Annu Projects Limited

This section provides an overview of the industry context, primarily referencing industry data from the CARE Report. It discusses the global economic outlook, noting expected growth moderation due to geopolitical tensions, and details the impact of the Iran conflict on India's energy imports, particularly crude oil and LPG, which affects infrastructure costs. The Indian economic outlook highlights resilience, with GDP growth expected to be supported by robust performance in manufacturing, construction, and financial services. Furthermore, it covers various macroeconomic indicators such as GDP growth projections, Gross Value Added trends, fiscal deficit management, and Consumer Price Index (CPI) inflation trends.

The section discusses various macroeconomic indicators and government initiatives related to India's economy. It covers trends in Gross Fixed Capital Formation (GFCF), disposable income and consumer spending, industrial growth, and budgetary allocations for infrastructure. Furthermore, it details government infrastructure schemes, including financing mechanisms, urban development focus, and the role of the EPC industry in construction. Finally, it touches upon India's resilient economic position, potential trade implications with the US, and inflationary pressures from geopolitical conflicts and supply chain disruptions.

The issuer's business focus spans various sectors, including loans, industrial facilities, renewable energy parks, commercial real estate, and data centers, tailored for specific business needs. The company deals with different client types such as Multinational Corporations (MNCs), who invest in EPC projects globally, and Public-Private Partnership (PPP) clients, who collaborate on infrastructure. Furthermore, the company serves industrial clients by building facilities like factories and refineries. The text also details various aspects of EPC contracts, including turnkey versus balance of plant structures, key covenants, and risk allocation.

The construction sector in India is vital to the economy, encompassing infrastructure development, residential/commercial buildings, industrial projects, and urbanization, with the EPC industry playing a crucial role in large-scale projects. EPC contractors are responsible for turnkey projects, managing everything from design to execution, and ensuring compliance with various national standards and regulations. The industry faces numerous regulatory factors, including environmental clearances, labor laws, taxation rules, and standards set by various bodies. Furthermore, there is an increasing focus on sustainability and green construction practices within the sector.

The analysis of the infrastructure investment landscape shows significant government focus, with various sectors receiving substantial allocations. The Union Budget FY27 indicated continued government emphasis on infrastructure development. Specific ministries received allocations for digital connectivity, energy security, and railway expansion. Furthermore, the engineering and construction (EPC) industry is undergoing a digital transformation, adopting tools like AI, ML, and BIM to improve project delivery. Private sector participation in national infrastructure projects has been relatively low compared to government spending.

The text discusses various aspects of the Indian infrastructure and telecom sectors. It covers the role of private equity in funding infrastructure projects, the growth drivers in the EPC sector from government initiatives to technological integration, and the challenges faced by this sector such as regulatory delays and financing constraints. Furthermore, it details the growth in the telecom sector, including subscriber base trends, market dominance by major players, and the impact of favorable regulatory environments on foreign investment.

The section details various performance indicators within the Indian telecom sector, covering subscriber base growth, market share distribution, internet penetration trends, and tele-density. Key findings include significant growth in wireless subscribers, a high concentration of market share among service providers, and the ongoing expansion of internet access driven by digital initiatives. The analysis also highlights the impact of various factors, such as government policies and technological advancements, on the trajectory of telecommunications infrastructure.

The section details various aspects related to the Indian telecom sector, including trends in Average Revenue Per User (ARPU), definitions of active versus passive infrastructure sharing, and the overview of the optic fibre sector. It discusses growth in ARPU and data usage, outlines the differences between active and passive infrastructure sharing models, and describes the role of optic fibre in supporting high-speed data transmission and backhaul needs.

This section discusses the growing importance and various applications of Optical Fibre Cable (OFC) infrastructure in India, driven by government initiatives and increasing demand for high-capacity connectivity. It details how OFC is utilized across several sectors, including telecommunications, government and defence, industrial automation, transportation, and energy utilities. The text highlights the role of OFC in enabling secure communication, real-time monitoring, and facilitating the rollout of various digital infrastructure projects across the country.

The section discusses the infrastructure requirements and regulatory framework surrounding the Indian telecom sector, focusing heavily on the rollout of 5G networks and the expansion of optical fiber infrastructure. It highlights the increasing demand for high-speed internet driven by digital services and the role of various government initiatives like the National Broadband Mission 2.0 and BharatNet in expanding broadband connectivity, especially in rural areas. Furthermore, it details various regulatory bodies, recent EPC projects involving telecom infrastructure deployment, and ongoing efforts to streamline Right of Way permissions and spectrum management for future technologies like 6G.

The text discusses various government initiatives and legal frameworks related to the Indian telecom sector, including the Production Linked Incentive (PLI) Scheme, which encourages domestic manufacturing, and the impact of the Telecommunications Act, 2023, which modernized the sector's legal structure. It also details efforts to promote indigenous research through various funds and platforms, support the revival of BSNL, and facilitate digital licensing through single-window services. Furthermore, the text covers challenges in optical fiber cable infrastructure, such as geographical hurdles, security threats, and high initial investment costs. Finally, it provides an overview of sewage infrastructure in India, highlighting the pressure from rapid urbanization on existing systems and the challenges associated with on-site and off-site treatment methods.

The section discusses the significant challenges in urban wastewater management in India, highlighting a large gap between sewage generation and treatment capacity. Data shows that a substantial portion of wastewater remains untreated and is discharged into natural water bodies. Furthermore, the market for water and wastewater management in India is expanding rapidly due to pollution and industrialization. The text also details critical sanitation issues, including inadequate toilet facilities in urban households and insufficient sewer networks, pointing to a need for better infrastructure and financial support.

