Yatayat Corporation India Ltd. IPO

Bond yields traded higher on Monday amid uncertainty over oil prices ahead of an expected U.S. announcement on additional sanctions against Iran. 

In the global market, longer-dated U.S. government bond yields moved higher on Friday as investor jitters over the Treasury Department’s extended debt repurchase program and soaring national debt continued to hover over markets. Furthermore, Oil prices fell sharply on Monday as signs of improving traffic through the Strait of Hormuz eased concerns over Middle East supply disruptions, with Iran reportedly allowing some Iraqi oil tankers to pass through the key waterway. 

Back home, the yields on new 10 year Government Stock were trading 2 basis points higher at 6.86% from its previous close of 6.84% on Friday.

The benchmark five-year interest rates were trading 1 basis point higher at 6.48% from its previous close of 6.47% on Friday. 

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Insolation Energy has informed that Insolation Green Energy, a Wholly Owned Subsidiary of the company has received an letter of award for setting up 9 solar power projects from Maharashtra State Electricity Distribution Co. (MSEDCL) in different territory of state of Maharashtra aggregating total power generation capacity 99 MW AC (128.7 MW DC) under Mukhyamantri Saur Krushi Vahini Yojana - 2.0. Those orders are awarded under Tariff based Competitive Bid invited by (MSEDCL), for setting up of grid connecting solar power projects at multiple locations in state of Maharashtra. Following implementation, the combined SPV Solar Power Plants covered under these LOAs shall have a cumulative capacity of 99 MW AC (128.7 MW DC). Based on the finalized levelized tariff of ₹2.90 per unit across all nine sites, the project is expected to generate an annual revenue of approximately INR 59.72 crores. The project will also provide a sustainable and stable revenue stream throughout its operational life of 25 Years. The detailed disclosure as required under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Master Circular HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026, is attached as Annexure - 1.

The above information is a part of company’s filings submitted to BSE.  

Annu Projects

• Annu Projects is coming out with a 100% book building; initial public offering (IPO) of 1,76,83,000 shares of face value Rs 10 each in a price band Rs 94-99 per equity share. 
• Not more than 10% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 40% of the issue will be available for the non-institutional bidders and the remaining 50% for the retail investors.
• The issue will open for subscription on August 25, 2026 and will close on August 28, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 10 and is priced 9.40 times of its face value on the lower side and 9.90 times on the higher side.
• Book running lead manager to the issue is Mefcom Capital Markets.
• Compliance officer for the issue is Charumita Bhutani. 

Profile of the company

The company is engaged in the design, development, implementation, operations and maintenance of essential overhead and underground utilities infrastructure across telecom infrastructure, sewerage infrastructure vertical, gas pipeline vertical and railway signalling vertical. It is one of the diversified companies in the EPC sector, involved in fields ranging from fiber optics to sewerage projects and also undertakes gas pipeline projects. 

Over the years, it has gained expertise in laying the overhead and underground utilities infrastructure, and have laid (i) more than 26,200 kms of optical fibre cable(s) (OFC(s)) network and maintenance of more than 62,800 km of OFC networks in telecom infrastructure; (ii) more than 298 kms of sewerage pipes, construction and maintenance of sewerage treatment plant, construction of pumping stations, laying of house service connections in the sewerage infrastructure vertical; and (iii) more than 537 kms of MDPE laying of 20 millimeter (mm) to 125 mm diameter, 38,300 number of Galvanized Iron Pipes (GI) for domestic gas connections in the gas pipeline vertical across 4 states in India, namely; Bihar, Uttar Pradesh, Odisha, and Jharkhand. The company currently classify its business primarily under the Telecom Infrastructure, Sewerage Infrastructure, Gas Pipeline, and Railway Signalling verticals.

Its business is complemented by its quality and safety standards and processes, as evidenced by its ISO certifications including ISO 9001:2015 and 45001:2018. It is also committed to ensuring compliance with all applicable health and safety regulations, as well as other statutory and regulatory requirements governing its operations. In line with industry practices, it has implemented technological solutions at its project sites and undertake regular monitoring and close supervision to maintain a safe working environment.

