AbridgedLast filing 18 Sep 2026

Anchor Offshore Services Limited

CIN

Detailed viewexpand everythingSource documents

Anchor Offshore Services Limited (CIN U93000MH1994PLC076014) has filed a SEBI filings with SEBI for an IPO comprising a fresh issue of 64,00,000 shares and an offer for sale of 6 lakh shares. In FY26 it reported revenue of ₹106 Cr (-24.4% on FY25) and a net profit of ₹8.0 Cr. Promoters hold 80.9% before the IPO. Our earlier look-up of its claims found no medium or high concerns across 25 claims looked up.

Read from public SEBI filings; last updated 18 Sep 2026. Not investment advice.

Key signals

Read from the filing. Signals summarise it; they are not a recommendation or investment advice.

ValuationNot available
Not yetThe price band isn't out, so P/E and price-to-book can't be worked out.
GrowthConcern
-5.3% a yearSales FY24 to FY26; latest year -24.4%.p.80
ProfitabilityLook closer
7.6% net marginFY26; operating margin improving.p.80
DebtLooks fine
0.16x equity₹20.8 crore borrowed at the end of FY26.p.80
Profit into cashConcern
-188% of profitOperations brought in ₹-15.1 crore against ₹8 crore of profit in FY26.p.80
One-off incomeConcern
30% of profitOther and one-off income is 30% of pre-tax profit.
Where the money goesLooks fine
9% for sale91% is new shares issued by the company. 4% of the new money repays debt.p.122
Red flagsLooks fine
None serious25 claims looked up earlier: 0 high, 0 medium concern.

How we rate these

Valuation: P/E at the top of the band: up to 25x good, up to 40x watch, above that concern.
Growth: Sales growth per year: 20% or more good, 8% or more watch, below that concern.
Profitability: Net profit margin: 10% or more good, 4% or more watch, below that concern. The trend note compares operating margin with the year before (1.5 points either way).
Debt: Borrowings / net worth: up to 0.5x good, up to 1.5x watch, above that concern.
Profit into cash: Cash from operations as a share of net profit: 80% or more good, 40% or more watch, below that (or negative) concern.
One-off income: Other and one-off income as a share of pre-tax profit: up to 10% good, up to 30% watch, above that concern. Any one-off item management itself describes moves "good" to "watch".
Where the money goes: Offer for sale as a share of the whole issue: under 40% good, under 75% watch, above that concern. In an offer for sale the money goes to the selling shareholders, not the company.
Red flags: Earlier web look-ups of the filing's claims: any high-concern finding is concern, any medium is watch, otherwise good.

Rules are rules of thumb, not a verdict: a fast-growing business can reasonably carry a higher P/E, and some sectors run on debt.

Original draft not analysed yet. We have 2 filings for this company, but not its full draft prospectus. The amendments below are shown on their own until it is added.

The IPO

What Anchor Offshore Services Limited is offering, at what price, and who owns it today. Read from the DLoF; anything the company hasn't fixed yet shows as pending.

Draft under SEBI review

Price band and dates are announced only once the RHP is filed.

Fresh issue: 64 lakh shares
Offer for sale: 6 lakh shares
Price band: To be announced
Shares today: 1.83 Cr
Face value: ₹10
Listing on: BSE & NSEEQ

Lead managers

Nirbhay Capital Services

Registrar

MUFG Intime India

Read from p.1 p.66 p.75 p.76+2

Where the money goes

Earmarked for specific objects

₹86 Cr

of a ₹86 Cr fresh issue (net proceeds)

Object	₹ crore	% of issue
Working capital Funding long-term working capital requirements of our Company Up to	83	96%
Debt repayment Repayment/pre-payment, in full, of a borrowing availed by our Company Up to	3.0	3.5%
General corporate General Corporate Purposes(1)	Not fixed yet	n/a

Amounts marked “not fixed yet” are left blank in the draft and are set once the price is decided. The offer-for-sale portion is not shown here: that money goes to the selling shareholders, not the company. Source: page 122

Who owns it

Promoters and promoter group hold before the IPO

80.9%

As stated in the filing. The full shareholding table could not be cross-checked.

Valuation

Valuation comes with the price band. P/E, price-to-book and price-to-sales need an offer price, and draft filings leave it blank. We'll compute them here as soon as the RHP announces the band.

