Strong Demand Visibility with Capacity Ready for Scale-Up but shortterm volatile: Anup Engineering enters FY27 with a 769 crore order book and a healthy 1,200 crore active inquiry pipeline, while maintaining a disciplined approach to order selection to protect margins. Capacity expansion at Kheda has been completed, taking total manufacturing capability across plants to support approximately 1,200 crore annual revenue. The company is quite selective in bidding for orders given volatile commodity costs and fixed price nature of orders which will lead to a muted H1FY27E. Despite a competitive market and elevated raw-material...