Breaking Down The Anup Engineering Limited Financial Health: Key Insights for Investors

From its origins in 1962 as Anveshan Heavy Engineering to its rebrand as The Anup Engineering Limited in January 2019 and strategic moves like the November 30, 2018 demerger, the February 2019 Kheda land acquisition and the June 2024 buyout of Mabel Engineers, Anup has steadily scaled into a specialist in static process equipment for oil & gas, petrochemicals, fertilizers and power generation; today it operates two world-class facilities totaling 170,000 sqm, manufactures units from 20 MT to 800 MT, maintains an on-time delivery record above 95% and employs 309 people (up 27.16% YoY as of March 31, 2025); listed on BSE (542460) and NSE (ANUP) with a market cap of approximately ₹48.78 billion and a share price of ₹2,435.20 (Nov 18, 2025), the company's ownership is split between promoters (40.98% - Aura Securities 35.47%, Aura Business Ventures LLP 1.83%) and public holders (59.02%: institutional 19.65%, non‑institutional 39.38%), while a robust pending order book of ₹8.3 billion (Jan 31, 2025) with 57% export share, a 30% revenue CAGR over three years, a low debt‑equity ratio of 0.04, ERP-led digitalization, and approvals from major third‑party inspectors underpin how its Gujarat and Tamil Nadu plants turn bespoke engineering, heat exchangers, reactors, pressure vessels, columns, helix changers and industrial centrifuges into recurring revenue streams.

The Anup Engineering Limited (ANUP.NS): Intro

• Founded in 1962 as Anveshan Heavy Engineering Limited, focused on design and fabrication of process equipment for oil & gas, petrochemicals and power generation.
• October 2018: Demerger from Arvind Limited; scheme effective 30 November 2018-reshaping corporate structure and focus.
• January 2019: Renamed The Anup Engineering Limited to reflect expanded capabilities and market positioning.
• February 2019: Acquired land in Kheda, Gujarat for a modern, state-of-the-art fabrication facility to expand manufacturing capacity and logistical reach.
• April 1, 2022: Wholly owned subsidiary Anup Heavy Engineering Limited amalgamated with the company by scheme of amalgamation-consolidating operations and balance sheet.
• June 2024: Acquired Mabel Engineers Private Limited (Tamil Nadu), adding silos, storage tanks and site services to the product and service portfolio.

• Project-driven fabrication and EPC contracts: Revenue primarily from design, fabrication, erection and commissioning of heavy process equipment supplied to refineries, petrochemical complexes, fertilizer plants, and power stations.
• Storage solutions and site services: Post-2024 additions (Mabel Engineers) add revenue streams from silos, storage tanks, erection and maintenance services at customer sites.
• After-market services & spares: Inspection, refurbishment, spare parts and maintenance contracts provide recurring revenues and higher-margin follow-on business.
• Contract mix: Combination of repeat orders from large engineering procurement contractors (EPCs) and direct orders from end-users in hydrocarbons and chemicals sectors.

• Heavy fabrication yards and workshops (expanded with Kheda land and consolidated assets after 2022 amalgamation).
• Engineering design, stress analysis, welding & NDT, painting, blasting, assembly and testing capabilities to meet ASME, API and other international specifications.
• Project management and site erection teams to execute large, end-to-end EPC deliveries.
• Expanded product portfolio post-2024 acquisition: silos, storage tanks and site services augment core pressure-vessel and heat-exchanger offerings.

• Ticker: ANUP.NS - listed entity status provides market pricing transparency and regulated disclosure.
• Capacity growth: Land and facility investments (Kheda post-2019) and the 2022 amalgamation materially increased consolidated fabrication capacity and manufacturing footprint.
• Product diversification: Post-2024 acquisition broadened addressable market to include bulk storage and site services alongside traditional process equipment.

The Anup Engineering Limited (ANUP.NS): History

• Promoters and founding group propelled initial growth through backward integration into machining and fabrication facilities.
• Strategic investments and diversification into EPC and project execution broadened revenue streams.
• Listed on BSE and NSE, enhancing access to capital for capacity expansion and technology upgrades.

Ownership Structure (as of March 31, 2025)

• Promoters: 40.98%
  • Aura Securities Private Limited: 35.47%
  • Aura Business Ventures LLP: 1.83%
• Public shareholders: 59.02%
  • Institutional investors: 19.65%
  • Non-institutional investors: 39.38%
• Listings: BSE code 542460; NSE symbol ANUP

Mission

• Deliver engineered solutions with high precision, safety and reliability for heavy industries.
• Drive sustainable growth through technological upgrades, skill development and export competitiveness.
• Maintain strong corporate governance and create shareholder value while serving long-term industrial clients.

How It Works

• Engineering & Design: In-house design teams convert client specifications into manufacturable drawings and process plans.
• Manufacturing: Facilities for heavy fabrication, machining, welding and assembly produce pressure vessels, heat exchangers, and structural components.
• Project Execution: EPC and turnkey project teams handle procurement, installation and commissioning for industrial clients.
• Quality & Compliance: Certifications and QA/QC systems ensure adherence to international standards for critical components.

Makes Money

• Product Sales: Revenue from manufactured equipment-heat exchangers, pressure vessels, skids and assemblies-sold to power, oil & gas, chemicals and process industries.
• Project Contracts: EPC and turnkey project revenues from long-term contracts, including engineering, procurement and installation fees.
• Value-Added Services: Aftermarket services, maintenance, retrofits and spare parts contribute recurring income and higher margins.
• Exports & Large Orders: Significant contract wins and export orders drive lump-sum revenues and scale-based profitability.

