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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Repayment or prepayment of borrowings
The larger part of the fresh proceeds retires debt already drawn by the company, which cuts interest cost and lowers gearing from its pre issue level.
General corporate purposes
The balance is retained for ordinary business requirements as the board directs.
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Anawil Wire and Engineering Limited builds the steel towers that carry wind turbines. Its main product is the tubular steel tower, formed by rolling and welding thick steel plate into cylindrical sections that are stacked and joined at the project site to support a wind turbine generator. Towers are made to each buyer's drawings and can stand roughly 140 metres tall. The work belongs to the heavy fabrication trade and spans plate cutting, rolling, welding, blasting, painting and final inspection of large precision steel assemblies. The company was incorporated in January 2021 and started commercial activity in April of that year, initially fabricating weldmesh and boiler components. It turned the business towards wind energy in 2023 and now supplies turbine OEMs and renewable power developers. Output comes from two plants, one at Koppal in Karnataka and one in Kutch, Gujarat, with a combined rated capacity of about 612 towers a year. Both sites were picked for road access to wind project areas and to ports, which matters because a finished tower section travels as an oversized load. The quality system carries ISO 9001:2015, ISO 14001:2015, ISO 45001:2018 and ISO 3834-2:2021 certifications. Trading has scaled quickly over the three reported years. Turnover rose from about 54 crore rupees in the year to March 2024 to roughly 144 crore in the year to March 2026, while profit after tax over the same span moved from about 4 crore to nearly 37 crore. Confirmed orders stood above 359 crore rupees as at 31 March 2026. Demand follows India's wind capacity additions, since every turbine erected needs a tower, and because towers are heavy and awkward to move the work tends to go to fabricators sited near the wind corridors. Against that, output rests on a single product line sold to a small group of buyers, and the company carried more borrowing than net worth going into the issue.
The anchor book was allotted on 31 July 2026, one working day before the issue opened. Eleven funds took 18,75,600 shares at the upper band price of 270 rupees, about 50.64 crore rupees in all, which is 60 percent of the QIB reservation. The participants were Abakkus Venture Opportunities Fund, Carnelian AIF Category I Trust, Mint Focused Growth Fund PCC, Motilal Oswal Finvest Limited, Hem Growth Opportunities Fund, India Max Investment Fund Limited, 360 ONE LVF Treasury Solutions Fund, Finavenue Growth Fund, Aarth AIF Growth Fund, Bay Capital Emerging Star Fund and Shine Star Build Cap.
Source: RHP • Analysis provided for informational purposes
Last Updated: 12 August 2026, 3:43 PM
Fabrication kept in house
Tower sections are rolled and welded on the company's own lines rather than farmed out, which keeps weld quality and stage inspection under its direct control.
Plants sited near the demand
The Karnataka and Gujarat works sit within reach of wind project areas and ports, which trims the cost and difficulty of moving oversized tower sections.
Visible order book
Confirmed orders above 359 crore rupees as at March 2026 give a forward view of revenue instead of leaving the plants dependent on spot enquiries.
Promoters from the trade
The promoter group has a long background in heavy fabrication, which the company presents as the basis for clearing turbine makers' vendor approvals.
Geared to renewable capacity additions
Each turbine installed in India needs a tower, so continued wind capacity growth feeds directly into the addressable work the company can bid for.
One product carries the business
Almost all revenue comes from tower fabrication, so any slowdown in wind installations would be felt across the whole company at once.
Few buyers, concentrated states
A small number of customers drawn from a limited set of states account for much of the turnover, and replacing one of them quickly would be hard.
Uneven through the year
Wind project work follows a seasonal rhythm, which leaves revenue and cash flow lumpy between quarters rather than steady.
Anawil Wire And Engineering Limited
Plot No. 201, Office No-1, Vibrant Business Park, G.I.D.C, Vapi, Valsad, Pardi, Gujarat, India, 396191
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Short record in wind
The move into towers dates only from 2023, so there is little history on which to judge how margins hold up across a full demand cycle.
Recent margins may not hold
Profitability stepped up sharply from the year to March 2025 onwards, and it remains untested whether that level survives as volumes and competition grow.
Borrowings above net worth
Debt of about 128 crore rupees exceeded net worth of roughly 90 crore before the issue, and 115 crore of the fresh proceeds is committed to bringing that down.