About The Anup Engineering Limited

The Anup Engineering Limited is a manufacturer and fabricator of process equipment serving Oil & Gas, Petrochemicals, LNG, Fertilisers, Chemicals, Pharmaceuticals, Power, Hydrogen, Water, Paper & Pulp, and allied industries, with registered office at Odhav, Ahmedabad, Gujarat and listings on NSE and BSE. Incorporated on September 14, 2017, the company operates two plants in India and three offices, and served 13 States domestically and 10 countries internationally in FY 2024–25. Key products include shell & tube heat exchangers, pressure vessels, reactors, columns/towers, and industrial centrifuges, accounting for 99.08% of turnover by NIC code 28230 in FY 2024–25. In FY 2024–25, the company consolidated its newly acquired 100% subsidiary, Mabel Engineers Private Limited (Tamil Nadu), which adds c.2,000 MT/year fabrication capacity and products such as silos, storage tanks, and vessels; total Kheda plant capacity is being expanded from 6,000 MT/year to 10,000 MT/year with Phase 2 targeted operational in Q3 FY 2025–26. FY 2024–25 consolidated revenue was Rs 732.79 crore and PAT Rs 118.30 crore; standalone revenue was Rs 708.27 crore and PAT Rs 116.85 crore; the opening order book stood at Rs 700 crore as on March 31, 2025. Export revenue share was 63% (standalone), with deemed exports at 9%, reflecting a broadened global footprint. Sectoral revenue mix included Hydrogen 30%, Oil & Gas 30%, Petrochemicals 23%, Fertiliser 10%, Others 7%; product mix was Heat Exchangers 65% and Vessels/Reactors/Columns 35% in FY 2024–25. The company commissioned Phase 1A at Kheda, integrated Mabel Engineers, and executed critical metallurgy equipment including Cr-Mo-V modified material, a 200 MT solid Inconel single-piece export equipment, and titanium equipment from a clean room, aligning with a strategy to deepen capabilities in complex metallurgy.

The Anup Engineering Limited Business Segment

• Segment/product mix in FY 2024–25: Heat exchangers 65%; Vessels, Reactors, Columns 35%. 
• Sector mix in FY 2024–25: Hydrogen 30%; Oil & Gas 30%; Petrochemicals 23%; Fertiliser 10%; Others 7%. 
• Geographic split (Standalone FY 2024–25): 
  • India — Rs 188.23 crore (37.0%) 
  • International — Rs 520.04 crore (63.0%) 

The Anup Engineering Limited Key Management

• Sanjay Lalbhai — Chairman, Non-Executive Director 
• Punit Lalbhai — Vice Chairman, Non-Executive Director 
• Samvegbhai Lalbhai — Non-Executive Director 
• Reginaldo Dsouza — Managing Director & Chief Executive Office 
• Nilesh Hirapara — Chief Financial Officer 
• Lay Desai — Company Secretary (w.e.f. October 27, 2024) 

Latest Updates on The Anup Engineering Limited

• Commissioned Phase 1A of Kheda facility; construction of Phase 2 underway to reach 10,000 MT/year capacity by Q3 FY 2025–26 (from 6,000 MT/year). 
• Acquired and integrated 100% subsidiary Mabel Engineers Private Limited, adding c.2,000 MT/year capacity; expected to double its turnover in FY 2025–26. 
• Executed first Chromium-Molybdenum-Vanadium modified equipment for an Indian client; began manufacturing a 200 MT solid Inconel equipment for export; resumed titanium equipment supplies from clean room. 
• Opened Design Office at Vadodara as a design hub for new product development and profit centre; further expansion undertaken. 
• Exported about 54 products in FY 2024–25, underpinning global positioning; export share at 63% standalone. 

All-time high opening order book of Rs 700 crore at March 31, 2025; strong enquiry pipeline.