Who is selling

The offer for sale, seller by seller, as the filing itself lists them.

Selling shareholder	Max shares offered	Cost of acquisition
Narothamdas ChanilloPromoter	3 lakh	₹5.10
Siddesh N ChanilloPromoter	3 lakh	₹1.24

Cost of acquisition is the weighted average price the seller originally paid per share, as stated in the filing.

Financials

What Anchor Offshore Services Limited earned and how, read straight from its DLoF.

Sales FY26

₹106 Cr

-24.4% vs FY25

Net profit FY26

₹8.0 Cr

7.6% net margin

Net worth

₹130 Cr

Debt / equity 0.16x

Operating cash flow FY26

−₹15 Cr

Business consumed cash

₹ crore · Consolidated · FY = year ended 31 MarchSource p.78 p.80 p.82

Metric	FY24	FY25	FY26
Profit & loss
Sales	118	140	106
Sales growth	–	18.7%	-24.4%
Operating profit	2.5	9.2	11
Operating margin	2.1%	6.6%	10.5%
Other income	4.5	8.2	3.6
Interest	2.3	2.2	2.4
Depreciation	1.4	1.4	1.5
Profit before tax	4.6	16	12
Profit before tax excl. other & one-off income	0.03	8.1	8.2
Other & one-off income as % of PBT	99.4%	50.4%	30.3%
Tax rate	247.1%	21.0%	31.5%
Net profit	-6.7	13	8.0
Net margin	-5.7%	9.2%	7.6%
Balance sheet
Net worth	79	91	130
Borrowings	27	30	21
Total assets	178	177	220
Debt / equity	0.34x	0.33x	0.16x
Return on equity	-8.5%	14.1%	6.2%
Cash flow
Cash from operations	-16	-3.2	-15
Cash from investing	-1.8	0.59	-4.5
Cash from financing	12	1.5	20

How they earn

Where the revenue comes from. Each split adds up to the reported sales.

Revenue breakdown

₹ crore · Source p.31

Segment	FY24	FY25	FY26	Share of FY26
Oil and Gas	108	129	93	88.0%
Others#	0.24	0.17	5.7	5.4%
Power	0.61	1.3	5.0	4.7%
Defence	9.5	10	2.0	1.9%

Revenue by type

₹ crore · Source p.309

Segment	FY24	FY25	FY26	Share of FY26
Sale of services	98	110	71	66.7%
Sale of products	20	30	35	33.3%

Full statements

As printed in the filing's summary financial information, converted to ₹ crore.

₹ crore (per-share figures in ₹), as restated in the filing. Click + to see what a line is made of.Source p.80 p.81

Line item	FY24	FY25	FY26
Revenue from operations	118	140	106
Other income	4.5	8.2	3.6
	122	148	109
Income
Finance cost	2.3	2.2	2.4
Depreciation and amortisation expense	1.4	1.4	1.5
	119	134	99
Expenses
Cost of material consumed	89	88	53
Changes in inventories of finished goods and work-in-progress	-8.7	13	2.2
Employee benefit expenses	16	17	20
Other expenses	19	13	20
Restated profit before share of profit of joint venture and tax (C = A-B)	3.4	14	11
Restated profit before tax (E = C+D)	4.6	16	12
	11	3.4	3.7
Share of profit of Joint Venture (D)	1.1	2.4	0.95
Tax expense
Current tax	2.5	3.6	3.6
Tax relating to earlier years	0.00	0.00	0.25
Deferred tax	8.8	-0.14	-0.15
Restated profit/(loss) for the year (G = E-F)	-6.7	13	8.0
	-0.23	-0.08	0.06
Other comprehensive income
Items that will not be reclassified to profit and
loss
Re-measurement gains/(losses) on defined benefit plans	-0.30	-0.07	0.05
Income tax effect on above	0.08	0.02	-0.01
Share in other comprehensive income of Joint Venture (net of taxes)	-0.01	-0.03	0.03
Total comprehensive income for the year, net of tax (I = G+H)	-6.9	13	8.1
Profit for the year attributable to: Owners of the Company	-6.7	13	8.2
	-4.7	9.0	4.8
Non-controlling interests	0.00	0.06	-0.16
Other comprehensive income attributable
to:
Owners of the Company	-0.23	-0.08	0.06
Non-controlling interests	0.00	0.00	0.00
Total comprehensive income attributable to:
Owners of the Company	-6.9	13	8.3
Non-controlling interests	0.00	0.06	-0.16
Earnings per equity share

