Anawil Wire and Engineering: share price, financial results, shareholding and management
Anawil Wire and Engineering makes the tall steel towers that hold up wind turbines, for wind turbine makers and renewable energy companies. Its shares trade on NSE Emerge.
What this page is built from. Read for this page: 2 credit rating notes, 1 offer document, 1 investor presentation. Also 8 exchange announcements, 1 shareholding patterns and 4 years of reported results. Every figure carries its source; where the documents are silent, the page says so.
- Market cap
- ₹956 cr at ₹382
- Share price
- ₹382 close on 4 Sept 2026
- High / low since listing
- ₹492 / ₹313 to the same date
- P/E
- 25.8× on FY26 profit
- Book value
- ₹36 P/B 10.6×
- ROCE
- 33% FY26, average capital
- ROE
- 57% FY26, average equity
- Debt to equity
- 1.42 borrowings ₹128 cr
- Promoter holding
- 65.26% 31 Aug 2026
- Dividend
- None in the past year
- Face value
- ₹10 lot of 400
- IPO price
- ₹270 listed 10 Aug 2026
Our arithmetic on reported figures; prices run 30 days behind the market, as SEBI's rules for education sites require.
Anawil Wire and Engineering key points: what to know in 30 seconds
Orders for 379 towers from six customers at March 2026, with completion dates from September 2026 to March 2027.
Investor presentation, August 2026, p.8; Offer document, p.118Letters of intent for 38 more towers received in the first quarter of FY27, on top of the March 2026 order book.
Investor presentation, August 2026, p.2 and p.8Koppal can make 35 towers a month and the new Kutch plant 16, across 48.05 acres.
Investor presentation, August 2026, p.9; Offer document, p.115Up from 135 in FY25 and 114 in FY24; the company puts FY26 capacity use at 48.17%.
Offer document, p.115Made and supplied in March 2026, its first month, for revenue of about ₹8.8 cr.
Offer document, p.236Their share in FY26, down from 88.6% in FY25; the top ten made 97.3%, and there are no long term agreements with customers.
Investor presentation, August 2026, p.6; Offer document, p.26 and p.118Share of FY26 revenue from Karnataka, with the rest from Gujarat.
Investor presentation, August 2026, p.6Towers are installed less in the monsoon, so the second half of the year brings most of the sales.
Investor presentation, August 2026, p.7; Offer document, p.24Upgraded from BBB- in August 2026 after the IPO, with rated bank limits raised to ₹135 cr from ₹69 cr.
Crisil rating note, August 2026, p.1From a fresh issue of ₹142.7 cr, to repay or prepay borrowings in FY2026-27; the rest goes to general corporate purposes.
Offer document, p.77 and p.78; Crisil rating note, August 2026, p.1Each point is read from the company's documents or worked out from its reported figures, with the source under it.
What does Anawil Wire and Engineering do? Business, products and customers
Anawil Wire and Engineering makes tubular steel towers for onshore wind turbines, built to the drawings of wind turbine makers and renewable energy companies. Each tower, typically 140 metres tall, is rolled and welded from heavy steel plates in about five sections so it can travel by road to the wind farm. Tower work made 94.4% of revenue from operations in FY26, and every sale was to another business.
The company was formed in January 2021 and began with weld mesh, boiler accessories and paper machinery parts before moving into wind towers in 2023. It makes towers at Koppal in Karnataka and at a new plant in Kutch, Gujarat, which started in March 2026, with a combined capacity of 612 towers a year. It made 210 towers in FY26 against 135 in FY25, and Karnataka brought in 93.9% of FY26 revenue.
Work comes in three forms: pure conversion, where the customer supplies the steel plates, flanges and paint; conversion with tower internals made in house; and integrated supply, where the company also procures the steel. It added the integrated model in FY26, supplying four such towers, and has started an internals plant at Koppal. Revenue from operations was ₹143.3 cr in FY26 against ₹78.6 cr in FY25, and profit after tax was ₹36.6 cr against ₹12.3 cr.
From the offer document (July 2026), the August 2026 investor presentation and the August 2026 Crisil rating note.
Who runs Anawil Wire and Engineering? Management and board background
On the board since 1 February 2025 and Chairman and Managing Director from 1 April 2025 for three years. Holds a Secondary Certificate from the Gujarat Secondary Education Board, with over 20 years as a Director of the group company Darpan Infrastructure Private Limited in manufacturing and construction. Control of the company passed to Nimish Kumar Rameshchandra Vashi in November 2023, when Darpan Infrastructure transferred its 51% stake. The offer document states that Nimish Kumar Rameshchandra Vashi is the spouse of Bijal Nimesh Vashi and the father of Ayush Nimish Vashi, and sold shares in the IPO as the Promoter Selling Shareholder.
