What the company does
The company fabricates tubular wind-turbine towers and heavy steel structures from facilities in Koppal, Karnataka and Kutch, Gujarat. It entered wind-tower manufacturing in FY24 after beginning commercial operations in 2021.
Tower manufacturing is project and order-book driven. Economics depend on steel procurement, tower specifications, plant utilisation, delivery logistics, customer inspections and the ability to pass raw-material and freight changes through contracts.
The final RHP records combined annual capacity of 612 towers and approximately 48.17% utilisation in FY26. The Gujarat plant began operations only in March 2026; its first-month utilisation was 8.04%, while the Karnataka facility reported 41.74% for FY26.
The 31 March 2026 order book was ₹359.82 crore across 379 towers and only six customers. It provides execution visibility but is not guaranteed revenue because orders may be delayed, changed or cancelled.
Where the IPO money goes
Three-year financial snapshot
| Year | Revenue | EBITDA | PAT | Net worth | Borrowings | Assets |
|---|---|---|---|---|---|---|
| FY24 | ₹54.06 Cr | ₹22.44 Cr | ₹4.39 Cr | ₹27.76 Cr | ₹51.85 Cr | ₹89.63 Cr |
| FY25 | ₹78.58 Cr | ₹30.85 Cr | ₹12.3 Cr | ₹40.07 Cr | ₹55.1 Cr | ₹114.42 Cr |
| FY26 | ₹143.36 Cr | ₹61.08 Cr | ₹36.62 Cr | ₹89.51 Cr | ₹128.24 Cr | ₹291.62 Cr |
Restated financial information from IPO source materials; rounding may create small differences.
FY26 EBITDA margin
42.6%
High for fabrication and broadly consistent with the elevated margin reported in FY24.
FY26 PAT margin
25.5%
Up from 8.1% in FY24 as scale and operating leverage improved.
FY26 debt/equity
1.43×
Borrowings more than doubled in FY26 before the planned ₹115 crore repayment.
FY24–FY26 revenue CAGR
62.8%
Rapid growth from a small base and a short operating history.
FY26 operating cash/PAT
50.4%
₹18.44 crore operating cash flow versus ₹36.62 crore PAT; capex was ₹97.27 crore.
FY26 inventory cycle
252.85 days
Up from 175.06 days in FY25; inventory increased to ₹50.69 crore.
FY26 receivable cycle
82 days
Up from 67 days in FY25 as trade receivables reached ₹38.95 crore.
Post-issue promoter holding
~65.26%
Derived from 1,76,14,943 pre-offer promoter shares, the 13,00,800-share promoter OFS and 2,50,00,000 post-issue shares.
Listing-day close vs issue
+28.2%
NSE recorded a ₹329.65 open and ₹346.10 close on 10 August versus the ₹270 issue price.
What stands out
- Revenue more than doubled across FY24–FY26 while EBITDA and PAT grew faster, showing strong recent operating leverage.
- Wind-capacity additions provide an industry demand tailwind for domestic tower fabrication, subject to tender and execution cycles.
- The ₹142.69 crore fresh component directs ₹115 crore to debt repayment, which can materially reduce leverage if the stated use is completed.
- High disclosed EBITDA margins provide a buffer against some input and utilisation volatility, if they are sustainable after listing.
Key concerns
- The operating history is short and FY26 is a major step-up in scale; extrapolating its growth or margin is particularly uncertain.
- Revenue is concentrated in wind-power towers and a limited customer set. Project deferrals or loss of a large account can sharply affect utilisation.
- Borrowings rose from ₹55.10 crore in FY25 to ₹128.24 crore in FY26, while total assets increased to ₹291.62 crore. FY26 investing cash outflow was ₹97.27 crore and financing inflow ₹80.30 crore.
- Steel prices, fabrication yields, warranty claims, customer inspection failures and freight for oversized towers can change project margins.
- FY26 operating cash flow was ₹18.44 crore against ₹36.62 crore PAT. Inventory increased by ₹38.64 crore and receivables by ₹13.88 crore as the company scaled.