Proceed is being used for: 

• Funding capital expenditure requirements of the company for purchase of machinery or equipment
• Funding working capital requirements of the company
• General corporate purposes

Industry overview

The Engineering, Procurement, and Construction (EPC) industry in India is a cornerstone of the nation’s infrastructure development, playing a key role in sectors such as energy, transportation, water management, and industrial projects. The EPC model involves a single entity managing the design, procurement of materials, and construction of a project, delivering a functional facility to the client. This integrated approach ensures efficiency, quality, and accountability. The telecommunications sector plays an important role in the Indian economy as it contributes to the economic growth and GDP and generates revenue for the government. There has been growth in the last few years in the telecom sector on the back of strong consumer demand and supportive policies by the government. For instance, the services of the telecom sector are available to consumers at an affordable rate due to fair competition and a proactive regulatory framework by the government. As of March 2026 India, has the world’s second largest subscriber base of 1.33 billion second to China. It jumped to 45th rank in 2025 from 67th in 2021 in the Network Readiness Index, an index published by Portulans Institute, an independent non-profit research and educational institute based in Washington DC which maps the network readiness landscape of 130 plus economies based on their performance in four areas - Technology, People, Governance, and Impact.

India is the world’s most populous country with 1.46 billion people. Out of this, 63.1% of the population lives in rural areas and 36.9% are connected to the urban centres according to United Nations.  At this current growth rate, the urban population is estimated to reach 951 million by 2050 which will represent 50% of the country’s population will be in urban cities. This unsustainable increase in urban population exerts enormous pressure on city planners, especially for provisioning utility services, particularly water supply, sewerage, storm water drainage and solid waste management.

Natural Gas being a clean energy is used for multiple purposes in India. Natural gas production in FY26 stood at 34,326 MMSCM, indicating a decline of 3.60% from FY25. India's domestic natural gas production reduced due to a considerable decrease in output from production sharing contract/joint venture (PSC/JV) fields. As of YTD27, the natural gas production stood at 5,543 MMSCM.  Companies producing Natural Gas use certain quantity of gas for their own use as internal consumption and the rest of the gas is used as a part of technical requirement. After the usage of Natural Gas for their own requirement and internal consumption, the net production for sale of gas to consuming sectors like power, fertilizer, CGD, refinery, petrochemicals etc. was almost 98.6% of the gross production in the month of May 2026.

Pros and strengths 

Project management with integrated execution capabilities: Its growth is attributable to its business model of careful selection and execution of its projects. This model has facilitated optimum efficiency and improved profitability over the years. It has implemented project management skills for planning, monitoring, and execution, which enhance resource optimization and cost control. Owning and maintaining a modern equipment fleet and use of technology for its projects ensures better control over execution in terms of cost and quality. Its project execution capabilities are further strengthened by its team of experienced personnel, who bring industry-specific expertise and technical proficiency, enabling it to navigate complex project requirements efficiently. Additionally, it has established relationships with local partners and vendors, which provide it with logistical advantages, better access to resources, and deeper market insights.

Strong order book: The company is one of the diversified companies in the EPC sector, involved in fields ranging from fiber optics to sewerage projects and also undertakes gas pipeline projects. In the industry where it operates, the Order Book is commonly recognized as a vital indicator of future business performance. Alongside maintaining a robust Order Book, it prioritizes securing notable projects that offer the potential for attractive margins or carry considerable prestige, thereby further strengthening its corporate reputation. By broadening both its specialized expertise and its diversified order book across multiple sectors, it is able to target a broader array of lucrative project tenders. This strategic diversification enables it to maximize its overall business volume and significantly enhance its profit margins. Owing to its growing expertise across these infrastructure verticals, supported by a strong Order Book, strengthens its ability to deliver complex projects efficiently and meet the evolving requirements of its customers. As on June 30, 2026, the company has 23 ongoing projects with an aggregate Order Book value of Rs 10,050.55 million. Additionally, the company had an Order Book of Rs 9,386.53 million, Rs 4,796.73 million and Rs 7,077.65 million during Fiscals 2026, 2025, and 2024, respectively with a Book-to-Bill Ratio of 3.89 times, 2.66 times and 4.60 times during the respective periods.

Established expertise in engineering, procurement and commissioning projects with special focus on underground and overhead utilities infrastructure: Leveraging its expertise of over two decades, it has developed project execution proficiency and have diversified revenue generation capabilities from the telecom infrastructure, sewerage infrastructure and gas pipeline verticals. It has been able to achieve this through its engineering capabilities by leveraging its in-house design and engineering team which comprises of qualified engineers and technicians. The company has established capabilities in telecom infrastructure deployment, restoration and network operations across multiple states in India. It has executed OFC network installation works in the high-altitude regions of East Sikkim under the Network for Spectrum (NFS) Project and contributed to the rollout of approximately 6,000 km of OFC network across six geographies. With its experience in managing infrastructure projects, it has developed deep insights into project risks, regulatory requirements, and operational challenges. This expertise enables it to adopt a strategic approach for bidding, ensuring competitive yet viable proposals. Its proficiency in contract management helps it to mitigate potential risks, and its project execution capabilities ensure timely and cost-effective delivery.

