Anawil Wire & Engineering IPO is a book-built issue worth ₹177.81 crore, comprising a fresh issue of 0.53 crore shares valued at ₹142.69 crore and an offer for sale (OFS) of 0.13 crore shares worth ₹35.12 crore.
The IPO opened for subscription on August 3, 2026, and will close on August 5, 2026. The basis of allotment is expected to be finalised on August 6, 2026, while the shares are likely to be listed on the NSE SME platform on August 10, 2026.
The company has fixed the price band at ₹257–₹270 per share. Investors can apply for a minimum of 2 lots (800 shares), requiring an investment of ₹2,16,000 at the upper end of the price band. For HNI investors, the minimum application size is 3 lots (1,200 shares), amounting to ₹3,24,000.
Hem Securities Ltd. is the book-running lead manager for the issue, while Bigshare Services Pvt. Ltd. is the registrar. Hem Finlease Pvt. Ltd. has been appointed as the market maker.
Anawil Wire & Engineering IPO Important Dates
| Event | Tentative Date |
| IPO Opens | Monday, August 3, 2026 |
| IPO Closes | Wednesday, August 5, 2026 |
| Basis of Allotment | Thursday, August 6, 2026 |
| Refund Initiation | Friday, August 7, 2026 |
| Credit of Shares to Demat Accounts | Friday, August 7, 2026 |
| IPO Listing | Monday, August 10, 2026 |
About Anawil Wire & Engineering
Anawil Wire and Engineering Limited (AWEL) is a business-to-business (B2B) company that manufactures heavy steel structures, mainly for the renewable energy sector. Its key product is steel windmill towers, which are used to support wind turbines. These towers contributed more than 94% of the company's operating revenue in FY26. Apart from windmill towers, the company also manufactures structural steel components, weldmesh and boiler accessories.
The company follows an engineering-to-order business model, where products are designed and manufactured based on customer requirements. It procures steel plates, carries out welding and fabrication processes, and supplies windmill tower sections that are assembled at project sites. Its customers mainly include wind turbine manufacturers (OEMs) and renewable energy developers.
Anawil Wire and Engineering operates two manufacturing facilities spread across 48.05 acres in Koppal, Karnataka, and Kutch, Gujarat. These locations are close to major wind energy hubs in western and southern India, enabling efficient production and delivery. The company has an installed capacity to manufacture 612 windmill towers annually, allowing it to cater to the growing demand for renewable energy infrastructure. With India's increasing focus on clean energy and wind power, the company is well-positioned to benefit from rising investments in the sector.
Industry Outlook
- India aims to achieve 100 GW of installed wind energy capacity by 2030, up from around 48.2 GW currently. This is expected to drive demand for windmill towers, AWEL's primary product.
- According to the Ministry of New and Renewable Energy (MNRE), India has an estimated 1,163.9 GW of onshore wind potential, creating significant long-term opportunities for wind infrastructure companies.
- AWEL's manufacturing units in Kutch (Gujarat) and Koppal (Karnataka) are located near two of India's largest wind energy hubs, helping reduce transportation costs and improve operational efficiency.
- India is the world's fourth-largest wind power market and has the capacity to manufacture around 18,000 MW of wind equipment annually, supporting steady demand for component manufacturers.
- AWEL increased wind tower production from 114 units in FY24 to 210 units in FY26. With an installed capacity of 612 towers per year, the company is well-positioned to scale production.
- India's electricity demand is expected to grow steadily through FY31, with renewable energy expected to account for the majority of new power capacity additions, supporting long-term industry growth.
- AWEL shifted its business towards wind tower manufacturing in 2023, benefiting from rising investments in clean energy and expanding its presence in the renewable energy value chain.
Anawil Wire & Engineering IPO Objectives
- The IPO comprises a fresh issue of 52.84 lakh equity shares worth ₹142.69 crore and an offer for sale (OFS) of 13.01 lakh equity shares aggregating ₹35.12 crore.
- The proceeds from the fresh issue will be used by the company for business purposes, while the OFS proceeds will go entirely to the selling shareholder, Nimish Kumar Rameshchandra Vashi, and not to the company.
