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Q3 Revenue: INR206.9 crore, a growth of 20.3% quarter on quarter.

Q3 EBITDA: INR44.1 crore, a growth of 13% quarter on quarter.

9-Month Revenue: INR614.4 crore, a growth of 20.2% year on year.

9-Month EBITDA: INR135.9 crore, a growth of 17.5% year on year.

Profit Before Tax: INR112 crore, a growth of 12.2%.

Profit After Tax: INR85.3 crore, a growth of 2.3%.

Return on Capital Employed (ROCE): 21.2%.

Exports: INR328 crore, 53.4% of total revenue.

Order Book: INR550 crore pending orders.

New Order Pipeline: INR1,100 crore.

Revenue Contribution by Location: Ahmedabad: INR405 crore (66%), Kheda: INR186 crore (30%), Maple Engineers: INR23 crore (4%).

CapEx: Completed phase two expansion at Kheda, with a capacity to generate INR450 crore revenue per year.

Product Portfolio: Heat exchangers account for 57% of revenue.

Industry Sector Revenue: Oil and gas and petrochemicals account for 73% of revenue.

Release Date: February 04, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

The Anup Engineering Ltd (NSE:ANUP) reported a consolidated revenue growth of 20.3% quarter on quarter for Q3, reaching INR206.9 crore.

EBITDA for the nine-month period ending December grew by 17.5% year on year, amounting to INR135.9 crore.

The company has successfully entered new markets, including the nuclear and thermal power sectors, with significant orders secured.

Exports accounted for 53.4% of the revenue, highlighting a strong international presence.

The company completed the phase two expansion at Kheda, increasing its fabrication capacity to support future growth.

Profit after tax growth was only 2.3% due to higher interest and financing costs, and changes in tax benefits.

The average working capital was higher than expected, primarily due to lower customer advances and higher data from long cycle orders.

Other expenses increased to 24.5% of revenue, up from 18% year on year, due to higher royalty, labor, subcontracting, and freight costs.

The order book decreased to INR550 crore from INR740 crore last year, raising concerns about future execution visibility.

The company faced challenges in the US market, with minimal revenue contribution this year compared to 15%-16% last year.

Q: How does the recent US trade deal impact Anup Engineering’s business, considering the previous year’s revenue from the US was significant? A: Reginaldo Dsouza, CEO, explained that the trade deal provides certainty regarding tariffs, which should reignite discussions with US customers. Although there were no new bookings from the US this year, the company expects positive developments moving forward.

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Q: With the order book decreasing to INR550 crores from INR740 crores last year, how does Anup Engineering plan to maintain growth? A: The CEO noted that while the order book has decreased, the company has a strong inquiry pipeline of INR1,100 crores. The focus is on finalizing these inquiries, and the company remains optimistic about achieving growth through improved order finalizations.

Q: What is the outlook for Anup Engineering’s technical services and high-volume products? A: The CEO stated that technical services are expected to reach INR200 crore turnover in three years with 30%-40% profitability. High-volume products are projected to contribute INR200-300 crore, with an EBITDA margin of around 15%.

Q: How is Anup Engineering approaching the nuclear and thermal power sectors? A: The company has entered the nuclear sector with an order for NPCL’s project and aims to expand further. In thermal power, Anup Engineering has secured orders for low-pressure feed water heaters and plans to participate in upcoming large projects.

Q: What is the strategy for managing working capital and receivables? A: The CEO mentioned that the company aims to maintain working capital at around three turns, with export orders generally having better terms. The focus is on improving the cash conversion cycle to around 120 days by the end of Q1 next year.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.