The Anup Engineering Limited Q2FY26 Concall Decoded – From Heat to Heft, Orders Still Cooking
1. Opening Hook
When your heat exchangers are literally bigger than some startup offices, “execution delays” hit differently. Anup Engineering strutted into Q2FY26 flaunting a 20% revenue jump, yet blamed “ship unavailability” for slower collections — the industrial version of “the dog ate my homework.” But hey, three plants are now humming, Middle East is buzzing, and Houston is waiting for its turn on the world map. Read on — things heat up (pun intended) when royalties, tariffs, and tender delays start dancing in sync.
2. At a Glance
Revenue up 20.2% – Management swears it’s not a one-off; all three plants finally clicked.
EBITDA ₹91.8 Cr (+20.3%) – Efficiency improved, or just peak “heat exchanger” pricing power.
PAT ₹58.3 Cr (+3.1%) – Growth shrunk faster than mild steel in cold water.
Exports 56% of revenue – Middle East loves their pipes hot and heavy.
ROCE 22.8% – Respectable returns while juggling 120-day receivables.
Order book ₹568 Cr – Down from ₹800 Cr+, but management promises December will fix everything.
3. Management’s Key Commentary
“All three manufacturing locations contributed well… our investments were timed right.” (Translation: we finally used that shiny new plant for something other than investor presentations.)
“Mabel Engineers revenue is low now, but big deliveries coming in Q3 & Q4.” (Read: please stop asking why it’s only 2% of sales — the big stuff’s stuck at the port.)
“Working capital was high due to long-cycle export orders and ship delays.” (So, technically, our money is on a boat — somewhere.) 🚢
“We’ve opened an office in Dubai; Houston next.” (Because apparently Texas needed a few heat exchangers to believe in Make in India.)
“New turbine fabrication order from Europe — our first non-process product!” (Translation: diversification mode unlocked; next stop — anything but another reactor.)
“Order pipeline of ₹1,100 Cr, with good traction from Middle East and India.” (Optimism level: CFO before bonus payout.) 😏
“We maintain FY26 guidance and are exploring acquisitions.” (Acquisition watch: the phrase every analyst loves to hear but never sees materialize.)