Financial Performance of Anawil Wire & Engineering
| Metric | FY24 (₹ in Lakhs) | FY25 (₹ in Lakhs) | FY26 (₹ in Lakhs) |
| Revenue from Operations | 5,812.40 | 8,421.15 | 14,327.28 |
| EBITDA | 892.10 | 1,420.35 | 4,815.60 |
| Profit After Tax (PAT) | 512.30 | 895.40 | 3,663.15 |
| Net Worth | 1,240.50 | 2,135.90 | 5,799.05 |
| Total Assets | 4,120.80 | 6,580.40 | 12,845.20 |
Anawil Wire & Engineering Peer Comparison
| Metric | Anawil Wire & Engineering (AWEL) | Suzlon Energy Ltd. | Inox Wind Ltd. | Triveni Turbine Ltd. |
| Revenue from Operations | ₹143.27 Cr | ₹6,500+ Cr | ₹1,700+ Cr | ₹1,650+ Cr |
| Profit After Tax (PAT) | ₹36.63 Cr | ₹660+ Cr | ₹140+ Cr | ₹270+ Cr |
| EBITDA Margin | ~33.6% | ~14.5% | ~15.2% | ~19.5% |
| ROE (%) | ~63.2% | ~23.5% | ~11.8% | ~28.4% |
| ROCE (%) | ~53.0% | ~21.2% | ~14.5% | ~35.2% |
Strengths and Opportunities for Anawil Wire & Engineering IPO
- AWEL operates two manufacturing facilities spread across 48.05 acres in Kutch, Gujarat, and Koppal, Karnataka, enabling faster deliveries and lower logistics costs for wind energy projects.
- The company has an integrated fabrication setup with advanced welding, cutting and testing facilities. It also holds key quality certifications, including ISO 9001:2015, ISO 14001:2015, and ISO 3834-2:2021.
- As of March 31, 2026, AWEL had an unexecuted order book of over ₹359 crore, providing good revenue visibility.
- The company reported an EBITDA margin of around 33.6% and ROE of about 63.2% in FY26, reflecting healthy profitability.
- AWEL plans to use ₹115 crore from the fresh issue to repay borrowings, which is expected to reduce interest costs and strengthen its balance sheet.
- India's target of achieving 100 GW of wind power capacity by 2030 is expected to drive long-term demand for windmill towers.
- The shift towards 140-metre and taller wind turbines creates opportunities for manufacturers like AWEL that specialise in large tubular steel towers.
- With an installed capacity of 612 windmill towers annually, the company has significant room to scale production as demand rises.
- bThe government's wind repowering initiatives are expected to boost demand for new, high-capacity wind towers.
- Stringent quality standards and long vendor approval processes by leading wind turbine manufacturers create a competitive advantage for established suppliers like AWEL.
Risks and Threats for Anawil Wire & Engineering IPO
- Windmill towers contributed 94.36% of FY26 revenue, making the business highly dependent on a single product segment.
- The top five customers accounted for 78.75% of FY26 revenue, exposing the company to the risk of losing key clients.
- Over 93% of FY26 revenue came from projects in Karnataka, increasing dependence on a single geographical market.
- The top 10 suppliers accounted for 90.11% of raw material purchases in FY26, making the company vulnerable to supply disruptions and steel price fluctuations.
- AWEL entered the wind tower manufacturing business only in 2023, resulting in a relatively short track record in this segment.
- Delays in manufacturing, transportation or project execution could increase costs and affect profitability.
- The company relies on bank borrowings and plans to use IPO proceeds to reduce debt. Until then, restrictive loan covenants remain a risk.
- AWEL has significantly expanded its manufacturing capacity. Lower-than-expected demand could impact returns on these investments.
- The registered office operates on leased premises, while certain trademarks and intellectual property rights are yet to be fully registered.
- The company has reported minor historical compliance and filing discrepancies, which could attract regulatory scrutiny if governance standards are not maintained after listing.
Anawil Wire & Engineering IPO Reservation
| Investor Category | Allocation (%) |
| QIB | 49.99% |
| ├─ Anchor Investors | 28.48% |
| └─ QIB (Excluding Anchor) | 18.99% |
| NII (HNI) | 15.00% |
| ├─ bNII (Above ₹10 lakh) | 9.50% |
| └─ sNII (Below ₹10 lakh) | 4.75% |
| Retail Individual Investors | 35.01% |
| Market Maker | 5.03% |
Anawil Wire & Engineering IPO Promoter Holding
The promoters of the company are Ayush Nimish Vashi, Bhavin Navinchandra Desai, Bijal Nimesh Vashi and Nimish Kumar Rameshchandra Vashi.
| Particulars | Pre-IPO | Post-IPO |
| Promoter Holding | 89.35% | 65.26% |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Anawil Wire & Engineering IPO Registrar and Lead Managers
Anawil Wire & Engineering IPO Lead Managers
Hem Securities Ltd.
Registrar for Anawil Wire & Engineering IPO
Bigshare Services Pvt.Ltd.
How To Check the Allotment Status of the Anawil Wire & Engineering IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
How To Apply for Anawil Wire & Engineering IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Anawil Wire & Engineering IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
Contact Details of Anawil Wire & Engineering IPO
Address: Plot No. 201, Office No-1, Vibrant Business Park G.I.D.C, Vapi, Valsad, Gujarat, 396191
Phone: 9054508244
Email ID: cs@anawilvapi.in
