The Anup Engineering - Middle East Crisis Clouds Near-Term Outlook - Company Update
03 Jun 2026
Companies Updates
The Anup Engineering reported a weak Q4FY26 with revenue/EBITDA/PAT sharply missing our estimates by 15.7%/30.7%/20.5%, respectively, impacted by adverse project mix, raw material inflation, and execution challenges. EBITDA margin declined 398bps YoY to 18.4% due to lower-margin project execution and fixed-price contract exposure. The management highlighted severe near-term headwinds including elevated steel prices, shipping disruptions and geopolitical uncertainty, resulting in a cautious order booking strategy focused on profitability and cash flows. Despite near-term pressure, the medium-term outlook remains constructive supported by completed capacity expansion and entry into nuclear, skid packages, air coolers, clean-energy-linked opportunities and technical services. We downgrade the stock to HOLD from BUY given limited near-term upside and elevated execution uncertainties while reducing our TP to Rs 2,040 from Rs 2,515. We estimate a revenue/EBITDA/PAT CAGR of 13%/9%/10% over FY26-28E.
Weak quarter amid challenging environment:
The company reported Q4FY26 revenue decline of 6% YoY to Rs 2.1bn, below estimates, impacted by execution delays and selective order booking. EBITDA declined 23% YoY to Rs 382mn, while EBITDA margin contracted 398bps YoY and 290bps QoQ to 18.4% due to adverse project mix and raw material inflation. PAT declined 16% YoY to Rs 265mn. For FY26, revenue/EBITDA/PAT grew 12.3%/5.6%/-6.7%, respectively. Full year PAT was impacted by higher finance costs as D/E jumped to 16% from 5% in FY25. The management stated that the company is avoiding low-margin projects amid elevated steel prices and aggressive competition.
Working capital and raw material volatility remain concerns:
The management acknowledged temporary working capital stress due to delayed collections and lower customer advances, resulting in net debt of ~Rs 1.1bn at March-end. However, collections of ~Rs 2.6bn post quarter-end have improved cash flows. FY26 order inflow stood at an estimated Rs 6.6bn, while pending order book as of today is Rs 7.7bn. The management further indicated that ~Rs 2.0-2.5bn worth of recent orders are yet to enter procurement cycle, with procurement being delayed wherever feasible to optimize costs amid elevated steel prices . The enquiry pipeline stood at ~Rs 12bn with expected conversion of ~20%.
Strategic diversification strengthens medium term outlook:
FY26 marked several strategic milestones including the company’s first skid package order from a Middle East client, entry into manufacturing nuclear equipment (columns and vessels), first air cooler order, and first clean-energy storage technology order from a European customer. Further, the management identified technical services as a key future growth vertical with potential EBITDA margins of ~40%, targeting revenue scale-up to ~Rs 2bn over the next three years. Completion of Phase-II expansion at Kheda has increased annual capacity to ~8,000 metric tonnes .
Valuation and view:
We maintain our valuation multiples of 30.0x Mar’28E EPS and 21.0x Mar’28E EBITDA but cut our earnings estimates for FY27E/FY28E by 35%/20% arriving at a TP of Rs 2,040. Downgrade the stock to HOLD from BUY given limited near-term upside and continued uncertainty around commodity prices and execution environment. Key risks: Sustained steel price inflation, weaker order inflows and prolonged working capital stress.
Company website: https://www.anupengg.com/
| Rating | HOLD |
|---|---|
| CMP* | INR 1,954 |
| Target Price | INR 2,040 |
| Upside | 4% |
*CMP is as per report published date
Click to download the full The Anup Engineering Ltd Q4FY26 Company Update
Analyst:
- Mohit Surana - Senior Research Analyst, Institutional Equities (NISM-202300189881)
FAQs on The Anup Engineering Ltd Q4FY26 Company Update
Below are key investor FAQs based on MNCL’s institutional equity research update on The Anup Engineering, focusing on outlook, risks and growth triggers.
1. What impacted The Anup Engineering’s Q4FY26 performance?
Revenue and profitability were affected by execution delays, adverse project mix, elevated steel prices and lower-margin project execution, resulting in margin compression during the quarter.
2. Why has the rating been downgraded to HOLD?
The rating was revised to HOLD due to limited near-term upside, persistent commodity cost pressures, geopolitical uncertainties and execution-related challenges affecting earnings visibility.
3. What are the company's key growth drivers?
Growth is expected to be supported by capacity expansion, entry into nuclear equipment manufacturing, skid packages, air coolers, clean-energy projects and technical services.
