The Anup Engineering Ltd
The Anup Engineering Limited demerged from its holding company Arvind Limited in 2018. [1]. It manufactures Heat Exchangers, Reactors, Pressure Vessels, Columns & Towers, Industrial Centrifuges and Formed Components. [2]
The company's products are used in wide range of process industries including Oil & Gas, Petrochemicals, LNG, Fertilizers, Chemicals, Pharmaceuticals, Power, Water, Paper & Pulp and Aerospace. [2] [3]
- Market Cap ₹ 4,691 Cr.
- Current Price ₹ 2,342
- High / Low ₹ 3,859 / 2,205
- Stock P/E 39.6
- Book Value ₹ 305
- Dividend Yield 0.73 %
- ROCE 24.0 %
- ROE 20.0 %
- Face Value ₹ 10.0
Pros
- Company is almost debt free.
- Company has delivered good profit growth of 21.9% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 25.8%
Cons
- Stock is trading at 7.68 times its book value
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| -0 | 243 | 245 | 279 | 288 | 411 | 550 | 708 | 733 | |
| 0 | 178 | 176 | 209 | 217 | 327 | 422 | 544 | 565 | |
| Operating Profit | -0 | 65 | 70 | 70 | 71 | 84 | 128 | 165 | 169 | 
| OPM % | 27% | 28% | 25% | 25% | 20% | 23% | 23% | 23% | |
| -0 | 5 | 4 | 3 | 5 | 1 | 9 | 5 | 5 | |
| Interest | -0 | 3 | 2 | 2 | 2 | 3 | 4 | 5 | 3 | 
| Depreciation | -0 | 8 | 9 | 11 | 12 | 13 | 17 | 23 | 24 | 
| Profit before tax | -0 | 59 | 63 | 62 | 62 | 70 | 116 | 141 | 146 | 
| Tax % | -0% | 29% | 32% | 13% | -2% | 27% | 11% | 17% | |
| -0 | 42 | 43 | 54 | 63 | 51 | 103 | 117 | 119 | |
| EPS in Rs | 20.58 | 21.06 | 27.29 | 31.74 | 25.97 | 52.00 | 58.35 | 59.23 | |
| Dividend Payout % | -0% | 17% | 17% | 13% | 13% | 29% | 19% | 29% | 
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % | 
| 5 Years: | 24% | 
| 3 Years: | 35% | 
| TTM: | 29% | 
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % | 
| 5 Years: | 22% | 
| 3 Years: | 22% | 
| TTM: | 9% | 
| Stock Price CAGR | |
|---|---|
| 10 Years: | % | 
| 5 Years: | 51% | 
| 3 Years: | 77% | 
| 1 Year: | -33% | 
| Return on Equity | |
|---|---|
| 10 Years: | % | 
| 5 Years: | 18% | 
| 3 Years: | 18% | 
| Last Year: | 20% | 
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 0.05 | 10 | 10 | 10 | 10 | 10 | 10 | 20 | 
| Reserves | -0 | 278 | 313 | 328 | 385 | 428 | 518 | 590 | 
| -0 | 7 | -0 | -0 | -0 | 34 | 20 | 29 | |
| -0 | 101 | 99 | 94 | 130 | 171 | 260 | 272 | |
| Total Liabilities | 0 | 396 | 422 | 431 | 525 | 643 | 808 | 912 | 
| -0 | 173 | 171 | 212 | 203 | 217 | 313 | 341 | |
| CWIP | -0 | 2 | 12 | 2 | 13 | 87 | 16 | 10 | 
| Investments | -0 | -0 | 44 | 0 | 20 | -0 | 104 | 44 | 
| 0 | 222 | 194 | 218 | 289 | 338 | 376 | 518 | |
| Total Assets | 0 | 396 | 422 | 431 | 525 | 643 | 808 | 912 | 
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|
| -0 | 55 | 32 | 53 | 74 | 30 | 169 | -8 | |
| -0 | -58 | -15 | -12 | -61 | -33 | -152 | 22 | |
| 0 | 3 | -16 | -38 | -7 | 25 | -30 | -32 | |
| Net Cash Flow | 0 | -0 | 1 | 3 | 6 | 22 | -13 | -18 | 
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 104 | 96 | 144 | 158 | 132 | 84 | 139 | |
| Inventory Days | 279 | 351 | 165 | 235 | 209 | 212 | 135 | |
| Days Payable | 133 | 77 | 66 | 109 | 108 | 81 | 81 | |
| Cash Conversion Cycle | 251 | 370 | 242 | 284 | 232 | 215 | 193 | |
| Working Capital Days | 121 | 158 | 146 | 139 | 123 | 59 | 114 | |
| ROCE % | 42% | 21% | 19% | 17% | 17% | 23% | 24% | 
Documents
Announcements
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          Announcement under Regulation 30 (LODR)-Change in Management
          
            15 Oct - CMO Rudolph Mathias resigns effective October 31, 2025; resignation letter enclosed; personal reasons.
- Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 15 Oct
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          Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
          
            9 Oct - Confirmation certificate under Reg 74(5) for quarter ended 30 Sep 2025 from MUFG Intime.
- Announcement under Regulation 30 (LODR)-Newspaper Publication 9 Oct
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          Announcement Under Reg 30 Of SEBI (LODR) Regulations, 2015
          
            1 Oct - Manufacturing agreement with Graham India/USA ends 2 Oct 2025; no transactions; FY26 guidance unaffected.
Annual reports
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      Financial Year 2025
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      Financial Year 2024
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      Financial Year 2023
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      Financial Year 2022
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      Financial Year 2021
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      Financial Year 2020
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      Financial Year 2019
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      Financial Year 2013
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      Financial Year 2012
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      Financial Year 2010
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      Financial Year 2009
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      Financial Year 2007
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      Financial Year 2006
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      Financial Year 2005
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      Financial Year 2004
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Concalls
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      Aug 2025Transcript PPT
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      Aug 2025TranscriptNotesPPT
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      May 2025Transcript PPT REC
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      Feb 2025TranscriptPPT
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      Feb 2025Transcript PPT REC
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      Nov 2024Transcript PPT
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      Jul 2024Transcript PPT
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      May 2024Transcript PPT REC
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      Feb 2024Transcript PPT
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      Nov 2023Transcript PPT
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      Jul 2023Transcript PPT
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      May 2023Transcript PPT
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      Jan 2023TranscriptNotesPPT
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      Oct 2022Transcript PPT
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      Aug 2022Transcript PPT
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      May 2022Transcript PPT
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      Jan 2022TranscriptNotesPPT
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      Oct 2021TranscriptNotesPPT
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      Jul 2021Transcript PPT
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      May 2021Transcript PPT
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      Jan 2021TranscriptNotesPPT
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      Oct 2020TranscriptNotesPPT
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      Aug 2020TranscriptNotesPPT
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      Jun 2020Transcript PPT
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      Feb 2020TranscriptNotesPPT
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      May 2019Transcript PPT
Product Portfolio
The company offers a range of Heat Exchangers, Reactors, Pressure Vessels, Columns & Towers, Industrial Centrifuges & Formed Components catering to various process industries like Oil & Gas, Petrochemicals, LNG, Hydrogen, Fertilizers, Chemicals/ Pharmaceuticals, Power, Water, Paper & Pulp, and Aerospace. [1]