Anup Engineering Ltd. (ANUP) AI Stock Analysis

• Market Cap: ₹32.63B
• Dividend Yield: 0.77%
• Average Volume (3M): 1.82K
• Price to Earnings (P/E): 28.3
• Beta (1Y): 0.78
• Revenue Growth: 28.24%
• EPS Growth: -0.43%
• Country: IN
• Employees: 243
• Sector: Services
• Sector Strength: N/A
• Industry: Industrial - Machinery
• EPS (TTM): 12.75
• Shares Outstanding: 20,031,466
• 10 Day Avg. Volume: 2,058
• 30 Day Avg. Volume: 1,825
• PEG Ratio: 4.26
• Price to Book (P/B): 11.11
• Price to Sales (P/S): 9.28
• P/FCF Ratio: -131.33
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹2,535.00
• Price Target Upside: 8.31% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 57.3
• Revenue Forecast (FY): ₹8.43B

• Rating: 62 Neutral
• Price Target: ₹1,680.00 ▼(-28.22% Downside)
• Action: Reiterated Date: 02/26/26
• Date: Action: Reiterated 02/26/26

The score is primarily supported by strong income-statement performance and a solid, low-leverage balance sheet, but is held back by negative operating/free cash flow in 2025 and clearly bearish technicals (price below all key DMAs with negative MACD). Valuation is a secondary drag due to a relatively high P/E despite a modest dividend yield.

Positive Factors

High & improving gross margins

Sustained gross margins near 46% indicate durable pricing power and manufacturing efficiency for engineered-to-order equipment. High margins support reinvestment in capabilities, buffer raw-material swings, and reflect technical differentiation that can persist across 2–6 months and longer.

Strong revenue growth trajectory

Revenue growth above 25% reflects solid demand and successful order execution across process industries. Persistent top-line expansion supports scale benefits, strengthens customer relationships, and underpins sustained margin delivery if order wins and project execution remain consistent.

Low leverage / strong equity ratio

A high equity ratio and low debt show conservative capital structure, giving flexibility to fund capex, bid on larger projects, and withstand cyclical downturns. Strong balance-sheet health reduces refinancing risk and supports durable operational continuity over coming months.

Negative Factors

Negative operating & free cash flow

Negative OCF and FCF despite strong accounting profits signal weak cash conversion from project billing and working-capital strain. This impairs liquidity for supplier payments, capex, and growth, raising execution and financing risk over the near to medium term.

Exposure to cyclical end-markets

Dependence on refinery, petrochemical and fertilizer capex makes revenue sensitive to industry cycles. Project timing and large EPC spend variability can cause durable swings in order intake and utilization, challenging revenue predictability over 2–6 months.

Rising total liabilities need monitoring

An uptick in liabilities, even with low leverage overall, could reflect higher payables, advances or contingent obligations tied to projects. If paired with weak cash conversion, rising liabilities may tighten liquidity and constrain bidding capacity for new contracts.

Anup Engineering Ltd. Business Overview & Revenue Model

Company Description

Anup Engineering Ltd. (ANUP) is a prominent engineering company based in India, specializing in the manufacturing of precision-engineered products and components primarily for the oil and gas, petrochemical, and power sectors. The company offers a range of services including design, fabrication, and installation of high-quality equipment and systems, contributing to various industrial applications. ANUP is known for its innovative solutions and commitment to quality, positioning itself as a reliable partner in the engineering and manufacturing landscape.

How the Company Makes Money

Anup Engineering Ltd. generates revenue through multiple streams, primarily focusing on the sale of its manufactured products which include pressure vessels, heat exchangers, and other critical components for industrial applications. The company engages in long-term contracts with major players in the oil, gas, and power sectors, ensuring a steady flow of income. Additionally, ANUP benefits from service contracts that encompass maintenance, repair, and upgrade services for existing equipment, further diversifying its revenue. Strategic partnerships with leading firms in its sectors enhance its market reach and provide opportunities for collaborative projects, contributing to its overall financial performance.

Anup Engineering Ltd. Financial Statement Overview

Summary

Strong profitability and growth with improving gross margin (45.7% in 2025) and solid net margin (16.1%). Balance sheet is healthy with low leverage and strong equity ratio (66.1%), but the key offset is weak cash conversion: operating cash flow and free cash flow turned negative in 2025, raising liquidity and execution risk.

