Man InfraConstruction Ltd.

•

maninfra.com / www.miclgroup.comBSE: 533169NSE: MANINFRA

Market Cap₹ 4,977 Cr.

Current Price

High / Low₹ 164 / 77

Stock P/E32.4

Book Value₹ 54

Price to Book1.51

Dividend Yield0.73 %

ROCE10.9 %

ROE8.5 %

Face Value₹ 2

Add ratio to table

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 is almost debt free
Company has delivered good sales growth of 19.0% CAGR over last 5 years
Company has a consistent dividend-paying track record

CONS

A large part of profit comes from other income (75.7% of PBT)
Recent results are weak - TTM profit is down 40.6% versus prior year
Promoter holding has decreased over last 2 years: -4.8pp
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.55x)
Working capital days have increased from 1098 to 1750 days
Operating margins have contracted to 21.9% from 27.6%

* 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.	MANINFRA	123.30	22.97	4977.21	0.73	62.74	7.58	218.31	19.36	14.32	35.02

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	363	113	111	121	108	71	86	131	99	58	64	65	103
	283	61	93	112	70	58	66	110	73	47	52	51	35
Operating Profit	80	52	19	9	37	13	20	21	27	11	11	13	71
OPM %	21.92%	45.62%	16.75%	7.59%	34.68%	18.33%	23.05%	15.86%	27.02%	19.16%	17.56%	20.69%	69.15%
Other Income	8	11	13	72	22	32	36	34	50	32	34	36	12
Interest	1	1	1	2	1	1	1	1	2	1	1	1	1
Depreciation	2	2	2	2	2	2	2	2	2	2	3	3	2
	85	60	28	78	56	42	53	51	74	40	42	45	79
Tax %	25.25%	25.07%	27.00%	7.71%	25.22%	21.92%	19.33%	23.56%	17.52%	25.09%	26.82%	26.48%	25.05%
Net Profit	63	45	21	72	42	33	43	39	61	30	30	33	60
	2	1	1	2	1	1	1	1	2	1	1	1	0
Equity Capital	74	74	74	74	74	74	75	75	77	81	81	81	81
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	158	193	166	107	120	237	798	708	395	286	289
	132	176	126	109	116	175	661	550	304	223	185
Operating Profit	95	108	148	95	118	136	220	283	214	215	—
OPM %	60	56	89	88	98	58	28	40	54	75	—
Other Income	69	91	108	96	114	75	83	125	123	152	113
Interest	1	1	2	1	1	0	5	5	4	4	4
Depreciation	5	5	4	5	6	5	7	7	7	9	10
	89	102	143	89	110	131	209	271	202	201	207
Tax %	33	28	24	22	16	19	20	21	23	23	26
Net Profit	60	74	109	69	92	106	166	215	157	155	153
EPS	2	3	4	3	2	3	4	6	4	4	—
Dividend Payout %	22	18	29	20	24	44	20	28	22	23	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	2	2	3	2	2	3	4	6	4	4	—

COMPOUNDED SALES GROWTH

10 Years:: 3%
5 Years:: 19%
3 Years:: -29%

COMPOUNDED PROFIT GROWTH

10 Years:: 14%
5 Years:: 11%
3 Years:: -2%

STOCK PRICE CAGR

10 Years:: 15%
5 Years:: 22%
3 Years:: -7%
1 Year:: -23%

RETURN ON EQUITY

10 Years:: 12%
5 Years:: 13%
3 Years:: 12%
Last Year:: 9%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	50	50	50	50	50	74	74	74	75	81
	634	678	757	811	881	930	1,062	1,276	1,461	2,020
	0	0	10	0	0	0	11	9	0	0
Trade Payables	27	22	18	18	21	20	107	49	46	19
	63	42	31	46	80	81	141	253	184	100
Total Liabilities	773	792	865	925	1,032	1,105	1,395	1,661	1,767	2,220
ASSETS	-	-	-	-	-	-	-	-	-	-
	32	30	27	28	28	32	38	37	38	43
Capital Work in Progress	0	0	2	0	1	2	0	0	0	0
	220	142	90	90	136	152	293	473	477	867
	2	2	2	4	2	3	2	3	3	1
	0	0	0	0	0	0	0	62	59	36
Cash & Bank	73	72	48	60	136	139	166	356	288	364
	446	547	697	741	729	777	896	730	901	909
Total Assets	773	792	865	925	1,032	1,105	1,395	1,661	1,767	2,220
Total Debt	0	0	10	0	0	0	11	9	0	0
Net Working Capital	515	495	550	614	667	715	733	1,061	1,188	1,369
Contingent Liabilities	573	697	619	466	459	505	174	139	205	403
Book Value per Share	27.60	29.41	32.57	34.78	37.60	27.04	30.60	36.38	40.94	52.04
Face Value	2.00	2.00	2.00	2.00	2.00	2.00	2.00	2.00	2.00	2.00

