Impact from Costs
Higher net interest cost and depreciation negatively impacted PBT growth in FY26, indicating potential pressure on bottom-line despite revenue growth.
Geopolitical Risks
Management acknowledges heightened geopolitical volatility and is prioritizing risk management, suggesting potential external disruptions to operations or order flows.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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.
YoY comparison is crucial for assessing annual growth and overall business trajectory, especially for a project-based business. QoQ comparison is important to gauge recent operational momentum, execution pace, and any sequential shifts in profitability or order booking trends.
Revenue from Operations
FY26: ₹822.3 Cr (+12.2% YoY). Q4 FY26: ₹207.9 Cr (-6.2% QoQ).
EBITDA
FY26: ₹174.2 Cr (+5.4% YoY). Q4 FY26: ₹38.2 Cr (-23.0% QoQ).
EBITDA Margin
FY26: 21.2%. Q4 FY26: 18.4%. Management states it is within the guided range (20%+) and industry leading.
Orderbook
Healthy Orderbook of ₹769 Cr (including LOI of ₹146 Cr) as of March 31, 2026, which has improved over last year. Available for billing in FY27.
Strategic Growth of Technical Services
The company wishes to strategically grow the Technical services business vertical to enhance profitability.
New Opportunities from Skid Packages
Successful execution of the first skid package order is expected to open up new business opportunities.
Focus on Stability and Risk Management
Amid heightened geopolitical volatility, the Company is prioritizing stability, consolidation, and strengthened risk management to safeguard performance.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Orderbook Growth & Mix | ₹769 Cr (60% Domestic, 40% Exports) | Sustained growth in order book, especially from new segments, and continued strength in domestic demand. |
| EBITDA Margin Consistency | FY26: 21.2%, Q4 FY26: 18.4% | Maintenance of 20%+ EBITDA margin, particularly as new business verticals scale up and execution progresses. |
| Execution in New Segments | First orders in Nuclear, Thermal, Clean Energy, Skids | Successful execution and repeat orders in these new, high-growth segments to validate diversification strategy. |
| Technical Services Scale-up | Initial traction (~10 POs) | Clear progress on the scale-up roadmap for the higher margin, higher ROCE Technical services business. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
41NeutralSMA20 -14.6% / mo · MACD +
Technical chart
ANUPdaily · 1Y · AUTO+22.2%Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 33. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~17.1% over last month) — short-term momentum negative.
- RSI(14) at 33 — sideways, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 31% off 52W high · 26% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 45 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 45 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 13/20 to the score.
- Growth contributes 15/25 to the score.
Main drags
- Fair-value margin of safety is negative at -6.7%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
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.
Score history
12 stored score snapshots. Latest stored move: +6 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: 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.
Healthy Trust Lite: Promoter pledge is zero. Key concern: 0/4 latest quarters had positive YoY PAT growth.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 67th pctile, median 68 · Micro: 50th pctile, median 73
87 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 41.70
- P/B
- 5.18
- EV/EBITDA
- 21.44
- Market Cap
- 3577.00Cr
Profitability
- ROE
- 17.10%
- ROCE
- 21.00%
- ROA
- 8.75%
- Dividend Y
- 0.67%
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
- 32%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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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.