The Anup Engineering LimitedQ1 FY27 Results & Financial Update
The Anup Engineering Limited: Q1 FY27 consolidated results and company financials – revenue ₹125.25 Cr, PAT ₹0.57 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore The Anup Engineering Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Profit before tax was ₹0.93 Cr for the reported quarter. EPS was ₹0.28 for the reported quarter.
The Anup Engineering Limited reported consolidated revenue from operations of INR 125.25 crore for the quarter ended June 30, 2026 (Q1 FY27), reflecting planned execution levels aligned with order inflows from preceding periods.
Consolidated EBITDA for the quarter stood at INR 9.5 crore, yielding an EBITDA margin of 7.6%, while profit after tax (PAT) was recorded at INR 0.57 crore with basic earnings per share of INR 0.28.
Management noted that operating performance during the quarter reflected a planned lower execution tempo due to softer order bookings recorded during the previous fiscal year, combined with debottlenecking activities undertaken to address prior supply chain disruptions.
Profitability and margins during the period were compressed primarily due to lower revenue realization leading to under-absorption of fixed manufacturing overheads, even though gross margins remained stable.
The company experienced cost pressures during the quarter stemming from elevated steel prices, energy costs, and freight expenses, alongside ongoing geopolitical uncertainties affecting raw material availability.
Despite near-term top-line headwinds, booking momentum rebounded sharply, marked by the company's highest-ever quarterly order intake of approximately INR 315 crore, bringing total order bookings for the year-to-date to INR 540 crore.
01 · Historical context
What shaped the business before this quarter
The Kheda manufacturing plant commenced operations in June 2023 with Phase 1 (2 bays), followed by the commissioning of Phase 2A (one full bay in Q2 FY26 and one open bay in January 2026) to expand heavy manufacturing capabilities.
Mabel Engineering in Chennai was integrated as a 100% subsidiary, adding localized southern manufacturing presence with U-stamp certification and EIL qualification for silos.
02 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹125.25 Cr |
| Total income | ₹125.77 Cr |
| Profit before tax | ₹0.93 Cr |
| Profit after tax | ₹0.57 Cr |
| EPS | ₹0.28 |
03 · Why it moved
Why the quarter looked the way it did
What drove revenue
Vessels formed the largest revenue contributor at INR 75.3 crore (60.1% of Q1 revenue), followed by Heat Exchangers at INR 33.3 crore (26.7%), Towers & Reactors at INR 7.1 crore (5.7%), Centrifuge & Others at INR 6.0 crore (4.8%), and Tank & Silos at INR 3.5 crore (2.8%).
Domestic sales accounted for INR 61.3 crore (49.0%), exports generated INR 50.6 crore (40.0%), and domestic exports/SEZ supplies contributed INR 13.3 crore (11.0%) to total quarterly revenue.
Oil & Gas led the industry-wise revenue share at 40%, followed by Power & Energy at 22%, Petrochemicals and Chemicals & Silos at 11% each, Fertilizers at 9%, and Hydrogen at 7%.
What drove margins
EBITDA margin contracted to 7.6% (compared to 23.0% in Q1 FY26 as reported in the investor presentation) entirely due to lower revenue realization resulting in the under-absorption of fixed operational overheads.
Management noted that gross margins remained intact during the quarter despite input cost pressures from elevated steel prices, energy tariffs, and freight charges.
04 · Demand, customers & order book
Where demand is coming from
Anup secured its highest-ever quarterly order booking of approximately INR 315 crore during Q1 FY27, elevating total order intake YTD to INR 540 crore.
Total pending order book including LOIs stood at INR 985 crore as of August 6, 2026, featuring a product mix of Heat Exchangers (57.5%), Vessels (30.1%), Centrifuge & Others (8.0%), Towers & Reactors (3.3%), and Storage Tank & Silos (1.1%).
The company secured orders exceeding INR 150 crore for thermal power plants, marking its entry into the segment of critical heat-exchanger manufacturers for power generation.
