Anawil Wire and Engineering’s August 2026 SME IPO was subscribed 149.13 times, after the company pivoted from general steel fabrication to onshore wind turbine towers.
Anawil operates advanced manufacturing facilities in Koppal, Karnataka, and Kutch, Gujarat, with combined annual capacity of 612 wind towers. It fabricates customized towers up to 140 metres for wind turbine OEMs.
India had 48.16 GW of installed wind capacity as of December 2024 and must add 42.56 GW to reach the 100 GW target. That implies a future domestic market of over 12,500 new wind turbine towers.
Anawil listed on NSE Emerge in August 2026 after a ₹177.81 crore IPO. The stock debuted at ₹329.65, a 22.09% premium over the ₹270 issue price, with anchor investors putting in ₹50.64 crore.
Revenue from operations rose from ₹54.07 crore in FY2024 to ₹143.27 crore in FY2026. Profit after tax reached ₹36.63 crore, with PAT margin widening from 15.50% to 25.57%.
As of March 2026, unexecuted orders were ₹359.81 crore — 379 towers across six customers. Q1 FY27 added ₹120 crore in letters of intent, creating a pipeline of roughly ₹480 crore scheduled for execution over 6–18 months.
PAT margin expanded from 15.50% in FY2025 to 25.57% in FY2026. The jump came as higher capacity utilisation at the Koppal plant absorbed fixed costs across a broader revenue base, showing operating leverage at work.
Of ₹142.69 crore fresh issue proceeds, ₹115 crore is earmarked to repay borrowings, which hit ₹128 crore in FY2026. CRISIL upgraded bank facilities to BBB/A3+ from BBB-/A3, citing the stronger risk profile.
Top five customers made up 78.75% of FY26 revenue, and Karnataka contributed 93.87%. The Kutch plant ran at only 8.04% utilisation. Steel price swings, monsoon timing, and a mostly contract workforce add operational risk.
Anawil holds a meaningful order pipeline and a cleaner post-IPO balance sheet. Whether it can ramp Kutch, manage working capital, and keep margins intact will determine the story. Read the full article for the complete financial and risk breakdown.
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