Anup Engineering Records Highest Ever Revenue and EBITDA in FY26

Anup Engineering reported its highest-ever consolidated revenue of ₹822 crore and EBITDA of ₹174 crore for the financial year ending March 2026.

Reader Takeaway: Record revenue and expansion offset by margin pressure and geopolitical risks.

What just happened

The Anup Engineering Limited announced its financial results for FY26, showcasing a 12% year-on-year revenue growth to ₹822 crore from ₹733 crore in FY25. EBITDA increased by 5% to ₹174 crore. The company also commissioned Phase-2 of its Kheda manufacturing facility in January 2026, increasing its total annual capacity to 20,000 MT and a revenue potential of ₹1,200 crore.

Why this matters

This performance indicates strong demand and successful capacity expansion, positioning the company for future growth. The expanded facility significantly increases its revenue potential. The robust order book provides revenue visibility.

The backstory

In FY25, Anup Engineering had reported revenues of ₹733 crore and EBITDA of ₹165 crore. The Kheda facility expansion is a key strategic move to scale operations and meet growing demand.

What changes now

The commissioning of Kheda Phase-2 is expected to drive future revenue growth, with management estimating a ₹1,200 crore annual revenue potential. The company is also focusing on scaling its technical services business.

Risks to watch

EBITDA margins compressed by 1.3 percentage points to 21.2% in FY26 from 22.5% in FY25, potentially due to cost pressures or product mix changes. Management has also noted heightened geopolitical volatility, which could impact operations.

Peer comparison

(No direct peer comparison data available in the filing. Anup Engineering operates in the manufacturing sector, specializing in engineering products, with a focus on high-pressure and high-temperature equipment.)

Context metrics (time-bound)

• FY26 Consolidated Revenue: ₹822 crore (+12% YoY)
• FY26 Consolidated EBITDA: ₹174 crore (+5% YoY)
• FY26 EBITDA Margin: 21.2% (-1.3 pts YoY)
• Order Book (Consolidated): ₹769 crore
• Letters of Intent (LOIs): ₹146 crore
• Order Inquiry Pipeline: ₹1,200 crore
• Kheda Phase-2 Capacity: 20,000 MT/annum (Potential ₹1,200 crore annual revenue)

What to track next

Investors will be watching for margin recovery, the successful integration of the expanded capacity, and how the company navigates geopolitical risks. The growth of the technical services vertical is also a key area to monitor for improved profitability.