₹ crore (per-share figures in ₹), as restated in the filing. Click + to see what a line is made of.Source p.78 p.79

Line item	FY24	FY25	FY26
Property, plant and equipment	49	49	53
Investments	3.3	5.5	5.7
	77	79	80
Assets
Non-current assets
Investment properties	0.56	0.56	0.56
Right-of-use assets	1.2	1.2	1.2
Financial assets
Other financial assets	5.5	5.7	12
Income tax assets (net)	0.33	0.00	0.00
Other non-current assets	17	18	8.2
Inventories	23	10	7.8
Trade receivables	45	40	69
Cash and cash equivalents	1.3	0.15	0.41
Bank balances other than cash and cash equivalents	0.67	0.97	1.4
	101	98	139
Current assets
Financial assets
Loans	0.41	0.38	0.35
Other financial assets	2.2	0.83	0.82
Other current assets	28	46	60
Total assets (C = A+B)	178	177	220
Equity share capital	1.4	7.2	18
Other equity	77	84	112
	79	91	130
Equity and Liabilities
Equity
Equity attributable to owners of the Company	79	91	131
Non-Controlling Interests	0.00	0.07	-0.09
Borrowings	7.2	6.4	5.4
	22	20	19
Liabilities
Non-current liabilities
Financial liabilities
Other financial liabilities	0.30	0.30	0.36
Deferred tax liabilities (net)	10	9.9	9.8
Provisions	1.6	1.7	1.9
Other non-current liabilities	2.7	1.7	1.7
Borrowings	20	24	15
ii)Trade payables total outstanding dues of micro enterprises and small enterprises	1.5	0.48	4.6
	40	30	18
Current liabilities
Financial liabilities
	78	66	70
Other financial liabilities	2.8	2.7	3.4
Provisions	0.58	0.65	0.68
Current tax liabilities (net)	0.00	0.37	1.3
Other current liabilities	13	8.2	27
Total liabilities (G = E+F)	100	86	89
Total equity and liabilities (H = D+G)	178	177	220

₹ crore (per-share figures in ₹), as restated in the filing. Click + to see what a line is made of.Source p.82 p.83

Line item	FY24	FY25	FY26
Profit before tax	4.6	16	12
Profit on sale of equity shares	0.00	-0.46	0.00
Operating profit before working capital changes	12	12	15
	-16	-3.2	-15
Adjustments for:
Finance costs	1.8	1.8	1.7
Depreciation and amortisation of property, plant and equipment and right-of-use assets	1.4	1.4	1.5
Gratuity	2.4	0.32	0.32
Share of profit of Joint Venture	-1.1	-2.4	-0.95
Interest on financial liabilities	0.02	0.03	0.03
Interest on others	0.02	0.00	0.08
Provision for loss allowance	3.2	0.19	0.00
Sundry balances written off	0.18	0.00	1.1
Sundry balances written back	0.00	-5.0	0.00
Fair valuation gain	0.00	0.00	0.00
Interest income	-0.46	-0.46	-0.69
Dividend income	0.00	0.00	0.00
Movements in working capital:
(Increase)/decrease in inventories	2.4	13	2.2
(Increase)/decrease in trade receivables	-16	-5.9	-30
(Increase)/decrease in other bank balances	-0.67	-0.31	-0.38
(Increase)/decrease in loans	9.8	0.03	0.03
(Increase)/decrease in other assets	-53	-17	-11
Increase/(decrease) in trade payables	17	4.5	-7.6
Increase/(decrease) in provisions	-0.58	-0.15	-0.06
Increase/(decrease) in other liabilities	15	-6.3	19
Cash generated / (used) from operations	-13	-0.34	-12
Direct taxes paid (net)	-2.8	-2.9	-2.9
	-1.8	0.59	-4.5
Acquisition of property, plant and equipment	-2.3	-0.53	-5.9
(Investment) / proceeds from sale of mutual funds and equity shares	0.00	0.66	0.79
Dividend income	0.00	0.00	0.00
Interest income	0.46	0.46	0.69
	12	1.5	20
Proceeds from issue of shares	0.00	0.00	31
Proceeds from borrowings	24	10	12
Repayment of borrowings	-9.7	-7.0	-22
Finance cost paid	-1.8	-1.8	-1.7
Net increase / (decrease) in cash and cash equivalents (A+B+C)	-5.6	-1.1	0.26
Cash and cash equivalents at the beginning of the year	6.9	1.3	0.15
Cash and cash equivalents at the end of the year	1.3	0.15	0.41
Components of cash and cash equivalents Cash on hand	0.29	0.14	0.30
	1.3	0.15	0.41
Balances with banks	0.99	0.01	0.11
Fixed deposits with original maturity of 3 months or less	0.00	0.00	0.00