The text details various government initiatives and regulatory frameworks concerning water supply, sanitation, and pollution control in India. It covers progress under schemes like AMRUT and Namami Gange, the implementation of the Jal Jeevan Mission for piped water access, and the focus on wastewater management under the Swachh Bharat Mission. Furthermore, it outlines the regulatory roles of various bodies such as Pollution Control Boards and the legal framework governing water pollution, including the provisions for the 'polluter pays principle' and the need for recycling and reuse of wastewater.

The section discusses challenges in the wastewater sector, including institutional issues like inadequate planning capacity in Urban Local Bodies (ULBs) and workforce shortages, and economic hurdles such as the large gap between sewage generation and treatment capacity, coupled with high capital and maintenance costs. Technical challenges involve reliance on outdated treatment technologies and land scarcity. Social challenges include community resistance to wastewater reuse and opposition to plant construction near residential areas. Separately, the text covers the natural gas sector in India, noting its various uses, including fueling various equipment and as a base ingredient in manufacturing. It also details trends in natural gas production and consumption, the government's commitment to increasing natural gas's share in the energy mix, and the dependence on imported Liquefied Natural Gas (LNG). Finally, it outlines the infrastructure of the natural gas pipeline network, detailing authorized and operational pipelines managed by various entities.

This section details various operational dedicated natural gas pipelines, including their entities, authorization dates, capacity, and operating lengths, as documented in Table 18. The data covers pipelines spanning various states in India, such as Maharashtra, Andhra Pradesh, Gujarat, and Rajasthan. The pipelines involve different entities like ONGC, GAIL, EPS, and others, and connect to various network points or facilities.

This section details various natural gas pipeline entities, their specifications, and interconnection points, followed by an overview of the growth prospects for India's natural gas pipeline network. The government of India is targeting an increase in natural gas share in the primary energy mix by 2030, and there are ongoing efforts to expand the pipeline network to cover underserved regions. Key players like GAIL, IOCL, and private entities are involved in these developments, with significant investment planned for the Northeast region.

Natural gas is crucial across several industries, including power, fertilizer, and industrial sectors, with its usage driven by various factors. In the power sector, natural gas is seen as an efficient alternative to coal due to lower $\text{CO}_2$ emissions and better ramping rates. For the fertilizer sector, natural gas is the preferred feedstock for urea production, and demand is expected to rise with increased domestic production goals. The government is actively promoting the gas sector through infrastructure development and policy support, while cost competitiveness and environmental awareness are also influencing its adoption.

The text discusses various aspects related to natural gas infrastructure and market dynamics in India, including pipeline projects, consumption trends, and government policies. It details the importance of gas pipelines for transporting natural gas, the expansion plans for the National Gas Grid, and the role of natural gas as a transition fuel. Furthermore, the text covers developments in City Gas Distribution (CGD) networks, the growth of Compressed Natural Gas (CNG) consumption, and reforms in natural gas pricing. It also mentions efforts to diversify supply through LNG infrastructure and regulatory reforms to enhance market efficiency.

The text discusses various aspects related to the natural gas sector in India, including policy shifts, government support, and market challenges. It covers the slow transition from coal to natural gas, efforts to promote natural gas in transportation, the objectives of the National Clean Air Programme (NCAP), and government allocations for energy infrastructure. Furthermore, it details regulatory changes concerning natural gas pipeline tariffs and bidding criteria, along with challenges faced by EPC companies in executing pipeline projects, such as engineering demands, procurement delays, and land acquisition issues. The text also mentions limited natural gas reserves and the high cost associated with extracting and transporting natural gas.

EMS Limited operates in the wastewater treatment plants (WWTPs) and water supply and sanitation projects (WSSPs) sector in India. The company specializes in providing turnkey services for water and wastewater collection, treatment, and disposal, offering solutions for engineering, design, construction, and installation of various facilities. Their services also extend to the construction of flyovers, roads, and other infrastructure projects. The company offers a broad range of services including integrated water & sewerage solutions, industrial waste treatment, and operation and maintenance of public infrastructure facilities. Key activities include executing large-scale projects under major government missions and securing new contracts across several Indian states.

This section describes several companies involved in infrastructure and pipeline sectors. Likhitha Infrastructure Limited focuses on laying cross-country hydrocarbon pipelines and city gas distribution projects, working with major PSUs. Suyog Telematics Limited provides passive telecom infrastructure like various types of towers and leases them to service providers. Annu Projects Limited is a diversified EPC company involved in fiber optics, sewerage, and gas pipeline projects, operating across multiple states.

The company is engaged in the design, development, implementation, operations, and maintenance of essential overhead and underground utilities infrastructure across several verticals, including telecom, sewerage, gas pipeline, and railway signalling. The company is a diversified player in the EPC sector, handling various fields from fiber optics to sewerage projects. They have expertise in laying optical fibre cable networks, constructing sewerage treatment plants, and dealing with domestic gas connections. The business is categorized into four main verticals, with Telecom infrastructure being the primary source of revenue from operations.

The company secures contracts through competitive bidding processes from Central or State Governments, in addition to executing projects as sub-contractors for private parties. Over the last 21 fiscal years, the company has completed 362 projects related to its business, with 23 ongoing projects valued at ₹1,959.35 Crore as of June 30, 2026. The business spans several verticals including telecom infrastructure, sewerage infrastructure, gas pipeline, and railway signalling. The company maintains its own fleet of plant and machinery, which includes over 558 pieces, to ensure efficient project execution. Furthermore, the company has established expertise in engineering, procurement, and commissioning projects, and has worked with major telecom operators in India.