Risks and concerns

Revenue dependency on telecom and sewerage infrastructure verticals: The company derives more than 90.00% of its revenue from operations from its telecom infrastructure and sewerage infrastructure verticals. Its Telecom Infrastructure vertical contributed 41.50%, 33.81%, and 52.78% of its revenue from operations during Fiscals 2026, 2025, and 2024, respectively, while its Sewerage Infrastructure vertical contributed 52.67%, 61.26%, and 38.54%, respectively. Its business is concentrated in telecom infrastructure and sewerage infrastructure verticals and depends on the growth of these sectors and the general economic growth in India. Any slowdown in telecom sector, sewerage sector or decrease in demand of any services provided by the company could materially and adversely impact its business.

Dependence on Government projects may adversely affect business: The company is dependent on and derived 57.09%, 64.99% and 60.88% of its revenue from operations, during Fiscals 2026, 2025 and 2024, respectively, from government sector entities based on competitive bidding that exposes us to risks inherent in doing business with them, which may adversely affect its business, results of operations and financial condition. Also, its business depends on number of projects awarded to the company. In case, it fails to secure awards of new projects, it will impact its business, results of operations and financials.

Reliance on top ten customers: The company is dependent on its top ten customers in respect of its business. Its top 10 customers contributed to 97.96%, 98.25% and 95.90% of its revenue from operations during Fiscals 2026, 2025 and 2024, respectively. Loss of one or more key customers for any reason, such as failure to submit or win bid for the projects, disputes, changes in policies, failure to tie-up with appropriate bidding partner, customers’ adverse financial changes like bankruptcy, mergers, delayed requirements, or work stoppages, could negatively impact its business, operations, and financial conditions.

Loss of key suppliers could adversely affect business: The company is dependent on its top ten suppliers for supply of materials. Its top 10 suppliers contributed to 67.92%, 69.23%, and 72.48% of its revenue from operations during Fiscals 2026, 2025 and 2024, respectively. The loss of one or more key suppliers for any reason, such as an inability to negotiate acceptable purchase terms, dispute, suppliers’ adverse financial changes like bankruptcy, mergers, declining sales, delayed supplies resulting in work stoppages, could negatively impact its business, operations, and financial conditions.

Outlook

Annu Projects is primarily engaged in the design, development, implementation, Operations and maintenance of infrastructure projects across multiple sectors such as telecom network, sewerage and Gas pipeline infrastructure. It is one of the diversified companies in the EPC sector, involved in fields ranging from fiber optics to sewerage projects and also undertakes gas pipeline projects. On the concern side, its business is relatively concentrated in the States of Bihar, Jharkhand, Goa, West Bengal and Madhya Pradesh which contributed more than 70.00% of its revenue from operations for the Fiscals 2026, 2025 and 2024. Any adverse development in such parts of India may adversely affect its business, results of operations and financial condition.

The issue has been offering 1,76,83,000 shares in a price band of Rs 94-99 per equity share. The aggregate size of the offer is around Rs 166.22 crore to Rs 175.06 crore based on lower and upper price band respectively. Minimum application is to be made for 151 shares and in multiples thereon, thereafter. On performance front, its total income increased by 34.13% to Rs 2,445.87 million in Fiscal 2026 from consolidated amount of Rs 1,823.54 million in Fiscal 2025. The company recorded a profit after tax of Rs 330.27 million for the Fiscal 2026 compared to consolidated amount of Rs 211.04 million in Fiscal 2025.

Meanwhile, the company remains committed to maintaining cost efficiency throughout project execution. Cost management plays a vital role in its project execution strategy. By implementing budgeting, closely monitoring expenditures, and optimizing resource allocation, it ensures that each phase of the project is delivered within budget without compromising on quality. It engages with a diverse and reliable network of vendors, which enables it to flexibly scale its resources based on project requirements and utilize its assets optimally. During project monitoring reviews, it closely tracks their progress and assess overall project budgets to ensure financial discipline and alignment with cost objectives.

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Axis Solutions has submitted copies of newspaper advertisement related to 41st Annual General Meeting scheduled to be held on Saturday, 19th September, 2026 at 3.30 PM IST through Video Conferencing (VC)/ Other Audio Visual Means (OAVM), Record Date and other related information, published on 24th August, 2026 in newspapers, Financial Express in English language and Financial Express in Gujarati language.

The above information is a part of company’s filings submitted to BSE.