1. At a Glance
The Anup Engineering is the guy at the party who used to be “Arvind Limited’s machinery cousin” until he demerged in 2018, bulked up on heat exchangers, and now flexes in front of oil & gas billionaires. In FY22–24, sales nearly doubled, exports shot up 700%, and the company transformed from a local player to Reliance’s, IOCL’s, and Toyo’s equipment crush. With an order book of ₹883 Cr (78% exports), a brand-new mega plant in Kheda, and an American bae (partnership with Graham Corp), Anup is scaling like it’s preparing for the Champions League of pressure vessels. Current stock at ₹2,220 trades at a P/E of 37, because apparently heat exchangers now qualify as luxury goods.
2. Introduction
Picture this: once a modest subsidiary of Arvind Ltd, famous for denim and shirts, Anup Engineering quietly slipped out in 2018 to build its own industrial Tinder profile. Its bio now reads: “Likes – Heat exchangers, pressure vessels, global exports. Dislikes – slow growth, debt.”
Between FY22 and FY24, it delivered 91% topline growth. Not because India suddenly developed a national obsession with columns and reactors, but because Anup figured out the golden export hack: If domestic order cycles are sleepy, sell heavy-duty industrial kitchenware to global majors who are busy setting up refineries and LNG plants. Exports went from 10% to 52% of revenue in three years, which is like a small-town kid suddenly studying abroad and coming back with an accent.
The company has also shown a rare PSU-busting mindset: expand capacitybeforeorders spill over, acquire a Tamil Nadu plant (Mabel Engineers) for new product lines, and ink an exclusive supply partnership with a U.S. engineering firm. Translation: Anup isn’t playing gully cricket anymore — it’s got one foot in the IPL and another in Major League Baseball.
3. Business Model (WTF Do They Even Do?)
Anup makes the industrial equivalent of what your fridge condenser does — except their “heat exchangers” weigh up to 500–1,000 tonnes, cost crores, and help billion-dollar petrochemical refineries not explode.
Product Mix FY25 (H1):
- Heat Exchangers – 72% (core addiction; if these fail, so does Anup).
- Towers & Reactors – 14% (growing fast, doubling since
- FY22).
- Vessels – 10% (shrinking share).
- Centrifuges & Others – 4% (token side hustle).
Geography Mix:
- Domestic – 48% (down from 90% in FY22).
- Exports – 52% (up from 10%).
Core clients are Reliance, IOCL, GAIL, Nayara, Toyo Engineering, etc. The kind of names you casually drop to impress analysts over coffee.
So, the business model is simple:make giant, complex steel equipment, ship it globally, and pray refineries never stop expanding.
4. Financials Overview
Quarterly Snapshot (₹ Cr.)
| Metric | Jun 2025 | Jun 2024 | Mar 2025 | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 175 | 146 | 222 | +20% | -21% |
| EBITDA | 40 | 33 | 50 | +21% | -20% |
| PAT | 26.3 | 24.0 | 32.0 | +9% | -18% |
| EPS (₹) | 13.1 | 12.1 | 15.8 | +8% | -17% |
Annualised EPS = ₹52.4. Current P/E ~42×.(So yes, you’re paying IT-sector valuations for a heat exchanger factory).
5. Valuation (Fair Value RANGE only)
Method 1: P/E
- EPS FY25 = ₹60.
- Apply sector range 25–35× → FV = ₹1,500 – ₹2,100.
Method 2: EV/EBITDA
- EBITDA FY25 ~ ₹172 Cr.
- EV/EBITDA peer band = 18–22× → FV = ₹3,100 – ₹3,800 Cr EV → per share ₹1,550 – ₹1,900.
Method 3: DCF (Simplified)
- Assume 25% growth for 3 yrs, 12% thereafter, WACC ~11%.
- FV lands ~₹1,800–₹2,200/share.
👉Consolidated FV Range: ₹1,500 – ₹2,200/share.
⚠️ Disclaimer:This FV range is for educational purposes only and not investment advice.
6. What’s Cooking – News, Triggers, Drama
- Capacity Expansion:New Kheda