4. How strong is the order pipeline?
The company reported an order book of approximately Rs 7.7 billion and an enquiry pipeline of around Rs 12 billion, providing medium-term business visibility.
5. What is the significance of the technical services business?
Management expects technical services to become a high-margin growth vertical, with EBITDA margins potentially reaching around 40% and revenue scaling significantly over the next few years.
6. What are the key risks for investors?
Major risks include prolonged steel price inflation, weaker order inflows, execution delays, geopolitical disruptions and working capital pressures.
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Rashi Peripherals Ltd: Stellar quarter - Company Update
We retain "BUY" rating and raise our target price to Rs. 610 (vs Rs 505 earlier). Rashi reported topline growth of 42.6% YoY in a seasonally weak quarter, on the back of strong sales volume & prices across PES segment (56% of revenue) and LIT (44...
Triveni Turbine: Worst likely behind, recovery pending - Company update
We upgrade our rating on Triveni Turbine to BUY, supported by improving execution visibility and a gradual recovery in order inflows. While new applications such as CO₂-based energy storage, MVR, and turbine servicing are likely to be incrementally...
The Anup Engineering: Through the Trough, Recovery in the offing - Company Update
We upgrade our rating on The Anup Engineering to BUY (previously HOLD) and revise our target price to Rs 2,515. The company is not yet out of the woods, with the market awaiting clear signs of a recovery in order inflows. That said, we believe the wo...
Saksoft Ltd: Temporary headwinds, normalization in sight - Company Update
We maintain our "BUY" rating with a revised target price of Rs 285 (vs 325). Saksoft delivered weak results – a) topline growth saw a de-growth of 3% despite the favourable currency mix, b) Top 2 clients have cut spends in Q3, the pain co...
Mayur Uniquoters: Riding export momentum - Company Update
We maintain our BUY rating on Mayur Uniquoters with a revised target price of Rs. 825 (earlier Rs. 770), as we roll forward our valuation to Q3 FY28E and upgrade our FY27E/FY28E earnings estimates by ~4%. The company delivered a robust operating perf...
Scoda Tubes Ltd.: Slight miss; structural thesis intact - Company Update
We retain BUY rating on Scoda Tubes but upward revise target price of Rs 250 (previously Rs 240). Increase in target price is mainly due to valuation rollover. Q3FY26 was a strong performance on offtake, marginally offset by pricing weakness and dela...
TD Power Systems: Global demand fuelling growth visibility - Company Update
We upgrade TD Power to BUY / revise our target price upwards to Rs 875 (vs. Rs 840 earlier). Q3-FY26 results were a tad lower than our expectations and reflect timing issues rather than demand or competitive weakness. Going ahead, the Tumkur facility...
SJS Enterprises Ltd - Premiumisation and Export-led Outperformance - Company Update
We revise our target price on SJS Enterprises upwards to Rs2,190 to account for an increase in revenue/ margin estimates, and valuation roll-forward to Dec’27E. SJS delivered another quarter of strong industry outperformance, with record profitabil...
Sundram Fasteners Ltd.: Exports spoil the show - Company Update
We lower target price to Rs 1035 (previously Rs 1085) and maintain Accumulate rating for Sundram Fasteners Ltd. (SFL). We downward revise our multiple to account for extended weakness on exports including delay in EV order to North America, in turn l...
ASK Automotive Ltd. - Firing on all cylinders - Company Update
We upgrade ASK Automotive to BUY rating on attractive valuation and increase our TP to Rs590 (Rs525 previously). The increase in TP is largely driven by valuation rollover. ASK delivered a strong Q3, materially ahead of our expectations, led by broad...
Kirloskar Ferrous Ind. - Casting and tubes outperform, spreads spoil the show | Company Update
We lower our target price to Rs 620 (previously Rs690) and retain BUY rating for Kirloskar Ferrous Industries Ltd. (KFIL). The decrease in TP is mainly to account for weak commodity spreads and realization across end products . KFIL’s 2QFY26 perfor...
IFGL Refractories Ltd. - Domestic focus continues to payoff; overseas improving gradually | Company Update
We decrease target price to Rs 280 (previously Rs 300) but maintain BUY rating. The change in TP is mainly due to cut of earnings estimates. IFGL delivered another quarter of strong standalone growth as its domestic-focused strategy continues to gain...
