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Anawil Wire & Engg. Ltd. (AWEL) is engaged within the enterprise of producing of windmill towers, with major concentrate on the fabrication of towers from heavy and precision metal parts personalized to satisfy the precise necessities of shopper within the wind vitality sector. These towers are usually fabricated as tubular metal buildings consisting of a number of cylindrical sections. These sections are rolled from heavy metal plates, longitudinally and circumferentially welded, and joined via flanges and bolts throughout erection on the mission website. The weight of a person tower can range considerably primarily based on its top and design specs.
The firm commenced its industrial operations in April 2021, initially specializing in the fabrication of weld mesh and meeting of boiler equipment and paper equipment elements. Building on this basis and leveraging experience in metal fabrication, it strategically shifted into the wind vitality sector in 2023. Since then, it has centered on manufacturing of fabrication parts for wind turbine towers. These towers are important structural parts that assist wind generators turbines, permitting them to seize wind vitality effectively at optimum heights. The measurement of the tower is dependent upon the turbine mannequin and website necessities, sometimes 140 meters in top, designed to face up to various weather conditions. Each tower is manufactured in a number of sections generally 5 permitting for transportation by street to the mission website.
In FY 2023-24, 2024-25 and 2025-26, it produced 114, 135 and 210 windmill towers, reaching a capability utilization of 38.00%, 45.00% and 48.17% respectively. AWEL caters its product to marquee clients of Original Equipment Manufacturers (OEM’s) of Wind Turbine Generators (“WTG”) and firms in renewable vitality sector. Currently, its present facility has the capability to fabricate 35 windmill towers per thirty days. Further, it commenced operations at new manufacturing facility in Kutch, Gujarat, in March 2026, which has a further manufacturing capability of 16 windmill towers per thirty days.
The firm has two manufacturing services in Koppal, Karnataka and Kutch, Gujarat and is unfold throughout 48.05 acres space with an annual capability of 612 towers. The location is favorably positioned which allow direct transportation of completed merchandise to meeting websites, port services, or finish clients, thereby lowering transit time and logistic prices. These services are geared up with machines, a laboratory and testing gear comparable to Hardness tester, Dial gauges, Flatness and tilt measurement machine, Ultrasonic flaw detector, Profile meter (for dent measurement), Magnaflux magnetic particle inspection (MPI) devices, GE Go Plus+ (Surface roughness tester), Spectrometer, Digital distance meter, Adhesion Tester (for paint/coating adhesion), Digital Gap Thickness (DGT) gauges and so forth.to ensure its merchandise meet high quality requirements. It is an ISO 9001:2015, ISO 14001: 2015, ISO 14001: 2018 and ISO 3834-2: 2021 licensed firm for manufacture of windmill towers & parts and fabrication of heavy buildings. As of May 31, 2026, it had 95 workers on its payroll and extra 767 contract staff in varied departments. As of the stated date, its order ebook stood at Rs. 359.82 cr.
Issue Details / Capital History
The firm is popping out with its maiden ebook constructing route combo IPO of 6585600 fairness shares of Rs. 10 every to mobilize Rs. 177.81 cr. on the higher cap. The IPO consists of 5284800 contemporary fairness shares (price Rs. 142.69 cr. on the higher cap), and an Offer for Sale (OFS) of 1300800 fairness shares (price Rs. 35.12 cr. on the higher cap). The firm has introduced a value band of Rs. 257 – Rs. 270 per share. The minimal software to be made is for 800 shares and in multiples of 400 shares thereon, thereafter. The IPO opens for subscription on August 03, 2026, and can shut on August 05, 2026. The IPO represent 26.34% of the post-IPO paid-up capital of the corporate. The shares will probably be listed on NSE SME Emerge. From the online proceeds of the contemporary fairness difficulty, it would make the most of Rs. 115.00 cr. for compensation/prepayment of sure borrowings, and the remainder for common company functions.
The IPO is solely lead managed by Hem Securities Ltd., whereas Bigshare Services Pvt. Ltd., is the registrar to the problem. HEM Group’s Hem Finlease Pvt. Ltd. is the market maker and likewise a syndicate member.
After issuing preliminary fairness capital at par worth, the corporate issued additional shares within the value vary of Rs. 19 – Rs. 101, between June 2022, and September 2025. It has additionally issued bonus shares within the ratio of 9 for 10 in April 2025. The common price of acquisition of shares by the promoters is Rs. 5.26, and Rs. 7.65, per share.
Post-IPO, firm’s present paid-up fairness capital of Rs. 19.72 cr. will stand enhanced to Rs. 25.00 cr. Based on the higher band of the IPO pricing, the corporate is on the lookout for a market cap of Rs. 674.99 cr.
IPO Lead Managers & Registrar
On the monetary efficiency entrance, for the final three fiscals, the corporate has reported a complete revenue/internet revenue of Rs. 54.08 cr. / Rs. 4.39 cr. (FY24), Rs. 79.40 cr. / Rs. 12.31 cr. (FY25), and Rs. 143.63 cr. / Rs. 36.63 cr. (FY26). The boosted backside traces for FY25 and FY26 increase eyebrows and concern over its sustainability going ahead.
For the final three fiscals, the corporate has reported a mean EPS of Rs. 12.20, and a mean RoNW of 33.33%. The difficulty is priced at a P/BV of 5.78 primarily based on its NAV of Rs. 46.75 per share as of March 31, 2026, however its post-IPO NAV knowledge is lacking from the supply paperwork.
If we attribute FY26 tremendous earnings to its post-IPO absolutely diluted paid-up fairness capital, then the asking value is at a P/E of 18.43, and primarily based on FY25 earnings, the P/E stands at 54.88. The difficulty seems aggressively priced, primarily based on its common earnings.
For the reported intervals, the corporate has posted PAT margins of 8.12% (FY24), 15.66% (FY25), 25.57% (FY26), and RoCE margins of 13.68%, 21.84%, 23.05%, respectively, for referred intervals.
All quantities in Indian Rupees crores
The firm has not paid any dividend for the reported intervals of the supply doc. It will undertake a prudent dividend coverage, primarily based on its monetary efficiency and future prospects.
Comparison with Listed Peers
As per the supply doc, the corporate has listed friends to match with.
Merchant Banker’s Track Record
This is the forty eighth mandate from Hem Securities within the final three fiscals (together with the continued one). Out of the final 10 listings, 1 listed at par and the remainder with premium starting from 1% to 90% on the date of itemizing.
Conclusion
AWEL is engaged within the enterprise of producing windmill towers and associated merchandise. It marked regular development in its prime and backside traces for the reported intervals. However, boosted margins from FY25 onwards increase eyebrows and concern over its sustainability going ahead. Based on its latest monetary knowledge, the problem seems aggressively priced. Its order ebook stood at Rs. 359+ cr. as of March 31, 2026. Well-informed traders could park funds for medium to long run.
Dilip Davda is a veteran monetary journalist related to the Indian inventory market since 1978. He has been contributing to print and digital media on capital markets, insurance coverage, and finance since 1985.
He is widely known for reviewing public points and non-convertible debentures (NCDs) within the major market. Drawing on over three a long time of market expertise and shut interplay with service provider bankers, his critiques concentrate on detailed elementary and monetary evaluation of corporations, with a particular emphasis on SME public points.
Disclaimer: The data supplied herein is solely for academic and informational functions and doesn’t represent a proposal, solicitation, or suggestion to purchase or promote any securities. Readers are suggested to seek the advice of a certified monetary advisor earlier than making any funding choices. Investments within the securities market are topic to market dangers. The creator doesn’t intend to spend money on the securities mentioned.
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