The Anup Engineering Ltd Company Analysis

ANUP The company manufactures custom-engineered process equipment such as heat exchangers, pressure vessels, reactors and columns. These products are used in industries including oil and gas, petrochemicals, chemicals, fertilisers and power. It also operates a foundry and machine shop business. Its growth depends on large industrial capex, export orders, order execution and its ability to maintain margins on customised projects. Q2 FY27 performance: The consolidated results were weak. Revenue from operations declined 21.5% YoY to ₹182.4 crore, compared with ₹232.28 crore in Q2 FY26. EBITDA fell approximately 66% to ₹17.44 crore, while net profit dropped 79.5% to ₹6.58 crore. EBITDA margin contracted sharply from 22.2% to 9.6%. Sequentially, however, revenue increased 45.6% and net profit improved from ₹0.57 crore in Q1 FY27. The sequential recovery is positive, but the year-on-year deterioration remains significant. For H1 FY27, consolidated revenue declined approximately 24.5% to ₹307.65 crore, while net profit fell to ₹7.15 crore from ₹55.32 crore. The company has an order pipeline and reported ₹941 crore in letters of intent, alongside an enquiry pipeline of approximately ₹1,200 crore. The Anup Engineering operates in an attractive industrial engineering segment, with opportunities from global industrial capex and specialised process equipment demand. However, Q2 FY27 shows a serious contraction in revenue, margins and profitability. The sequential recovery is encouraging, but it does not yet establish a turnaround.