01 — At a Glance
The Capital Goods Bet That Forgot to Tell You It Was Collapsing
- 52-Week High / Low₹3,633 / ₹1,410
- Q3 FY26 Revenue (Consolidated)₹207 Cr
- Q3 FY26 PAT₹26.7 Cr
- Q3 FY26 EPS₹12.74
- Annualised EPS (Q3×4)₹50.96
- Book Value (Mar 25)₹318
- Price to Book5.07x
- Order Book (Feb 2026)₹550 Cr
- Sales Growth YoY (9M)+20.2%
- Debt / Equity0.25x
The Plot Twist: Anup Engineering delivered stellar 20%+ revenue growth (₹615 Cr in 9M FY26), hit an order book of ₹550 Cr, and got CARE rating upgrades to AA- from A+. Meanwhile, the stock crashed 47.9% in one year because apparently, the market reads tech news instead of capital goods orders. Chairman Sanjay Lalbhai stepped down, Punit Lalbhai took over, and nobody told you that growth doesn’t always translate to stock price appreciation. Welcome to the paradox of being boring and profitable.
02 — Introduction
When Your Company Builds Better Equipment Than Your Stock Performance
Picture this: You’re sitting in Mumbai, sipping chai, and your portfolio is getting decimated. You bought Anup Engineering at ₹3,100 thinking “industrial boom + capex cycle = profit.” You were right about the company. You were very, very wrong about the stock price. Welcome to the world of capital goods.
The Anup Engineering Limited is a niche player in process equipment manufacturing—think heat exchangers, pressure vessels, columns, reactors, and centrifuges that power refineries, petrochemical plants, fertilizer facilities, and power plants across India and 60+ countries. It’s unglamorous, highly technical, and executed flawlessly for 2+ years running. And yet, the stock decided 2024-25 was the year to become a penny stock’s emotional support animal.
Demerged from Arvind Limited in 2018, the company has grown from a ₹288 Cr revenue base (FY22) to ₹732 Cr (FY25), with exports now accounting for 53% of revenues—a stunning pivot from a domestic-first model. The order book swelled to ₹550 crore. New capacity at Kheda is humming. Credit ratings have been upgraded. And the stock crashed 47.9% in one year. This, ladies and gentlemen, is what happens when growth meets valuation correction, or as your ex-broker would call it, “profit-taking.”
Feb 2026 Concall Note: Management explicitly stated: “We’re aiming for ROCE of ~21%, EBITDA of 22%, and exports >50%.” Translation: We’re delivering everything we promised, but apparently, the market was pricing in a moon landing.
03 — Business Model: The Art of Selling Pipes That Don’t Explode
How Anup Makes Money (And Why It’s Less Exciting Than Your Instagram Feed)
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