Manav Infra Projects Ltd.
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ABOUT
AI Sector View
AI GENERATEDConstruction
Construction fundamentals are strong, led by government and infrastructure spending. Capital expenditure was up 66% YoY (2026-06), cement output grew 13.1% YoY (2026-07), and the sector also benefits from improving housing and GFCF conditions. FPI flows turned supportive with INR 1720 crore net inflow over 3 months to 2026-08-31 from INR -9439 crore in the prior 3 months, reinforcing the positive view.
PROS
- Company has a good return on equity (ROE) track record: 3 Years ROE 48.8%
- Company has a healthy return on capital (ROCE) of 37.9%
- Company has delivered good sales growth of 52.4% CAGR over last 5 years
- Working capital cycle has improved - days down from 102 to 53
- Company comfortably covers its interest (6.1x coverage)
- Company maintains a comfortable, low leverage position
CONS
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.50x)
- Equity base is being diluted - shares outstanding up 92.5%
- Operating margins have contracted to 16.0% from 24.4%
- Effective tax rate is unusually low at 12.9% - earnings may be flattered
- Though reporting repeated profits, the company pays out little dividend (0.0%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| LT | 3989.15 | 33.08 | 548853.62 | 0.95 | 4988.03 | 15.51 | 67941.74 | 6.69 | 15.98 | 12.00 |
| RVNL | 205.95 | 47.74 | 42940.99 | 0.34 | 159.52 | 18.73 | 4321.23 | 10.55 | 10.81 | 4.41 |
| KPIL | 1410.25 | 21.19 | 24083.20 | 0.78 | 311.53 | 45.85 | 6407.97 | 3.84 | 18.95 | 8.77 |
| IRB | 19.18 | 24.28 | 23165.60 | 1.36 | 3062.70 | 1412.58 | 21372.72 | 918.25 | 7.72 | 53.93 |
| CEMPRO | 1234.85 | 35.26 | 21213.19 | 0.24 | 140.83 | 2.64 | 2720.92 | 7.02 | 33.53 | 10.09 |
| ENGINERSIN | 276.40 | 19.81 | 15534.85 | 1.81 | 157.94 | 141.49 | 819.84 | -5.80 | 30.94 | 20.61 |
| TECHNOE | 969.70 | 26.16 | 11277.57 | 0.72 | 93.33 | -31.44 | 630.34 | 19.84 | 14.86 | 15.79 |
| IRCON | 118.30 | 21.25 | 11126.30 | 1.61 | 92.03 | -43.92 | 1955.83 | 9.49 | 10.15 | 9.81 |
| KEC | 407.85 | 19.61 | 10856.97 | 1.35 | 72.62 | -41.72 | 5023.54 | 0.01 | 16.35 | 5.79 |
| AFCONS | 284.95 | 72.43 | 10480.02 | 0.70 | 303.00 | 120.52 | 26710.00 | 692.49 | 12.88 | 9.42 |
| WELENT | 741.55 | 33.58 | 10264.08 | 0.40 | 56.36 | -44.29 | 773.72 | -8.44 | 16.44 | 19.49 |
| MANAV | 37.90 | 12.39 | 49.88 | 0.00 | — | — | — | — | 33.23 | — |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
No quarterly results found
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Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 18 | 21 | 16 | 9 | 5 | 5 | 12 | 14 | 24 | 42 | |
| 16 | 18 | 12 | 12 | 9 | 7 | 9 | 11 | 19 | 35 | |
| Operating Profit | 2 | 3 | 4 | -3 | -4 | -2 | 3 | 3 | 5 | 7 |
| OPM % | 13 | 17 | 23 | -30 | -76 | -35 | 24 | 23 | 22 | 17 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 1 |
| Depreciation | 1 | 1 | 2 | 2 | 2 | 1 | 1 | 1 | 1 | 1 |
| 1 | 1 | 0 | -6 | -7 | -4 | 1 | 2 | 3 | 5 | |
| Tax % | -30 | -1 | -15 | 4 | 3 | 2 | 21 | 27 | -4 | 13 |
| Net Profit | 1 | 1 | 0 | -6 | -7 | -4 | 1 | 1 | 3 | 4 |
| EPS | 0 | 0 | 0 | -9 | -1 | -6 | 1 | 2 | 2 | 3 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 2 | 2 | 1 | -9 | -10 | -6 | 1 | 2 | 2 | 3 |
COMPOUNDED SALES GROWTH
- 10 Years:
- 10%
- 5 Years:
- 52%
- 3 Years:
- 52%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 21%
- 5 Years:
- —
- 3 Years:
- 89%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- 44%
- 3 Years:
- 33%
- 1 Year:
- 95%
RETURN ON EQUITY
- 10 Years:
- -6%
- 5 Years:
- 29%
- 3 Years:
- 49%
- Last Year:
- 40%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 2 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 13 | 13 |
| 4 | 6 | 6 | 0 | -7 | -11 | -10 | -9 | -5 | -1 | |