The company undertakes infrastructure projects across various verticals, primarily focusing on telecom infrastructure, sewerage infrastructure, and gas pipelines. The company has a substantial order book, including a significant role in the BharatNet Phase III project, where they emerged as an L1 bidder in a consortium. The business involves executing various types of work, including laying Optical Fibre Cable (OFC) for broadband connectivity and designing/building sewage treatment plants. The company has completed numerous projects across several Indian states and is actively seeking to expand into new geographies and diversify into other infrastructure sectors like railway signalling.

This section details various projects across different sectors, including Sewage infrastructure, Gas pipelines, and Railways signalling. The listed projects involve different contract types such as EPC, AMC, and O&M, spanning various locations in India. The order book and basic contract values for these projects are provided as of June 30, 2026, with some projects yet to commence.

The company undertakes various infrastructure projects, including trenching and installation of optical fiber cable for defense networks, and operations and maintenance (O&M) for large-scale telecom networks. The company's process involves a structured lifecycle from project identification and bid preparation to execution, planning, resource deployment, and final project completion, including handover to operations. Revenue is derived from a significant portion of operations from top customers, and contracts are typically structured on an item rate and milestone basis.

The company primarily deals with various contract types in the construction business, including EPC, item-rate, percentage rate, and Operations and Maintenance (O&M) contracts. These contracts dictate different responsibilities regarding the execution of projects, including procurement, engineering, and construction. Contracts often include clauses for price variation or escalation related to key materials, such as steel and cement. The company also provides security deposits and performance guarantees, which are typically refunded upon project completion or at the end of a defect liability period. The company engages in joint ventures and consortium agreements to leverage complementary capabilities in securing project bids.

The company possesses various industrial machinery, including hydraulic mobile cranes, storage silos, optical power meters, PLC control panels, and DGPS survey machines for cable laying projects. The company relies on a wide range of materials such as optical fibre cable, TMT steel, cement, and various piping items, sourcing them from a limited number of suppliers. The company adheres to a strict Quality Assurance/Quality Control (QA/QC) framework, holding ISO certifications for services in the telecom, gas, and sewerage infrastructure verticals. Furthermore, the company emphasizes safety and environmental compliance, including obtaining Right of Way (RoW) permissions from various authorities.

This section details various aspects related to the issuer's physical presence and regulatory framework in India. It lists owned properties, including land and flats, and mentions various site offices and guest houses established across different states. Furthermore, it outlines numerous laws and regulations applicable to the business operations, covering areas such as telecommunications, tax, environmental protection, and labour laws.

This section details the extensive legal framework governing the company's operations, primarily focusing on labour laws, securities regulations, and general business compliance. It outlines numerous acts and codes that the company must adhere to, including provisions related to worker protection, social security, and market integrity. Furthermore, it lists various laws applicable to the company's day-to-day operations and transactions.

The company's history began with its incorporation as 'Annu Infra Construct (India) Private Limited' on June 19, 2003, followed by a name change and subsequent conversion to a public limited company. Key corporate milestones include various name changes, changes in registered office locations, and the amendment of the Memorandum of Association over the preceding ten years. The company has engaged in various projects, including awards for infrastructure development and participation in consortium bids. The company has not defaulted on loan repayments and has not made any material acquisitions or divestments in the last ten years.

The company currently has no subsidiaries or associate companies as of the date of this Red Herring Prospectus. The company engages in joint venture agreements primarily for bidding purposes, where the company assumes full risk and execution responsibility. Furthermore, the company has disclosed that it has not entered into many material agreements with third parties, including strategic partners or financial partners, outside of the ordinary course of business. There are no agreements with key managerial personnel, promoters, or directors regarding compensation or profit sharing with shareholders or third parties. Finally, the company confirms the absence of material inter-se agreements between the company, its promoters, or shareholders concerning the securities.

The definitions section identifies the company as Annu Projects Limited, which was formerly known as Annu Projects Private Limited. The company's registered office is located in South Delhi, New Delhi. The section also defines various terms related to the issuance process, including different types of bidders, the process for allotment, and the parties involved in the book-building. It specifies that the issue involves a fresh issue component of equity shares.

This section defines various terms related to the issuance process, including the governing documents and parties involved. It specifies the issue price, the process followed, and the different portions of the issue allocated to various investor categories. It also details the price band, the process for advertising the issue, and the date on which the issue price was finalized.

This section primarily lists various technical and legal terms, including many industry-specific acronyms and standards, such as LTE, LNG, and various regulatory bodies. It also defines financial and legal concepts like Total Contract Value, Financial Years, and different accounting standards (Ind AS, Indian GAAP, IFRS, US GAAP). The text also details conventions regarding the use of geographical references (India vs. USA) and time zones (IST), and clarifies the source of financial data, noting that it is derived from restated financial information.

This section discusses various aspects related to the financial data, accounting principles, and market data used in the Prospectus. It clarifies that the financial data may differ depending on the accounting standards used (like Ind AS, Indian GAAP, IFRS, or U.S. GAAP), and that investors should consult professional advisers for understanding these differences. The text also details rounding practices for figures and introduces non-GAAP financial measures, noting their limitations as analytical tools. Furthermore, it specifies the currency references and the sources for industry and market data.

The issue involves the offering of equity shares with a face value of ₹ 10 each, aggregating to ₹175.06 Crore. The issue is divided into various portions, including QIB, Mutual Fund, and Non-Institutional categories. Specific allocations are detailed regarding the distribution of the Non-Institutional portion based on the size of the application amount. The process for allocation and under-subscription is governed by various regulations and procedures.

This section details the restated financial information, including the statement of profit and loss, cash flow, and contingent liabilities for the company for the years ended March 31, 2026, 2025, and 2024. The profit and loss statement shows various income and expense figures, resulting in a restated profit before tax and after tax, along with details on other comprehensive income. The cash flow statement provides insights into cash generated from operating, investing, and financing activities. Finally, the contingent liabilities section outlines various claims, disputed tax liabilities, bank guarantees, and letters of credit.

