Anup Engineering Ltd. (IN:ANUP)
:ANUP
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Anup Engineering Ltd.
(ANUP)
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Rating:71Outperform
Price Target:
₹2,393.00
▲(2.24% Upside)
Action:UpgradedDate:04/24/26
The score is driven primarily by strong financial performance (growth and margins with a solid balance sheet), partially offset by cash flow weakness. Technicals are supportive but near overbought, while valuation is the main drag due to a high P/E and low dividend yield.
Positive Factors
Robust Revenue Growth
Sustained ~25% revenue growth signals durable demand for engineered-to-order equipment across petrochemical, oil & gas and process industries. Over 2-6 months this supports stronger order visibility, scale benefits and improved negotiating leverage with suppliers and customers.
Negative Factors
Weak Cash Conversion
Operating and free cash flow turned negative in 2025, meaning reported earnings are not converting to cash. For an ETO business this raises working-capital strain, increases reliance on external funding and can limit ability to finance growth or absorb project delays.
Read all positive and negative factors
Positive Factors
Negative Factors
Robust Revenue Growth
Sustained ~25% revenue growth signals durable demand for engineered-to-order equipment across petrochemical, oil & gas and process industries. Over 2-6 months this supports stronger order visibility, scale benefits and improved negotiating leverage with suppliers and customers.
Read all positive factors
Anup Engineering Ltd. (ANUP) vs. iShares MSCI India ETF (INDA)
Market Cap
₹41.23B
Dividend Yield0.77%
Average Volume (3M)1.82K
Price to Earnings (P/E)44.0
Beta (1Y)0.73
Revenue Growth25.23%
EPS Growth-11.53%
CountryIN
Employees243
SectorServices
Sector StrengthN/A
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)12.75
Shares Outstanding20,031,466
10 Day Avg. Volume2,058
30 Day Avg. Volume1,825
Financial Highlights & Ratios
PEG Ratio4.26
Price to Book (P/B)11.11
Price to Sales (P/S)9.28
P/FCF Ratio-131.33
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹2,535.00Price Target Upside8.31% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)61
Revenue Forecast (FY)₹8.95B
Anup Engineering Ltd. Business Overview & Revenue Model
Company Description
The Anup Engineering Limited, together with its subsidiaries, manufactures and fabricates process equipment for chemicals, petrochemicals, pharmaceuticals, fertilizers, drugs, oil and gas, power, pulp and paper, water, aerospace, LNG, and other in...
How the Company Makes Money
ANUP primarily makes money by executing customer orders for engineered-to-order (ETO) industrial equipment and fabrication work. Revenue is generated through: (1) Sale of manufactured process equipment: Customers (typically EPC contractors and ind...
Anup Engineering Ltd. Financial Statement Overview
Summary
Income Statement
85
Very Positive
Balance Sheet
80
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 8.01B | 7.33B | 5.46B | 4.11B | 2.87B | 2.76B |
| Gross Profit | 3.98B | 3.35B | 2.17B | 1.90B | 1.29B | 1.16B |
| EBITDA | 1.84B | 1.65B | 1.35B | 826.22M | 735.95M | 731.78M |
| Net Income | 1.20B | 1.18B | 1.03B | 514.30M | 620.54M | 535.23M |
Balance Sheet | ||||||
| Total Assets | 9.97B | 9.26B | 8.08B | 6.43B | 5.25B | 4.31B |
| Cash, Cash Equivalents and Short-Term Investments | 153.45M | 263.13M | 1.22B | 310.88M | 498.86M | 208.69M |
| Total Debt | 1.58B | 324.18M | 202.80M | 343.40M | 0.00 | 0.00 |
| Total Liabilities | 3.61B | 3.14B | 2.80B | 2.05B | 1.32B | 935.73M |
| Stockholders Equity | 6.36B | 6.12B | 5.28B | 4.38B | 3.93B | 3.37B |
Cash Flow | ||||||
| Free Cash Flow | -1.01B | -517.72M | 1.26B | -449.01M | 324.91M | 127.00M |
| Operating Cash Flow | -621.93M | -71.53M | 1.69B | 300.17M | 740.43M | 529.81M |
| Investing Cash Flow | -287.98M | 219.08M | -1.53B | -333.84M | -613.45M | -119.16M |
| Financing Cash Flow | 887.15M | -304.78M | -302.21M | 249.60M | -70.72M | -380.18M |
Anup Engineering Ltd. Technical Analysis
Positive
2340.50
Price Trends
1741.54
Positive
1945.40
Positive
2200.67
Negative
Market Momentum
90.61
Negative
68.29
Neutral
88.32
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ANUP, the sentiment is Positive. The current price of 2340.5 is above the 20-day moving average (MA) of 1755.71, above the 50-day MA of 1741.54, and above the 200-day MA of 2200.67, indicating a neutral trend. The MACD of 90.61 indicates Negative momentum. The RSI at 68.29 is Neutral, neither overbought nor oversold. The STOCH value of 88.32 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:ANUP.
Anup Engineering Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | ₹59.47B | 30.38 | ― | 0.06% | 10.19% | -16.13% | |
71 Outperform | ₹41.23B | 43.98 | ― | 0.77% | 25.23% | -11.53% | |
67 Neutral | ₹39.32B | 13.34 | ― | 0.67% | 5.19% | 3.24% | |
62 Neutral | ₹50.31B | 44.72 | ― | 0.50% | 10.28% | 10.17% | |
55 Neutral | $13.29B | 17.42 | 10.03% | 0.93% | 7.13% | -12.93% | |
55 Neutral | ₹29.57B | 13.93 | ― | 4.70% | -26.89% | -83.40% | |
46 Neutral | ₹38.76B | -59.93 | ― | ― | 964.36% | 51.21% |
* Services Sector Average
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Anup Engineering Ltd. Corporate Events
Anup Engineering Publishes Postal Ballot and E-Voting Notice in Newspapers
Feb 10, 2026
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...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.