Offer document, p.1, p.149, p.151, p.163 and p.167Director since the company was formed in January 2021 and Whole Time Director from 1 April 2025 for three years. Bachelor of Commerce from the University of Mumbai (2023), with nearly five years in the business. Responsible for compliance and legal work, inventory management and business development.
Offer document, p.149, p.150 and p.152On the board since the company was formed in January 2021. Holds a Higher Secondary Certificate from the Gujarat Secondary Education Board, with over 15 years of experience, including 10 years as a Director of Darpan Infrastructure Private Limited and five years with the company.
Offer document, p.150 and p.152On the board since 1 February 2025 and classed as a promoter from 19 June 2025. Holds a Secondary Certificate from the Gujarat Secondary Education Board, with over nine years as a partner in a construction firm.
Offer document, p.150, p.152 and p.155Independent Director for five years from 20 June 2025 and chairman of the audit committee. Bachelor of Commerce and MBA in Finance and Marketing, with 24 years as a partner or proprietor in construction, manufacturing and hospitality, and some experience in cooperative banking.
Offer document, p.151, p.152 and p.156Independent Director for five years from 20 June 2025. Bachelor of Commerce and Bachelor of Laws, with five years in a consultancy business.
Offer document, p.151 and p.152Chief Financial Officer since 28 March 2025, after Niral Patel resigned. MBA in Finance from Gujarat Technological University (2012), with over 13 years in accounts, finance, taxation and audit; earlier with Darpan Infrastructures Private Limited.
Offer document, p.162 and p.163Anawil Wire and Engineering order book, guidance and what the company says is coming
The company says it had orders for 379 towers worth ₹359.8 cr from six customers at March 2026, with expected completion dates between September 2026 and March 2027, and that it received letters of intent for 38 more towers worth ₹120 cr in the first quarter of FY27. Crisil's August 2026 note says these orders and letters of intent are to be executed over the next six to eighteen months. The offer document plans to use ₹115 cr of the IPO money to repay borrowings in FY2026-27, and the company says it will focus on using more of its capacity, including the Kutch plant that started in March 2026.
The company's own statements, attributed; not newboard's estimates.
Anawil Wire and Engineering strengths and things to watch, from the numbers
- Sales have grown very fast.
- It earns a high return on the money it uses.
- The promoters own a large part of the company.
- Customers take longer to pay than before.
- Its borrowings rose a lot last year.
- It paid no dividend in the past year.
Worked out from the reported figures by fixed rules, the same for every company. Facts, not a view on the shares.
Anawil Wire and Engineering peers and competitors: listed SME companies in electrical equipment
Other SME companies in the same industry are listed on NSE Emerge and BSE SME. By sales, Anawil Wire and Engineering is number 19 of the 32 listed SMEs in its industry; the ones closest to it in size are below.
| Company | Market cap ₹ cr | P/E | Revenue ₹ cr | Profit ₹ cr | EBITDA margin | D/E |
|---|---|---|---|---|---|---|
| Anawil Wire and Engineering | 956 | 25.8 | 143 | 37 | 43% | 1.42 |
| Vivid Electromech | 1,415 | 44.2 | 200 | 32 | 23% | 0.45 |
| Parth Electricals & Engineering | 734 | 51.6 | 198 | 14 | 11% | 0.15 |
| Supreme Power Equipment | 556 | 26.5 | 182 | 21 | 18% | 0.42 |
| G V Electricals | 145 | 14.5 | 156 | 10 | 12% | 0.48 |
| Shivalic Power Control | 151 | 12.8 | 155 | 12 | 12% | 0.30 |
| Eppeltone Engineers | 181 | 14.6 | 135 | 12 | 14% | 0.43 |
| Trom Industries | 55 | 7.9 | 123 | 7 | 9% | 0.59 |
| Saakshi Medtech and Panels | 560 | 46.7 | 116 | 12 | 19% | 0.23 |
| Vijaypd Ceutical | 123 | 24.6 | 100 | 5 | 5% | 0.70 |
| Akanksha Power and Infrastructure | 268 | 45.7 | 92 | 6 | 12% | 2.06 |
Each company's latest full year and its price 30 days back; a list of companies in the same line of business, not a comparison of their shares.
Anawil Wire and Engineering profit and loss: revenue, profit and margins (FY23 to FY26)
Sales have grown very fast. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Sales | 26 | 54 | 78 | 143 |
| Expenses | 13 | 32 | 48 | 82 |
| Operating profit | 13 | 22 | 30 | 61 |
| OPM | 50% | 42% | 38% | 43% |
| Other income | 0 | 0 | 1 | 0 |
| Interest | 3 | 6 | 6 | 6 |
| Depreciation | 3 | 11 | 10 | 11 |
| Profit before tax | 6 | 5 | 15 | 45 |
| Tax rate | 17% | 18% | 17% | 18% |
| Net profit | 5 | 4 | 12 | 37 |
| EPS ₹ | 5.37 | 4.55 | 12.76 | 18.58 |
₹ crore, consolidated where the company reports it. Growth is compounded a year (our arithmetic).
