The Anup Engineering Limited, established in 1962 and based in Ahmedabad, India, demerged from its holding company Arvind Limited in 2018 to become an independent entity in the process equipment manufacturing sector. Formerly known as Anveshan Heavy Engineering Limited, it officially changed its name to The Anup Engineering Limited in January 2019. The company has emerged as a significant player, focusing on specialized equipment for process industries. Anup Engineering is engaged in the manufacturing and fabrication of process equipment, including Heat Exchangers, Reactors, Pressure Vessels, Columns & Towers, Industrial Centrifuges, and Formed Components.
The company's products are vital for a wide range of process industries, including Oil & Gas, Petrochemicals, LNG, Fertilizers, Chemicals, Pharmaceuticals, Power, Water, Paper & Pulp, and Aerospace. Its static process equipment portfolio includes a variety of heat exchangers, reactors, pressure vessels, columns, and towers, alongside custom fabrication services. Furthermore, their technology products include innovative solutions like the Helixchanger and EMBaffle Heat Exchanger.
The company's diverse product range and its application across multiple sectors provide resilience against sector-specific downturns, enabling it to capitalize on growth opportunities across various industrial segments. The company offers a comprehensive range of shell and tube heat exchangers tailored for the oil and gas, refinery, petrochemical, fertilizer, power, water and wastewater, and chemical industries.
As of June 12, 2025, The Anup Engineering Ltd (ANUP) has a market capitalization of ₹5,528.11 Crore. The company's Price-to-Earnings (P/E) ratio stands at 46.73, and its Price-to-Book (P/B) ratio is 10.46. The 52-week high for ANUP stock was ₹3,859.40, and the 52-week low was ₹1,665.05.
- Q3 FY25 Performance: The company reported a net profit of ₹31.37 crore for the quarter ended December 2024, a 55.53% increase compared to ₹20.17 crore in the same quarter of the previous year. Sales rose by 33.08% to ₹170.87 crore in Q3 FY25 from ₹128.40 crore in Q3 FY24.
- Q4 FY25 Performance: For the quarter ended March 2025, net profit declined by 31.86% to ₹29.32 crore, down from ₹43.03 crore in the corresponding quarter of FY24. However, sales saw a healthy increase of 30.57% to ₹204.89 crore in Q4 FY25, up from ₹156.92 crore in Q4 FY24.
- Annual FY25 Results: For the full financial year 2024-25, net profit grew by 12.92% to ₹116.85 crore, compared to ₹103.48 crore in the previous fiscal year.
Operating income for FY25 grew by 33.8% on a year-on-year (YoY) basis. The company's operating profit increased by 53.0% YoY, and net profit for the year saw a significant growth of 101.2% YoY. Net profit margins improved from 12.5% in FY23 to 18.8% in FY24.
Over the past 5 years, THE ANUP ENGINEERING's net profit has grown at a Compound Annual Growth Rate (CAGR) of 24.6%, demonstrating consistent profitability. Revenue has grown at a yearly rate of 17.71% over the last 5 years, significantly outpacing the industry average growth rate of 3%.
The Anup Engineering maintained a robust order book, standing at ₹770 crore as of December 31, 2024, and ₹811 crore as of January 31, 2025. Including the acquisition of Mabel, the consolidated order book reached ₹831 crore as of January 31, 2025. This strong order backlog provides excellent revenue visibility and underscores the company's ability to secure new contracts in a competitive market.
- Operating Profit Margins: Witnessed a fall and were down at 23.3% in FY24 as against 20.4% in FY23. Net Profit Margins: Grew from 12.5% in FY23 to 18.8% in FY24.
- The company achieved an annual revenue growth of 35%, a pre-tax margin of 21%, and an exceptional Return on Equity (ROE) of 19%.
- Debt to Equity Ratio: For FY24, the Debt to Equity ratio stood at 0.0, compared to 0.1 in FY23. The company maintains a reasonable debt-to-equity of 3%, indicating a healthy balance sheet.
The current dividend yield is 0.61%, and the company has a track record of maintaining regular dividend payments to its shareholders.
ANUP stock has experienced a -3.16% decline compared to the previous week, but a 0.84% rise over the last month. Over the past year, THE ANUP ENGINEERING LTD has shown a significant increase of 65.12%. The stock reached its all-time high of ₹3,859.40 on December 12, 2024, while its all-time low of ₹112.55 was recorded on March 25, 2020.
A capital expenditure (capex) of approximately ₹15 crore is planned for the extension of the PS Bay at Kheda, which is scheduled for commissioning in Q1 FY25. This expansion will add two complete manufacturing bays at Kheda, demonstrating the company's commitment to growth and its capability to meet increasing demand.
The acquisition of Mabel was completed on June 20, 2024. Accordingly, Mabel's profit and loss for 11 days have been consolidated into the Q1 FY25 results, showcasing the company's strategic approach to growth through acquisitions.
The Board of The Anup Engineering, in its meeting held on May 13, 2025, approved the appointment of Kunal Shah as Chief Human Resource Officer and Dinesh Patel as Chief Quality Officer. These key appointments strengthen the management team with experienced professionals.
The Anup Engineering Limited is well-positioned in the process equipment manufacturing sector, characterized by strong financial performance, a healthy order book, and strategic growth initiatives. The company's diversified product portfolio serving multiple industries, combined with its consistent growth trajectory and robust financial health, makes it an interesting consideration for investors seeking exposure to India's industrial growth story.