| 2 | 3 | 11 | 12 | 11 | 7 | 7 | 2 | 1 | 0 | |
| Trade Payables | 3 | 2 | 2 | 2 | 1 | 1 | 1 | 2 | 5 | 4 |
| 1 | 3 | -0 | -0 | -1 | 4 | 3 | 8 | 6 | 6 | |
| Total Liabilities | 12 | 21 | 26 | 20 | 13 | 8 | 8 | 9 | 20 | 23 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 2 | 4 | 7 | 6 | 4 | 2 | 2 | 2 | 3 | 7 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | |
| 2 | 4 | 5 | 4 | 2 | 0 | 0 | 0 | 0 | 0 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5 | 6 | 11 | |
| Cash & Bank | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7 | 0 |
| 7 | 13 | 15 | 10 | 6 | 6 | 6 | 3 | 3 | 4 | |
| Total Assets | 12 | 21 | 26 | 20 | 13 | 8 | 8 | 9 | 20 | 23 |
| Total Debt | 4 | 7 | 11 | 12 | 11 | 12 | 10 | 9 | 7 | 6 |
| Net Working Capital | 3 | 10 | 10 | 5 | -1 | -4 | -5 | -2 | 7 | 6 |
| Contingent Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book Value per Share | 29.23 | 18.46 | 19.10 | 10.08 | 0.44 | -5.60 | -4.72 | -3.03 | 6.16 | 9.22 |
| Face Value | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0 | -3 | 4 | 2 | 1 | 1 | 3 | 0 | 3 | 1 | |
| Cash from Investing | -2 | -3 | -6 | -1 | 2 | 1 | 0 | -1 | -2 | -6 |
| Cash from Financing | -1 | 6 | 2 | -1 | -2 | -2 | -3 | 0 | 7 | -2 |
| -4 | -0 | -0 | -0 | 0 | -0 | -0 | 0 | 7 | -7 | |
| Free Cash Flow | -6 | -3 | 1 | 2 | 1 | 1 | 3 | -0 | 0 | -3 |
| OCF / Net Profit | -0.48 | -2.70 | 8.98 | -0.30 | -0.16 | -0.27 | 5.62 | 0.31 | 0.82 | 0.29 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | -6 | 2 | 9 | 7 | 6 | 1 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 5.16 | 1.85 | 0.64 | -8.64 | -9.64 | -6.04 | 0.88 | 1.69 | 2.45 | 3.06 |
| Book Value (₹) | 29.23 | 18.46 | 19.10 | 10.08 | 0.44 | -5.60 | -4.72 | -3.03 | 6.16 | 9.22 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | 3.20 | 3.37 | 3.27 | -5.49 | -7.32 | -4.47 | 1.91 | 2.43 | 3.08 | 4.14 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 13.26% | 16.70% | 22.99% | -29.92% | -75.92% | -35.43% | 24.44% | 22.50% | 21.69% | 16.03% |
| Net Margin % | 5.71% | 6.07% | 2.80% | -68.34% | -130.48% | -76.54% | 5.01% | 8.08% | 13.14% | 9.69% |
| ROE % | 19.35% | 13.73% | 3.39% | -59.19% | -183.22% | 0.00% | 0.00% | 0.00% | 106.69% | 39.79% |
| ROCE % | 20.76% | 17.07% | 8.13% | -22.12% | -35.98% | -30.14% | 30.01% | 39.77% | 40.82% | 33.23% |
| 8.12% | 7.65% | 1.84% | -25.72% | -40.88% | -39.29% | 7.35% | 13.42% | 22.06% | 18.97% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 107 | 126 | 234 | 362 | 358 | 241 | 107 | 102 | 79 | 74 |
| Inventory Days | 39 | 52 | 101 | 187 | 237 | 0 | 0 | 0 | 0 | 0 |
| Payable Days | 244 | 146 | -2159 | 281 | 275 | 189 | 334 | 620 | 840 | 850 |
| -99 | 33 | 2494 | 269 | 320 | 53 | -227 | -518 | -761 | -776 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.62x | 0.52x | 0.86x | 1.68x | 37.63x | -3.13x | -3.04x | -4.53x | 0.90x | 0.47x |
| Interest Coverage (x) | 1.77x | 2.05x | 1.27x | -3.36x | -4.05x | -2.41x | 1.52x | 2.32x | 3.03x | 6.13x |
| 1.58x | 2.60x | 2.23x | 1.66x | 0.93x | 0.57x | 0.51x | 0.74x | 1.88x | 1.80x | |
| GROWTH | ||||||||||
| Revenue Growth % | 9.95% | 15.47% | -25.57% | -44.39% | -41.53% | 6.75% | 121.57% | 19.79% | 71.18% | 69.64% |
| Operating Profit Growth % | 25.77% | 45.42% | 2.46% | -172.37% | -48.39% | 50.19% | 252.83% | 11.87% | 67.29% | 27.18% |
| Net Profit Growth % | 69.52% | 22.92% | -65.69% | -1457.10% | -11.64% | 37.38% | 114.50% | 93.23% | 178.39% | 25.07% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 93.23% | 44.61% | 25.07% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 11.43x | 4.29x | 13.08x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | -6.38x | 1.71x | 4.34x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 7.55x | 2.59x | 8.38x |
Documents
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