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	35	27	-10	15	23	16	25	230	15	47
Cash from Investing	-58	7	22	22	-11	41	-31	-206	-61	-353
Cash from Financing	-0	-30	-32	-15	-23	-32	-37	64	9	284
	-23	4	-20	22	-12	26	-43	87	-36	-22
Free Cash Flow	30	26	-11	13	19	9	16	228	12	38
OCF / Net Profit	0.59	0.36	-0.09	0.22	0.25	0.15	0.15	1.07	0.10	0.30
Cumulative 5-Year FCF	0	0	0	0	77	56	46	285	284	303

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	2.41	2.98	4.38	2.78	3.73	2.85	4.47	5.80	4.18	3.84
Book Value (₹)	27.60	29.41	32.57	34.78	37.60	27.04	30.60	36.38	40.94	52.04
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 (₹)	1.75	2.11	3.03	1.98	2.66	2.97	4.65	5.99	4.38	4.07
PROFITABILITY
Operating Margin %	60.07%	55.98%	89.14%	88.40%	98.26%	57.67%	27.59%	22.34%	22.99%	21.90%
Net Margin %	37.64%	38.20%	65.18%	64.24%	77.27%	44.65%	20.81%	30.41%	39.72%	54.22%
ROE %	9.13%	10.44%	14.15%	8.25%	10.32%	10.92%	15.51%	17.32%	10.86%	8.51%
ROCE %	13.73%	14.61%	18.70%	10.70%	12.40%	13.61%	19.84%	20.93%	13.12%	10.93%
	8.17%	9.41%	13.09%	7.68%	9.45%	9.89%	13.28%	14.09%	9.15%	7.77%
EFFICIENCY
Debtor Days	278	169	133	161	113	91	67	71	56	61
Inventory Days	5	3	4	10	9	4	1	1	3	3
Payable Days	251	192	168	158	158	147	52	87	149	125
	32	-20	-31	13	-37	-53	16	-14	-90	-62
FINANCIAL HEALTH
Debt to Equity (x)	0.00x	0.00x	0.01x	0.00x	0.00x	0.00x	0.01x	0.01x	0.00x	0.00x
Interest Coverage (x)	86.86x	113.72x	87.93x	75.65x	89.99x	309.14x	46.18x	54.76x	49.66x	47.48x
	6.60x	8.53x	9.74x	10.35x	7.45x	8.18x	3.87x	7.35x	12.10x	12.87x
GROWTH
Revenue Growth %	-25.18%	21.76%	-13.68%	-35.74%	11.81%	97.80%	237.22%	-11.22%	-44.27%	-27.66%
Operating Profit Growth %	29.11%	13.46%	37.46%	-36.27%	24.27%	16.10%	61.32%	28.79%	-24.47%	0.29%
Net Profit Growth %	38.46%	23.56%	47.30%	-36.67%	34.48%	14.30%	57.13%	29.74%	-27.19%	-1.25%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	29.74%	-27.98%	-8.20%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	35.22x	35.62x	20.52x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	5.62x	3.63x	1.51x
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	25.53x	24.73x	13.10x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	67.31	67.18	66.62	66.65	65.10	62.30	62.44	62.46	62.52
	3.57	3.71	4.56	3.81	4.28	5.21	3.92	3.80	1.92
	2.09	1.69	2.15	2.16	2.12	2.03	2.04	1.93	1.13
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	27.04	27.43	26.67	27.38	28.50	30.46	31.61	31.81	34.43

Documents

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

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.

2026-08-18

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-18 - Man Infraconstruction Limited has informed the Exchange about - Q1 FY27 Virtual Analyst Meet is scheduled to be held on Friday, August 21, 2026 at 04:00 P.M. (IST).

