The windmill tower maker opens its Rs 177.81 crore issue on August 3 with a Rs 359 crore order book
Anawil Wire & Engg. Ltd. (AWEL), a maker of steel towers for wind turbine generators, opens for subscription on August 3 with the issue closing on August 5. The company is listing on NSE SME Emerge.
The business
Anawil Wire & Engg. Ltd. (AWEL) makes the tall steel towers that hold up wind turbine generators. Every onshore wind project needs them — they lift the turbine to a height where the wind is strong enough to generate power.
Each tower is a heavy engineering job. Steel plates are rolled into cylindrical sections, welded along their length and around their edges, and later bolted together at the wind farm site. A typical tower is about 140 metres tall, ships in five road-transportable sections, and is built to handle tough weather over many years.
The interesting part of AWEL’s story is the pivot behind the numbers. The company started commercial operations in April 2021 with a different product mix — weld mesh, boiler accessories and paper machinery parts. In 2023, management redirected the same steel-fabrication capabilities into wind energy. Everything since has been built around that decision. AWEL now supplies tower components to Original Equipment Manufacturers (OEMs) of Wind Turbine Generators and to renewable energy developers.
The company produced 114 towers in FY24, 135 in FY25 and 210 in FY26. Capacity utilisation moved from 38.00% to 45.00% to 48.17% across those years.
Production runs out of two plants. The Koppal facility in Karnataka makes 35 towers a month. A newer Kutch, Gujarat unit — commissioned as recently as March 2026 — adds another 16 towers a month. Together they cover 48.05 acres and can produce up to 612 towers a year. The plants hold ISO 9001:2015, ISO 14001 and ISO 3834-2:2021 certifications and are equipped with the quality-control tools this kind of heavy fabrication needs.
As of May 31, 2026, headcount stood at 95 payroll employees and 767 contract workers — a mix typical for heavy fabrication. The order book on the same date was Rs 359.82 crore, roughly 2.5x FY26 revenues.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | August 3, 2026 |
| Issue Closes | August 5, 2026 |
| Listing | NSE SME Emerge |
| Price Band | Rs 257 – Rs 270 per share |
| Face Value | Rs 10 |
| Issue Size | Rs 177.81 crore |
| Fresh Issue | Rs 142.69 crore (52,84,800 shares) |
| OFS | Rs 35.12 crore (13,00,800 shares) |
| Lot Size | 800 shares (multiples of 400 thereafter) |
| Min. Retail Investment | Rs 2,16,000 |
| Post-IPO Market Cap | Rs 674.99 crore |
| IPO Constitutes | 26.34% of post-IPO equity |
| BRLM | Hem Securities Ltd. |
| Registrar | Bigshare Services Pvt. Ltd. |
| Market Maker | Hem Finlease Pvt. Ltd. |
From the fresh proceeds, Rs 115 crore is set aside for repayment or prepayment of certain borrowings, with the balance going to general corporate purposes. Post-IPO, paid-up equity moves from Rs 19.72 crore to Rs 25.00 crore.
The promoter average cost of acquisition is Rs 5.26 and Rs 7.65 per share. This reflects earlier share issuances between Rs 19 and Rs 101 (between June 2022 and September 2025) and a 9-for-10 bonus issue in April 2025.
Financial Performance
| Particulars (Rs cr) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total Income | 54.08 | 79.40 | 143.63 |
| PAT | 4.39 | 12.31 | 36.63 |
| PAT Margin | 8.12% | 15.66% | 25.57% |
| RoCE | 13.68% | 21.84% | 23.05% |
Revenue has grown from Rs 54.08 crore in FY24 to Rs 143.63 crore in FY26. PAT margin has moved from 8.12% in FY24 to 15.66% in FY25 to 25.57% in FY26.
Average EPS over three years is Rs 12.20 and average RoNW is 33.33%. At the upper band of Rs 270, the P/E works out to 18.43x on FY26 earnings and 54.88x on FY25. The issue is priced at a P/BV of 5.78 against a pre-IPO NAV of Rs 46.75 per share.
BRLM Track Record: This is the 48th mandate from Hem Securities in the last three fiscals (including the ongoing one). Of the last 10 listings, 1 opened at par and the rest with premiums ranging from 1% to 90% — a broadly positive but variable record.
Risks to Consider
The margin jump from 8.12% to 25.57% in two years is the biggest question mark. Windmill tower fabrication is essentially a steel-conversion business.
Customer concentration is a related concern. OEM relationships in the wind turbine space are limited, and losing a single major customer or a shift in sourcing could meaningfully affect order flow. Steel price volatility also feeds directly into margins unless contracts pass through the cost.
Capacity utilisation at 48.17% in FY26 leaves room to grow, but fixed-cost benefits will taper as the new Kutch capacity ramps up.
Analyst View
Anawil Wire & Engg. has posted steady top-line growth alongside a striking margin expansion, and the Rs 359.82 crore order book gives near-term visibility. The pivot into wind energy has clearly paid off in volume terms with tower output almost doubling between FY24 and FY26.
That said, the FY25 and FY26 profit jumps in a fabrication segment where margins are usually thin raise sustainability questions. Priced at 18.43x FY26 and 54.88x FY25, the issue looks aggressively valued on any measure, note analysts.