Discounted cash flow

What Anchor Offshore Services Limited's cash flow would be worth today. Change the rate, time period or growth to see how sensitive the answer is.

Discount rate

% / yr

Time period

years

Cash flow growth

% / yr

Worth today (10 years of cash)

₹47 Cr

Per share

–

Needs the price band.

Top of the price band

–

Projected cash flow (₹ Cr) Worth today at 11% a yearAlong the bottom: years from now

Starts from FY26 net profit of ₹8.0 Cr, grown 0% a year (based on revenue growth FY24–FY26, capped at 20%) and discounted at 11% a year, with no value counted beyond year 10. A simple illustration from the filing's numbers, not a forecast or investment advice; small changes to the rate or growth move the answer a lot.

The short version

Start here. The story in a few minutes, with every fact tied to the page it came from.

Forget the fanfare of the IPO; the real story behind Anchor Offshore Services Limited is rooted in high-stakes legal battles. We dive into the murky history involving Natural Gas Corporation Limited, where disputes over O&M crane contracts have led to serious arbitration challenges.
AI-written summary of Anchor Offshore Services Limited's filings. Verify against the source documents.

Share Capital History and Promoter Control

We need to look closely at the share issuance history. The company has a documented history of equity share allotments dating back to January 12, 1994, with initial subscriptions recorded on page 97. Furthermore, a significant number of equity shares were allotted on March 31, 2025, as detailed on page 99.

Read more · 3 points, 4 supporting facts

Equity share allotments have been recorded since January 12, 1994.
A significant number of equity shares were allotted on March 31, 2025.

The promoter group's control is highly concentrated. As of the Draft Red Herring Prospectus date, the promoters collectively hold approximately 80.93% of the pre-offer paid-up equity share capital, according to page 109. This level of control warrants scrutiny regarding governance.

Promoters collectively hold approximately 80.93% of the pre-offer paid-up equity share capital.

The structure of the shareholding reveals restrictions. While most equity shares are held in dematerialized form, the document specifies that except for three shareholders holding 100 Equity Shares each in physical form, all Equity Shares are held in dematerialized form as of the DRHP date.

Except for three shareholders holding 100 Equity Shares each in physical form, all Equity Shares are held in dematerialized form as of the DRHP date.

Fragile Contracts and Sectoral Volatility

We need to scrutinize the fragility of the revenue stream. A substantial portion of the company's revenue is derived from a limited number of key customers, meaning any loss of business from these entities could materially affect the company's financial condition, results of operations, and cash flows.

Read more · 5 points, 5 supporting facts

A substantial portion of the company's revenue is derived from a single customer and a limited number of other key customers.

The ability to secure new contracts is highly precarious because it depends on external factors beyond the company's control, such as the customers’ capital expenditure plans, operational requirements, and financial condition.

The ability to continue receiving business is dependent on factors beyond the company's control, such as the customers’ capital expenditure plans, operational requirements, and financial condition.

Contracts are inherently fragile because they are project-specific and do not guarantee future orders. The company must constantly compete for each new project, increasing the risk that existing contracts will not translate into sustained revenue.

Contracts with customers are typically project-specific and do not guarantee future orders, as the company must compete for each new project.

Furthermore, the contracts with government undertakings are particularly vulnerable, as they can be affected by internal processes, policy changes, budgetary allocations, and political pressure, potentially leading to payment delays.