The section details the authorized and issued share capital, showing an authorized capital of 7,00,00,000 equity shares. It also outlines the structure of the share capital history, which includes various allotments to different parties over several years. The history shows transactions such as cash subscriptions, further issues, rights issues, and bonus issues. The data provided covers allotments from June 2003 up to September 2024.

The provided text details various allotments and transactions of equity shares, including some past allotments that could not be traced in company records. It lists several instances of allotments with different consideration types, such as cash preferential allotment and bonus issues. Furthermore, the text mentions secondary transactions of equity shares by promoters and members of the promoter group, detailing transfers that occurred in July 2010 and March 2019. There is also mention of equity shares issued or allotted under schemes of arrangement.

The company has not issued any equity shares under employee stock option schemes since incorporation, nor has it instituted any such schemes as of the date of the prospectus. Regarding the share capital held by promoters and the promoter group, the promoters collectively hold 87.64% of the issued, subscribed, and paid-up equity share capital, while the promoters and the promoter group hold 89.11%. The section details various transactions involving the issuance, transfer, and rights issues of equity shares over time.

The section outlines several confirmations regarding the Equity Shares offered, including stipulations that shares acquired in the preceding years or through certain bonus issues are excluded from the calculation of the Promoters' contribution. It also confirms that the Equity Shares forming part of the Promoters' contribution are not subject to any pledge with creditors, and that all held Equity Shares are in dematerialized form. Furthermore, the text details various lock-in regulations under SEBI ICDR Regulations concerning pre-issue equity share capital, including provisions for different categories of shareholders and restrictions on pledging shares for loans.

The section details transactions involving the acquisition of securities by Promoters and members of the Promoter Group over the preceding three years, noting various types of transactions such as bonus issues and transfers. It also provides information on the weighted average cost of acquisition for these securities and clarifies various compliance and future issuance restrictions. Furthermore, it states that the company does not have an employee stock appreciation right scheme and outlines restrictions on altering the capital structure or issuing further equity shares during a specified period.

The company proposes to utilize the net proceeds from the fresh issue for various purposes, including funding capital expenditure, working capital requirements, and general corporate purposes. The net proceeds are estimated at ₹154.57 Crore after deducting issue-related expenses. The utilization plan details how these funds will be deployed across different fiscal years, with specific allocations for capital expenditure and working capital. The company also discusses the nature of its business, which involves engineering, procurement, and construction (EPC) for various infrastructure verticals, and the associated working capital requirements.

The section details the financial position of the company, including current assets, current liabilities, and the resulting working capital gap, which shows a significant positive balance. The company proposes to utilize a substantial amount of the net proceeds for working capital requirements, with a portion being directly funded by the offer. Furthermore, the document outlines the proposed use of the balance net proceeds for general corporate purposes, subject to regulatory compliance. It also provides extensive details regarding the estimated expenses associated with the issue process.

This section details various estimated and actual expenses related to the issue, including selling commissions and processing fees, which are categorized based on the type of bidder (Retail Individual or Non-Institutional). It outlines different fee structures depending on whether the bids are procured by the company or by syndicate members, and specifies limits on these charges. Furthermore, it discusses various aspects related to the issue price determination, including the price band, and presents quantitative factors such as Earnings Per Share (EPS), Price to Earnings (P/E) ratios, Return on Net Worth (RoNW), and Net Asset Value (NAV).

The provided text details various financial and operational Key Performance Indicators (KPIs) for the company, including financial KPIs and operational KPIs, which are used to analyze and track the company's performance against its peers. The text outlines definitions for various metrics such as Revenue from operations, EBITDA, Gross Profit, Profit After Tax, Return on Equity, and Return on Capital Employed. It also provides comparisons of these KPIs across different listed peer groups and clarifies the limitations of using these KPIs as standalone measures.

The provided section details various aspects related to past transfers and allotments of equity shares, including primary and secondary transactions. It confirms that no primary issuances of equity shares or convertible securities were found within the preceding 18 months that met the 5% threshold. Furthermore, it confirms no secondary transactions involving promoters or related parties were found within the same period. The section also lists the price of the last five primary or secondary transactions, which were conducted by parties related to the promoter group or those with director nomination rights, and provides details on the consideration and allotment for these transactions.

This section details the possible special tax benefits available to the company and its shareholders under various tax laws in India. It clarifies that the company is not entitled to any special tax benefits under direct tax laws, nor are the shareholders entitled to any such benefits. Similarly, the company is not entitled to special tax benefits under the indirect tax laws, nor are the shareholders. The statement notes that these benefits depend on fulfilling conditions prescribed under the tax laws and that the information provided is for general investor awareness only.

This section details the scope of work performed by the Chartered Accountants in examining the Restated Financial Information of Annu Projects Limited for various financial years. The examination covered the Restated Standalone Statements of Assets & Liabilities, Profit & Loss, Changes in Equity, and Cash Flows for the financial year ended March 31, 2026, as well as the Consolidated Statements for the years ended March 31, 2025 and March 31, 2024. The report confirms that the financial information was prepared in accordance with relevant regulations and that no adjustments were made due to changes in accounting policies.

This section details the emphasis of matters reported in the Companies Auditors Report Order (CARO’2020) concerning the audited financial statements for various periods. It covers compliance with statutory dues, including various taxes and duties, noting instances where undisputed amounts were not deposited, and lists specific disputes pending before different forums. The text also presents a summary of statutory dues for different financial years and highlights the lack of undisputed amounts payable in certain areas.