- The RHP's FY26 ratio table shows 252.85 inventory days, 82 receivable days and 120 payable days. The long inventory cycle makes order timing and steel procurement a larger liquidity variable than the PAT margin alone suggests.
- The top ten customers contributed 97.31% of FY26 revenue, and the top ten suppliers accounted for 90.11% of purchases. This creates material counterparty and procurement concentration.
- Combined utilisation was approximately 48.17% in FY26. Low utilisation provides headroom but can weaken fixed-cost absorption if the concentrated order book slows.
- The RHP disclosed company proceedings with ₹3.71 crore quantified exposure, mostly a ₹3.67 crore direct-tax matter, plus a criminal proceeding involving a group company whose amount was unascertainable.
- ₹5.17 crore of FY26 unsecured loans was repayable on demand. It was only 4.03% of total indebtedness, but a lender recall before the stated IPO-funded deleveraging would tighten liquidity.
- Promoter and promoter-group members and a group company provided personal guarantees for a significant portion of borrowings. The RHP says guarantees may continue after listing; actual release should be checked alongside the ₹115 crore debt repayment.
- The RHP says its policies did not cover every operating risk and specifically identified missing cover including product liability, key-person insurance and the Kutch manufacturing unit. A material uninsured loss could impair both cash flow and project execution.
- Promoter ownership remains approximately 65.26% after the fresh issue and OFS, preserving decisive voting control. Minority oversight therefore depends heavily on board independence and related-party governance.
- NSE Emerge shares can have limited liquidity, wider bid-ask spreads, market-maker dependence and larger minimum tradable lots than mainboard shares.
- No close listed Indian peer was identified in the RHP, limiting external checks on the unusually high reported margin profile.
What to monitor after listing
- Order book, customer concentration and order conversion by turbine rating and tower type.
- Production volume, rated capacity and utilisation after the FY26 asset expansion.
- Actual debt repayment, release of collateral, finance cost and post-issue leverage.
- Operating cash flow relative to PAT, the 252.85-day inventory cycle, receivable days, customer advances and capital expenditure.
- Steel-cost pass-through, freight, rejection rates, liquidated damages and warranty claims.
- Promoter transactions, post-issue ownership, personal-guarantee release, insurance coverage, contingent liabilities and NSE Emerge trading liquidity.
Valuation context
At ₹270, published RHP-derived estimates indicate approximately 18.4× FY26 earnings on the relevant diluted share base. The multiple should be read against a short operating history and the sustainability of a 42.6% EBITDA margin.
The offer document identified no directly comparable listed Indian company. Broader wind-equipment and fabrication businesses differ in product mix, scale, integration and margin structure.
A normalized case should test lower utilisation, slower order conversion, narrower fabrication spreads and working-capital absorption after the one-time debt reduction.
Anawil Wire & Engineering IPO FAQs
What is the Anawil Wire & Engineering IPO price band?
The stated price band is ₹257–₹270; issue price ₹270. Offer terms should be checked against the final prospectus and exchange notices.
When does the Anawil Wire & Engineering IPO open and close?
The IPO is scheduled to open on 3 August 2026 and close on 5 August 2026. The stated listing date is Listed 10 August 2026 on NSE Emerge.
What is the Anawil Wire & Engineering IPO issue size?
The stated total issue size is ₹177.81 Cr, comprising ₹142.69 Cr of fresh issue and ₹35.12 Cr of offer for sale.
What is the minimum lot for the Anawil Wire & Engineering IPO?
The stated minimum lot is 800 shares.
What do the latest Anawil Wire & Engineering financials show?
For FY26, the offer documents report revenue of ₹143.36 Cr, EBITDA of ₹61.08 Cr and PAT of ₹36.62 Cr. Read these figures with the cash-flow, leverage and working-capital analysis on this page.
What is a key risk in the Anawil Wire & Engineering IPO analysis?
The operating history is short and FY26 is a major step-up in scale; extrapolating its growth or margin is particularly uncertain.
How is the Anawil Wire & Engineering IPO valued?
At ₹270, published RHP-derived estimates indicate approximately 18.4× FY26 earnings on the relevant diluted share base. The multiple should be read against a short operating history and the sustainability of a 42.6% EBITDA margin.