Anup Engineering Ltd FY26 Results

Revenue grew by 12.2% YoY to ₹822.3 crore in FY26. Profit after tax (PAT) declined by 6.7% to ₹110.4 crore.

Reader Takeaway: Topline growth and EBITDA expansion are positives, while bottom-line pressure from costs is a concern.

What just happened

The Anup Engineering Ltd announced its financial results for the fiscal year ending March 31, 2026 (FY26). The company reported a significant 12.2% increase in revenue, reaching ₹822.3 crore from ₹732.8 crore in FY25. However, profitability metrics showed a mixed trend. EBITDA rose by 5.4% to ₹174.2 crore, but Profit Before Tax (PBT) decreased by 2.7% to ₹139.3 crore, and PAT saw a decline of 6.7% to ₹110.4 crore.

Why this matters

Despite a robust increase in revenue and the highest-ever EBITDA achieved, the decline in PAT signals potential pressure points. Investors will be watching how the company manages its finance costs, depreciation, and exceptional items to improve bottom-line performance in the coming fiscal year. The healthy orderbook of ₹769 crore, however, provides good revenue visibility for FY27.

The backstory

The Anup Engineering Ltd is a manufacturer of process equipment. Its product mix includes Heat Exchangers (53.8% of revenue) and Vessels (32.5% of revenue). The company has been focusing on diversifying into high-growth sectors like nuclear energy, thermal power, and clean energy storage, and recently commissioned Phase-II of its Kheda Plant in January 2026.

What changes now

With the commissioning of the Kheda Plant's Phase-II and diversification into new energy segments, the company is positioning itself for future growth. The focus on technical services and skid packages is expected to enhance profitability. The company remains net debt-free.

Risks to watch

Investors should monitor the impact of rising net interest costs and depreciation on the company's net profit. Exceptional items, such as the gratuity expense and tax adjustments, also affected the latest PAT figures.

Peer comparison

[Peer comparison data not available in the filing]

Context metrics (time-bound)

• Revenue (FY26): ₹822.3 crore (up 12.2% YoY)
• EBITDA (FY26): ₹174.2 crore (up 5.4% YoY)
• EBITDA Margin (FY26): 21.2% (down 1.3 pp from FY25)
• PAT (FY26): ₹110.4 crore (down 6.7% YoY)
• PAT Margin (FY26): 13.4% (down 2.7 pp from FY25)
• Orderbook (End FY26): ₹769 crore

What to track next

Investors will be looking for improved PAT growth in FY27, driven by operational efficiency, better cost management, and contributions from new business verticals. Tracking the orderbook conversion and the success of diversification into nuclear and thermal energy segments will be crucial.