This section details the financial performance and cash flows of Annu Projects Limited across three fiscal years, comparing Standalone and Consolidated figures. The data includes various income, expense, profit, tax, and comprehensive income items. The text also provides important notes regarding the corporate structure, including the divestment of a subsidiary, which necessitated a change from consolidated to standalone financial statements in the most recent period.

This section details the accounting policies and material accounting policies of Annu Projects Limited, covering various aspects such as the basis of consolidation, functional currency, fair value measurement, classification of assets and liabilities, use of estimates, and specific accounting treatments for property, plant and equipment, intangible assets, investment property, borrowing costs, and financial instruments. It outlines the criteria for classifying assets and liabilities as current or non-current based on the operating cycle, and specifies how various financial instruments are measured and accounted for.

This section details various accounting policies related to financial instruments, assets, liabilities, and revenue recognition for Annu Projects Limited. It covers how financial instruments are offset, the measurement of equity investments, the derecognition of financial assets, impairment testing, the accounting for financial liabilities, inventory valuation, earnings per share calculation, income tax recognition, and the recognition of revenue from product sales and construction contracts.

This section details various accounting policies and material accounting policies of Annu Projects Limited, covering aspects such as revenue recognition for different contracts, treatment of claims, contract balances, financial instruments, leases, segment reporting, employee benefits, and cash flow statement preparation. It also mentions recent amendments to various Indian Accounting Standards (Ind AS) by the Ministry of Corporate Affairs (MCA).

This section details the restated financial information for Annu Projects Limited, covering Property Plant & Equipment, Right of Use Assets, Intangible Assets, Investment Property, and various Non-Current Financial Assets and Deferred Tax items. The data is presented in millions of Rupees and includes comparisons across different reporting periods (Consolidated and Standalone). The notes provide extensive disclosures regarding asset impairments, depreciation, asset disposals, and the movement in deferred tax balances.

This section details various financial components of Annu Projects Limited, including non-current assets, trade receivables, cash and cash equivalents, and borrowings. Key figures show fluctuations in inventory, receivables, and cash balances across fiscal years. The data also includes information on long-term borrowings from various banks and other parties, detailing the amounts, maturity dates, and interest rates.

This section details various financial and liability items for Annu Projects Limited across different reporting periods, including loan details, lease liabilities, provisions, and borrowings. It provides comparative data for the years ending March 31, 2024, March 31, 2025, and March 31, 2026, distinguishing between Standalone and Consolidated figures where applicable. The data includes movement in borrowings, lease commitments, provisions for various purposes, and trade payables.

This section details various aspects of the company's financial position, including trade payables aging schedules, current liabilities, revenue recognition, other income, purchase of goods, inventory changes, construction expenses, employee benefits, finance costs, depreciation, and other expenses. The data is presented for fiscal years ending March 31, 2026, 2025, and 2024, distinguishing between Standalone and Consolidated figures where applicable.

This section details various financial metrics and disclosures related to tax, earnings, contingent liabilities, employee benefits, and fair value measurements for Annu Projects Limited across different fiscal years. It includes reconciliation of income tax expenses, details on provisions for employee benefits like gratuity and leave encashment, and various aspects of capital management and financial instrument fair value reporting.

This section details various disclosures related to related party transactions, outstanding balances, and financial risk management policies for Annu Projects Limited. It includes tables showing transactions with various related parties, outstanding balances of different types of liabilities, and information on market and liquidity risk management. The text also outlines policies for managing credit risk, financial instruments, and various financial risks.

This section provides a detailed breakdown of various financial ratios and line items for Annu Projects Limited, comparing performance across fiscal years. It includes metrics such as profit increases, turnover ratios, debt coverage, and various profitability measures like Return on Equity and EBITDA margin. The text also outlines the presentation of financial statements, including adjustments and reconciliation details.

The company provides disclaimers regarding the use of non-GAAP financial measures, stating they are not standardized and may not be comparable across industries. The financial information presented for Fiscal 2026 is derived from restated standalone financial information, which differs from the information for Fiscal 2025 and Fiscal 2024 due to the cessation of Ann Projects Limited as a subsidiary during Fiscal 2026. The company operates in the EPC sector across telecom, sewerage, gas pipeline, and railway signalling verticals, having completed numerous projects and maintaining an order book. Key operational details include the size of the infrastructure laid and the number of employees.

This section discusses various risks affecting the company's operations and financial condition, including reliance on suppliers and potential price risks for raw materials. It details dependencies on government authorities for project awards and exposure to changes in government policies. Furthermore, the text covers risks associated with the competitive tender bidding process and the impact of geographic locations, seasonality, and weather conditions on operations. The document also clarifies the use of Non-GAAP financial measures and outlines significant accounting policies related to Property, Plant and Equipment, Intangible Assets, Investment Property, Borrowing Costs, Financial Instruments, and the recognition of gains or losses from asset de-recognition.

This section details various accounting treatments under Ind AS 109 concerning financial instruments, revenue recognition, and asset impairment. It outlines specific criteria for classifying financial assets and liabilities based on business models and contractual cash flows, covering amortized cost, Fair Value through Other Comprehensive Income (FVTOCI), and Fair Value through Profit and Loss (FVTPL). The text also specifies rules for offsetting financial instruments, impairment recognition for financial assets, and the treatment of provisions and contingent liabilities. Furthermore, it defines how revenue is recognized for different types of sales, including products, construction contracts, and service contracts, detailing point-in-time versus over-the-period recognition methods.

This section details various accounting treatments and definitions related to revenue recognition, contract balances, financial instruments, and employee benefits as per Indian Accounting Standards. It outlines how different types of consideration, such as claims and uncollectible accounts, are recognized as revenue. Furthermore, it covers treatments for foreign currency transactions, right-of-use assets, leases, segment reporting applicability, and various employee benefit plans like pensions and earned leave encashments.