Income Statement

Anup Engineering Ltd. demonstrates strong revenue growth with a remarkable increase from 2020 to 2025. The gross profit margin has improved consistently, reaching 45.7% in 2025. The net profit margin is robust at 16.1% for 2025, indicating effective cost management. EBIT and EBITDA margins are healthy, reflecting operational efficiency. Overall, the company shows excellent revenue growth and profitability, but there is a need to maintain this trajectory to safeguard against future market fluctuations.

Balance Sheet

The company's balance sheet is solid with a low debt-to-equity ratio, showing prudent financial management. The equity ratio is strong at 66.1% in 2025, indicating a healthy capital structure. Return on equity is notable, evidencing efficient use of shareholder funds. However, the increase in total liabilities warrants careful monitoring to ensure sustained financial stability.

Cash Flow

Cash flow from operating activities has been volatile, with a negative operating cash flow in 2025. The free cash flow has also turned negative, suggesting potential cash management challenges. The operating cash flow to net income ratio is concerning, indicating that earnings are not effectively converting to cash. Attention to cash flow management is crucial to improve liquidity and support ongoing growth.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	7.62B	7.33B	5.46B	4.11B	2.87B	2.76B
Gross Profit	3.44B	3.35B	2.17B	1.90B	1.29B	1.16B
EBITDA	1.76B	1.65B	1.35B	826.22M	735.95M	731.78M
Net Income	1.21B	1.18B	1.03B	514.30M	620.54M	535.23M
Balance Sheet
Total Assets	0.00	9.26B	8.08B	6.43B	5.25B	4.31B
Cash, Cash Equivalents and Short-Term Investments	240.93M	263.13M	1.22B	310.88M	498.86M	208.69M
Total Debt	0.00	324.18M	202.80M	343.40M	0.00	0.00
Total Liabilities	-6.12B	3.14B	2.80B	2.05B	1.32B	935.73M
Stockholders Equity	6.12B	6.12B	5.28B	4.38B	3.93B	3.37B
Cash Flow
Free Cash Flow	0.00	-517.72M	1.26B	-449.01M	324.91M	127.00M
Operating Cash Flow	0.00	-71.53M	1.69B	300.17M	740.43M	529.81M
Investing Cash Flow	0.00	219.08M	-1.53B	-333.84M	-613.45M	-119.16M
Financing Cash Flow	0.00	-304.78M	-302.21M	249.60M	-70.72M	-380.18M

Anup Engineering Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2340.50
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ANUP, the sentiment is Negative. The current price of 2340.5 is above the 20-day moving average (MA) of 1861.11, above the 50-day MA of 2001.19, and below the 200-day MA of 2371.99, indicating a bearish trend. The MACD of -91.99 indicates Positive momentum. The RSI at 30.53 is Neutral, neither overbought nor oversold. The STOCH value of 5.48 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:ANUP.

Anup Engineering Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
AHLUCONT	68 Neutral	₹54.29B	20.32	―	0.06%	5.56%	-22.59%
JKIL	67 Neutral	₹41.49B	10.61	―	0.67%	13.96%	12.91%
ANUP	62 Neutral	₹32.63B	28.28	―	0.77%	28.24%	-0.43%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
QUESS	55 Neutral	₹29.53B	48.20	―	4.70%	-16.43%	-75.38%
ITDC	53 Neutral	₹45.71B	57.47	―	0.50%	6.56%	4.21%
TARC	46 Neutral	₹44.72B	-51.19	―	―	863.34%	48.32%

Anup Engineering Ltd. Corporate Events

Anup Engineering Publishes Postal Ballot and E-Voting Notice in Newspapers

The Anup Engineering Limited has notified the stock exchanges that it has published newspaper advertisements on 10 February 2026 in the Financial Express, in both English and Gujarati editions. These advertisements relate to a postal ballot notice and the schedule and details of remote e-voting being provided to shareholders.

By formally disclosing the publication of the postal ballot and e-voting information, the company is signaling compliance with SEBI’s disclosure and investor communication requirements. The move ensures shareholders are informed about upcoming resolutions and voting procedures, reinforcing transparency and corporate governance standards for investors.