Ahmedabad: The Anup Engineering Limited (ANUP), a leading manufacturer of static equipment and part of the Arvind Group, reported a robust 20% year-on-year growth in consolidated revenue for Q2 FY26, reaching ₹232 crore. The company also posted a 19% rise in EBITDA to ₹51 crore, maintaining an industry-leading margin of 22% and delivering a strong Return on Capital Employed (ROCE) of 27%.
The results reflect Anup’s consistent operational efficiency and strategic capacity expansion. During the quarter, the company commissioned Phase-2(A) of its Kheda Plant, unlocking an annual revenue potential of ₹150–200 crore. This expansion aligns with its medium-term growth guidance and ensures readiness for increased demand in FY27.
Despite a marginal dip in PAT due to a lower tax impact in the previous year, Anup sustained profitability and margin leadership. The company achieved a working capital turn of 3x and maintained short-term debt to support temporary working capital needs, expected to normalize by FY-end.
Operational Highlights
- Sector Mix: Oil & Gas (42%), Petrochemicals (30%), Others (28%)
- Product Mix: Heat Exchangers (58%), Reactors & Vessels (38%), Rotary Equipment & Silos (4%)
- Pending Orderbook: ₹568 crore, including ₹49 crore in Letters of Intent
- Orderbook Split: Balanced between exports and domestic (45% vs 55%), indicating a pickup in domestic demand
Outlook for Q3 & FY26
Anup remains confident in sustaining EBITDA margins around 22% and is on track to commission Phase-2(B) at the Kheda Plant by Q3 FY26. This open bay facility, dedicated to volume products, is expected to add ₹100–150 crore in annual revenue potential.
The company continues to build on its growth guidance, supported by a healthy order pipeline, balanced sector exposure, and strategic capacity expansion.