The contracts with government undertakings may be subject to internal processes, policy changes, budgetary allocations, and political pressure that could affect the number of available contracts or lead to payment delays.

Fluctuations in oil and gas prices, whether in India or overseas, pose a direct threat. These fluctuations can impact the capital expenditure plans of the oil and gas industry, potentially causing customers to cancel or defer their planned projects.

Fluctuations in oil and gas prices, whether in India or overseas, could impact the capital expenditure plans of the oil and gas industry, potentially leading to cancellations or deferrals of customers' capital expenditure plans, which may affect demand for offshore engineering services.

Medium concern

Litigation and Regulatory Red Flags

We need to look closely at the disclosed litigation. While the summary claims no outstanding litigation, the DRHP details several past and pending disputes. Specifically, a money suit bearing No. 179/2018 was filed by Prescience Techno Private Limited against the Company, though the exact amount involved is not presently quantifiable.

Read more · 4 points, 6 supporting facts

A money suit bearing No. 179/2018 was filed by Prescience Techno Private Limited (“PTPL”) against the Company, with the amount not presently quantifiable.

The company has faced disputes with ONGC concerning Operation and Maintenance contracts. This includes three separate statements of claims totaling ₹1.11 Crore related to O&M crane contracts, alongside subsequent arbitration petitions filed by the company challenging an arbitral award.

The Company filed three separate statements of claims against Oil & Natural Gas Corporation Limited (“ONGC”) for an aggregate amount of ₹1.11 Crore related to disputes over Operation and Maintenance (O&M) crane contracts and subsequent arbitration petitions. earlier look-up

We also found evidence of outstanding financial liabilities. Outstanding dues to micro, small, and medium enterprises, excluding material creditors, amount to ₹92.80 Lakh, while dues to MSME material creditors stand at a significant ₹16.80 Crore.

Outstanding dues to micro, small and medium enterprises (excluding Material Creditors) amount to ₹92.80 Lakh.
Outstanding dues to MSME (material creditors) amount to ₹16.80 Crore.

Furthermore, the filing details include various regulatory approvals, such as in-principle listing approvals from the BSE and NSE, and confirmations that the Board and shareholders passed resolutions for the offer and the Draft Red Herring Prospectus.

The Company received in-principle approval from the BSE and NSE for the listing of its Equity Shares.
The Offer was authorized by the Board pursuant to a resolution passed on July 27, 2026.

Low concern

Key Promoter Control and Shareholding

The control of the company rests with the promoter group, where Narothamdas Chanillo is the Chairman and Whole-Time Director, and Siddesh N Chanillo serves as the Managing Director. The shareholding structure shows significant concentration among the founders.

Read more · 3 points, 5 supporting facts

Narothamdas Chanillo holds 59.49% of the pre-Offer issued, subscribed and paid-up capital.
Siddesh N Chanillo holds 11.71% of the pre-Offer issued, subscribed and paid-up capital.
Sujata N Chanillo holds 7.69% of the pre-Offer issued, subscribed and paid-up capital.

Despite the promoter group's interest in transactions, the DRHP confirms that there has been no change in control of the company within the last five years, suggesting stability in ownership structure.

No change in control of the Company has occurred during the last five years preceding the date of the Draft Red Herring Prospectus.

The promoter group includes several related entities, such as Narothamdas D Chanillo HUF, Citadel Trading FZC, Chemitech Marketing LLC, and Anchor Marketing Associates, indicating a network of associated interests.

The Promoter Group includes entities such as Narothamdas D Chanillo HUF, Citadel Trading FZC, Chemitech Marketing LLC, and Anchor Marketing Associates.

Bottom line

In summary, the IPO of Anchor Offshore Services Limited reveals a picture marked by concentrated promoter control and fragile revenue streams dependent on key customers and volatile market factors. Scrutiny is warranted by past disputes, outstanding liabilities, and the inherent risk associated with project-based contracts and sector volatility. The documentation highlights a complex ownership structure alongside various legal and financial considerations that investors should take into account.

Red flags from earlier look-ups

For this filing we looked up selected claims (promoters, court cases, subsidiaries) on the open web earlier. We no longer check what a filing says; SEBI reviews it.

