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Man InfraConstruction Ltd.

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maninfra.com / www.miclgroup.comBSE: 533169NSE: MANINFRA
Market Cap₹ 5,030 Cr.
Current Price
High / Low₹ 163 / 77
Stock P/E23.2
Book Value₹ 58
Price to Book1.40
Dividend Yield0.72 %
ROCE14.3 %
ROE10.8 %
Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Real Estate: 52.0% • EPC: 48.0%

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 delivered good profit growth of 44.6% CAGR over last 5 years
  • Company is almost debt free
  • Company has a healthy return on capital (ROCE) of 22.9%
  • Company has consistently been profitable over the last 5 years
  • Company comfortably covers its interest (28.8x coverage)
  • Company generates healthy free cash flow

CONS

  • Operating cash flow has been negative in recent years
  • A large part of profit comes from other income (58.5% of PBT)
  • Recent results are weak - TTM profit is down 30.7% versus prior year
  • Receivables are growing faster than sales - a possible quality concern
  • Promoter holding has decreased over last 2 years: -4.8pp

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

ConstructionInfrastructureEngineering - Construction
Part ofNIFTY 50NIFTY 500NIFTY LARGEMIDCAP 250NIFTY 100NIFTY 200
S.No.Name
1.LT3966.0032.89545668.490.964988.0315.5167941.746.6915.9812.00
2.RVNL212.0049.1444202.430.33159.5218.734321.2310.5510.814.41
3.KPIL1406.5521.1424020.010.78311.5345.856407.973.8418.958.77
4.IRB19.6524.8723733.271.323062.701412.5821372.72918.257.7253.93
5.CEMPRO1296.7037.0322275.700.23140.832.642720.927.0233.5310.09
6.ENGINERSIN279.4520.0315706.271.79157.94141.49819.84-5.8030.9420.61
7.TECHNOE979.2526.4211388.640.7193.33-31.44630.3419.8414.8615.79
8.WELENT813.0036.8211253.040.3756.36-44.29773.72-8.4416.4419.49
9.IRCON119.2021.4111210.951.5992.03-43.921955.839.4910.159.81
10.KEC408.3519.6310870.281.3572.62-41.725023.540.0116.355.79
11.AFCONS292.5574.3610759.540.68303.00120.5226710.00692.4912.889.42
12.MANINFRA124.6023.225029.680.7262.747.58218.3119.3614.3235.02
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
510215242297342230242294183149153146218
401150139247258203136187142112121127155
Operating Profit109651035084281071064137331963
OPM %21.40%30.18%42.47%16.72%24.45%11.97%44.00%36.24%22.20%24.59%21.38%13.01%28.90%
14282036273033344338394117
Interest96712433532235
Depreciation2233222223443
Profit before Tax1128411271105521351337870665485
Tax %23.94%21.20%32.83%17.81%27.58%30.23%3.62%28.85%27.62%25.68%31.25%25.62%25.85%
Net Profit0000844784975860524163
2.221.882.231.762.091.202.252.051.481.381.161.061.77

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
4526523712674279611,8901,2631,108630666
3474522712693317141,476937784507515
Operating Profit105200100-297248414326324124151
OPM %23.21%30.67%27.05%-0.88%22.62%25.74%21.90%25.83%29.26%19.63%22.73%
49453227252014897123167135
Interest4056545758625835151012
Depreciation887799111081213
Profit before Tax11217985-3455379397397401285274
Tax %41.65%38.94%50.20%64.44%39.49%21.21%27.22%23.63%21.93%25.94%27.05%
Net Profit6610943-1233299289303313211200
EPS2.142.691.69-0.290.865.836.968.097.534.97—
Dividend Payout %25.21%20.09%74.62%-191.06%69.58%21.62%12.92%20.02%11.95%18.11%—

COMPOUNDED SALES GROWTH

10 Years:
11%
5 Years:
8%
3 Years:
-31%

COMPOUNDED PROFIT GROWTH

10 Years:
28%
5 Years:
44%
3 Years:
-8%

STOCK PRICE CAGR

10 Years:
14%
5 Years:
22%
3 Years:
-7%
1 Year:
-23%

RETURN ON EQUITY

10 Years:
16%
5 Years:
25%
3 Years:
19%
Last Year:
11%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions

2021

Nov 17

1:2

Interim Dividend & Bonus issue

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital50505050507474747581
Minority Interest43744319197056538147
6056396446206257851,0151,2531,5682,186
3134484514065095632141454570
Trade Payables57522944781041991237974
1238212210912455182489310302
Total Liabilities1,1901,3431,3381,2491,4051,6521,7392,1392,1582,759
40343236435155454255
Capital Work in Progress0020120000
16897242263150113277272530
233320385380403449380505530738
00000001448771
Cash & Bank183143137141213360298549423435
566749758669682639893619803930
Total Assets1,1901,3431,3381,2491,4051,6521,7392,1392,1582,759