The pending order book is distributed between domestic markets at 61.3% (INR 603.8 crore) and exports at 38.7% (INR 381.2 crore), reflecting strengthening domestic demand.
Management reported an encouraging active order enquiry pipeline valued at approximately INR 1,100 crore.
05 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The technical services business vertical demonstrated positive operational traction during the quarter, supported by execution discipline and customer satisfaction, aligning with strategic goals to enhance profitability.
Geography and market mix
The company commenced execution work on two large air-cooled heat exchangers intended for a marquee customer in Germany.
06 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Manufacturing infrastructure includes the Ahmedabad plant (45,000 m² total area, 500 MT single-piece weight capacity, ISO 8 clean room) and the Kheda facility (125,000 m² area, up to 1,000 MT single-piece weight capacity).
07 · Strategy & new businesses
How the company is trying to change its growth mix
Strategic initiatives advanced with orders secured for two proprietary license products, reinforcing the company's objective to expand into high-margin niche segments.
Strategic forays into nuclear energy, thermal power, and clean energy storage segments are positioned to diversify the revenue base and strengthen long-term capabilities.
08 · Reported developments
What changed operationally
Achieved record quarterly order bookings of ~INR 315 crore and established order visibility of INR 985 crore including LOIs.
Successfully booked over INR 150 crore in orders for thermal power plant heat exchangers, entering a high-growth sector.
09 · Pressure points & risks
What is not going smoothly
Consolidated revenue declined by 28.5% YoY to INR 125.2 crore, and EBITDA fell 76.5% YoY to INR 9.5 crore due to lower order execution from prior periods and fixed-cost under-absorption.
10 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Capital allocation & funding
The company continues to maintain a net debt-free financial position.
11 · Management guidance & targets
What management is targeting from here
Management stated that FY27 is expected to be a year of stabilization, strengthening of fundamentals, consolidation, and risk management amid a volatile global business environment affected by geopolitical conflicts and supply chain challenges.
12 · Key Q&A
The quarter, answered directly
What is the clearest takeaway from Q1 FY27?
Profit before tax was ₹0.93 Cr for the reported quarter. EPS was ₹0.28 for the reported quarter.
What drove revenue or demand?
Vessels formed the largest revenue contributor at INR 75.3 crore (60.1% of Q1 revenue), followed by Heat Exchangers at INR 33.3 crore (26.7%), Towers & Reactors at INR 7.1 crore (5.7%), Centrifuge & Others at INR 6.0 crore (4.8%), and Tank & Silos at INR 3.5 crore (2.8%).
What mattered most for margins or profitability?
EBITDA margin contracted to 7.6% (compared to 23.0% in Q1 FY26 as reported in the investor presentation) entirely due to lower revenue realization resulting in the under-absorption of fixed operational overheads.
What changed operationally beyond the headline numbers?
Manufacturing infrastructure includes the Ahmedabad plant (45,000 m² total area, 500 MT single-piece weight capacity, ISO 8 clean room) and the Kheda facility (125,000 m² area, up to 1,000 MT single-piece weight capacity).
What is management guiding or targeting from here?
Management stated that FY27 is expected to be a year of stabilization, strengthening of fundamentals, consolidation, and risk management amid a volatile global business environment affected by geopolitical conflicts and supply chain challenges.
What are the main pressure points disclosed for the quarter?
Consolidated revenue declined by 28.5% YoY to INR 125.2 crore, and EBITDA fell 76.5% YoY to INR 9.5 crore due to lower order execution from prior periods and fixed-cost under-absorption.
13 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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14 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Order Execution Progress: Monitor the conversion of the INR 985 crore pending order book and execution progress on large export orders such as the German air-cooled heat exchangers.
- 02
Margin Recovery: Track EBITDA margin normalization as execution scales up from the Kheda and Ahmedabad facilities to improve fixed-cost absorption.
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