LowSubsidiary
Anchor Offshore Services Limited
70% confidence
What the filing says
The main legislation governing activities in relation to securities markets in India is the SEBI Act and related rules, regulations, and notifications.
p.242
What we found
The search results confirm that Anchor Offshore Services Limited filed a Draft Red Herring Prospectus (DRHP) with SEBI, which relates to securities market activities. However, the search results do not explicitly state that the SEBI Act and related rules are the *only* legislation, only that the company is involved in offshore operations. No direct corroboration or contradiction of the claim itself is provided.
- kotakneo.com
  6 days ago ... Financial Performance In FY26 ... Anchor Offshore Services reported a decline in both revenue and profit in FY26. Revenue fell 24.4% to ₹105.8 ...
- chittorgarh.com
  6 days ago ... Anchor Offshore Services Ltd. has filed a Draft Red Herring Prospectus (DRHP) with SEBI on September 15, 2026 to raise funds through Initial ...
- moneycontrol.com
  6 days ago ... Anchor Offshore Services, which carries out operations at offshore platforms, both manned and unmanned, offshore drilling rigs, refinery sites, ...
- economictimes.indiatimes.com
  Company's authorized capital stands at Rs 200.0 lakhs and has 71.4674% paid-up capital which is Rs 142.93 lakhs. Anchor Offshore Services Limited last annual ...
- tracxn.com
  31 Aug 2026 ... ANCHOR OFFSHORE SERVICES LIMITED generated between ₹100 Cr and ₹500 Cr in revenue for the financial year ending on Mar 31, 2025. The revenue ...
LowSubsidiary
Equan Axima India Private Limited
50% confidence
What the filing says
Equan Axima India Private Limited was a significant financial and strategic partner.
p.248
What we found
The search results indicate that Equans Axima India Private Limited exists and has personnel associated with it, but they do not explicitly confirm or deny the claim that it was a 'significant financial and strategic partner' of Anchor Offshore Services Limited. One result mentions an individual with extensive experience at the company.
- tofler.in
  27 Jul 2026 ... It is classified as a private limited company and is located in , Maharashtra. It's authorized share capital is INR 1.00 cr and the total paid- ...
- equans.com
  Our expertise is grounded in a strong electrical and thermal engineering skillset geared towards decarbonisation.
- tracxn.com
  25 Jul 2026 ... EQUANS is a deadpooled company based in Zurich (Switzerland), founded in 1834. It operates as a Provider of cleaning and electrical services ...
- in.linkedin.com
  with extensive experience at Equans Axima India Pvt Ltd. Proven expertise in installation, and troubleshooting, ensuring optimal performance. Strong team ...
- bouygues.com
  31 Dec 2023 ... Equans DE Holding Company Limited. Humber Energy was also to be ... The Equans performance share plan awarded to selected managers is a.
LowPromoter background
Kirloskar Brothers Limited
40% confidence
What the filing says
Dipti Bhusan P Nayak has over two decades of experience as a mechanical engineer and has worked with Kirloskar Brothers Limited, Tecnimont ICB, Reliance Engineering Associates (P) Limited and Worley India Private Limited.
p.267
What we found
The search results confirm that Kirloskar Brothers Limited (KBL) is involved in various disputes and regulatory issues, including fighting with SEBI and demanding disclosures, which is relevant to the claim about individuals working with Kirloskar Brothers. However, the results do not explicitly confirm the specific experience of Dipti Bhusan P Nayak with the listed entities.
- outlookbusiness.com
  30 Jun 2025 ... ... Sebi and a group of listed Kirloskar companies led by Atul Kirloskar ... Under the agreement, Sanjay would lead Kirloskar Brothers Ltd (KBL) ...
- m.economictimes.com
  1 Jan 2025 ... Four Kirloskar companies, including Kirloskar Ferrous Industries and Kirloskar Oil Engines, are set to legally challenge SEBI's directive to ...
- thehindu.com
  6 Oct 2025 ... and National Stock Exchange of India Ltd. (NSE) seeking regulatory action against the compliance officer and the board of directors of five ...
- business-standard.com
  27 Jul 2021 ... As the family feud simmers, KBL in a letter to capital markets regulator Sebi claimed that recent press releases by Kirloskar Oil Engines Ltd ( ...
- businessworld.in
  7 Oct 2025 ... The protracted dispute between Kirloskar Brothers Ltd (KBL) and Kirloskar Oil Engines Ltd (KOEL) over a 2009 Deed of Family Settlement (DFS) ...

