Ahemdabad: Anup Engineering reported a strong performance in Q2FY26, delivering consistent growth across key financial metrics and signalling a robust expansion trajectory for the upcoming fiscal. The co posted revenue of ₹407 crore, reflecting a 20% YoY rise, supported by improved execution and steady demand across the oil & gas (O&G), petrochem, and process equipment segments. EBITDA also grew 20% to ₹92 crore, while PAT came in at ₹58 crore.
The order book stood at a healthy ₹568 crore, effectively securing the company’s entire FY26 revenue visibility. Management confirmed that fresh order inflows will now contribute to FY27, backed by a strong pipeline of ₹1,100-1,200 crore. The co is targeting a quarterly intake of ₹200-250 crore, with December expected to be a key period for order closures.
Operationally, Anup Engineering is positioned for scale. The combined capacity across its three plants is now capable of supporting annual revenue of ₹1,200 crore. The Kheda facility’s Phase-2 expansion remains on track for completion by December, enabling enhanced production volumes from early next year.
Exports accounted for 56% of Q2 revenue, with O&G and petrochemical clients driving momentum. Heat exchangers, the company’s core product line, contributed 58% to the overall mix. The newly operational Dubai office has begun aiding Middle East (ME) traction, though expansion into the US market remains temporarily on hold pending clarity on import tariffs.
The management highlighted a temporary working capital (WC) blockage of ₹150 crore due to materials in transit, which is expected to be resolved within 4-6 weeks. This has caused a short-term spike in interest costs, though the company expects normalization in Q3.
Strategically, Anup has secured its first power-sector and turbine-component orders, marking entry into new verticals. The Mabel facility is also expected to ramp up in the coming quarters.
Reaffirming confidence in its growth pathway, the company reiterated its FY27 revenue target of ₹1,000+ crore, translating into 20-25% growth. Key factors to watch include year-end order finalizations, WC release, ME demand, and the tariff decision impacting US market strategy.