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
134-9658112103282524573133-50
Cash from Investing-598711984-8428-102-397-115-323
Cash from Financing-1744-129-13720-91-458-28-116306
18-3963514123-111148-98-67

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
PER SHARE
EPS (₹)2.142.691.69-0.291.295.836.968.097.534.97
Book Value (₹)26.4427.8128.0427.0627.2723.1529.3435.7643.7956.15
Dividend per Share (₹)0.540.541.260.550.901.260.901.620.900.90
Cash EPS (₹)1.973.161.35-0.141.148.298.098.448.565.53
PROFITABILITY
Operating Margin %34.16%37.52%35.58%9.31%28.43%46.66%24.43%25.83%29.26%19.63%
Net Margin %14.50%16.75%11.46%-4.58%7.81%31.05%15.29%24.01%28.23%33.47%
ROE %10.44%16.26%6.16%-1.79%4.96%38.91%29.65%25.10%21.06%10.79%
ROCE %16.48%22.57%12.32%2.06%10.06%33.92%33.59%29.93%24.49%14.32%
5.95%8.62%3.17%-0.95%2.51%19.53%17.04%15.65%14.56%8.58%
EFFICIENCY
Debtor Days8853113148804444693846
Inventory Days16115534652333416280128170367
Payable Days269252557211235170742371818163
-20-44-974601793550-4028-7750
FINANCIAL HEALTH
Debt to Equity (x)0.47x0.63x0.65x0.60x0.75x0.65x0.19x0.10x0.02x0.03x
Interest Coverage (x)3.83x4.17x2.57x0.40x1.94x7.13x7.79x12.30x28.12x28.84x
3.26x4.24x3.78x3.61x2.58x3.54x2.30x3.42x5.99x5.55x
GROWTH
Revenue Growth %99.50%44.25%-43.01%-28.11%60.00%125.09%96.61%-33.16%-12.30%-43.10%
Operating Profit Growth %115.11%58.43%-45.95%-81.19%388.55%269.43%2.94%-8.38%5.72%-35.07%
Net Profit Growth %326.78%66.62%-61.01%-128.73%372.67%795.26%-3.20%4.98%3.12%-32.55%
0.00%0.00%0.00%0.00%0.00%0.00%0.00%16.17%-6.90%-34.04%
VALUATION
P/E (x)0.00x0.00x0.00x0.00x0.00x0.00x0.00x25.25x19.75x15.84x
P/B (x)0.00x0.00x0.00x0.00x0.00x0.00x0.00x5.71x3.40x1.40x
Dividend Yield %0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.79%0.60%1.14%
0.00x0.00x0.00x0.00x0.00x0.00x0.00x16.94x11.62x9.64x

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
67.3167.1866.6266.6565.1062.3062.4462.4662.52
3.573.714.563.814.285.213.923.801.92
2.091.692.152.162.122.032.041.931.13
Government0.000.000.000.000.000.000.000.000.00
27.0427.4326.6727.3828.5030.4631.6131.8134.43

Documents

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

2026-09-04
General Updates

2026-09-04 - Man Infraconstruction Limited has informed the Exchange about General Updates - the Company has, on September 04, 2026, has sent an intimation through electronic mode regarding the open market buyback offer to all its shareholders as on the date of making the Public Announcement

2026-09-03
Copy of Newspaper Publication

2026-09-03 - Man Infraconstruction Limited has informed the Exchange about Copy of Newspaper Publication of Public announcement pertaining to Buyback.

2026-09-03
Public Announcement - Buyback of Shares

2026-09-03 - Man Infraconstruction Limited has informed the Exchange about public Announcement - Buyback of Shares along with Undertaking and Board Resolution

2026-09-02
Buyback

2026-09-02 - Man Infraconstruction Limited has informed the Exchange about Board Resolution pertaining to Buyback of Equity Share of the Company.

2026-09-01
Outcome of Board Meeting

2026-09-01 - Man Infraconstruction Limited has informed the Exchange regarding Outcome of Board Meeting held on September 01, 2026.

2026-08-26
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-26 - Man Infraconstruction Limited has informed the Exchange about Transcript of Q1 FY27 Virtual Analyst Meet held on Friday, August 21, 2026.

2026-08-22
Copy of Newspaper Publication

2026-08-22 - Man Infraconstruction Limited has informed the Exchange about Copy of Newspaper Publication w.r.t Dispatch of Postal Ballot Notice and e-voting Instruction published on August 22, 2026.

2026-08-21
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-21 - Man Infraconstruction Limited has informed the Exchange about Audio recording of Q1 FY27 Virtual Analyst Meet

2026-08-21
Shareholders meeting

2026-08-21 - Man Infraconstruction Limited has informed the Exchange regarding Notice of Postal Ballot dated August 12, 2026 and e-Voting Instructions.

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