Annual Report FY 2025-26

31st July, 2026 To, To, Department of Corporate Services Listing Department BSE Limited, National Stock Exchange of India Limited, P.J. Towers, Dalal Street, Exchange Plaza, 5th Floor Plot No. C/1, Mumbai - 400 001 G. Block Bandra - Kurla Complex, Bandra (E), Mumbai - 400 051 Security Code: 542460 Security ID: ANUP Symbol: ANUP Dear Sir/Madam, Sub: Notice of Annual General Meeting along with Annual Report of the Company for FY 2025-26 The Annual General Meeting (“AGM”) of the Company will be held on Tuesday, 25th August, 2026 at 02:00 P.M. (IST) through Video Conferencing/Other Audio Visual Means. Pursuant to Regulation 34(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we enclose herewith the Notice of AGM along with Annual Report of the Company for the financial year 2025-26, which is being sent to all the members through electronic mode, who have registered their e-mail addresses with the Depositories/Company /Registrar and Transfer Agent. The Members who’s E-mail ID are not registered, a letter providing a web-link for accessing Notice of the AGM and Annual Report for FY 2025-26 is being sent. The Annual Report containing AGM Notice is also available on the website of the Company at www.anupengg.com. Kindly take the same on records. Thanking you, Yours faithfully, For The Anup Engineering Limited Lay Desai Company Secretary Membership No. A57117 Encl.: As above Resilience, Reinforced ANNUAL REPORT 2025-2026 2 Annual Report 2025-2026 3 There have been some good developments over the period: projects are large refineries and over 6 trains of Fertilizer • Our foray into Critical Equipment Business, projects in Africa, multiple gas projects in the Middle East and Qatar. Refinery expansions and LNG projects in India, • We have successfully manufactured and delivered our large PTA, PVC & VCM projects in India. The nuclear power 1st Solid Inconel 200MT single piece equipment to a project Kaiga 5 & 6, part of the NPCIL fleet program to add reputed client in the Middle East. This sets us into a 7GW of power to the national grid is also under way. We are different league of manufacturing complex equipment. happy to be part of this project. • O ur 1st order in the Nuclear business. MESSAGE FROM We believe that once the war and uncertainties settle, the • O ur 1st order in the Thermal Power business. disruptions and destructions will eventually lead to: MANAGING DIRECTOR & • O ur 1st order for a Clean Energy Storage technology • Energy security measures by all countries – leading for a European technology company. to new investments and expansions in energy sectors CHIEF EXECUTIVE OFFICER • O ur 1st order for manufacturing Skids. within the countries. • O ur 1st order for Air Cooled Heat Exchangers. • Repair work for all damaged refineries, gas plants, tanks and pipelines. • Our Capacity Expansion Plan, • Accelerated push towards non-conventional energy • We have completed our phase 2 expansion at Kheda sources (nuclear, renewables, green hydrogen, etc.) increasing the capacity to 8000MT per year, with a Dear Shareholders, revenue capacity of ₹400 Cr to ₹450 Cr. With our capacities now in place and capabilities spread over shop fabrication, site fabrication and technical services, we, • Our Design office at Vadodara has now stabilised well The Financial Year 2025-26 was very dynamic and eventful. Challenging in many ways but also opened as a Company, are at the right phase to capitalise on this and is providing needful support for execution. It has up new opportunities and directions. I believe this year truly tested the resilience and fundamentals of all demand as it materialises. only recently started taking small external assigments, businesses. The geopolitics, wars at multiple fronts, trade tariff positions by the major economy of the which will generate profits. At a broader strategic level, we wish to capitalise on the world, impact on energy supply and thereby its prices, volatility in raw material pricing especially steel, current investments made and move to higher value-added shipping challenges due to the closure of the main sea route impacting logistic costs, and many others, • With these installed capacities at our 3 manufacturing products including design, critical & complex manufacturing only meant we were all through under pressure for our operations and managing cost. Further, managing locations, ie. Ahmedabad, Kheda and Mabel and site services. Our focus as a business over the next 3 supply chains under such volatile conditions is always challenging for project industries like ours where Engineers, we have a capacity capable of delivering years will be to navigate to niche product segments that are we need to strike the right balance between cost and the timely availability of raw material for delivering revenue up to ₹1200 Cr per year. proprietary in nature and complex in design. projects on time. The last few weeks of the year did impact our operations, with critical materials not • Our Technical Services Business finding ways and curtailed industrial gas supply restricting the pace of manufacturing. Also, sizeable So, considering the current uncertain global business • We have made a good beginning, with over 10 orders accumulation of finished goods due to the non-availability of shipping lines, limited the flow on the shop scenario due to wars, geopolitics and thereby elevated input executed in FY26. With the initial base set and a floor impacting progress of new work. As we continue to be watchful of the emerging scenarios globally, costs, FY27 will be a year where we focus on Stabilisation, dedicated organisation structure created, we wish to especially the constraints on supply chain, the energy crisis and higher raw material cost, I believe our Strengthening our fundamentals, Consolidation and Risk make this a sizeable business vertical. business managed to deliver relatively fairly decent Financial Results. protection. The focus shall be clearly on profits under the On our sustainability initiatives, we continue to progress well current cost pressures and maintain a healthy cash flow. For the Financial Year 2026, we achieved a consolidated revenue of ₹822.3 Cr, a growth of 12.2% YOY. The on all CSR contributions at group level. Further with both Given the circumstances, we would tread FY27 cautiously. EBITDA was at 21.2%, ₹174.2 Cr, 5.4% higher YOY. PBT was ₹139.3 Cr and PAT was at ₹110.4 Cr. Despite heavy our manufacturing facilities in Gujarat with roof top solar Also, we shall take this as an opportunity to be prepared and pressure of elevated input costs and operational challenges, we were able to maintain these financials, only and a windmill, about 40% of our electricity requirement is ready for the improved business expected in the near future. because of a sharp focus on cost and timely course correction along the execution cycle. met through renewables. We are sure more clarity shall emerge on how the current On cost, our COGS have reduced by 6% mainly on account of metallurgy mix. The other expenses have On the market outlook, we believe the industry segments war and sea route closures settle in the first half of the year. gone up by 7% on account of higher job work charges, freight cost and royalty charges. With our focus in Oil & Gas, Petrochemicals, Fertilizer, Chemicals, Power It is important to note a very important shift in our product now on taking large, complex and proprietary orders, our cost configurations are bound to change with and Clean Energy options will continue to maintain strong mix. With the state-of-the-art, large sized Kheda facility labor, freight and royalty remaining relatively higher. Please note these are because of the nature of the traction, once current uncertainties settle. The dependency now fully operational, we, as a Company, are focused on projects considered in our estimation and pricing accordingly. Employee emoluments have gone up by on energy [Showing first 8,000 characters — download PDF for full document]