Anawil Wire and Engineering balance sheet: assets, borrowings and net worth
The company's own money, its net worth, has grown fast. It borrowed much more last year. Its loans are now larger than its own money.
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Equity capital | 10 | 10 | 10 | 20 |
| Reserves | 14 | 18 | 30 | 70 |
| Borrowings | 48 | 52 | 55 | 128 |
| Other liabilities | 9 | 10 | 19 | 74 |
| Total liabilities | 81 | 90 | 114 | 292 |
| Fixed assets | 68 | 63 | 59 | 136 |
| Capital work in progress | 0 | 0 | 1 | 6 |
| Investments | 0 | 0 | 0 | 0 |
| Other assets | 13 | 26 | 54 | 150 |
| Total assets | 81 | 90 | 114 | 292 |
Anawil Wire and Engineering cash flow: operations, investing and financing
Last year the business brought in less cash than it showed as profit, so part of the profit is still to be collected. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares.
Bars below the line are cash going out.
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Cash from operations | -3 | 9 | 10 | 18 |
| Cash from investing | -36 | -7 | -7 | -97 |
| Cash from financing | 36 | -2 | -3 | 80 |
| Net cash flow | -3 | 0 | 0 | 1 |
Anawil Wire and Engineering ratios: working capital days and returns
Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Debtor days | 1 | 26 | 117 | 99 |
| Inventory days | 64 | 348 | 186 | 409 |
| Days payable | 101 | 143 | 135 | 376 |
| Cash conversion cycle | -36 | 230 | 168 | 132 |
| Working capital days | -48 | 26 | 85 | 102 |
| ROCE | - | 15% | 24% | 33% |
| ROE | - | 15% | 35% | 57% |
Anawil Wire and Engineering promoters and major shareholders
Everyone holding one per cent or more at 7 Aug 2026:
| Holder | Type | Holding | Change |
|---|---|---|---|
| Nimishkumar Rameshchandra Vashi | Promoter | 64.50% | - |
| India-Ahead Venture Fund | AIF | 2.80% | - |
| Mukul Mahavir Agrawal | Individual HNI | 2.72% | - |
| Abakkus Venture Opportunities Fund | AIF | 1.07% | - |
| Carnelian AIF Category I Trust-Scheme 1 | AIF | 1.04% | - |
From the shareholding pattern the company files with the exchange.
Anawil Wire and Engineering latest news, orders and filings
The company's filings with the exchange, latest first.
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
- Analysts/Institutional Investor Meet/Con. Call UpdatesSchedule of meet
- Analysts/Institutional Investor Meet/Con. Call UpdatesSchedule of meet
- Press Releasea press release dated September 10, 2026, titled "Anawil Wire & Engineering Secures Largest-Ever Rs 133.98 Cr Order."
- Awarding of order(s)/contract(s)Awarding of order(s)/contract(s)
- Registrar & Share Transfer Agent UpdateRegistrar & Share Transfer Agent Update
- Credit RatingCredit Rating
- General UpdatesRegarding CORPORATE PRESENTATION
Anawil Wire and Engineering share split, bonus and dividends
No share split, bonus issue or dividend is on record since listing.
From the corporate actions the company announces on the exchange.
Anawil Wire and Engineering annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from.
Checks we ran on Anawil Wire and Engineering's data
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (2,49,99,800 shares).
- !The FY26 results imply 2,00,00,000 shares at face value ₹10, which disagrees with the shareholding pattern; the pattern is used.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY23 to FY26.
- iPrices run to 4 Sept 2026, 30 days behind the market, from the exchange's daily figures.
Anawil Wire and Engineering study: what the filings say about the business
Read from 4 of the company's own documents
1Is it a good business?
Anawil Wire and Engineering earns its money by rolling and welding steel wind towers for a few large wind turbine makers, mostly using steel the customers send in.
Its weak spots are that a handful of customers and one state bring in nearly all the sales, and the business is young and needs a lot of working money.
The company works to orders from a few large customers and has no long term agreements with them. Much of the work is conversion of steel the customer supplies, so the company is paid mainly for its labour and machines.
The evidence
No long term agreements with customers, and the company may have to offer terms to keep some of them; under the conversion model the customer supplies plates, flanges and paint; Crisil's June 2025 note cited margins open to swings in raw material prices.