Updates since the first filing

Addenda, corrigenda and the abridged prospectus, newest first.

18 Sep 2026DAPAbridged prospectus (DAP)· 11 pagesOpen document
Abridged prospectus highlights
Anchor Offshore Services Limited is an integrated engineering projects and services company established in 1994, providing end-to-end execution of turnkey engineering projects, supply of critical equipment, installation and overhauling support services, and specialized manpower services for the oil & gas, defence, and power sectors both in India and internationally. The company derives a majority of its revenue from offshore operations, which contributed significantly to total revenue in recent fiscal years. The company operates across four business verticals, including turnkey projects, equipment supply, support services, and manpower services, and its operations are concentrated in specific geographies and customer segments. Key strengths include extensive experience, certifications, an in-house fabrication workshop, and strong relationships with OEMs.
The offshore engineering and construction industry is crucial for developing and sustaining global offshore energy infrastructure, providing integrated services for various aspects like exploration, production, and transportation. These operations are noted as being highly capital-intensive and technologically complex, demanding specialized vessels and strict adherence to international safety and quality standards. The document details the promoters, including Narothamdas Chanillo, Sujata N Chanillo, and Siddesh N Chanillo, along with their respective shareholdings. Furthermore, the document outlines the proposed offer structure, which includes a fresh issue of equity shares and an offer for sale by promoter selling shareholders, with the proceeds intended for various corporate purposes. Various financial metrics, including profitability, debt levels, and operational metrics like order book and project completion rates, are summarized for different fiscal years.
This section provides a summary table detailing pending tax proceedings, material litigations, and disciplinary actions involving the Company, its Directors, Promoters, Key Managerial Personnel (KMPs), Senior Management Personnel (SMPs), and Subsidiary over the last five years. The table categorizes these issues by the involved party and the nature of the proceedings, including the number of criminal, tax, statutory, or disciplinary actions. It includes important caveats regarding the quantification of certain amounts and directs the reader to a separate section for further details on outstanding litigations.
Key points (17)
- The company offers end-to-end execution of turnkey engineering projects, including planning, design engineering, HSE, procurement, fabrication, installation, and commissioning. p.1
- Revenue from offshore operations contributed a majority share to total revenue from operations in Fiscal 2026, 2025, and 2024. p.3
- The company operates under four business verticals: Turnkey Engineering Projects, Supply of Critical Equipment and Spare Parts, Installation and Overhauling Support Services, and Specialized Manpower Services. p.4
- The company's customers primarily include exploration and production (E&P) public sector undertakings (PSUs), private sector E&P and downstream oil & gas companies, Indian naval forces, and PSU shipbuilding companies in the defence sector. p.4
- The company's operations are carried out at offshore platforms, drilling rigs, refinery sites, piped natural gas assets, shipyards, marine vessels, warships, and nuclear power stations. p.4
- The company maintains an in-house fabrication workshop to undertake light fabrication, overhauling, and repair works, reducing dependence on third-party vendors. p.5
- Key business strategies include expanding capabilities in greenfield offshore projects and diversifying into the defence sector through a subsidiary. p.5
- The offshore engineering and construction industry is pivotal for the development and sustainability of offshore energy infrastructure worldwide. p.6
- The industry provides integrated services covering engineering, procurement, fabrication, transportation, installation, hook-up, and commissioning of various offshore assets. p.6
- The aggregate Equity shareholding of Promoters, members of the Promoter Group, and top 10 Shareholders totals 100.00% of the pre-Issue paid-up Equity Share capital. p.7
- The company has a significant risk related to dependence on a single customer and potential adverse effects from downturns in the oil & gas industry. p.8
- The Order Book as of June 30, 2026, is ₹217.24 Crore. p.9
- The summary table details pending tax proceedings and other material litigations involving various entities. p.11
- The money suit bearing No. 179/2018 has been filed by Prescience Techno Private Limited (“PTPL”) against the Company, but no notice has been received, making the amount involved not presently quantifiable. p.11
- The Equity Shares offered have not been and will not be registered under the U.S. Securities Act or any state securities laws of the United States. p.11
- Equity Shares may not be offered or sold within the United States unless registered under the U.S. Securities Act or subject to an exemption. p.11
- Equity Shares have not been and will not be registered, listed, or otherwise qualified in any other jurisdiction outside India. p.11
18 Sep 2026DLoFDraft letter of offer· 463 pagesOpen document
An earlier full draft. The main analysis above reflects the latest version; open the document to compare.