This section details the financial performance of the company across fiscal years, including profit and loss statements, tax expenses, and resulting profit after tax. It presents comparative data for Fiscal 2026 versus Fiscal 2025, and Fiscal 2025 versus Fiscal 2024, highlighting trends in revenue, expenses, and profitability. Key observations include significant growth in revenue and other income in the year-on-year comparison, alongside changes in inventory and material consumption.

The financial section details various expense and profit figures across fiscal years, including changes in finance costs, depreciation, other expenses, and profit before and after tax. The text also covers liquidity, cash flow movements, contingent liabilities, and various risk factors related to credit, liquidity, market, and interest rate risks. It further clarifies that there have been no recent accounting pronouncements and no unusual events affecting operations.

The company acknowledges that its operations are susceptible to seasonality and weather-related disruptions, which can impact revenues and profitability, particularly during the monsoon season. The company also highlights a significant dependence on a limited number of customers, as a loss of major customers could adversely affect its business results. Furthermore, the company details its borrowing structure, including various categories of borrowings, and outlines the terms and conditions associated with these loans, such as interest rates, tenor, and pre-payment clauses.

The company faces several risks related to its operations, primarily concerning the slowdown in the telecom, sewerage, and gas pipeline sectors, as well as potential adverse changes in government policies or economic conditions in India. The business is heavily reliant on revenue derived from government sector entities, exposing it to risks associated with competitive bidding and contract terms. Furthermore, the company is dependent on a small number of top customers, and its current order book may not materialize into future revenue due to potential modifications, cancellations, or delays by customers. Risks also exist regarding the execution of contracts, such as delays in project implementation, issues with obtaining necessary rights of way, and potential disputes or non-payment from customers.

The company faces several risks related to contractual obligations, including potential losses from delays or disputes with customers, and the inability to secure necessary extensions for project milestones. There is a risk of contracts being cancelled or suspended during economic slowdowns, and potential defaults by contracting parties to pay amounts owed, which could negatively affect cash flow and profitability. Furthermore, the business is highly concentrated in specific Indian states, exposing it to adverse regional developments. The company also faces risks related to fluctuating cash flows and dependencies on key suppliers and long trade receivable cycles.

The company faces several risks related to its working capital, including potential shortfalls that could impede its ability to secure necessary collateral for contracts or limit fund repatriation. There is a dependency on consortium partners, and the failure of these partners to perform can negatively impact business operations. Furthermore, the company relies on sub-contractors, exposing it to risks concerning timely execution, quality of work, and potential disputes or litigation. Operations are also vulnerable due to the heavy reliance on owned equipment, which is susceptible to breakdowns, and the inadequacy of insurance coverage against various hazards. The company also faces risks related to the termination of projects by customers and challenges in expanding into new geographic markets.

The company faces several risks related to its operations, including potential issues with employee attrition and the ability to retain staff. There are concerns regarding the procurement of necessary equipment, as quotations are obtained but definitive agreements are not yet in place, and there is a risk of cost escalations or delays in equipment delivery. Furthermore, the company is heavily reliant on competitive bidding for revenue, which exposes it to risks from market fluctuations and the inability to secure new contracts. The company also faces risks related to contracts, such as potential cost overruns due to inaccurate cost estimations or changes in the scope of work by customers. Finally, there are concerns about litigation and potential conflicts of interest involving the company's promoters and directors.

The risk factors discussed cover several areas, including labor issues, potential disruptions from strikes, and the stringent nature of Indian labor laws which could complicate HR policies. There are concerns regarding the traceability of corporate records and potential non-compliances with the Companies Act. Furthermore, there are risks related to the timely payment of statutory dues and potential penalties from regulators. The company's reliance on third-party suppliers for raw materials poses a risk due to potential supply interruptions or sub-standard quality. The company also faces risks associated with its limited track record in the gas pipeline vertical and the uncertainty of future market dynamics. Finally, funding requirements and the deployment of net proceeds are based on management estimates and are subject to change, which could impact operations and cash flows.

The company faces several risks, including negative publicity which could damage its reputation and attract regulatory investigations. There is exposure to foreign currency fluctuation risks, particularly concerning the import of equipment, without hedging arrangements in place. The company is subject to performance requirements from customers, which could lead to order cancellations or liability claims. Furthermore, there are risks related to the reliability of third-party logistics providers, potential issues with health and safety hazards, and exposure to changes in technology that could render products obsolete. The business is also subject to significant competitive pressures and various regulatory requirements concerning licenses and permits for construction activities.

The company faces several risks related to regulatory approvals, such as the potential for licenses and approvals to be cancelled or not renewed in a timely manner, which could lead to non-compliance and penalties. There is also a risk concerning past related party transactions that might involve conflicts of interest with shareholders. Furthermore, the company acknowledges that its financial results are subject to seasonal variations, particularly due to weather, which can impact revenue and profitability. Risks also exist regarding the reliance on external reports and the potential for changes in the regulatory and policy environment in India, which could introduce new compliance burdens. Finally, there are concerns about the potential impact of wage pressures and increasing operating costs in India on profit margins.

The risk factors outlined in this section cover various aspects of the business and market environment. Risks include potential non-compliance with labor laws and regulations concerning employees and contractors, uncertainty in the interpretation of governing laws, and the potential for increased costs due to new compliance requirements. There are also risks related to the equity issuance, such as the lack of an existing market for equity shares and the potential for price fluctuations. Furthermore, the company faces risks from inflation, which could impact service pricing and profitability, and exposure to volatile financial markets, geopolitical tensions, and risks associated with the Indian financial system.