Borosil Ltd. - Glassware ignites growth; levers to power margins | Company Update
We reiterate our BUY on Borosil Ltd and revise our target price upwards to Rs. 460 (vs. Rs. 420 earlier), driven by strong demand momentum and emerging structural growth and margin levers. The company continues to deliver robust growth in its glasswa...
Venus Pipes & Tubes Ltd. - Export and welded drives confidence | Company Update
We increase Target Price to Rs 2040 (previously Rs1,950) and retain BUY for Venus Pipes & Tubes (VENUS) due to attractive valuations. Increase in TP is primarily due to valuation roll forward. Revenue in 2QFY26 was strong, supported by a sharp re...
ESAB India - Encouraging quarter; growth in focus | Company Update
We retain Buy on ESAB India with TP revised upwards to Rs 6,850 (vs Rs 6,554 earlier) on valuation rollover. The company delivered a strong quarter, with overall growth hinting at signs of recovery supported by margin gains. ESAB continues to o...
The Anup Engineering - All eyes on cash conversion | Company Update
We maintain our HOLD rating on Anup Engineering but increase TP to Rs 2,475 (vs Rs 2,375 earlier) considering steady operational performance and an unchanged growth outlook coupled with valuation rollover. The impact from higher taxes was anticipated...
Rashi Peripherals Ltd – Turns cashflow positive
We retain "BUY" rating with a Target Price of Rs. 505 (vs Rs 525 earlier). Rashi Peripherals ltd reported decent topline growth, on the back of strong sales from the PES segment (PCs, Desktops). Our dealer checks suggest demand is improving for AI-en...
Wonderla Holidays - Chennai on Track; Expansion Visibility Low | MNCL Research Update
We reiterate our HOLD rating on Wonderla Holidays Ltd while revising our target multiple downwards to 18x (from ~20x) and rolling forward our valuation to Q2FY28E. In a seasonally weak quarter, the company delivered a better-than-expected topline, pr...
R Systems International - Strong growth tempered by higher SG&A & RSU costs | MNCL Research Update
We maintain our "BUY" and retain our target price to Rs 620. R Systems delivered higher than expected topline growth (7.9% vs our estimate of 3.5% in INR terms). EBITDA was in line with our estimates / margins dipped 70bps QoQ on the back of higher R...
SJS Enterprises Ltd - Designed to outperform | MNCL Research Update
We revise our target price on SJS Enterprises upwards to Rs1,930 to account for an increase in revenue/ margin estimates, valuation roll-forward to Sept’27E and target multiple expansion. SJS delivered another quarter of strong industry outperforma...
Channel checks - Opalware and Glassware - Borosil Sets the Benchmark in Opalware Retail
We conducted channel checks across key markets in Western and Northern India to gauge demand trends (qualitative aspects) in the Opalware and Glassware categories. We also analysed balance sheet / profitability trends (quantitative parts) across key ...
Goldiam International - LGD Momentum builds; ORIGEM scaling | Company Update
We reiterate our BUY rating on Goldiam International with a target price of Rs. Rs.470. Despite near-term uncertainty around U.S. tariff implications, the company has delivered an exemplary performance driven by robust topline growth and increasing w...
ASK Automotive Ltd – Meets Expectations; ALPS & Aftermarket to Drive Growth | MNCL Research Company Update
We retain ACCUMULATE on ASK Automotive while lowering our target price to Rs 525. The lowering of TP follows downward revision in our revenue and margin estimates, partially offset by valuation rollover. ASK delivered a strong Q2, broadly in line wit...
Sundram Fasteners Ltd. - Steady Domestic Momentum Offsets Export Weakness; upgrade to Accumulate - Company Update
We increase target price to Rs 1085 (previously Rs1030) and upgrade our rating to Accumulate for Sundram Fasteners Ltd. (SFL) due to steep correction in share price. Increase in TP is mainly due to valuation roll forward. SFL’s performance in 2QFY2...
JNK India Ltd – End of Overhang, Execution to Drive Growth | Q2FY26
Our interaction with JNK India led to the following conclusions: JNK India’s legacy low-margin orders (NRL, IOCL) delayed by site and client issues are expected to conclude largely by Q2FY26, with minor spillover into Q3FY26. From Q3FY26, high-marg...
Ratnamani Metals and Tubes Ltd. - Subsidiaries outperform | Company Update
We increase target price to Rs 2710 (previously 2690) and upgrade to Accumulate rating. Increase in target price is due to valuation roll forward. In 2QFY26, the core pipes business saw modest growth as strong offtake was offset by weak realizations....