News

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Free 5nance Account

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

MANINFRA

123.30

22.97

4977.21

0.73

62.74

7.58

218.31

19.36

14.32

35.02

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

363

113

111

121

108

131

103

283

112

110

Operating Profit

OPM %

21.92%

45.62%

16.75%

7.59%

34.68%

18.33%

23.05%

15.86%

27.02%

19.16%

17.56%

20.69%

69.15%

Other Income

Interest

Depreciation

Tax %

25.25%

25.07%

27.00%

7.71%

25.22%

21.92%

19.33%

23.56%

17.52%

25.09%

26.82%

26.48%

25.05%

Net Profit

Equity Capital

Reserves

Promoter Pledge %

0.00%

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

158

193

166

107

120

237

798

708

395

286

289

132

176

126

109

116

175

661

550

304

223

185

Operating Profit

108

148

118

136

220

283

214

215

—

OPM %

—

Other Income

108

114

125

123

152

113

Interest

Depreciation

102

143

110

131

209

271

202

201

207

Tax %

Net Profit

109

106

166

215

157

155

153

EPS

—

Dividend Payout %

—

Minority Interest

Share of Associates

Adjusted EPS

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

LIABILITIES

Equity Capital

634

678

757

811

881

930

1,062

1,276

1,461

2,020

Trade Payables

107

141

253

184

100

Total Liabilities

773

792

865

925

1,032

1,105

1,395

1,661

1,767

2,220

ASSETS

Capital Work in Progress

220

142

136

152

293

473

477

867

Cash & Bank

136

139

166

356

288

364

446

547

697

741

729

777

896

730

901

909

Total Assets

773

792

865

925

1,032

1,105

1,395

1,661

1,767

2,220

Total Debt

Net Working Capital

515

495

550

614

667

715

733

1,061

1,188

1,369

Contingent Liabilities

573

697

619

466

459

505

174

139

205

403

Book Value per Share

27.60

29.41

32.57

34.78

37.60

27.04

30.60

36.38

40.94

52.04

Face Value

2.00

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-10

230

Cash from Investing

-58

-11

-31

-206

-61

-353

Cash from Financing

-0

-30

-32

-15

-23

-32

-37

284

-23

-20

-12

-43

-36

-22

Free Cash Flow

-11

228

OCF / Net Profit

0.59

0.36

-0.09

0.22

0.25

0.15

1.07

0.10

0.30

Cumulative 5-Year FCF

285

284

303

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

PER SHARE

EPS (₹)

2.41

2.98

4.38

2.78

3.73

2.85

4.47

5.80

4.18

3.84

Book Value (₹)

27.60

29.41

32.57

34.78

37.60

27.04

30.60

36.38

40.94

52.04

Dividend per Share (₹)

0.54

1.26

0.55

0.90

1.26

0.90

1.62

0.90

Cash EPS (₹)

1.75

2.11

3.03

1.98

2.66

2.97

4.65

5.99

4.38

4.07

PROFITABILITY

Operating Margin %

60.07%

55.98%

89.14%

88.40%

98.26%

57.67%

27.59%

22.34%

22.99%

21.90%

Net Margin %

37.64%

38.20%

65.18%

64.24%

77.27%

44.65%

20.81%

30.41%

39.72%

54.22%

ROE %

9.13%

10.44%

14.15%

8.25%

10.32%

10.92%

15.51%

17.32%

10.86%

8.51%

ROCE %

13.73%

14.61%

18.70%

10.70%

12.40%

13.61%

19.84%

20.93%

13.12%

10.93%

8.17%

9.41%

13.09%

7.68%

9.45%

9.89%

13.28%

14.09%

9.15%

7.77%

EFFICIENCY

Debtor Days

278

169

133

161

113

Inventory Days

Payable Days

251

192

168

158

147

149

125

-20

-31

-37

-53

-14

-90

-62

FINANCIAL HEALTH

Debt to Equity (x)

0.00x

0.01x

0.00x

0.01x

0.00x

Interest Coverage (x)

86.86x

113.72x

87.93x

75.65x

89.99x

309.14x

46.18x

54.76x

49.66x

47.48x

6.60x

8.53x

9.74x

10.35x

7.45x

8.18x

3.87x

7.35x

12.10x

12.87x

GROWTH

Revenue Growth %

-25.18%

21.76%

-13.68%

-35.74%

11.81%

97.80%

237.22%

-11.22%

-44.27%

-27.66%

Operating Profit Growth %

29.11%

13.46%

37.46%

-36.27%

24.27%

16.10%

61.32%

28.79%

-24.47%

0.29%

Net Profit Growth %

38.46%

23.56%

47.30%

-36.67%

34.48%

14.30%

57.13%

29.74%

-27.19%

-1.25%

0.00%

29.74%

-27.98%

-8.20%

VALUATION

P/E (x)

0.00x

35.22x

35.62x

20.52x

P/B (x)

0.00x

5.62x

3.63x

1.51x

Dividend Yield %

0.00%

0.79%

0.60%

1.14%

0.00x

25.53x

24.73x

13.10x

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

67.31

67.18

66.62

66.65

65.10

62.30

62.44

62.46

62.52

3.57

3.71

4.56

3.81

4.28

5.21

3.92

3.80

1.92

2.09

1.69

2.15

2.16

2.12

2.03

2.04

1.93

1.13

Government

0.00

27.04

27.43

26.67

27.38

28.50

30.46

31.61

31.81

34.43

Man InfraConstruction Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

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Cash Flows

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Man InfraConstruction 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