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The Anup Engineering reported a weak Q1FY27 performance

ICICIdirect Research 07 Aug 2026 DISCLAIMER

News: The Anup Engineering reported a weak Q1FY27 performance, with revenue from operations declining 28.5% YoY to ₹125.2 crore. EBITDA fell 76.5% YoY to ₹9.5 crore, while EBITDA margin contracted sharply by 1,544 bps YoY to 7.6%. PAT declined 97.8% YoY to ₹0.6 crore due to lower execution and under-absorption of fixed costs. Despite the weak quarter, the company recorded healthy quarterly order inflow of ~₹315 crore, taking the pending order book (including LOI) to ₹985 crore.

View: Management attributed the weak Q1FY27 performance to planned lower execution following weak order booking in the previous year, which resulted in under-absorption of fixed costs and sharp margin contraction.Although the company has guided for 5–10% revenue growth and ~15% EBITDA margin in FY27, achieving this will require a significant recovery in H2FY27. Despite a steady ₹985 crore pending order book (including LOI) and ₹1,100 crore inquiry pipeline, execution delays, supply chain uncertainties and fixed-price contracts could keep earnings volatile in the near term.

Impact: Negative

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