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Anup Engineering Ltd.
(ANUP)
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Rating:54Neutral
Price Target:
₹1,675.00
▼(-28.43% Downside)
Action:Reiterated
Date:09/18/26
The score is held back primarily by weak recent cash-flow performance (negative operating and free cash flow in FY2025–FY2026) and deteriorating near-term profitability with higher debt in FY2026. Technical indicators also reflect strong downside momentum with the stock below key moving averages. Offsetting these risks, the company has demonstrated strong multi-year revenue growth and a historically solid balance sheet, but valuation remains relatively high versus the modest dividend yield.
Positive Factors
Strong multi-year revenue growth
Revenue growth of this magnitude indicates sustained demand for the company’s engineered process equipment and successful scale-up across industrial markets. A larger revenue base can improve operating leverage, deepen customer relationships, and support continued investment in engineering and fabrication capacity.
Negative Factors
Recent negative cash generation
Negative operating and free cash flow in the two latest reported years weakens earnings quality and reduces internally generated funding for growth. Persistent cash conversion pressure can increase reliance on financing, constrain capital allocation, and make reported profitability less dependable over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong multi-year revenue growth
Revenue growth of this magnitude indicates sustained demand for the company’s engineered process equipment and successful scale-up across industrial markets. A larger revenue base can improve operating leverage, deepen customer relationships, and support continued investment in engineering and fabrication capacity.
Read all positive factors
Anup Engineering Ltd. (ANUP) vs. iShares MSCI India ETF (INDA)
Market Cap
₹29.78B
Dividend Yield0.81%
Average Volume (3M)1.49K
Price to Earnings (P/E)35.2
Beta (1Y)1.33
Revenue Growth1.40%
EPS Growth-29.77%
CountryIN
Employees391
SectorGeneral
Sector StrengthN/A
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)42.29
Shares Outstanding20,031,466
10 Day Avg. Volume1,246
30 Day Avg. Volume1,494
Financial Highlights & Ratios
PEG Ratio-4.17
Price to Book (P/B)4.64
Price to Sales (P/S)3.90
P/FCF Ratio-55.96
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)60.12
Revenue Forecast (FY)₹8.63B
Anup Engineering Ltd. Business Overview & Revenue Model
Company Description
The Anup Engineering Limited, along with its subsidiaries, specializes in the production and fabrication of diverse process equipment for a broad spectrum of industries across India. These sectors include chemicals, petrochemicals, pharmaceuticals...
How the Company Makes Money
ANUP primarily makes money by executing engineered-to-order manufacturing contracts for industrial customers. Revenue is generated when customers place purchase orders for customized process equipment (e.g., heat exchangers, pressure vessels, reac...
Anup Engineering Ltd. Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
78
Positive
Cash Flow
32
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 7.72B | 8.22B | 7.33B | 5.46B | 4.11B | 2.87B |
| Gross Profit | 3.40B | 3.50B | 3.35B | 2.17B | 1.90B | 1.29B |
| EBITDA | 1.43B | 1.76B | 1.65B | 1.35B | 826.22M | 735.95M |
| Net Income | 847.02M | 1.10B | 1.18B | 1.03B | 514.30M | 620.54M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 9.71B | 9.26B | 8.08B | 6.43B | 5.25B |
| Cash, Cash Equivalents and Short-Term Investments | 98.64M | 98.64M | 263.13M | 1.22B | 310.88M | 498.86M |
| Total Debt | 0.00 | 1.10B | 324.18M | 202.80M | 343.40M | 0.00 |
| Total Liabilities | -6.91B | 2.80B | 3.14B | 2.80B | 2.05B | 1.32B |
| Stockholders Equity | 6.91B | 6.91B | 6.12B | 5.28B | 4.38B | 3.93B |
Cash Flow | ||||||
| Free Cash Flow | -1.01B | -573.03M | -517.72M | 1.26B | -449.01M | 324.91M |
| Operating Cash Flow | -621.93M | -49.40M | -71.53M | 1.69B | 300.17M | 740.43M |
| Investing Cash Flow | -287.98M | -373.49M | 219.08M | -1.53B | -333.84M | -613.45M |
| Financing Cash Flow | 887.15M | 438.29M | -304.78M | -302.21M | 249.60M | -70.72M |
Anup Engineering Ltd. Technical Analysis
Negative
2340.50
Price Trends
1771.36
Negative
1923.71
Negative
1909.41
Negative
Market Momentum
-72.93
Positive
25.78
Positive
6.40
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ANUP, the sentiment is Negative. The current price of 2340.5 is above the 20-day moving average (MA) of 1614.67, above the 50-day MA of 1771.36, and above the 200-day MA of 1909.41, indicating a bearish trend. The MACD of -72.93 indicates Positive momentum. The RSI at 25.78 is Positive, neither overbought nor oversold. The STOCH value of 6.40 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:ANUP.
Anup Engineering Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | ₹134.21B | 35.94 | ― | 0.41% | 5.04% | -10.39% | |
65 Neutral | ₹77.42B | 90.64 | ― | ― | ― | ― | |
59 Neutral | ₹29.43B | 81.64 | ― | 0.26% | 26.31% | -37.52% | |
58 Neutral | ₹58.21B | 78.40 | ― | 0.15% | 13.91% | 73.54% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | ₹136.47B | 1.55 | ― | 0.56% | 4.63% | -4.40% | |
54 Neutral | ₹29.78B | 35.19 | ― | 0.81% | 1.40% | -29.77% |
* General Sector Average
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Anup Engineering Ltd. Corporate Events
Anup Engineering Sets August 25 Virtual AGM With Focus on Governance and Board Pay
Jul 31, 2026
The Anup Engineering Limited, a listed engineering and manufacturing company serving industrial clients, maintains a strong compliance stance under Indian securities regulations and focuses on governance and cost oversight. Its shares trade on BSE...
Anup Engineering Schedules Singapore Non-Deal Roadshow With Institutional Investors
Jun 20, 2026
The Anup Engineering Limited has announced that its management will participate in a non-deal roadshow with institutional investors and analysts in Singapore on 26–27 June 2026. The interactions will include one-on-one and group meetings wit...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.