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Anawil Wire and Engineering Ltd IPO
Anawil Wire and Engineering Ltd
₹2,05,600 /800 sharesMinimum investment
IPO details
Minimum investment
₹2,05,600
Price range
₹257 - ₹270
Lot size
400
Issue size
177.81 Cr
Face value
10
IPO document
Subscription rate
Data will be available soon
Schedule
3 Aug 2026
IPO open date
5 Aug 2026
IPO close date
6 Aug 2026
Allotment date
6 Aug 2026
Funds unblock or debit
10 Aug 2026
Tentative listing date
About
Founded in
2021
MD/CEO
Mr Nimish Kumar Rameshchandra Vashi
Parent organisation
Anawil Wire and Engineering Ltd
Anawil Wire and Engineering Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
The company claims to have two manufacturing facilities with integrated quality control systems. Its facilities in Koppal, Karnataka, and Kutch, Gujarat, span 48.05 acres with a combined annual manufacturing capacity of 612 windmill towers. The company also claims to use in-house testing and inspection equipment, including ultrasonic flaw detectors, magnetic particle inspection instruments, spectrometers, hardness testers, and coating adhesion testers, to support its quality control process.
The company is certified under multiple international quality and manufacturing standards. It is ISO 9001:2015 certified for quality management systems, ISO 14001:2015 and ISO 14001:2018 certified for environmental management systems, and ISO 3834-2:2021 certified for quality requirements for the fusion welding of metallic materials in the manufacture of windmill towers, components, and heavy structures.
The company had an order book of Rs 359.82 crore as of March 31, 2026. The outstanding order book comprised 379 windmill towers across six customers, providing revenue visibility for projects scheduled for completion through FY27.
The company operates manufacturing facilities in Karnataka and Gujarat, two of India’s largest wind energy markets. According to the prospectus, these states account for a significant share of the country’s wind energy potential and installed capacity. The company claims that this proximity enables it to serve wind turbine manufacturers and project developers operating in these regions more efficiently.
The company has expanded its manufacturing capacity through a new facility in Gujarat. It commenced operations at its Kutch manufacturing facility in March 2026, adding production capacity of 16 windmill towers per month to its existing operations, taking its total annual manufacturing capacity to 612 towers.
The company has reported growth in both revenue and profitability over the last three financial years. Revenue from operations increased from Rs 54.07 crore in FY24 to Rs 78.59 crore in FY25 and Rs 143.27 crore in FY26, while profit after tax increased from Rs 4.39 crore to Rs 12.30 crore and Rs 36.63 crore during the same period.
The company’s revenue is largely dependent on its tower manufacturing and fabrication business. Tower manufacturing and fabrication contributed Rs 135.19 crore (94.36%), Rs 78.54 crore (99.95%), and Rs 43.92 crore (81.23%) to the company’s revenue from operations in FY26, FY25, and FY24, respectively. Any decline in demand for windmill towers, increased competition, technological changes, fluctuations in raw material prices, or adverse regulatory changes could negatively impact the company’s revenue, operations, and financial performance.
The company’s business is subject to seasonal fluctuations, with demand for windmill towers typically lower during the monsoon period. Revenue generated during the April-September period stood at Rs 41.37 crore (28.88%), Rs 15.54 crore (19.77%), and Rs 15.95 crore (29.50%) in FY26, FY25, and FY24, respectively, while the October-March period contributed the remaining 71.12%, 80.23%, and 70.50% of annual revenue. Any prolonged adverse weather conditions or delays in project execution during the monsoon season could negatively impact the company’s revenue, profitability, and cash flows.
The company’s revenue is heavily concentrated in Karnataka. The state contributed Rs 134.49 crore (93.87%), Rs 78.54 crore (99.95%), and Rs 43.92 crore (81.23%) to the company’s revenue from operations in FY26, FY25, and FY24, respectively. Any adverse political, economic, regulatory, social, or natural developments in Karnataka, or the company’s inability to diversify its presence into other geographies, could negatively impact its business, operations, and financial performance.
The company’s revenue is concentrated among a few customers. Its top five customers contributed 78.75%, 88.57%, and 85.70% to the company’s revenue from operations in FY26, FY25, and FY24, respectively. Any failure to retain these key customers, secure repeat orders, recover outstanding payments, or expand its customer base could adversely affect the company’s revenue, cash flows, and financial performance.
The company is dependent on a limited number of suppliers for the procurement of raw materials. The top 10 suppliers accounted for Rs 75.62 crore (90.11%), Rs 20.10 crore (80.19%), and Rs 14.51 crore (72.44%) of its total purchases in FY26, FY25, and FY24, respectively. Any disruption in supplies, increase in raw material prices, or failure to source materials from these suppliers or alternate vendors could adversely affect the company’s production, operations, and financial performance.
The company’s raw material procurement is concentrated in a few states. Gujarat, Karnataka, and Maharashtra together accounted for 97.76%, 97.07%, and 89.25% of its total raw material purchases in FY26, FY25, and FY24, respectively. Any adverse political, economic, regulatory, logistical, or natural developments in these states could disrupt the company’s supply chain and negatively impact its business and financial condition.
There are outstanding legal proceedings involving the company, its directors, and its promoters. Any adverse decisions could impact the company’s cash flows and profit or loss to the extent of the demand amount, interest and penalty, divert management time and attention, and adversely affect the business and its financial condition.
The company had contingent liabilities of Rs 2.27 crore as of March 31, 2025, and FY24. These primarily relate to income tax demands. If any of these contingent liabilities materialise, they could hurt the company’s financial condition and cash flows.
The company’s business is working capital intensive, with inventories and trade receivables forming a significant portion of its current assets. As of FY26, FY25, and FY24, inventories stood at Rs 50.69 crore, Rs 12.05 crore, and Rs 10.64 crore, while trade receivables stood at Rs 38.94 crore, Rs 25.17 crore, and Rs 3.83 crore, respectively. These figures have risen year-on-year, and any failure to efficiently manage inventory levels or recover trade receivables on time could hit the company’s liquidity and overall financial performance.
The company has reported negative cash flows from investing activities in the last three financial years and negative cash flows from financing activities in FY25 and FY24. It recorded negative cash flows from investing activities of Rs 97.27 crore, Rs 7.01 crore, and Rs 6.96 crore in FY26, FY25, and FY24, respectively, primarily due to capital expenditure on the purchase of plant and machinery, construction, and other fixed assets. Investors should monitor whether these capital expenditures translate into higher revenue, cash flows, and profitability in the coming years. Failure to generate adequate returns from these investments could adversely affect the company’s financial performance and liquidity.
As of May 31, 2026, the company had outstanding financial indebtednr
ess of Rs 130.87 crore. The company’s reliance on borrowed funds exposes it to repayment and refinancing risks. Any failure to service or repay these borrowings on time could adversely affect its liquidity, cash flows, and financial condition.
Application details
For Anawil Wire and Engineering IPO, eligible investors can apply as Individual investor.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Individual investor | ₹257 - ₹270 | ₹2 - ₹5 Lakhs | 400 |