Sugs Lloyd Ltd. Share Price

Anawil Wire and Engineering

• Anawil Wire and Engineering is coming out with an initial public offering (IPO) of 65,85,600 shares in a price band of Rs 257 - 270 per equity share.
• The issue will open for subscription on August 03, 2026 and will close on August 05, 2026.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 25.70 times of its face value on the lower side and 27.00 times on the higher side.
• Book running lead manager to the issue is Hem Securities.
• Compliance officer for the issue is Sakshi Vijay.

Profile of the company

Anawil Wire and Engineering is engaged in the business of manufacturing of windmill towers, with primary focus on the fabrication of towers from heavy and precision steel components customized to meet the specific requirements of client in the wind energy sector. These towers are generally fabricated as tubular steel structures consisting of multiple cylindrical sections. These sections are rolled from heavy steel plates, longitudinally and circumferentially welded, and joined through flanges and bolts during erection at the project site. The weight of an individual tower can vary significantly based on its height and design specifications.

The company commenced its commercial operations in April 2021, initially focusing on the fabrication of weldmesh and assembly of boiler accessories and paper machinery parts. Building on this foundation and leveraging its expertise in steel fabrication, it strategically shifted into the wind energy sector in 2023. Since then, it has focused on manufacturing of fabrication components for wind turbine towers. These towers are essential structural components that support wind turbines generators, allowing them to capture wind energy efficiently at optimum heights. The size of the tower depends on the turbine model and site requirements, typically 140 meters in height, designed to withstand diverse climatic conditions. Each tower is manufactured in multiple sections commonly five allowing for transportation by road to the project site.

It caters its product to marquee customers of Original Equipment Manufacturers (OEM’s) of Wind Turbine Generators (WTG) and companies in renewable energy sector. It primarily uses Mild Steel (M.S.) plates to manufacture windmill towers and several other materials are also utilized, including shots and grits, paint, welding rods, electric plasma power sources for cutting, oxy-fuel stations, and grinding wheels. Additionally, components such as ladders, lightning protection systems, and platforms are essential for the internal assembly of the towers.

Proceed is being used for:

• Repayment and/or Pre-payment, in full or part, of borrowing availed by the company
• General corporate purpose 

Industry overview

India’s wind energy sector is led by indigenous wind power industry and has shown consistent progress. The expansion of the wind industry has resulted in a strong ecosystem, project operation capabilities and manufacturing base of about 18000 MW per annum. The country currently has the fourth highest wind installed capacity in the world. The Government is promoting wind power projects in entire country through private sector investment by providing various fiscal and financial incentives such as Accelerated Depreciation benefit; concessional custom duty exemption on certain components of wind electric generators. Besides, Generation Based Incentive (GBI) Scheme was available for the wind projects commissioned before March 31, 2017.

India has an offshore wind energy potential of around 70 GW in parts along the coast of Gujarat and Tamil Nadu. As of May 2022, there is no offshore wind project under construction or operation. India has announced tentative schedule for calling request for quotation (RfQ) to establish off shore wind power projects. India started planning in 2010 to enter into offshore wind power, and a 100 MW demonstration plant located off the Gujarat coast began planning in 2014.

India has set a target to reduce the carbon intensity of the nation’s economy by less than 45% by the end of the decade, achieve 50% cumulative electric power installed by 2030 from renewables, and achieve net-zero carbon emissions by 2070. Low-carbon technologies could create a market worth up to $80 billion in India by 2030.  India’s ambitious renewable energy goals are transforming its power sector. The rising population and widespread electrification in rural homes are fueling the demand for energy to power homes, businesses and communities. Clean energy will reduce pollution levels as villages become self-sustainable with their use of clean energy. The non-conventional energy space in India has become highly attractive for investors and received an FDI inflow of Rs 1,43,692 crore ($19.98 billion) between April 2000-September 2024.

Pros and strengths

Well-positioned to capture growth opportunities: The company is well positioned to benefit from the rising demand for windmill towers, driven by the global push for renewable energy adoption. With manufacturing capabilities, execution expertise, and a reputation for delivering high-quality products, the company is well-equipped to capture emerging opportunities in the wind energy sector. The limited number of qualified suppliers in the market further enhances its competitive advantage, enabling it to secure largescale orders and strengthen its presence in this rapidly expanding industry. It has two manufacturing facilities in Koppal, Karnataka and Kutch, Gujarat and is spread across 48.05 acres area with an annual capacity of 612 towers. The company is currently operating at around 48.17% capacity utilization.

In-house manufacturing facility with stringent quality control mechanism: The company is an ISO 9001:2015, ISO 14001: 2015, ISO 14001: 2018 and ISO 3834-2:2021 certified company for manufacture of windmill towers & components and fabrication of heavy structures. Its manufacturing operations are currently carried out at its 48.05 acres facility located in Koppal, Karnataka and Kutch, Gujarat which are equipped with capabilities to design, develop and manufacture its product portfolio. The in-house manufacturing operations enable it to stream line inventory management and production process resulting into maintenance of high-quality production standards, minimizing production time and bringing cost effectiveness.

