Anchor Offshore Services IPO

Strengths · 6

• 01The company has been in turnkey engineering projects since 1994 and holds ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018 certifications that help it meet tender pre-qualification norms.
• 02The order book was Rs 217.24 crore on 30 June 2026, spread across its four business verticals.
• 03EBITDA rose from Rs 3.65 crore in FY2024 to Rs 12.03 crore in FY2026, and EBITDA margin rose from 3.10% to 11.37%.
• 04Repeat customers gave 93.60% of FY2026 revenue from operations and 99.26% in FY2025, which points to long client relationships.
• 05Total borrowings fell from Rs 30.27 crore at 31 March 2025 to Rs 20.83 crore at 31 March 2026, and debt to equity was 0.16.
• 06Promoters and promoter group hold 78.89% before the issue.

Risks · 9

• 01The largest customer gave 75.61% of FY2026 revenue from operations and the top 5 customers gave 92.22%, so losing one client would hurt badly.
• 02Operating cash flow was negative in all three years: Rs -15.08 crore in FY2026, Rs -3.21 crore in FY2025 and Rs -16.14 crore in FY2024, even though FY2026 profit was Rs 8.04 crore.
• 03Revenue from operations fell from Rs 139.99 crore in FY2025 to Rs 105.83 crore in FY2026, and PAT fell from Rs 12.89 crore to Rs 8.04 crore.
• 04The company made a loss of Rs 6.71 crore in FY2024.
• 05Turnkey engineering projects gave 59.67% of FY2026 revenue from operations, and most work comes from the oil and gas industry.
• 06A large part of the business comes from tenders of government undertakings, with exposure to liquidated damages and bank guarantee invocation if projects are delayed.
• 07The company owns no vessels and depends on customers for vessels and marine assets, and monsoon disrupts work on the high seas.
• 08Up to Rs 82.50 crore of the fresh issue goes to long-term working capital, and general corporate purposes can take up to 25% of gross proceeds, with the amount not yet fixed.
• 09The company faces 50 tax proceedings against it, and the order book of Rs 217.24 crore may be delayed, changed or cancelled.

Anchor Offshore Services Limited was set up in 1994 and is based in Mumbai. It is an engineering projects and services company. It works for customers in offshore and onshore oil and gas, defence and power, in India and abroad.

The company has four business verticals. Turnkey engineering projects are the biggest: they gave Rs 63.14 crore, or 59.67%, of FY2026 revenue from operations. Supply of critical equipment and spare parts gave Rs 31.39 crore, or 29.66%. Specialized manpower services gave Rs 8.04 crore and installation and overhauling support services gave Rs 1.01 crore. A turnkey project usually takes 12 to 36 months from the date of award.

Offshore work gave 70.81% of FY2026 revenue from operations and onshore work gave 29.19%. In FY2025 the offshore share was 83.57%. The company does not run a manufacturing plant. It has an in-house fabrication workshop of about 1,000 square metres at Turbhe in Thane, used for light fabrication, overhauling and repair work. It does not own any vessels and depends on customers for vessels and marine assets.

Customers are oil and gas PSUs, private exploration and production companies, city gas distribution companies, the Indian naval forces, PSU shipbuilders, and PSU energy and nuclear power establishments. Orders come mostly through tenders. Repeat customers gave 93.60% of FY2026 revenue from operations. The company has a subsidiary, Anchor Defence Integrator Private Limited, through which it plans to enter defence solutions.

The company operates as a single business and geographical segment. It has earlier done manpower projects in Azerbaijan and Egypt. Its promoters are Narothamdas Chanillo, Sujata N Chanillo and Siddesh N Chanillo.

The industry

The document draws on an Infomerics Analytics and Research report. It describes the offshore engineering and construction industry as the backbone for exploration, production and transport of hydrocarbons, covering engineering, procurement, fabrication, transport, installation, hook-up and commissioning of offshore platforms and subsea pipelines. The summary calls the work capital intensive and technically complex, needing specialised vessels and strict safety standards. The abridged prospectus gives no market size figure.

Customer concentration: The largest customer gave 75.61% of FY2026 revenue from operations (81.54% in FY2025); the top 5 customers gave 92.22% (93.14% in FY2025).