Offer document, p.26 and p.124; Investor presentation, August 2026, p.16; Crisil rating note, June 2025, p.1It has two plants in the two biggest wind states and the quality approvals turbine makers ask for. It has made towers only since the move into wind energy, and the company expects competition to grow.
The evidence
Plants at Koppal and Kutch; ISO 9001, ISO 14001, ISO 45001 and DNV certified ISO 1090-2 and ISO 3834-2; the offer document calls competition moderate and says it is likely to intensify; the promoters' earlier experience was in other industries.
Offer document, p.23, p.115, p.120 and p.129Its customers are wind turbine makers and renewable energy companies, and a few of them bring in almost all the sales. Losing one large customer would hurt.
The evidence
Top five customers made 78.75% of FY26 revenue and 88.57% of FY25; top ten made 97.31% of FY26 revenue; Crisil names high customer concentration as a weakness.
Investor presentation, August 2026, p.6; Offer document, p.118; Crisil rating note, August 2026, p.2New plant and the stock and dues that come with more towers have needed a lot of money, much of it borrowed. Most of the money raised in the IPO is to repay loans.
The evidence
FY26 cash from operations ₹18.4 cr against ₹97.3 cr spent on investing; long term borrowings rose to ₹98.4 cr from ₹39.0 cr; Crisil puts gross current assets at 292 days at March 2026 and bank limit use at about 84% in the year to June 2026.
Investor presentation, August 2026, p.17 and p.20; Crisil rating note, August 2026, p.2Orders in hand are well above a year of sales, and new letters of intent came in after March 2026. The company has also added towers where it supplies the steel and internals too.
The evidence
Order book of ₹359.81 cr for 379 towers at March 2026 against FY26 revenue of ₹143.27 cr; letters of intent for 38 towers worth ₹120 cr in Q1 FY27; a third tower model with steel plates and internals added in FY26.
Investor presentation, August 2026, p.2 and p.8; Offer document, p.236The company depends on one product for one industry, and its sales bunch up in the dry months. A slowdown in wind farm building would show quickly.
The evidence
Tower work was 94.36% of FY26 revenue; October to March brought 71.12% of FY26 sales and 80.23% of FY25; the offer document names seasonal and cyclical swings in the renewable energy industry as a risk.
Offer document, p.24; Investor presentation, August 2026, p.7Each answer is about that one question, read from the documents; it is not a view on the shares.
2What do the numbers say?
Sales have grown quickly every year since the company moved into wind towers, and profit has grown faster than sales.
Margins rose in the latest year, and the company says the mix of conversion work and work with its own steel moves the margin.
The cash the business makes has gone into the new Kutch plant, the Koppal expansion, stock and dues from customers, so borrowings rose; most of the new share money is meant to repay loans.
- Repayment or prepayment of ₹115 cr of borrowings from the IPO money, planned for FY2026-27 (Offer document, p.78).
- Delivery of the ₹359.8 cr order book for 379 towers, with completion dates from September 2026 to March 2027 (Offer document, p.118).
- The letters of intent for 38 towers worth ₹120 cr received in the first quarter of FY27 (Investor presentation, August 2026, p.8).
- The Kutch plant, which made 4,822 tonnes in its first month against a yearly capacity of 60,000 tonnes (Offer document, p.128).
Frequently asked questions about Anawil Wire and Engineering
- What does Anawil Wire and Engineering do?
- Anawil Wire and Engineering makes the tall steel towers that hold up wind turbines, for wind turbine makers and renewable energy companies. Its shares trade on NSE Emerge.
- What is the share price of Anawil Wire and Engineering?
- ₹382 at the close on 4 Sept 2026; prices on newboard run 30 days behind the market.
- What is the market cap of Anawil Wire and Engineering?
- ₹956 cr at the close on 4 Sept 2026, on 2,49,99,800 shares.
- What is the P/E of Anawil Wire and Engineering?
- 25.8 times FY26 profit at the close on 4 Sept 2026 (our arithmetic).
- What are Anawil Wire and Engineering's revenue and profit?
- Revenue ₹143 cr and profit after tax ₹37 cr in FY26.
- Who are the promoters of Anawil Wire and Engineering?
- Nimish Kumar Rameshchandra Vashi, Ayush Nimish Vashi, Bhavin Navinchandra Desai, Bijal Nimesh Vashi; promoters held 65.26% at 31 Aug 2026.
- What was the IPO price of Anawil Wire and Engineering?
- ₹270 a share; it listed on 10 Aug 2026.
- What is Anawil Wire and Engineering's website?
- www.google.co.in/search?ie=UTF-8&oe=UTF-8&sourceid=navclient&gfns=1&q=Anawil+Wire+and+Engineering+Ltd