Strategically located manufacturing facility resulting in operational efficiency: One of the key strengths of the company is the strategic location of its manufacturing facilities in Koppal, Karnataka, and Kutch, Gujarat, spread across around 48.05 acres and situated along major highways. The facilities are well connected to major highways and regional road networks, facilitating the efficient movement of raw materials and components. Their proximity to wind energy development zones in Karnataka, Gujarat, and neighboring states enables the Company to effectively service client requirements. While the transportation of finished towers to project sites is the responsibility of clients, the facilities' locations help reduce transit times and associated coordination efforts. The facilities are also strategically positioned to access labor from surrounding areas and maintain strong linkages with regional suppliers and service providers. These factors contribute to the Company's ability to manage production schedules, meet workforce requirements, and respond effectively to project timelines.

Risks and concerns

High dependence on tower manufacturing and fabrication segment for revenue: Majority of its revenue is dependent on single business segment i.e. Tower Manufacturing and Fabrication, which accounted for 94.36%, 99.95% and 81.23% of its total revenue from operations, respectively for financial year ending March 31, 2026, March 31, 2025 and March 31, 2024 respectively. Its continued reliance on single business segment for substantial portion of its revenue exposes it to risks, including but not limited to, reduction in the demand of the products in the particular segment in the future; increased competition from regional and national players; the invention of superior and cost- effective technology; fluctuations in the price and availability of the raw materials; changes in regulations and import duties and the general economic conditions. Any occurrences of such event could significantly reduce its revenues, thereby materially adversely affecting its results of operations and financial condition.

High geographic concentration of revenue in Karnataka: The company derives a substantial portion of its revenue from operations concentrated in a limited number of states. For the financial years ended March 31, 2026, March 31, 2025 and March 31, 2024, its revenue from Karnataka region contributed over 93.87%, 99.55% and 81.23% respectively, of its total revenue from operations. This state-wise concentration exposes its business to significant regional risks. Any adverse development affecting the state of Karnataka including changes in state government policies or regulations, regional economic downturns, civil unrest, labour issues, disruptions in supply chain or logistics, infrastructure constraints, natural calamities, or other local factors could materially impact its business operations, financial condition, cash flows, and results of operations.

Significant dependence on a limited number of key customers: Substantial portion of its revenues has been dependent upon few customers, with which it does not have any firm commitments. For instance, its top five customers for the financial year ended March 31, 2026, March 31, 2025 and March 31, 2024 accounted for 78.75%, 88.57% and 85.70% of its revenue from operations for the respective year/period. In addition, it has not entered into long term agreements with its customers and the success of its business is accordingly significantly dependent on maintaining good relationship with them. The loss of one or more of these significant customers or a reduction in the amount of business it obtains from them could have an adverse effect on its business, results of operations, financial condition and cash flows.

Outlook

Anawil Wire and Engineering is engaged in the business of manufacturing of windmill towers. Founded with a mission to support the growth of renewable energy, it specializes in the production of turbine tubular towers, heavy fabrication, and advanced engineering components that meet the highest standards of quality and reliability. On the concern side, the company is primarily dependent upon a few key suppliers located within a limited geographical region for the procurement of its raw materials. For the financial years ended March 31, 2026, 2025 and 2024, its purchases from its top 10 suppliers amounted to Rs 7,561.76 lakh, Rs 2,009.97 lakh and Rs 1,451.49 lakh, respectively, representing 90.11%, 80.19% and 72.44% of its total purchases in the corresponding periods. Any disruption in the supply of the raw materials or fluctuations in their prices could have a material adverse effect on its business operations and financial conditions.

The company is coming out with a maiden IPO of 65,85,600 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 257-270 per equity share. The aggregate size of the offer is around Rs 169.25 crore to Rs 177.81 crore based on lower and upper price band respectively. On performance front, total income for the financial year 2025-26 stood at Rs 14,362.68 lakh as compared to Rs 7,939.84 lakh in financial year 2024-25 representing an increase of 80.89%. Restated Profit after Tax for the financial year 2025-26 was Rs 3,662.83 Lakh as compared to Restated profit after tax of Rs 1,230.58 Lakh during the financial year 2024-25.

Meanwhile, the company is committed to taking strategic steps to expand its manufacturing capabilities and achieve greater operational efficiency. The company operates a manufacturing facility in Koppal, Karnataka, spread across around 20.75 acres, with an installed annual production capacity of 420 windmill towers. At this facility, it has the capability to manufacture up to 35 windmill towers per month. To meet the growing demand in the wind energy sector, it commenced operations at its new manufacturing facility in Kutch, Gujarat, in March 2026. This facility provides an additional production capacity of 16 windmill towers per month, further strengthening its manufacturing capabilities. As part of its broader strategic growth initiatives and to capitalize on the robust expansion of the wind energy sector, it continues to invest in capacity enhancement and operational expansion. The objective of these expansion initiatives is to further increase its production capacity and efficiently cater to rising market demand.

In continuation to its Intimation dated July 07, 2026 regarding intimation of receipt of lowest bidder (L1) Status for the tender awarded by Delhi Jal Board and Pursuant to Regulation 30 read with schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015, and SEBI circular no. HO/49/14/14(7)2025- CFD-POD2/l/3762/2026 dated January 30, 2026 as amended; EMS has informed that the company has received the Letter of Intent (LOI) for Sewerage Work. The Estimated order value (inclusive GST) is approximately Rs. 15,828.57. The details of the work are enclosed.

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