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1. At a Glance
Consolidated revenue for the June 2026 quarter came in at ₹125.25 crore, against ₹175.23 crore a year earlier and ₹207.86 crore in the quarter before it. Operating profit was ₹9.47 crore. Net profit was ₹0.57 crore. Earnings per share, not annualised: twenty-eight paise.
That is a company with ₹971 crore of total assets producing, over three months, roughly the profit an Ahmedabad flat generates in rent. Operating margin came in at 7.56%, against 23.03% in the same quarter last year — the sort of gap that usually needs a paragraph of explanation, and management supplied one: performance reflects planned lower execution following low order booking in the previous year, while global uncertainties, supply chain challenges and elevated freight and energy costs added pressure on raw material availability and prices. Per management, EBITDA margins were hit entirely by lower revenue leading to under-absorption of fixed costs, while gross margin remained intact.
In the same three months, the company booked its highest-ever quarterly order intake at roughly ₹315 crore, and the pending order book (including letters of intent) reached ₹985 crore. Management stated new orders booked in FY27 to date stand at ₹538 crore, with an inquiry pipeline of about ₹1,100 crore.
So: a heat-exchanger manufacturer with sixty-four years of history, a near-₹1,000 crore order book, and a quarterly bottom line that rounds to zero. Both facts arrive in the same press release. What produced them is the subject of the next few thousand words.
2. Introduction
The Anup Engineering Limited was incorporated in 1962 and demerged from its holding company, Arvind Limited, in 2018. It sits inside the Lalbhai Group, which the company’s own investor presentation describes as a USD 3 billion diversified enterprise spanning fashion and retail, engineering, real estate and textiles — the lineage traced back to a textiles firm founded in 1897 and to Arvind Mill, established in 1931.
The listed entity has been rearranging itself steadily. In March 2024 it acquired 100% of Mabel Engineers, a Tamil Nadu manufacturer, for ₹33 crore, adding silos, tanks and site-service capability. In August 2024 it signed a manufacturing and supply agreement with Graham Corporation, USA, becoming the exclusive manufacturer and supplier of certain critical products on Graham’s behalf for India and international business. In March 2024 the board approved a 1:1 bonus issue. In November 2023 it filed a scheme amalgamating Anup Heavy Engineering into itself.
The board has also changed at the top. On 10 November 2025, Sanjay Lalbhai stepped down as Chairman and Punit Lalbhai was appointed Chairman, with Kulin Lalbhai added as a director effective the same date; a postal ballot on 6 February 2026 confirmed Kulin S. Lalbhai’s appointment as Non-Executive Director. Nilesh Hirapara was appointed CFO in April 2023. Reginaldo Dsouza signs the results as Managing Director.
The physical footprint has grown alongside. The Ahmedabad plant covers 45,000 sq m of shop area with single-piece capacity up to 500 MT. The Kheda facility runs to 125,000 sq m with capacity up to 1,000 MT per piece and production lengths to 100 m; Phase 1 (two bays) commissioned in June 2023, Phase 2A commissioned across Q2 FY26 and January 2026, Phase 3 (three bays) remains a future plan. The FY26 results announcement noted Phase 2 commissioning taking capacity to 20,000 MT. An engineering centre operates at Vadodara.
Most recently: an analyst call on 6 August 2026, a transcript filed two days ago, an investor meet at the Equirus Annual India Conference on 10 August, and a CARE ratings update the same day.
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3. Business Model: WTF Do They Even Do?
Anup makes very large metal containers that other people’s chemicals go inside, and it makes them one at a time, to order, to a drawing.
The catalogue: heat exchangers, reactors and separators, pressure vessels and drums, columns and towers, industrial centrifuges, silos, piping spools and custom fabrication. These land in refineries, petrochemicals, LNG, hydrogen, fertilisers, chemicals and pharmaceuticals, power, water and wastewater, and nuclear.
Nothing here is a product in the shampoo sense. Per CARE, these items are not standardised and are manufactured to specific customer requirement, with a lead time of roughly 19–20 weeks. The company procures raw material only after equipment design is finalised. Roughly 50–60% of contract value is realised only on shipment after inspection, testing and customer acceptance. Which is to say: you build a 500-tonne steel object for months, and the money mostly arrives when the customer looks at it and nods.
The Q1 FY27 revenue split by product: Vessels ₹75.3 crore (60.1%), Heat Exchangers ₹33.3 crore (26.7%), Towers & Reactors ₹7.1 crore (5.7%), Centrifuge & Others ₹6.0 crore (4.8%), Tank & Silos ₹3.5 crore (2.8%). By market: Domestic ₹61.3 crore (49%), Exports ₹50.6 crore (40%), DE/SEZ ₹13.3 crore (11%).
The technical moat is paperwork, and unusually so. The company holds ASME “U”, “U2”, “S” and “R” stamps, IBR and PESO certifications, ISO 9001/14001/45001, and approvals from third-party inspection agencies including Engineers India, ThyssenKrupp Industrial Solutions, Toyo Japan, Saipem, Linde Germany and Technip France. It also holds licences to manufacture Lummus Technology’s Helixchanger, Brembana & Rolle’s patented EMbaffle exchanger, and Lummus Novolen polymerisation reactors for polypropylene plants. Design runs on HTRI, ANSYS, PVElite and Autopipe. A company whose competitive advantage is partly a list of software licences