The company faces several risks related to the legal enforceability of judgments obtained in foreign jurisdictions within India, including potential delays and inconsistencies in awarding damages. Furthermore, the business is exposed to various macroeconomic and political uncertainties, such as changes in exchange rates, interest rates, and government policies. There are also concerns regarding civil unrest, natural calamities, and the potential for disruptions to the Indian economy. Accounting differences between Indian Accounting Standards (Ind AS) and other standards like US GAAP or IFRS are highlighted as a factor for investors. Finally, there are restrictions on foreign investment and share transfers that can limit the ability to attract foreign investors or repatriate funds.

The section confirms the absence of outstanding criminal proceedings, regulatory actions, or tax matters against the Company, Promoters, or Directors, except for specific disclosed items. It details various materiality thresholds for pending litigation and disputes, including monetary claims relative to turnover, net worth, and profit or loss averages. It also outlines specific pending legal matters, such as a notice from the Collector of Stamps regarding stamp duty, a criminal proceeding filed by the Company against another entity, and various tax proceedings involving the Company and its directors. Furthermore, it summarizes outstanding dues to creditors, noting that amounts exceeding ₹3.79 Crore are considered material.

The section details various regulatory approvals, licenses, and registrations obtained by the Company for its business activities in India. It lists numerous incorporation details, tax-related numbers, and various registrations under different acts, including those for shops and establishments, trade licenses, Udyam registration, ISO certifications, and LEI registration. Furthermore, it outlines several labour-related registrations and lists pending approvals for shops and establishment registrations in Goa and Madhya Pradesh. The text also confirms the Company's compliance with certain regulatory rules and provides financial data related to net tangible assets, operating profit, and net worth.

The section primarily details compliance with various regulations, including SEBI ICDR Regulations, concerning the issuance of securities, and outlines disclaimers regarding the prospectus. It confirms that the company and its promoters are not debarred from accessing the capital market and that certain legal requirements related to securities issuance have been met. Furthermore, it lists various consents obtained from directors, auditors, legal counsel, and other experts for inclusion in the prospectus.

The section confirms that the company has not undertaken any public issues, including rights issues, in the five years preceding the Prospectus date, nor has any commission or brokerage been paid for such issues. Furthermore, the company has not made any capital issuances in the three years prior to the Prospectus date, and it currently has no associates, listed subsidiaries, or group companies. There are no disclosed conflicts of interest regarding the lessor/lessee of immovable properties or suppliers/service providers. The section details various mechanisms and timelines related to investor grievances arising from the UPI mechanism, including procedures for fund blocking, compensation for delays, and record retention periods for the Registrar to the Issue.

This section details the various legal and procedural aspects related to the issuance of equity shares, including the governing laws, the process for determining the issue price, and the rights of equity shareholders. It specifies that the issue is a Fresh Issue and outlines the various regulations under which the shares are subject. Furthermore, it details the rights shareholders possess, such as the right to dividends and voting rights, and clarifies that allotment must be in dematerialized form. The text also covers the timeline for the bid/issue process, the procedures for handling bid submissions, and the liabilities concerning delays or failures in the electronic submission and unblocking of funds.

This section details various conditions related to the subscription and allotment process for the Equity Shares in the Issue, including various rules under the SEBI ICDR Regulations. It outlines requirements for minimum subscriptions, penalties for delays, restrictions on the transfer and transmission of shares, and procedures for the withdrawal of the Issue. Furthermore, it specifies the structure of the Issue, including the number of shares, face value, and the allocation process across different bidder categories like QIBs, Non-Institutional Bidders, and Retail Individual Bidders.

This section details various procedural requirements and timelines related to public issue bidding, particularly concerning the implementation of the Unified Payments Interface (UPI) mechanism. It outlines the phased introduction of the UPI mechanism, including Phase I, Phase II, and the mandatory Phase III, which mandates a T+3 day timeline for applications. The text also covers rules for investor grievance redressal, the handling of bid forms, and the process for blocking and unblocking funds through ASBA accounts, including responsibilities of various intermediaries and the role of the Sponsor Bank.

This section details various rules and requirements concerning the acceptance and processing of bids for the Initial Public Offer (IPO), specifying cut-off times, bid modification rules, and documentation requirements based on the type of investor. It outlines procedures for electronic registration of bids, restrictions on certain bidders like QIBs and Non-Institutional Bidders, and specific compliance checks for different investor categories such as Mutual Funds, NRIs, FPIs, and various financial institutions. Furthermore, it sets out investment limits and documentation requirements for investors like insurance companies and provident/pension funds.

This section primarily outlines various instructions and grounds for the rejection of bids submitted in the Issue process, detailing compliance requirements for bidders. It covers rules regarding investment limits, the use of various payment methods, documentation requirements, and specific conditions under which bids might be rejected by the Designated Intermediary. It also specifies procedures for handling bid revisions, fund blocking, and timelines for bid submissions.

This section details various procedural and legal aspects related to the issuance process, including the allocation of portions for different bidder categories, the publication of pre-issue and allotment advertisements, and undertakings by the company regarding the collection and handling of bids. It also covers aspects of liability, the use of issue proceeds, depository arrangements, and restrictions on foreign ownership of Indian securities.

This section summarizes related party transactions for Fiscal Years 2026, 2025, and 2024, detailing various financial dealings. The disclosed transactions include salary expenses, loans, advances, and transactions involving the sale and purchase of products and services with entities under common control. Several directors and their relatives were involved in these transactions across the fiscal years.