The Anup Engineering Limited (ANUP.NS): Ownership Structure

• Promoter holding: majority stake (promoters retain control enabling strategic direction and long-term contracts)
• Institutional investors: meaningful participation from mutual funds and FIs providing liquidity and oversight
• Public/free float: available for retail and QIB investors supporting market discoverability

• Committed to delivering high‑quality, customized process equipment to oil & gas, petrochemicals, fertilizers, and power generation sectors
• Emphasis on engineering excellence, safety, environmental compliance and long‑term client partnerships
• Agility and strong in‑house engineering capabilities to adapt to diverse client requirements

• Engineering, procurement and fabrication contracts for process equipment - primary revenue driver
• Custom manufacturing for EPC contractors and end‑users in oil & gas, petrochemicals, fertilizers and power
• After‑sales services, retrofits and spares for installed equipment-recurring revenues
• Value capture from large, high‑margin turnkey projects leveraging in‑house engineering and fabrication scale

The Anup Engineering Limited (ANUP.NS): Mission and Values

• Incorporated as a specialised engineering and fabrication company, The Anup Engineering Limited has grown from a regional fabricator into a national supplier of static process equipment serving petrochemical, chemical, pharmaceutical, fertilizer and allied industries.
• Promoter-led ownership with a mix of institutional and retail shareholders listed on the NSE (ANUP.NS); promoters retain controlling interest while public and institutional investors hold the balance.

• Manufacturing footprint: two principal manufacturing facilities located in Gujarat and Tamil Nadu, positioned close to major highways and ports to optimise inbound raw-material logistics and outbound finished-goods delivery.
• Product scope: specialises in static process equipment - heat exchangers, reactors, pressure vessels, columns and towers - plus custom fabrication and skid packages for project EPC contractors.
• Technology and differentiated products: designs and supplies helix changers, EMBaffle heat exchangers, polymerization reactors and other technology-led offerings that cater to specialty process needs.
• Ancillary offerings: industrial centrifuges and pre-fabrication engineering services for static process equipment provide additional revenue streams and deeper project participation.
• Quality and credentials: products are approved and inspected by major third‑party inspection agencies and project management consultants, enabling participation in both domestic and international projects.
• Digital & operational improvements: ongoing ERP enhancements and digitalisation initiatives to increase shop-floor automation, shorten lead times and improve order-to-delivery cycle efficiency.

• Project contracts: primary revenue from engineering, procurement and fabrication contracts for petrochemical, chemical and captive industrial projects-revenues recognised on contract completion or as per percentage-of-completion terms.
• Technology premium products: higher-margin sales from specialised equipment (helix changers, EMBaffle exchangers, polymerization reactors) and customised solutions.
• Aftermarket & services: spares, retrofits, repair services and centrifuge sales/maintenance contribute recurring revenues.
• Turnkey & value-added services: pre-fabrication engineering, testing and third-party inspected deliverables command better contract pricing and strengthen client relationships.

• Geographic placement of plants near transport corridors reduces logistics time and cost for heavy fabricated items.
• Broad product portfolio covering both commodity static equipment and specialised technology products.
• Third‑party approvals and PMC acceptance enable participation in large EPC and export projects.
• ERP/digital initiatives improve production visibility and reduce order-to-delivery lead times.

The Anup Engineering Limited (ANUP.NS): How It Works

• Primary revenue model: engineered-to-order manufacturing and fabrication contracts with milestone-linked billing.
• Customer base: EPC contractors, global oil & gas majors, fertilizer and petrochemical producers, power plant OEMs and industrial exporters.
• Geographic mix: domestic projects plus significant international exports (57% of order book as of 31-Jan-2025).
• Value-add services: detailed engineering, project management, erection & commissioning support, aftermarket spares and refurbishment.

• Contract manufacturing: Fixed-price and cost-plus contracts for bespoke process equipment, with staged invoicing tied to fabrication milestones and delivery.
• Export contracts: High-margin export orders - exports account for 57% of the order book (benefiting from global buyers diversifying away from China).
• Aftermarket & services: Spare parts, retrofits and service contracts that extend lifetime revenue beyond initial equipment sale.
• Acquisitions & portfolio expansion: Strategic buys (e.g., Mabel Engineers Pvt Ltd in June 2024) broaden product range and address new geographies and customer segments.
• Operational efficiency: Digitalization and automation initiatives lower cycle times and cost per unit, improving gross margins and cash conversion.

• Order book quality: A strong ₹8.3 billion pending order book provides multi-quarter revenue visibility and staged cash inflows tied to fabrication milestones.
• Export-led growth: With 57% of the order book from international buyers, currency diversification and higher ASPs (average selling prices) support topline and margins.
• Scale & product mix: Acquisition of Mabel Engineers broadens offerings (additional equipment types and service capabilities), enabling cross-selling and higher average contract sizes.
• Digitalization & automation: Investments in process digitalization - ERP-integrated shop-floor automation, CNC and robotic welding, and production analytics - reduce lead times and improve utilization.
• Project execution model: Engineered-to-order contracts with staged billing, retention mechanisms and milestone-based payments protect cash flow while aligning risk with suppliers and customers.

The Anup Engineering Limited (ANUP.NS): How It Makes Money

• Core revenue streams: engineered equipment fabrication, skid integration, turnkey packages and aftermarket services.
• Customer base: EPC contractors, refineries, chemical plants and international energy firms (57% of pending orders are exports).
• Competitive advantages: >95% on-time delivery, low operational leverage via efficient shop-floor processes and digitalization initiatives.

• Scaling levers: capacity expansion at Kheda, integration of Mabel Engineers for complementary capabilities, and digitalization to shorten lead times.
• Risk mitigation: low leverage (DE 0.04), diversified geographies (57% exports) and strong project-delivery track record.