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HDFC Securities Retail Research
The Anup Engineering Ltd. is engaged in business of design and fabrication of process equipment, which mainly includes heat exchangers, pressure vessels, centrifuges, columns and towers and small reactors that find application in refineries, petrochemicals, chemicals, pharmaceuticals, fertilizers and other allied industries.
It is one of the leading process equipment manufacturers having distinctive focus and expertise in heat exchangers (~70-75% of revenue).
The company has added proprietary and special equipments through tie-ups and collaboration with global technology providers thereby enhancing existing product range.
It has been upgrading its bays to enable handling of higher weight equipment in line with the evolving product mix.
Anup Engineering has also undertaken a greenfield expansion in Kheda (Ahmedabad) which is expected to be operational from Q4 FY23.
The company is a well-established name amongst end users and consultants that is reflected in healthy operating margins and strong balance sheet.
Anup Engineering has strengthened its order book on the back of strong order inflows in FY22 and H1 FY23.
The company is well positioned to lead a higher growth trajectory on the back of higher capex and debottlenecking its existing facility in the past and upcoming greenfield expansion.
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