This section details various entities related to the public issue process, including the designation of various banks, syndicate members, and the procedures for bid submission. It lists several banks that are designated as Bankers to the Issue, such as Axis Bank Limited, HDFC Bank Limited, Yes Bank Limited, and Union Bank of India. Furthermore, it outlines the requirements and availability of lists for Designated Intermediaries, such as Self-Certified Syndicate Banks, Registered Brokers, and Registrar and Share Transfer Agents, referencing various SEBI circulars and websites for verification. The text also covers the process for the Book Building, including how the price band was determined and the mandatory participation of bidders through the ASBA process.

This section details the Underwriting Agreement dated August 29, 2026, which outlines commitments for underwriting equity shares. It lists two entities, Mefcom Capital Markets Limited and Mefcom Securities Limited, along with the number of equity shares they indicated to underwrite and the corresponding amount in ₹ million. The text further clarifies that these commitments are for indicative purposes only and subject to SEBI ICDR Regulations. It also states that the Underwriters are responsible for ensuring payment for the equity shares procured by investors and that they may be required to procure purchasers for defaulted amounts.

The company has six directors on its Board, consisting of a Managing Director, two Whole-Time Directors, and three Independent Directors, including one female Independent Director. The Board composition is in accordance with corporate governance requirements under the Companies Act and SEBI Listing Regulations. The document details the particulars, directorships, and remuneration terms for the Chairman and Managing Director, the Whole-Time Directors, and the Independent Directors.

The section details various aspects of the company's management structure, including director remuneration, shareholding, and related party transactions. It specifies that no contingent or deferred compensation is payable by the company to its directors, nor is there any bonus or profit-sharing plan. Furthermore, it outlines restrictions regarding directors' interests, such as holding securities or directorships in the company, or engaging in certain transactions with related entities. The text also covers various disclosures related to board changes, borrowing powers, corporate governance compliance, and the constitution and scope of various Board committees, including the Audit Committee.

The document outlines various committees constituted by the company, including the Nomination and Remuneration Committee, the Stakeholders’ Relationship Committee, and the Corporate Social Responsibility Committee, detailing their respective scopes and terms of reference. It also details the Key Managerial Personnel and Senior Management, including the Chief Financial Officer, Company Secretary and Compliance Officer, and other senior management roles. The text further specifies the relationship dynamics, compensation arrangements, and the history of changes within the Key Managerial Personnel and Senior Management over the last three fiscal years.

The company states that no non-salary related amount or benefit has been paid or given to any officer of the company within the two years prior to the date of the Prospectus, nor is any such payment intended to be made, except for amounts paid in the ordinary course of their employment.

Sanjay Kumar Sarraf and Krishna Ranjan are identified as the Promoters of the company, collectively holding 87.64% of the issued equity shares. Details regarding their individual profiles, including their roles as Chairman and Managing Director and Whole-Time Director, are provided. The document outlines various disclosures concerning the interest of the Promoters, including their promotion of the company, shareholdings, and potential conflicts of interest with related parties. Furthermore, the company lists several entities as Group Companies, including various private limited companies, and details regarding the financial information of these group companies are provided for regulatory compliance.

The group companies have no interest in the promotion of the Company, nor have they been interested in acquiring properties within the three years preceding the filing. Furthermore, there are no common business pursuits between the group companies and the Company. The company has disclosed that there are no other significant business transactions between the Company and the Group Companies beyond those mentioned in the related party disclosures. The group companies do not have listed securities on a stock exchange and have not made any public or rights issues in the preceding three years. Finally, the dividend distribution policy is subject to various factors, including profits, cash flow requirements, debt obligations, and potential future growth opportunities.

This section outlines various main provisions of the Articles of Association for Annu Projects Limited, covering aspects related to share capital, transfer restrictions, and liens. It details how shares are issued, the rights of members regarding certificates, and procedures for dealing with worn-out or lost certificates. Furthermore, the articles address the company's ability to recognize interests in shares and the company's lien over shares, including provisions for the sale of such shares and the payment of calls made on shares.

The provisions detail various aspects of share transfer, including restrictions imposed by the Board, such as declining to register transfers for certain parties or on shares with liens. The rules specify procedures for recognizing instruments of transfer, requiring prescribed forms and supporting evidence. There are provisions for suspending the registration of transfers, with limits on the duration of such suspensions. The rules also cover the recognition of rights upon the death or insolvency of a member, allowing the survivor or nominee to elect to be registered as the holder or to make a transfer. Furthermore, there are stipulations regarding the treatment of dividends and rights of membership for such beneficiaries.

This section details various procedural aspects concerning general meetings, voting rights, and the composition and powers of the Board of Directors. It outlines rules for conducting meetings, including quorum requirements and the role of the chairperson, and specifies how votes are cast, including provisions for joint holders and members of unsound mind. Furthermore, it covers the procedures for adjourning meetings and the validity of proxy instruments. The provisions also grant the Board significant powers regarding capital structure, share issuance, mergers, and investment activities.

The provisions detail various aspects of the company's operational and legal framework, including its borrowing powers, the management of bank accounts, and the appointment and removal of key officers. The section also covers rules regarding dividends, the inspection rights of members, and the documentation required for the prospectus. Furthermore, it lists numerous material contracts and documents that were available for inspection during the prospectus filing period.

This section primarily details various agreements, reports, and approvals related to the issue process, including documents from different parties and regulatory filings. It also includes disclaimers certifying compliance with various laws and regulations. A key provision states that contracts or documents mentioned in the Prospectus may be amended or modified at any time without shareholder reference, provided compliance with applicable laws is maintained.

The provided section primarily consists of declarations certifying compliance with various laws and regulations, including those issued by the Government of India and SEBI. These declarations affirm that the statements made in the Prospectus are true and correct and do not contradict the provisions of the Companies Act, SCRA, SCRR, and SEBI Act, as amended. The declarations are signed by an Independent Director and the Chief Financial Officer.