If from the order book, 35-40 cr is going to be recognised in H2, I think this is without considering the AMC/service income which was 22% of H1 revenue. So H2 revenue could be higher than 40 cr. Is my understanding correct?
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Yes, that should be the case. The estimates are excluding AMC & spare parts for H2FY26, adding that up will increase revenue even further.
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The company has come out with an investor presentation. They are participating in Smallcap Spotlight Conference at BSE.
The company has delared 115 crores Order Book, excluding AMC and Spares business. These two segments consists of almost 40-45% of topline, as stated in the presentation. Reading the presentation and investor conference talk by management, a few good points come to light-
- Many OEM are approachng the company for remanufactured machines. It can be a good revenue stream.
- Resenbaur has approached them to create International Service Department. They have started servicing in Nepal and Bhutan and it is extending.
- They are getting good traction in Petroleum sector and Municipalities.
- They are trying to enter into solid waste management (though not qualified yet) through making use of three products made by their associate Bucher Switzerland: sweeping, refuse collection and sewage cleaning.
- Airport sector is growing as expected.
They are expecting 35-40 crores of the order book to be reliased in this financial year. Spares and AMC can be another 20-25 crores. Thus, we can expect them to close the year with a topline of more than 100 crores. Based on past data, we can expect a net profit of 12 crores in the current FY. Current valuation of 250 crores looks okay, around 20 times current year earning.
Happy reading.
ANLON_compressed.pdf (1.9 MB)
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While the company does not frequently disclose a single consolidated “Total Order Book” number in real-time, the order inflow has accelerated significantly in the last 6 months of 2025.
Key Recent Contract Wins:
- Noida International Airport (Jewar): A major ₹22.22 Crore contract awarded in October 2025 for the Operation & Maintenance (O&M) of airport equipment. This is a 5-year recurring revenue contract, providing high income visibility.
- Guwahati International Airport: Secured a ₹4.90 Crore order in November 2025 for the supply of equipment.
- Lucknow Airport: Won a contract to supply 3 Crash Fire Tenders (CFTs) from Rosenbauer International AG (Anlon is their exclusive partner in India).
- Other Orders: Multiple smaller wins for “runway rubber removal” and firefighting support services across various airports.
The shift towards long-term O&M contracts (like the Noida win) is a positive structural change, as it reduces the “lumpiness” of revenue that is typical in engineering projects.
Historically, Anlon imported equipment (like Rosenbauer fire trucks) and sold them.
Now they have commenced manufacturing and assembly at their facility in Karnataka (started March 2024). Assembling equipment locally improves margins and makes them more competitive for government tenders that favor “Make in India” products.
With the government planning to increase the number of airports to 200+, there is a direct, mandatory demand for Anlon’s core products: Crash Fire Tenders (CFTs), Runway Sweepers, and Rubber Removal Machines. Every new operational runway must have these under regulations.
Looks like they can do well if they can manage their cash flow.
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9MFY26 topline at 75 cr of which M&A segment is 39.5 cr.
Has 94 cr of orderbook pending apart from AMC/spare parts (which contributes 30-35% of topline).
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The company has come out with great news, in the current financial year PAT may touch 12-14 crores, an eps more than Rs. 20.
Major capital expenditures, vehicle testing, and regulatory approvals are now complete. The company expects to unlock “significant efficiencies” as they move into large-scale production. They expect a rise in recurring revenue from Annual Maintenance Contracts (AMC) and spare parts as the fleet of deployed vehicles grows.
Cash flow was the problem with their balance sheet. As of late 2025, the company struggled with negative free cash flow, largely due to heavy investments in manufacturing capabilities and increased working capital requirements. Debtor days increased from 97 to 138 days, and working capital days stretched to 248 days.
In today’s release, management explicitly stated they expect “improved working capital efficiency” in 2026 due to the transition to scalable volume production and shorter lead times. If they successfully improve their collection cycles and leverage the new manufacturing plant for higher margins, cash flow should begin to stabilize and increase. I am hopeful.
Disc: Invested and biased
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I’ve checked multiple sources online but haven’t been able to find any credible information regarding the order pipeline of Anlon Technology, neither in any interview nor any published info, If anyone has verified details on order pipeline and can share supporting evidence, ll be helpful
tracking this company for last 5 months.
Disc: not invested
Pipeline as on H1FY26 (Source: H1FY26 concall). Order book as on H1FY26 was 115 cr, revenue excl. AMC & spare parts in Q3FY26 was 24 cr and order book was 94 cr. Therefore there was a net addition of 3 cr in orderbook this quarter. Not sure about the status of rest 67 cr pipeline (or any new).
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