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Swing Capital

The Anup Engineering Ltd

NSE: ANUP BSE: 542460

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]

₹1,926
52W: ₹1410 — ₹2991
PE 34.3 · Book ₹305 · +531% vs book
Market Cap₹3,859 Cr
Stock P/E34.3Price to Earnings
ROCE24%Return on Capital
ROE20%Return on Equity
Div. Yield0.89%Face Value ₹10

Strengths

  • +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%

Shareholding Pattern

Promoters40.92%
FIIs3.18%
DIIs16.41%
Public39.48%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters41.24%41.03%▼0.240.98%▼0.140.98%40.98%40.98%40.92%▼0.140.92%
FIIs1.18%1.6%▲0.43.51%▲1.94.59%▲1.14.72%▲0.13.97%▼0.74.03%▲0.13.18%▼0.9
DIIs11.06%13.41%▲2.314.53%▲1.115.06%▲0.515.21%▲0.215.73%▲0.516.11%▲0.416.41%▲0.3
Public46.53%43.96%▼2.640.98%▼3.039.38%▼1.639.09%▼0.339.31%▲0.238.93%▼0.439.48%▲0.5

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales140128157144188171205169233193
Expenses10898120112145131159130181150
Operating Profit31303733434046395142
OPM %22%23%24%23%23%24%22%23%22%22%
Net Profit22204324323129263225
EPS ₹10.9710.1921.6211.9816.1515.6614.6412.7515.9912.34

AI Insights

Revenue Trend

TTM revenue at ₹800Cr, up 13% YoY. OPM at 22%.

Debt Position

Borrowings at ₹29Cr. Debt-to-equity ratio: 0.05x. Healthy balance sheet.

Capex Cycle

CWIP at ₹10Cr (3% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 16.41% (+4.88pp change). FIIs: 3.18% (+0.83pp change). Promoters hold 40.92%.

Margin & Efficiency

ROCE improving from 0% (Mar 2018) to 24% (Mar 2025). Working capital days: 114.

Valuation

PE 34.3x with 24% ROCE. Price is 531% above book value of ₹305. Dividend yield: 0.89%.

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