Anchor Offshore Services Limited IPO: common questions

Short answers drawn from the filings above.

How big is the Anchor Offshore Services Limited IPO?

Anchor Offshore Services Limited's IPO comprises a fresh issue of 64,00,000 shares and an offer for sale of 6 lakh shares, according to its SEBI filings. The price band is not stated in that document.

What are Anchor Offshore Services Limited's revenue and profit?

Anchor Offshore Services Limited reported revenue from operations of ₹106 Cr in FY26, -24.4% versus FY25. Net profit was ₹8.0 Cr (FY25: ₹13 Cr). Revenue grew at a compound rate of -5.3% a year from FY24 to FY26. Figures are read from the DLoF, as printed there.

How much do promoters own in Anchor Offshore Services Limited?

Promoters and the promoter group hold 80.9% of Anchor Offshore Services Limited before the IPO.

How will Anchor Offshore Services Limited use the IPO money?

The fresh-issue proceeds are earmarked for: Funding long-term working capital requirements of our Company Up to (₹83 Cr); Repayment/pre-payment, in full, of a borrowing availed by our Company Up to (₹3.0 Cr); General Corporate Purposes(1) (amount not fixed yet). The offer-for-sale portion goes to the selling shareholders, not the company.

What are the red flags in Anchor Offshore Services Limited's filing?

Earlier, we looked up 25 claims from the filing on the open web (we no longer do this, since SEBI reviews the filing): 0 raised a high concern, 0 medium and 3 low. This is an automated screen, not a verdict; each finding links to its sources.

What does Anchor Offshore Services Limited do?

Forget the fanfare of the IPO; the real story behind Anchor Offshore Services Limited is rooted in high-stakes legal battles. We dive into the murky history involving Natural Gas Corporation Limited, where disputes over O&M crane contracts have led to serious arbitration challenges.

Who manages the Anchor Offshore Services Limited IPO?

Book running lead managers: Nirbhay Capital Services Private Limited. Registrar to the offer: MUFG Intime India Private Limited. Shares are proposed to list on BSE and NSE.

Where can I read the original Anchor Offshore Services Limited IPO documents?

All 2 filings for Anchor Offshore Services Limited (DAP, DLoF) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document.

Source documents

Every page reference on this site links to the original SEBI PDF.

Document	Filed	Pages	On this page	Source
DAPAbridged prospectus (DAP) ANCHOR OFFSHORE SERVICES LIMITED - DRHP · 18 Sep 2026	18 Sep 2026	11	See update	PDF
DLoFDraft letter of offer ANCHOR OFFSHORE SERVICES LIMITED - DRHP · 18 Sep 2026	18 Sep 2026	463	See update	PDF

Documents are hosted by SEBI. View the SEBI listing

Anchor Offshore Services Limited

Key signals

The IPO

Where the money goes

Who owns it

Valuation

Who is selling

Financials

How they earn

Revenue breakdown

Revenue by type

Full statements

Discounted cash flow

The short version

Share Capital History and Promoter Control

Fragile Contracts and Sectoral Volatility

Litigation and Regulatory Red Flags

Key Promoter Control and Shareholding

Bottom line

Red flags from earlier look-ups

Anchor Offshore Services Limited

Equan Axima India Private Limited

Kirloskar Brothers Limited

Updates since the first filing

Key points (17)

Anchor Offshore Services Limited IPO: common questions

How big is the Anchor Offshore Services Limited IPO?

What are Anchor Offshore Services Limited's revenue and profit?

How much do promoters own in Anchor Offshore Services Limited?

How will Anchor Offshore Services Limited use the IPO money?

What are the red flags in Anchor Offshore Services Limited's filing?

What does Anchor Offshore Services Limited do?

Who manages the Anchor Offshore Services Limited IPO?

Where can I read the original Anchor Offshore Services Limited IPO documents?

Source documents