“Assigns a NEUTRAL rating to Annu Projects IPO, despite a strong execution track record and healthy earnings growth (Revenue/EBITDA/PAT CAGR of 25%/33%/38% over FY24-26). While the valuation at 19.6x FY26 earnings (post-issue) is in line with peers, concerns arise from high customer concentration, dependence on government contracts, and a stretched working capital cycle, raising questions about earnings quality and durability. Prefers to monitor cash-flow generation and execution consistency post-listing.”