Manav Infra Projects Ltd.

•

manavinfra.comBSE: -NSE: MANAV

Market Cap₹ 50 Cr.

Current Price

High / Low₹ 47 / 14

Stock P/E12.4

Book Value₹ 9

Price to Book4.34

Dividend Yield0.00 %

ROCE33.2 %

ROE39.8 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Construction

Buy

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.

Confidence

80%

View full sector analysis →

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

ConstructionInfrastructureEngineering - Construction

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	LT	3989.15	33.08	548853.62	0.95	4988.03	15.51	67941.74	6.69	15.98	12.00
2.	RVNL	205.95	47.74	42940.99	0.34	159.52	18.73	4321.23	10.55	10.81	4.41
3.	KPIL	1410.25	21.19	24083.20	0.78	311.53	45.85	6407.97	3.84	18.95	8.77
4.	IRB	19.18	24.28	23165.60	1.36	3062.70	1412.58	21372.72	918.25	7.72	53.93
5.	CEMPRO	1234.85	35.26	21213.19	0.24	140.83	2.64	2720.92	7.02	33.53	10.09
6.	ENGINERSIN	276.40	19.81	15534.85	1.81	157.94	141.49	819.84	-5.80	30.94	20.61
7.	TECHNOE	969.70	26.16	11277.57	0.72	93.33	-31.44	630.34	19.84	14.86	15.79
8.	IRCON	118.30	21.25	11126.30	1.61	92.03	-43.92	1955.83	9.49	10.15	9.81
9.	KEC	407.85	19.61	10856.97	1.35	72.62	-41.72	5023.54	0.01	16.35	5.79
10.	AFCONS	284.95	72.43	10480.02	0.70	303.00	120.52	26710.00	692.49	12.88	9.42
11.	WELENT	741.55	33.58	10264.08	0.40	56.36	-44.29	773.72	-8.44	16.44	19.49
12.	MANAV	37.90	12.39	49.88	0.00	—	—	—	—	33.23	—

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

No quarterly results found

We don't have this information yet. Please check back later.

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

Shareholding Pattern

Numbers in percentages

	Sep 2022	Mar 2023	Sep 2023	Mar 2024	Sep 2024	Mar 2025	Sep 2025	Mar 2026
	73.13	73.13	73.13	73.13	73.13	68.84	68.84	68.84
FIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
DIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	26.87	26.87	26.87	26.87	26.87	31.16	31.16	31.16

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

No announcements filed.

News

Recent coverage and analyst commentary for MANAV

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Manav Infra Projects Ltd.

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Name

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

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Operating Profit

-3

-4

-2

OPM %

-30

-76

-35

Other Income

Interest

Depreciation

-6

-7

-4

Tax %

-30

-1

-15

-4

Net Profit

-6

-7

-4

EPS

-9

-1

-6

Dividend Payout %

Minority Interest

Share of Associates

Adjusted EPS

-9

-10

-6

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

LIABILITIES

Equity Capital

-7

-11

-10

-9

-5

-1

Trade Payables

-0

-1

Total Liabilities

ASSETS

Cash & Bank

Total Assets

Total Debt

Net Working Capital

-1

-4

-5

-2

Contingent Liabilities

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

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-0

-3

Cash from Investing

-2

-3

-6

-1

-2

-6

Cash from Financing

-1

-2

-3

-2

-4

-0

-7

Free Cash Flow

-6

-3

-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

-6

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

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%

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

Inventory Days

101

187

237

Payable Days

244

146

-2159

281

275

189

334

620

840

850

-99

2494

269

320

-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%

93.23%

44.61%

25.07%

VALUATION

P/E (x)

0.00x

11.43x

4.29x

13.08x

P/B (x)

0.00x

-6.38x

1.71x

4.34x

Dividend Yield %

0.00%

0.00x

7.55x

2.59x

8.38x

Sep 2022

Mar 2023

Sep 2023

Mar 2024

Sep 2024

Mar 2025

Sep 2025

Mar 2026

73.13

68.84

FIIs

0.00

DIIs

0.00

Government

0.00

26.87

31.16

Manav Infra Projects Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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Manav Infra Projects Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI