Man InfraConstruction Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Real Estate: 52.0% • EPC: 48.0%
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 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
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| LT | 3966.00 | 32.89 | 545668.49 | 0.96 | 4988.03 | 15.51 | 67941.74 | 6.69 | 15.98 | 12.00 |
| RVNL | 212.00 | 49.14 | 44202.43 | 0.33 | 159.52 | 18.73 | 4321.23 | 10.55 | 10.81 | 4.41 |
| KPIL | 1406.55 | 21.14 | 24020.01 | 0.78 | 311.53 | 45.85 | 6407.97 | 3.84 | 18.95 | 8.77 |
| IRB | 19.65 | 24.87 | 23733.27 | 1.32 | 3062.70 | 1412.58 | 21372.72 | 918.25 | 7.72 | 53.93 |
| CEMPRO | 1296.70 | 37.03 | 22275.70 | 0.23 | 140.83 | 2.64 | 2720.92 | 7.02 | 33.53 | 10.09 |
| ENGINERSIN | 279.45 | 20.03 | 15706.27 | 1.79 | 157.94 | 141.49 | 819.84 | -5.80 | 30.94 | 20.61 |
| TECHNOE | 979.25 | 26.42 | 11388.64 | 0.71 | 93.33 | -31.44 | 630.34 | 19.84 | 14.86 | 15.79 |
| WELENT | 813.00 | 36.82 | 11253.04 | 0.37 | 56.36 | -44.29 | 773.72 | -8.44 | 16.44 | 19.49 |
| IRCON | 119.20 | 21.41 | 11210.95 | 1.59 | 92.03 | -43.92 | 1955.83 | 9.49 | 10.15 | 9.81 |
| KEC | 408.35 | 19.63 | 10870.28 | 1.35 | 72.62 | -41.72 | 5023.54 | 0.01 | 16.35 | 5.79 |
| AFCONS | 292.55 | 74.36 | 10759.54 | 0.68 | 303.00 | 120.52 | 26710.00 | 692.49 | 12.88 | 9.42 |
| MANINFRA | 124.60 | 23.22 | 5029.68 | 0.72 | 62.74 | 7.58 | 218.31 | 19.36 | 14.32 | 35.02 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 510 | 215 | 242 | 297 | 342 | 230 | 242 | 294 | 183 | 149 | 153 | 146 | 218 | |
| 401 | 150 | 139 | 247 | 258 | 203 | 136 | 187 | 142 | 112 | 121 | 127 | 155 | |
| Operating Profit | 109 | 65 | 103 | 50 | 84 | 28 | 107 | 106 | 41 | 37 | 33 | 19 | 63 |
| 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% |
| 14 | 28 | 20 | 36 | 27 | 30 | 33 | 34 | 43 | 38 | 39 | 41 | 17 | |
| Interest | 9 | 6 | 7 | 12 | 4 | 3 | 3 | 5 | 3 | 2 | 2 | 3 | 5 |
| Depreciation | 2 | 2 | 3 | 3 | 2 | 2 | 2 | 2 | 2 | 3 | 4 | 4 | 3 |
| Profit before Tax | 112 | 84 | 112 | 71 | 105 | 52 | 135 | 133 | 78 | 70 | 66 | 54 | 85 |
| 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 Profit | 0 | 0 | 0 | 0 | 84 | 47 | 84 | 97 | 58 | 60 | 52 | 41 | 63 |
| 2.22 | 1.88 | 2.23 | 1.76 | 2.09 | 1.20 | 2.25 | 2.05 | 1.48 | 1.38 | 1.16 | 1.06 | 1.77 |
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 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 452 | 652 | 371 | 267 | 427 | 961 | 1,890 | 1,263 | 1,108 | 630 | 666 | |
| 347 | 452 | 271 | 269 | 331 | 714 | 1,476 | 937 | 784 | 507 | 515 | |
| Operating Profit | 105 | 200 | 100 | -2 | 97 | 248 | 414 | 326 | 324 | 124 | 151 |
| OPM % | 23.21% | 30.67% | 27.05% | -0.88% | 22.62% | 25.74% | 21.90% | 25.83% | 29.26% | 19.63% | 22.73% |
| 49 | 45 | 32 | 27 | 25 | 201 | 48 | 97 | 123 | 167 | 135 | |
| Interest | 40 | 56 | 54 | 57 | 58 | 62 | 58 | 35 | 15 | 10 | 12 |
| Depreciation | 8 | 8 | 7 | 7 | 9 | 9 | 11 | 10 | 8 | 12 | 13 |
| Profit before Tax | 112 | 179 | 85 | -34 | 55 | 379 | 397 | 397 | 401 | 285 | 274 |
| Tax % | 41.65% | 38.94% | 50.20% | 64.44% | 39.49% | 21.21% | 27.22% | 23.63% | 21.93% | 25.94% | 27.05% |
| Net Profit | 66 | 109 | 43 | -12 | 33 | 299 | 289 | 303 | 313 | 211 | 200 |
| EPS | 2.14 | 2.69 | 1.69 | -0.29 | 0.86 | 5.83 | 6.96 | 8.09 | 7.53 | 4.97 | — |
| 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
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 50 | 50 | 50 | 50 | 50 | 74 | 74 | 74 | 75 | 81 |
| Minority Interest | 43 | 74 | 43 | 19 | 19 | 70 | 56 | 53 | 81 | 47 |
| 605 | 639 | 644 | 620 | 625 | 785 | 1,015 | 1,253 | 1,568 | 2,186 | |
| 313 | 448 | 451 | 406 | 509 | 563 | 214 | 145 | 45 | 70 | |
| Trade Payables | 57 | 52 | 29 | 44 | 78 | 104 | 199 | 123 | 79 | 74 |
| 123 | 82 | 122 | 109 | 124 | 55 | 182 | 489 | 310 | 302 | |
| Total Liabilities | 1,190 | 1,343 | 1,338 | 1,249 | 1,405 | 1,652 | 1,739 | 2,139 | 2,158 | 2,759 |
| 40 | 34 | 32 | 36 | 43 | 51 | 55 | 45 | 42 | 55 | |
| Capital Work in Progress | 0 | 0 | 2 | 0 | 1 | 2 | 0 | 0 | 0 | 0 |
| 168 | 97 | 24 | 22 | 63 | 150 | 113 | 277 | 272 | 530 | |
| 233 | 320 | 385 | 380 | 403 | 449 | 380 | 505 | 530 | 738 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 144 | 87 | 71 | |
| Cash & Bank | 183 | 143 | 137 | 141 | 213 | 360 | 298 | 549 | 423 | 435 |
| 566 | 749 | 758 | 669 | 682 | 639 | 893 | 619 | 803 | 930 | |
| Total Assets | 1,190 | 1,343 | 1,338 | 1,249 | 1,405 | 1,652 | 1,739 | 2,139 | 2,158 | 2,759 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 134 | -96 | 58 | 112 | 103 | 282 | 524 | 573 | 133 | -50 | |
| Cash from Investing | -59 | 87 | 119 | 84 | -84 | 28 | -102 | -397 | -115 | -323 |
| Cash from Financing | -17 | 44 | -129 | -137 | 20 | -91 | -458 | -28 | -116 | 306 |
| 18 | -39 | 6 | 35 | 14 | 123 | -111 | 148 | -98 | -67 |
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 (₹) | 2.14 | 2.69 | 1.69 | -0.29 | 1.29 | 5.83 | 6.96 | 8.09 | 7.53 | 4.97 |
| Book Value (₹) | 26.44 | 27.81 | 28.04 | 27.06 | 27.27 | 23.15 | 29.34 | 35.76 | 43.79 | 56.15 |
| Dividend per Share (₹) | 0.54 | 0.54 | 1.26 | 0.55 | 0.90 | 1.26 | 0.90 | 1.62 | 0.90 | 0.90 |
| Cash EPS (₹) | 1.97 | 3.16 | 1.35 | -0.14 | 1.14 | 8.29 | 8.09 | 8.44 | 8.56 | 5.53 |
| 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 Days | 88 | 53 | 113 | 148 | 80 | 44 | 44 | 69 | 38 | 46 |
| Inventory Days | 161 | 155 | 346 | 523 | 334 | 162 | 80 | 128 | 170 | 367 |
| Payable Days | 269 | 252 | 557 | 211 | 235 | 170 | 74 | 237 | 181 | 8163 |
| -20 | -44 | -97 | 460 | 179 | 35 | 50 | -40 | 28 | -7750 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.47x | 0.63x | 0.65x | 0.60x | 0.75x | 0.65x | 0.19x | 0.10x | 0.02x | 0.03x |
| Interest Coverage (x) | 3.83x | 4.17x | 2.57x | 0.40x | 1.94x | 7.13x | 7.79x | 12.30x | 28.12x | 28.84x |
| 3.26x | 4.24x | 3.78x | 3.61x | 2.58x | 3.54x | 2.30x | 3.42x | 5.99x | 5.55x | |
| 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) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 25.25x | 19.75x | 15.84x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 5.71x | 3.40x | 1.40x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.79% | 0.60% | 1.14% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 16.94x | 11.62x | 9.64x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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 - Man Infraconstruction Limited has informed the Exchange about Copy of Newspaper Publication of Public announcement pertaining to Buyback.
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 - Man Infraconstruction Limited has informed the Exchange about Board Resolution pertaining to Buyback of Equity Share of the Company.
2026-09-01 - Man Infraconstruction Limited has informed the Exchange regarding Outcome of Board Meeting held on September 01, 2026.
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 - 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 - Man Infraconstruction Limited has informed the Exchange about Audio recording of Q1 FY27 Virtual Analyst Meet
2026-08-21 - Man Infraconstruction Limited has informed the Exchange regarding Notice of Postal Ballot dated August 12, 2026 and e-Voting Instructions.
News
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